By Kate Ashford With equity in homes rising, some older Americans are considering selling and downsizing. But it might not be right for everyone. Consider all the pros and cons before taking the step. NEW YORK – A 2023 report from investment firm Vanguard estimates that about a quarter of Americans aged 60 and over could move to a cheaper housing market and use the equity in their homes to upsize their retirement savings — making retirement more secure and enjoyable. Those with home prices near the national median could have cleared about $99,000 in equity, on average, in 2019
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Jacksonville More homes in Northeast Florida sold in February than the month before with higher median prices, the Northeast Florida Association of Realtors (NEFAR) said. The housing supply is also increasing. JACKSONVILLE, Fla. – Data from the Northeast Florida Association of Realtors (NEFAR) revealed a 31.5% increase in closed sales for February, totaling 1,491 sales closed, compared to the month before. Median prices of single-family homes increased 2.8% to $385,000 for Northeast Florida. Homes also remained on the market a median of 35 days, or 31% less time than in January. The data also show a 22.2% increase to 6,204
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The rise in single-family housing starts in February are the highest since April 2022. In the South, combined single-family and multifamily starts are 15.7% higher than the previous month. WASHINGTON – Single-family housing starts increased 10.7% in February to their highest level since April 2022, boosted by pent-up demand, moderating interest rates and a lack of existing inventory, according to the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.   Overall housing starts increased to a seasonally adjusted annual rate of 1.52 million units in February – 5.9% higher than in February 2023. The multifamily sector,
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By Mike Schneider Polk County, located between Tampa and Orlando, was the nation’s top place to move from within the United States. BARTOW, Fla. — Polk County was the county more people moved to last year than any other county in the U.S., according to the estimates. More than 29,300 people moved last year to the county located between Tampa and Orlando, two metro areas where housing has grown increasingly pricey, and the county is considered a cheaper alternative. In short order, Polk County has come to have fewer orange groves along Interstate 4 and more subdivisions for local service
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Landlords in Indian River and Collier counties are experiencing rising investment returns due to rents increasing slightly faster than home prices, ATTOM found. MIAMI – Owners of single-family rentals in Indian River and Collier counties are leading the nation in returns on their investments due to rising rents in conjunction with other market forces that are driving rental demand, according to the property data analytics company ATTOM. According to ATTOM’s newly released Q1 2024 Single-Family Rental Market Report, between 2023 and 2024, median three-bedroom rents increased more than median single-family home prices in 216, or 63%, of the markets analyzed.
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Builder sentiment in the single-family home market surpassed the breakeven point of 50 since July 2023 and saw the fourth consecutive monthly gain, according to the NAHB/Wells Fargo HMI. WASHINGTON – Builder confidence in the single-family home market climbed three points in March, driven by a lack of existing inventory, strong demand and falling mortgage rates pushing buyers to new construction, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The rise in the builder confidence index to 51 marks the highest level since July 2023 and the fourth consecutive monthly gain for the index.
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In Florida and nationwide the housing supply is rebounding as sellers get used to elevated mortgage rates and the lock-in effect eases, Redfin found. MIAMI – Active listings, or the total supply of homes for sale, in Cape Coral, North Port and Fort Lauderdale saw the biggest jump in the nation in February, the real estate brokerage firm Redfin reported. Nationwide, active listings climbed 0.8% from a month earlier on a seasonally adjusted basis and were little changed (-0.1%) from a year earlier — the smallest annual decline in months. Nationally, new listings jumped 3.8% month over month on a
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By Amy Connolly Florida Realtors President Gia Arvin said the state association “looks forward to continued opportunities for our members to provide their expertise and valued services.” ORLANDO – The National Association of Realtors® (NAR) announced a proposed $418 million settlement agreement to the Sitzer-Burnett verdict that would end litigation of claims brought by home sellers related to broker commissions. The agreement resolves claims against NAR, more than one million NAR members, state/territorial and local Realtor® associations, all association-owned MLSs and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion
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By Christopher Rugaber Consumer views remained mostly in a holding pattern in March, dipping slightly from the previous month. Sentiment is about halfway between its all-time low, which was reached in June 2022. WASHINGTON — Consumers became slightly less optimistic about the economy this month, though they continue to expect inflation to cool further, a potential sign that price increases will keep slowing. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 76.5 in March, barely below February’s figure of 76.9. Americans’ outlook has essentially remained fixed since January, when it leapt higher. Sentiment
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Selling a home before moving into an assisted living facility presents challenges not seen in other moves.  Family members can help navigate the process to make it run smoothly. NEW YORK – Families must make a number of important decisions when an aging relative decides the time is right to move into an assisted living facility. Such facilities help older individuals who are having troubling living independently. In addition to finding the right facility for a loved one, many families have to decide what to do with their aging loved one’s home. Aging individuals with companions such as a spouse
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