By Kerry Smith The world’s affluent population – those with $5M-plus incomes – grew 19.8% in 2021. In the U.S. it was 24.8% in both population and wealth, up from 8.1% in 2020. MADISON, N.J. – A new report on the luxury home market, conducted by Wealth-X and commissioned by Coldwell Banker, Real Estate LLC, found a notable 2021 uptick in both the number of affluent people and the amount of money those people hold. “The Report: 2022 Global Luxury Market Insights” offers an in-depth analysis of emerging worldwide luxury real estate market trends, market growth opportunities and global wealth.
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By Kerry Smith HUD hopes more multifamily owners will commit to cutting carbon emissions, in part because lower-income communities face a greater risk from natural disasters. WASHINGTON – Housing and Urban Development (HUD) Secretary Marcia L. Fudge, Department of Energy (DOE) Secretary Jennifer M. Granholm and White House National Climate Advisor Gina McCarthy announced an inaugural to lower the carbon footprint of communities. Called the Better Climate Challenge, a private-public partnership led by DOE, the initiative currently has over 80 businesses and organizations signed on to reduce their carbon output. If one partner finds an innovative way to reduce their
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By Kerry Smith Study: The average owner moved after 13.2 years in 2021, down from 13.5 in 2020. The reason? Remote work opportunities, low interest rates and rising home prices. SEATTLE – In 2021, the typical American homeowner had been in their home for 13.2 years, according to a report from Redfin. That’s a long time historically but down slightly from a peak of 13.5 years in 2020. In 2012, homeowner tenure average 10.1 years. Homeowner tenure flattened last year partly because many Americans moved during the pandemic due to record-low mortgage rates, and a pandemic-fueled drive for remote work
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By Meredith Caruso Part 1 of 3: An owner wants to sell an investment home occupied by tenants. While this impacts a number of transaction details, the first step is a full discussion with the owner: Is there a lease? What does it say? Are the tenants onboard with the plan? ORLANDO, Fla. – This article, the first of a three-part series, suggests steps to take when an owner wants to sell property that’s tenant occupied. What should you know and what should you do differently? Part two will focus on contract language and how information about the tenancy should
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By Joel Maxson Most if not all Florida MLSs provide participants a way to disclose whether their listing agreement for sale or rent contains a dual or variable rate commission arrangement. However, many members don’t fully understand the “dual or variable rate” definition. ORLANDO, Fla. – The National Association of Realtors®’ Code of Ethics obligates all Realtors to disclose the existence of dual or variable rate commission arrangements to cooperating brokers as soon as practical. Most MLSs enable participants to make this disclosure when completing an MLS entry form. What is a “dual or variable rate” commission arrangement? It’s defined
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By Kerry Smith Fla.’s DEO will distribute the funds to homeowners impacted by COVID-19 for things such as late mortgage payments, defaults, foreclosures and delinquent utility bills. TALLAHASSEE, Fla. – The American Rescue Plan Act of 2021 included a “Homeowner Assistance Fund” (HAF) slated to help owners impacted by COVID-19 and the changes it created throughout the economy. Under the plan, each state oversees distribution. Of the money allotted – a minimum of $50 million per state – Florida received $676,102,379 through the U.S. Department of the Treasury. The Florida Department of Economic Opportunity (DEO) will oversee distribution in the
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Florida Realtors® Orlando headquarters By Kerry Smith Florida Realtors’ committees represent the interests of 225K Fla. members. Your opinions count. Your ideas create movements. Volunteer now for a 2023 committee. ORLANDO, Fla. – Florida Realtors® 2023 President Mike McGraw opened up the application process for Realtors who volunteer to serve on a Florida Realtors committee next year. Committees are the backbone of the association’s drive to improve Florida’s real estate industry. Volunteering gives members an opportunity to discuss issues from the environment to public policy to the association’s real estate contracts and forms. “Realtors are driven to make a difference,”
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By Kerry Smith The biggest drop came in confidence for making big-ticket purchases, which authors call “not surprising” given inflation’s impact on the state’s residents. GAINESVILLE, Fla. – Florida consumer sentiment slipped for a second consecutive month in February, hitting 68.4 – a drop of 1.1 points from January’s revised figure of 69.5 in January. It’s the index’s lowest level in 10 years. Among the five components that make up the index, one increased and four decreased. Current situation: Floridians’ opinions about personal finances now compared to a year ago decreased 1.5 points, from 65.1 to 63.6. However, the biggest
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