By Kerry Smith NAR says the deal that appears close to finalization includes many real estate goals it wanted, including $150B for affordable housing and keeping like-kind exchanges. WASHINGTON – Congressional leaders released a long-awaited framework Thursday for President Joe Biden’s signature Build Back Better plan. It proposes a top-line price tag and an outline of new social programs. According to the National Association of Realtors® (NAR), the $1.75 trillion framework includes many Realtor® priorities, like investments in affordable housing and down-payment assistance. It also spares real estate investors from some feared taxes. Biden announced the proposal at the White
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By Bailey Schulz Most international visitors must be fully vaccinated, and some approved exceptions must quarantine for seven days after arrival. Children under 18 don’t need a vaccine if with vaccinated adults, but they’ll be tested for COVID once here. The CDC is still posting info to its website. NEW YORK – Thomas Rowland and his wife have spent days scouring the internet for more information on the new U.S. air travel system that goes into effect in less than two weeks. Rowland, of Stockholm, Sweden, made plans to celebrate his birthday with a trip to Florida on Nov. 8
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High prices last spring stemmed from supply problems as the industry emerged to non-pandemic operations. Now it appears to be a demand problem. NEW YORK – High lumber prices are returning, and homebuyers should brace themselves for its impact. Lumber prices can affect not only the cost of a new home, but also many remodels, such as decks and flooring. After peaking in the spring, lumber prices had been falling this summer, but that respite appears short-lived. In August, lumber prices bottomed out, but framing lumber is up 40% since then. Lumber prices remain below the peak reached in May
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By John C. Goede Also: A condo owner lives in a 125-unit community, and was told they need a website and must post certain official records. Must they? And: An independent contractor/handyman doesn’t legally need workman’s comp insurance. Is it okay to use him? NAPLES, Fla. – Question: My homeowner’s association is considering hosting a social event where there will be a 50/50 raffle. Basically, everyone who comes to the event will be asked to donate a specific amount and a drawing is held for a winner. Half of the collected funds go to the winner and the other half
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By Kerry Smith After floating in a just-below 3% range for months, mortgage rates headed higher for the past two weeks. The likely reason: Increased optimism and a drop in COVID cases. MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 3.14% this week, according to Freddie Mac’s weekly survey. For months, the average rate has hovered somewhere just below or above 3%, making the last two week’s larger-than-usual increases stand out. However, even mortgage experts have difficult predicting future rate movements based on past performance. “The yield on the 10-year Treasury note has been trending up due to the
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By Kerry Smith Chief Economist Yun: The overall market is still running comfortably ahead of pre-pandemic levels, and the drop is a sign of a “calmer home price trend.” However, there will continue to be less inventory through the end of the year – a normal fall drop following the summer months. WASHINGTON – Pending home sales dipped in September after an increase in August, just one month before. Each of the four major regions the National Association of Realtors® (NAR) tracks for the report saw fewer sales month-over-month and year-over-year. The Pending Home Sales Index (PHSI) – a forward-looking
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https://www.floridarealtors.org/law-ethics/2021-residential-contract-updates New FR/Bar Contracts Effective Today: Nov. 1 Following a two-month education program, the Florida Realtors/Florida Bar Residential & AS IS Contracts officially changed to the updated version this morning. Still have questions? A list of tools – videos, redlines, blacklines, etc. – can be found on Florida Realtors’ website (login required). Go to Source Author: izaakh
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By Joey Sale A listing agent told a buyer’s agent that they’d call back to follow up. But they didn’t. Is there a cooperation requirement that says an agent should always return calls and texts? ORLANDO, Fla. – Dear Joey: We’re all extremely busy in this market, however, I recently had a situation: I contacted a listing agent who said they would follow up with me, but never actually did. Don’t we have a duty to cooperate with one another? – Busy Agent Dear Busy Agent: As you know, the real estate profession is moving fast and very busy. However
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By Martin Crutsinger Most economists in an annual survey agree that the U.S. economy will continue to grow next year. Two out of three predict 3%-5.9%, but 1 in 3 says only 0.1%-2.9%. WASHINGTON (AP) – The nation’s business economists are slightly less optimistic about growth prospects over the next year, noting a number of threats ranging from higher-than-expected inflation to lingering disruptions from COVID-19 and snarled supply chains. The National Association for Business Economics (NABE) released a new report Monday that found 66% of NABE members responding to a survey expect the economy to grow by 3% to 5.9%
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