By Kerry Smith Study: Fla. leaped past New York to be No. 2 in housing values, trailing only Calif. S. Fla. (No. 5) and Tampa (No. 18) made the “top 20 most valuable metros” list. SEATTLE – The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction. Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine
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By Kerry Smith 2022 borrowers paid 22% more in closing costs, largely paying points to snag a lower interest rate. Even so, average monthly mortgage payments rose 46%. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending, the 2022 Mortgage Market Activity and Trends. Overall, 2022 saw a marked decline year-to-year in mortgage applications and originations – but rates, fees, discount points and other costs increased. “The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” says CFPB Director Rohit
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By Kerry Smith The FAA has specific rules on drones used commercially, and there are additional real estate risks, including accidental damages to drones or property that most business insurance policies won’t cover. ORLANDO, Fla. – Many real estate agents include listing photos and videos taken by a drone – aerial scenes of a home that show nearby lakes and provide an overall feel for the neighborhood. For some agents, drone photography is a selling point presented during the listing presentation, and it’s popular and sometimes expected by millennials. However, drones used commercially are considered aircraft, and their use falls
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By Shannon Allen Dear Shannon: A broker listed a property to include a rental apartment upstairs, figuring the new buyer could get the zoning changed. But it wasn’t zoned for a residential apartment when listed. Should a complaint be filed against the commercial listing broker? ORLANDO, Fla.– Dear Shannon: I’m facing a rather astonishing situation and seeking guidance. A client of mine, a doctor, reached out for help finding a suitable location for a small medical practice in the neighborhood where she grew up. I began the search and emailed her several options, one of which was a two-story building
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By Meredith Caruso Realtors have the ability to modify contract terms through optional clauses, riders and/or addenda. To effectively represent a vast array of clients, agents should know their list of options and how each works as part of the full contract. ORLANDO, Fla. – How well do you know the optional clauses, riders and addenda that go with the contracts? Florida Realtors® offers various contracts drafted by different groups, and each type of contract offers addenda, riders or optional clauses that go with each one of those contracts. For the sake of simplicity, I’ll refer to the various options
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HB 919 contains new rules that impact homeowners associations to boost transparency. SB 170 gives businesses new rights if a local ordinance impacts them. TALLAHASSEE, Fla. – New Florida laws often go into effect on July 1, Oct. 1 and Jan. 1 of the following year. This October, a number of new laws go into effect, with two specifically impacting the real estate industry: HOA transparency and accountability: House Bill 919 contains measures that help improve the transparency and accountability of homeowners associations (HOAs). The bill creates an HOA Bill of Rights, provisions to reign in kickbacks, fraudulent voting activities and conflicts
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A last-minute compromise is still possible, but it appears more and more likely that government services will slow or stop starting Sunday, Oct. 1. WASHINGTON – U.S. lawmakers warned that a government shutdown is increasingly certain as hopes dwindle of a last ditch compromise to resolve a budgetary stand-off in the world’s largest economy. Speaking on Sunday, both Democrats and Republicans said time was running out for a deal before October 1, when current funding for federal operations ends, The Financial Times reported. A shutdown would force thousands of federal workers to stay home, paralyzing vast swaths of the U.S.
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Current owners fear the dearth of for-sale homes and high interest rates, but many still desire a move. These are the top issues holding them back. NEW YORK – Homeowners aren’t listing their homes, which is keep prices up along with buyer frustration. A fear of many current homeowners who want to upsize or downsize is an inability to find a replacement home. To address this, some companies help owners buy their new home with cash, and before selling their existing home. However, these companies don’t operate in every state and, in some cases, they require a lower selling price
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How will your life change in a shutdown? RE agents should fast-track any government-related tasks, such as flood ins., if they have a post-Sept. 30 closing scheduled. WASHINGTON – The federal government has experienced 14 shutdowns since 1980. If Congress fails to pass a full-year spending bill or a stopgap “continuing resolution” (CR) to keep the government open, there could be another shutdown on Oct. 1. But what does this mean, and how does it impact everyday Americans and the economy? What is a government shutdown? A shutdown occurs when there is neither a full-year spending bill nor a CR
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