Realtor News

Florida Realtors economist: Real estate’s residential side has been on fire since summer 2020. How has the commercial side fared? It’s hot – and it’s not. It depends on where you look. The delta variant of COVID-19 slowed the office market even as it relit a fire under other commercial sectors.

In the U.S., closing costs, including taxes, were up 10.5% year-to-year, and almost $7K for an average price home. In Fla. it’s a bit higher: $8.5K for the average home.

The head of Citizens Property Insurance calls losses among all state insurers “absolutely staggering.” He blames the marketplace itself, saying it impacts every company.

A new 40-page report takes a broad view on steps being taken to mitigate risks, including possible HUD and VA buyer disclosures on flood and climate-related threats.

The U.S. will increase loan caps for multifamily housing by 11.4% next year, and 50% of the $156B total ($140B this year) must go to “mission-driven affordable housing.”

While stories about multiple offers and foregone inspections are pervasive, a study found that most buyers won by their second bid and 88% had a home inspection.

In 3Q, the number of U.S. foreclosures surged 67% year-to-year as homes exited forbearance and bans ended. But compared to “normal” 3Q 2019, they’re down 60%.

Average mortgage rates continue to hover around 3%, but they’ve slowly ticked higher. This week, the 30-year, fixed-rate mortgage averaged 3.05%.

In response to the Surfside condo collapse, Fannie Mae says its condominium loan decisions after Jan. 1 will include a stronger look at the overall condo building. Loan decisions will consider current or planned special assessments and any deferred maintenance issues.

Officials say Canadians can start returning in early Nov. if they’re fully vaccinated. One twist: It’s unclear if that includes Canadians who got two different vaccines.

Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.

The U.S. birth rate is the lowest it’s been in more than 100 years, and pregnant homeowner couples are a top reason buyers decide to upgrade to a large house.

Fewer buyers qualify for conventional mortgages due to higher prices and lower downpayments. As a result, the number of jumbo loans is at pre-Great-Recession levels.

More roommates are committing to long-term relationships and co-buying a home. ATTOM says the number of co-buyers with different last names surged 771% in six years.

A Va. homebuyer bought a home sight unseen and wanted to “return the house.” He killed his real estate agent who went over to talk about it and, later, himself.

How can the state mitigate condo disasters following the tragedy in Surfside? A Fla. Bar task force pulled together experts and submitted its recommendations on Tues. In Sept., Realtors outlined the problems condo buyers face getting important docs, suggesting better records and tighter oversight.

The Biden Admin. wants a $500K limit for like-kind exchanges, which allow investors to defer taxes. If enacted, the change could have a big impact on commercial RE sales.

It’s not enough to pack survival tools and photos when evacuating before a disaster. Pack cash too – or at least have credit that can help you cover the first few days.

After the 12-story Surfside condo complex collapsed, experts wondered if condo demand would decline – but 3Q Miami-Dade condo sales were the highest in years, with luxury units selling at a record pace. Any stigma seems isolated to older inventory and buildings close to the Surfside tragedy.

Buyers are allowed to tour vacant homes without an agent. Redfin’s app unlocks the door, and an agreement with ADT provides monitoring and security.