Florida is taking steps to promote insurance market stability, including passing HB 7073 in March, which reduces property insurance premiums. WASHINGTON – The National Flood Insurance Program (NFIP) paid out $913 million to U.S. homeowners last year, and $629 million of that went to residents in Florida. Major flooding from hurricanes and storm surges caused most of the payouts. The Federal Emergency Management Agency (FEMA) oversees the NFIP, which is primarily funded through premiums and U.S. Treasury loans. The program was more than $20 billion in debt to the federal government as of 2022. Florida has 1.7 million NFIP policyholders,
Read More

LGBTQ+ individuals were most likely to say they have experienced discrimination. But only 42% of respondents thought fair housing impacts them or their families. SEATTLE – Most people say they have experienced housing discrimination, with younger generations, renters, LGBTQ+ people and people of color more likely to say fair housing is an issue facing them and their families, according to a recent Zillow survey of 26 major U.S. metropolitan areas. Although fair housing laws — which ensure equal and nondiscriminatory access to housing — have been in place for nearly 60 years, discrimination remains a stubborn factor in housing, Zillow’s
Read More

By Jim Saunders In the continuing legal battle over permitting authority for wetlands, Florida said a district court judge’s decision “eviscerates Florida’s sovereign interests.” TALLAHASSEE, Fla. — Pointing to what it called “irreparable injuries,” Florida has asked a federal appeals court to put on hold a district judge’s ruling as a legal battle continues to play out about permitting authority for projects that affect wetlands. Attorneys for the state filed a motion late Thursday at the U.S. Circuit Court of Appeals for the District of Columbia seeking a stay of ruling by U.S. District Judge Randolph Moss. Moss’ ruling rejected
Read More

By Meredith Caruso Is someone representing themselves as a licensed real estate agent when they’re not? Should you file a complaint? Read how to handle it. ORLANDO – Chapter 475.01 of the Florida Statutes outlines the definition of broker (as well as broker associate and sales associate) and what activities constitute the practice of real estate, thereby requiring a real estate license. An easy way to verify the license status of any real estate licensee is to check the license status via the Department of Business and Professional Development (DBPR) website. But what if you search the name of someone
Read More

By Shannon Allen Listing broker does not provide legal advice but got in trouble with the Code when they failed to affirmatively recommend the buyer consult their own attorney. ORLANDO – Dear Shannon: I’m a long-time land broker and took a listing for a well-priced, 30-acre parcel of land.  A potential buyer contacted me, expressed an interest, inspected the property and made a full price offer. I thought the seller would be thanking me, but the seller surprised me when they wanted to counter with a higher price.  But hey, that’s what the seller wanted. So, I go back to
Read More

By Joel Maxson While there are ways to reduce liability using a variety of contract clauses, it’s impossible to eliminate all of it. Drafting contract clauses requires detailed knowledge, skill, and research ORLANDO – Members sometimes call the Florida Realtors® Legal Hotline asking if parties can come up with their own language to address issues in a contract. The answer is yes, parties to a contract can draft clauses with or without the help of a lawyer. However, drafting contract language that holds up to future judicial scrutiny is extremely challenging. When courts are tasked with analyzing contract language, they
Read More

NAR’s Pending Home Sales Index increased to 78.2 in March. Existing-home sales are forecast to rise by 9% in 2024 to 4.46 million WASHINGTON – Pending home sales in March climbed 3.4%, according to the National Association of Realtors®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – increased to 78.2 in March. Year over year, pending transactions were up 0.1%. An
Read More

By Ron Hurtibise Officials are urging patience as rate increases slowly decline due to increased competition with new insurers entering the market. SARASOTA, Fla. – Lawsuits against property insurers declined by more than 20% in the first quarter of 2024 compared to the previous quarter, and that’s fueling market confidence that’s beginning to stabilize homeowner insurance rates in Florida, the state’s chief financial officer said. Homeowners say they haven’t seen rates ease yet, but officials at a roundtable insurance discussion held by CFO Jimmy Patronis in Sarasota on Thursday urged further patience, saying rate increases are slowing as a result
Read More

By Nicole Slaughter Graham Video marketing helps create a strong online presence, which is essential to buyers who use the internet. The first step to making great videos is getting past fear.  CHICAGO – Just like 360-degree tours, using video as part of your overall marketing strategy isn’t a luxury anymore. It’s a necessity. Video marketing is the cornerstone of a strong online presence, which is essential since about 97% of buyers use the internet in their home search, according to a National Association of Realtors® (NAR) report.  Adding consistent, branded and valuable video content can help you stand out
Read More

By Alex Veiga The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week. Costs on 15-year fixed-rate mortgages rose this week to 6.44% from 6.39%. LOS ANGELES — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what’s traditionally the housing market’s busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners
Read More