By Amy Connolly Freddie Mac sees short-term headwinds – a high supply and moderating economic growth – but a positive long-term outlook for 2024. MCLEAN, Va.—The year ahead in the multifamily industry will see positive growth despite continued headwinds and a positive long-term forecast, Freddie Mac said in its 2024 Multifamily Outlook released Wednesday. The Outlook indicates an elevated multifamily supply pipeline, with peak completions predicted in 2024, will moderate potential rent gains, which are expected to be positive in the year ahead, although below longer-run averages. The Outlook also forecasts 2024 vacancy rates will be modestly higher than average
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Self-promotion without sounding self-centered is important to maintaining a thriving business. Self-promotion without sounding self-centered is important to maintaining a thriving business. NEW YORK – Nikki Beauchamp, an advisor with Sotheby’s International Realty in New York City, says self-promotion is important for real estate professionals, but they need to balance showcasing their expertise while maintaining authenticity and nurturing genuine connections with clients and peers. Beauchamp recommends recognizing the benefits of and practicing dual promotion. This positions them as team players, bolsters their reputation and expands their network. They should engage with their peers’ social media content, participate in industry discussions
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By Amy Connolly The National Home Builder’s Association also said apartment and condo starts increased 6.9%. WASHINGTON – New single-family home construction hit an unexpected high in November, bolstered by strong demand and lower interest rates, the National Association of Home Builders (NAHB) said Tuesday. Overall housing starts increased 14.8% in November to a seasonally adjusted annual rate of 1.56 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The November reading of 1.56 million starts is the number of housing units builders would begin if development kept this
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By Kerry Smith To fight property fraud, Fla. law will require witnesses for deeds and “recording instruments affecting real property” to include their full name and mailing address. TALLAHASSEE, Fla. – A bill passed during the 2023 session of the Florida Legislature, HB 1419, creates a new requirement for “recording instruments affecting real property” in paragraph (c) of subsection (1) of section 695.26, Florida Statutes.  As another tool to fight property fraud, the name of each witness must include their name “legibly printed, typewritten or stamped immediately beneath the signature of the witness.” The new requirement applies to deeds and
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By Maggie Hiatt The decision to rent or buy is a personal one. Anyone trying to decide should consider many factors. The decision to rent or buy is a personal one. Anyone trying to decide should consider many factors. NEW YORK – Both renting and buying come with their own set of advantages and disadvantages, and the right choice often depends on individual circumstances and preferences. Pros of Renting: Flexibility: Renting provides the flexibility to relocate easily. Whether for career opportunities or personal reasons, tenants can move without the hassle of selling a property. Maintenance and Repairs: Renters are not
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By Kerry Smith The law that applies to some foreign principals who own/acquire certain Fla. properties has registration deadlines. Buyers should speak to counsel about legal obligations. TALLAHASSEE, Fla. – SB 264 – a bill passed during the 2023 session of the Florida Legislature, signed into law by Gov. Ron DeSantis, and effective on July 1, 2023 – limits and regulates the sale, purchase and ownership of certain properties in Florida by foreign principals, persons and entities described in Part III of Chapter 692, Florida Statutes. Those foreign principals covered by the new law – associated with China (PRC), Russia,
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“Builders are reporting an uptick in traffic as some prospective buyers who previously felt priced out of the market are taking a second look.” WASHINGTON – Falling mortgage rates helped end a four-month decline in builder confidence, and recent economic data signal improving housing conditions heading into 2024. Builder confidence in the market for newly built single-family homes rose three points to 37 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released Monday. “With mortgage rates down roughly 50 basis points over the past month, builders are reporting an uptick in traffic
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“The good news is the more that you do lead gen, the better that you get at it.” NEW YORK – Real estate professionals who become successful early in their careers generally have mastered lead generation, Joseph Santini, a managing broker at Coldwell Banker Residential Real Estate in Boca Raton, Highland Beach and Delray Beach, says in Inman. He says there are three things that agents must master to become lead-generation machines: Work only on things that result in a paycheck Be disciplined enough to do these tasks efficiently and consistently Be willing to do what nobody else wants to
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By Jessica Lautz NAR also said 2024 will see stronger sales activity, calling it great news for buyers and sellers. CHICAGO – For the first time since August, interest rates for a 30-year fixed mortgage have dropped below 7%, hitting 6.95% this week. This brings the monthly mortgage payment for a home priced at $400,000 to $2,118. This is down from a recent high this Autumn of 7.79% and yields a monthly savings of $183 and $2,196 annually for the same $400,000 home. The Fed indicated yesterday they will hold the Fed Funds Rate steady for now and cut rates
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By Andres Viglucci Some say Fannie Mae’s confidential list of blacklisted condos grew after the Surfside collapse in 2021. Fannie plans to release around 3Q 2024. MIAMI – Some people trying to buy a condominium in South Florida but getting mysteriously rejected for a mortgage could be in for a jolt: The reason they can’t get a loan may be that the condo is on a secret quasi-governmental blacklist. News media reports and data leaks to a pair of law firms in New England and Fort Lauderdale have now confirmed what some in the condo industry suspected: that Fannie Mae,
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