By Joseph Tucci While easing, for-sale inventory remains tight in Florida and across the U.S. Buyers have to stay persistent and manage frustration levels during their home search. MERIDEN, Conn. – Ben Borecki and Raleighe Orszulak-Borecki, both 29, searched for about a year to find their perfect home. They visited over 20 houses and bid on five. Finally, the couple purchased a 1912 colonial in Windsor this January. They had viewed the house before and liked it, but it went off the market – only to be relisted months later and at a cheaper price. Buyers Should Reconsider ‘Timing’ the Market
Read More

By Alessandra Young The HUD survey in 2023 found that, among U.S. states, Florida had the fourth-most homeless people, at 31,000 people – a count that rose 18% from 2022. HILLSBOROUGH COUNTY, Fla.  – On any given night last year, nearly 653,000 people – or one in every 500 – were homeless, according to the Department of Housing and Urban Development (HUD). Out of all the states in the country, Florida had the fourth-most homeless people, at 31,000 people, which is up 18% from 2022. On Thursday, hundreds of volunteers took to the streets, not only to count how many people experiencing
Read More

By Marla Martin Florida Realtors: Fla.’s single-family median price up 3.8% ($405K), condo median up 3.2% ($320K). New listings and inventory levels up in both property categories. ORLANDO, Fla. – Florida’s housing market started 2024 with higher median prices, more new listings, more inventory (active listings) and median prices in January compared to a year ago, according to Florida Realtors®’ latest housing data. However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchase power, while also contributing to a lock-in effect among would-be home sellers who bought their homes years ago with a mortgage rate of 3% to
Read More

By Marla Martin Freddie Mac economist: Strong economic and inflation data “caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates.” MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 6.90%, this week, up from last week’s average of 6.77%, according to Freddie Mac. “Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. “The current cycle is
Read More

By Ron Hurtibise Lawmakers are considering a My Safe Florida Condo pilot program that would help condo associations “harden” their buildings against severe weather. FORT LAUDERDALE, Fla. – Condominium associations near Florida’s coast will get access to $175,000 per association in state funds for stormproofing projects under a House bill that’s nearing the finish line. The Senate version of the bill does not have a cap. The “My Safe Florida Condominium Pilot Program” would provide condo associations with the type of financial assistance currently available only to owners of single-family homes and townhomes who install new roofs and storm-resistant windows, doors and garage doors. But the $25
Read More

By Casey Quinlan It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed. NEW YORK – Inflation is slowing, and job growth has surged but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates. Home prices across the U.S. rose 5.5% over the past year in December 2023 and they are projected to increase 2.8% year over year by December 2024, according to CoreLogic, a consumer and business information company. None of the states in CoreLogic’s data showed home price declines.
Read More

New poll: Many also don’t think the institutions – whether federal or local – that use their tax dollars spend the money in the best interest of “people like them.” CHICAGO – A majority of taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. Two-thirds of U.S. taxpayers say they spend “too much” on federal income taxes, as tax season begins. About 7 in 10 say the same about local property taxes,
Read More

By Jeff Collins Artificial intelligence currently is a useful tool that agents can use for research, marketing and writing emails, listing descriptions and other similar tasks. IRVINE, Calif. – For Ivan Estrada, ChatGPT is like “your smartest best friend.” The Beverly Hills real estate agent uses it daily to research and write emails, blog posts, newsletters and listing descriptions in a fraction of the time it normally takes. “Whatever we get back is like 90% complete,” Estrada said of the artificial intelligence tool. “It will give us more time and cut down on the process of research and the data-generating portion of our
Read More

By Holden Lewis Buyers have had it rough, but some experts think 2024 will see improvement in mortgage rates, home prices and availability of both new and existing homes for sale. SAN FRANCISCO – You feel demoralized about the housing market, right? Hold on. After a grim 2022 and 2023, it looks like 2024 is shaping up to be less hostile to home buyers. Here’s a summary of what’s been rotten in the state of housing: Home prices skyrocketed from the middle of 2020 to mid-2022. Then, mortgage rates took off, and the 30-year fixed-rate home loan crested at almost
Read More

Census Bureau: Weakness in multifamily starts pushed overall housing starts down 14.8% in January. Single-family building permits rose 1.6%; multifamily dropped 7.9%. WASHINGTON – A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate. Overall housing starts decreased 14.8% in January to a seasonally adjusted annual rate of 1.33 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The January reading of 1.33 million starts is the
Read More