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…

Hurricane Season is here: Get Flood Insurance

Posted On: July 19, 2019

After the hurricane season we had last year, and with the current hurricane season here now, it is essential that we discuss flood insurance. As we have seen so far this summer, the rain does not seem to want to stop. However, flood insurance is completely separate from homeowners’ insurance. It is important to look into getting flood insurance so you don’t have to worry about the possibility of flooding in your home. But what exactly is flood insurance?  Flood related losses are defined as being “caused by water traveling along or under the ground.”  Flood insurance is mostly covered…

Real Estate Data Breaches Are Scary – Setco Keeps Your Data Safe With Qualia

Posted On: July 12, 2019

Buying a home can be a scary process to go through. You’re sharing sensitive information with multiple people in hopes that information is going into the best hands possible. Recently, a major data leak shows how much of a risk it can be for consumers.  First American Financial Corporation, which is one of the largest title insurance companies in the United States, had about 885 million mortgage-related files exposed due to lack of proper website design.  These files that were exposed could be easily obtained just by going to a specific URL. These files were filled with personal information: thousands…

Hurricane Season is Here

Posted On: June 7, 2019

The month of June brings some "not so good news" to the state of Florida. June 1st marks the beginning of the 2019 hurricane season. Over the last few years, we've seen devastation from Hurricanes Irma and Micheal. With Micheal hitting in October of 2018 and Irma during the month of September in 2017. The good news is that this hurricane season is predicted to be less severe than average. Colorado State University (CSU), the pioneer of hurricane season predictions, is predicting 13 named storms, five to become hurricanes, and two to hit major status (111 mph winds or higher).…