Rental prices will probably stabilize in the first half of 2021, with possible dips in urban areas as more working-from-home renters move to the suburbs. NEW YORK – Many renters transitioned into homeownership during the pandemic, with rental demand and prices dropping in major cities like New York and San Francisco, ApartmentList reports. “The pandemic is likely to change the expectations and behaviors of renters for an extended period, as people grew accustomed to conducting virtual real estate tours and finalizing leases and other financial transactions at home so they could easily social distance,” ApartmentList notes in a new report
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By Kerry Smith The pandemic relief bill has $25B for rental assistance that landlords can request on behalf of tenants. But the president must sign it and each state must distribute it. WASHINGTON – The massive pandemic-relief bill passed by Congress offers a wide array of relief for Americans, from a $600 payment for most Americans to business-relief programs such as additional funding for the Pandemic Unemployment Assistance (PUA) and two business loan programs. Many of the bill’s stimulus packages don’t uniquely affect the real estate industry but still do so indirectly. Couples saving for a new home, for example,
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By Marla Martin Florida Realtors’ data: Single-family home sales are up 22.9% year-over-year, median sales price up 14.1%; condo sales up 30.2%, median price up 16.9%. Chief Economist O’Connor: All 22 of Fla.’s metros saw gains in closed sales – but inventory remains far below normal levels. ORLANDO, Fla. – In November, Florida’s housing market reported more closed sales, more new pending sales, higher median prices and more new listings compared to a year ago, despite the ongoing pandemic, according to Florida Realtors® latest housing data. Single-family existing home sales rose 22.9% compared to a year ago. “Our homes are more
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By Kerry Smith Attitudes about current conditions fell sharply this month as the pandemic spread, but there’s hope for the future: The mid-2021 expectations index rose 3.2 points. BOSTON –The Conference Board Consumer Confidence Index declined in December, after decreasing in November. The Index now stands at 88.6, down from 92.9 in November. The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – decreased sharply from 105.9 to 90.3. However, the Expectations Index – based on consumers’ short-term future outlook for income, business and labor market conditions – increased from 84.3 in November
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Maskot, Getty Images By Kerry Smith iBuyers purchased just 0.2% of homes sold across 418 U.S. metros in 3Q because, “The hotter the market, the less attractive it is for home sellers” to use an iBuyer. SEATTLE – The nation’s top iBuyers purchased about 1,800 homes in the third quarter, according to the latest analysis on the iBuying market by Redfin – just 0.2% of homes sold in the 418 U.S. metros tracked by the analysis. Year-to-year, that’s about an 80% drop in iBuyer sales, following a temporary shutdown at the start of the coronavirus pandemic. However, iBuyer purchases did
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By Kerry Smith A complex pandemic stimulus bill compromise appears to offer relief for landlords even as Congress extends a rental ban to Jan. 1, 2021. It also bolsters Paycheck Protection Program (PPP) loans ($284B more) and Economic Injury Disaster Loan (EIDL) grants ($20B more). WASHINGTON – Another COVID-19 stimulus bill appears to have bipartisan support in Congress, and the president will likely sign it. Discussions continue over the apparent deal, and a vote on the bill could come this week. While the massive bill offers help to a number of people and businesses harmed by the pandemic, a few
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By David Muller A new law, effective April 8, 2020, prevents an HOA from enforcing or adopting rules that ban fireworks on the Fourth of July, New Year’s Eve and New Year’s Day. NAPLES, Fla. – Question: Is it legal to use fireworks in an HOA (homeowners association) community on New Year’s Eve? – A.B. Answer: Your inquiry is very timely, not only because the New Year’s Eve holiday is coming up but also because there is a new law impacting this issue. Under Florida law, sparklers and similar devices are legal for Floridians to purchase while “firecrackers, torpedoes, skyrockets,
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Tampa skyline By Kerry Smith In 2019, an average 1.91% city dwellers moved to smaller towns. In 2020, it rose slightly to 2.18% – but in some Fla. metros (Tampa, Orlando), it was less than 1%. ORLANDO, Fla. – Home buying is heating up in the suburbs, but that doesn’t mean relocators have abandoned major cities. A new study from LendingTree concludes that homeowners aren’t actually leaving cities in significant numbers. To create a comparison, researchers analyzed the migration patterns of the nation’s 50 largest cities and compared them with levels from 2019. Overall, the pandemic may have influenced some
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By Bobby Caina Calvan The U.S. Environmental Protection Agency granted Fla.’s request for greater authority over development of the state’s wetlands. Supporters say it should streamline permitting if property owners want to develop wetlands, but environmentalists oppose the change. TALLAHASSEE, Fla. (AP) – The federal government granted Florida’s request for wider authority over wetland development, a move announced Thursday that came under immediate fire by environmentalists who worry that the country’s largest network of wetlands could be at risk of being further destroyed. The announcement by U.S. Environmental Protection Agency Administrator Andrew Wheeler was long sought by developers and Republican
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By Jeff Lazerson An underwriting change for qualified mortgages (QM) eases bank oversight. It should enable more buyers to qualify for a loan as it increases risks in the mortgage market. LOS ANGELES – From the earliest days of mortgage loan approval standards, first and foremost, it had to be the math. Did the totals of your house payment and monthly recurring bills divided by your total monthly income stay at or under a specific debt-to-income ratio, or DTI? If your numbers checked out, you were one step closer to loan approval and homeownership. If not, no home for you.
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