Insurer Ratings Could See Downgrades That Could Cause You Higher Rates

Posted On: January 25, 2020

Insurer ratings will be seeing a dip over the next few months, and that can be a scary thought. Some customers can be affected much more than others due to some lender companies only allowing “A grade” insurance companies. What makes this significantly worse for customers, is that Demotech (a financial analysis firm that predicts financial stability in the insurance industry) President, Joe Petrelli won’t release the list of companies to (possibly) see the downgrade. However, Petrelli has stated that he predicts two to four companies will be downgraded this January, then another ten to fifteen could see a drop…

Baby Boomers Aging: Housing Market Opening

Posted On: January 3, 2020

In Florida, many people come to settle down and retire after their long-lived lives. This can cause a drop in homes being available in Florida over the next decade or two. Another thing about our beautiful state is that it stays warm all year. The amazing weather causes about 5% of an increase in population every year, during the fall and winter months. Those same snowbirds often choose to sell their Northern estates and make Florida their new home.  In a new study done by Zillow, we can see that about 33% of homeowners are Baby Boomers. But Zillow is…

A Dive into Home Buyers and Sellers for 2019

Posted On: December 13, 2019

Here at SETCO, we do our best to keep you in the loop on all the news, trends, and outlooks for home real estate, whether you’re buying or selling. It also doesn’t matter if you’re a first-time buyer, a homeowner, or someone who buys and sells homes for a living, we are here for you.  We are diving into a topic at large with historic lows from first-time buyers. Yearly, the National Association of Realtors® (NAR) releases its 2019 Profile of Home Buyers and Sellers. This goes into detail about the demographics, experiences, and preferences of the buyers and sellers…

The Housing Market Brings Positive Trends in 3Q

Posted On: November 15, 2019

When it comes to sales we’ve seen more this year than we did last year. When we look at the condo-townhouse market, total sales closed was 29,539 in 3Q. That total was up 2.2% from last year’s 3Q.  Prices have raised in this 3Q from last year by 3.9% for family homes (average sales price being $265,000). Also, there was a raise of 4.1% toward the average of a condo-townhouse (average price being $190,000).  But we did see a rise in pending sales for single-family houses (4.4%) and condo-townhouses (.5%).  Inventory We did also see a rise in pending inventory…

FHFA New Rules and the Updates for the First Time in 20 Years

Posted On: November 8, 2019

In this week’s blog, we are going to touch on the subjects of the Federal Housing Finance Agency’s (FHFA) published final rules for credit score models and updates to its application for the first time in 20 years. The new rules published by FHFA became effective in October; these rules will help make it easier for families without any traditional credit history to be approved for a mortgage.  The National Association of Realtors President, John Smaby, had this to say; “A borrower’s credit score unlocks mortgage financing through the GSEs, a critical gateway for millions of homebuyers. The credit score…

Student Debt Keeping Borrowers From Buying a Home

Posted On: October 25, 2019

Realtor.com released a report stating that the total amount of student debt could buy every house in the United States 1.9 times. The cost of a college education is going up, leading students to take out more loans for their education. Experts believe this causes millennial homebuyers to delay buying a home. The average student borrower owes around $34,500, which is much higher than the average down payment of $26,000. Let’s look at the state of Florida alone. Our state’s student debt is almost $76 million spread across a total of 2,197,000 borrowers.  The Senior Economist, George Ratiu, had this…

Affordability and Knowledge of Your Buyer Goes a Long Way

Posted On: October 18, 2019

When it comes to selling a house, you want to make sure the home looks desirable to buyers. However, that can be quite costly at times. Something to think about is who you are selling to. So, today, we are going to give you some tips on how to spice up your home that are both cost-effective and hip to this generation of home buyers.  Home Improvements.  A big thing that matters in the kitchen would be friendly and homey cabinets. However, the new line of homebuyers do not want ordinary oak wood cabinets. They want things to look a…

Impacts of the Trump Administration on Real Estate

Posted On: August 30, 2019

Three months ago we posted a blog, Make Real Estate Great Again, where we discussed President Trump’s influence on Real Estate: “During the hour long address, our president put the environmental and other government regulations that impede building on blast. He also spoke highly of his administration’s opportunity zones which encourages investment in struggling communities, and he preached his plans to repair the nation’s housing finance system.” Home sales have seemed untouched (so far) by the mortgage deduction loss. The Internal Revenue Service (IRS), found that in 2018, one out of every five taxpayers claimed deductions; however, this year, that…

Medicaid Amendment to Change Florida Property Taxes?

Posted On: August 2, 2019

Smaller, less wealthy counties in Florida are worried that the expansion of Medicaid access to low-income childless families could force them to raise their property taxes. In July, Small County Coalition of Florida lobbyist Chris Doolin wrote Amy Baker (the state’s chief economist) an email stating that it would be “important to identify” which counties are at or near a tax cap, which would restrict the amount of revenue that can be obtained by counties through property taxes. The Agency for Health Care Administration calculates how much each county must contribute to the overall cost of the program, which is…

A Weakening Economy Needs More Homebuyers

Posted On: July 26, 2019

The economic expansion we are seeing in the United States is about to be ten years old, making it the longest expansion in its history. However, this expansion has professionals thinking that it is coming to an end.  During the rise of our economy, we have seen more jobs get created, rising wages and an enormous amount of wealth getting accumulated by homeowners and stock market investors. With homeowners playing such a significant role in the economy, this brings prices of homes down, because of the great desire for homeownership.  Unfortunately, Lawerence Yun, the chief economist of the National Association…