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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By Gary M. Singer One condo owner offered to buy an additional parking spot from their neighbor who had two spots. Is that legal? And if so, is it smart? FORT LAUDERDALE, Fla. – Question: I live in a condominium where every apartment has two assigned parking spots. Since it is just me, one of my neighbors asked me if I would sell him one of my spots. Since I am not using it and times are tight, the extra money would help. Am I allowed to do this? – Ted Answer: To get to the bottom of this, you
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Getty Images/Mikhail Seleznev By Kerry Smith A rental housing provider is paying $300K to settle HUD fair housing allegations – not because they directly discriminated, but because tenants harassed other tenants, the landlord failed to stop them, and an order to vacate included the complaining parties. WASHINGTON – The Fair Housing Act doesn’t simply create rules landlords must follow to avoid charges of discrimination – it also seeks to create a safe environment for all residents. And if one or more tenants illegally harass other tenants, the landlord has an obligation to step in if they know about it. Last
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By Shannon Allen The Code of Ethics is a dynamic document, evolving and adapting along with the real estate industry for over 100 years now. Updates usually go into effect at the beginning of each year. Here’s what’s new in 2024. ORLANDO, Fla. – Dear Shannon: I serve as our local association Professional Standards Administrator, and some say I’m a bit of a professional standards geek. Which, frankly, I’m proud of. I know that the Code of Ethics has been around for over 100 years; I know the Code of Ethics and Arbitration Manual isn’t a static document and changes
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By Alex Veiga The mortgage rate now stands at its lowest level since early August, signaling good news for prospective homebuyers. LOS ANGELES (AP) — The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale. The average rate on a 30-year mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31%. Borrowing costs on 15-year fixed-rate mortgages, popular
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Lawrence Yun also said the housing market will improve for buyers next year. WASHINGTON – NAR Chief Economist Lawrence Yun forecasts 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas, will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association’s forecast yesterday during NAR’s fifth annual year-end Real Estate Forecast Summit: The Year Ahead. Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this
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