Tampa, Orlando, Jacksonville near top of ‘likely to move to in 2018’ list
ATTOM’s quarterly report looks at 36 metropolitan statistical areas (MSAs) with at least 500,000 single-family homes and condos using data collected from purchase loan applications on residential real estate transactions.
The Pre-Mover Housing Index is based on the ratio of homes with a “pre-mover” indicator compared to total single-family homes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market.
Among a broader set of 131 metro areas with at least 100,000 single family homes and condos, those posting the highest pre-mover index in Q2 2018 were Wilmington, N.C. (206); Colorado Springs, Colo. (178); and Manchester-Nashua, N.H. (172); followed by Chicago (168) and Washington, D.C. (166).
“A higher pre-mover index bodes well for local real estate agents, home improvement stores, moving companies and others that benefit from the halo effect of a home sale,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“Meanwhile markets with a low pre-mover index likely have a scarcity of inventory available to buy or relatively weak demand from prospective buyers – or some combination of both – which is not optimal for businesses that rely on the home sale halo effect,” Blomquist adds.
ATTOM has a pre-mover heat map on its website that displays the likelihood of home sales by city.
States with the highest pre-mover index in the second quarter of 2018 – predictive of a high percentage of homeowners moving in the third quarter – were North Dakota (275), Illinois (193), Nevada (164), Virginia (163), and Colorado (147). Other states with a pre-mover index among the 10 highest in Q2 2018 were New Jersey (133), Florida (133), Delaware (130), Maryland (127), and Utah (124).
Florida cities ranked by pre-mover index ranking
Orlando-Kissimmee: 136
Jacksonville: 136
Tampa-St. Petersburg-Clearwater: 133
Lakeland-Winter Haven: 126
Ocala: 109
Port St. Lucie: 100
Palm Bay-Melbourne-Titusville: 95
Cape Coral-Fort Myers: 91
Deltona-Dayton Beach-Ormond Beach: 90
Bradenton-Sarasota-Venice: 87
Miami-Fort Lauderdale-Miami Beach: 85
Pensacola-Ferry Pass-Brent: 65
Fort Walton Beach-Crestview-Destin: 58
Naples-Marco Island: 53
© 2018 Florida Realtors®
Read the full article about cities likely to move to in 2018 on The Florida Realtors Website here: Cities likely to move to in 2018
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My Latest Listing Shown With Our New Slider Feature
Florida Home Sales Price Gains 2017
2017 Ends with more Florida home sales price gains
“This past year, the still-tight inventory of homes for sale in Florida couldn’t meet growing buyer demand,” says2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If supply could have kept pace, home sales likely would have been even stronger in 2017 – and of course, the state also felt the impact of Hurricane Irma that made landfall in the Keys on Sept. 10, 2017.
“Florida’s economy is growing, the jobs outlook remains strong and more people are moving to the Sunshine State. And while mortgage interest rates are rising, they are still at favorably low levels. All of these factors are positive signs for the state’s housing market in 2018.”
Statewide closed sales of existing single-family homes totaled 271,868 in 2017, up 1.2 percent compared to the 2016 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.
Florida Home Sales Price Gains 2017:
The statewide median sales price for single-family existing homes in 2017 was $237,500, up 8 percent from the previous year. New pending sales for existing single-family homes rose 0.1 percent in 2017 compared to 2016.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 111,088 units sold statewide in 2017, up 2.9 percent from 2016. The closed sales data reflected fewer short sales and foreclosures statewide in 2017 compared to the previous year: Short sales for condo-townhouse properties declined 37.6 percent and foreclosures dropped 49.2 percent; short sales for single-family homes dropped 36.9 percent while foreclosures declined 46.5 percent.
Another strong indicator for the Florida Home Sales Price Gains 2017:
The statewide median price for townhouse-condo properties in 2017 was $172,500, up 7.8 percent over the previous year. New pending sales for townhouse-condos for the year increased 2.3 percent compared to a year ago.
At the end of 2017 and also for 4Q 2017, inventory for single-family homes stood at a 3.6-months’ supply, while inventory for townhouse-condo properties was at a 5.6-months’ supply, according to Florida Realtors.
“Overall, 2017 was a strong year for single-family home resales in Florida,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “New listings of existing homes priced between $200,000 and $600,000 were up in a significant way compared to 2016, but these properties were quickly absorbed thanks to strong buyer demand driven by Florida’s booming economy. As a result, mid-range inventory remained somewhat flat on a year-over-year basis, while the number of listings priced below $200,000 continued to decline dramatically.
“Annual sales growth in Florida’s resale market for single-family luxury homes nearly ground to a halt in 2016, but this segment experienced a decent uptick in sales in 2017. Fewer new listings and more realistic pricing expectations by sellers were likely contributors to this renewed growth. The housing shortage impacting Florida and the rest of the nation continues to be contained to the lower price tiers, whereas the opposite issue – an overabundance of listings – is having the opposite impact on many local luxury markets.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2017, up significantly from the previous year’s average of 3.65 percent, according to Freddie Mac.
Statewide closed sales of existing single-family homes totaled 63,436 in the fourth quarter of 2017, up 2 percent compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The fourth quarter figures show that the vast majority of Florida’s local housing markets recovered quite quickly from Hurricane Irma,” O’Connor notes. “Closed sales were up year-over-year, and prices continued to climb as if nothing happened at all. Inventory continued to fall in the fourth quarter as well, so the longer-term trends in the housing market as of the beginning of 2017 appear to have remained in place at year’s end.”
The statewide median sales price for existing single-family homes for the quarter was $240,000, up 7.2 percent from 4Q 2016. New pending sales for existing single-family homes for the quarter rose 5.4 percent compared to a year ago, while new listings increased 4 percent.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 25,544 units sold statewide in 4Q 2017, up 4.7 percent compared to the same period a year earlier. The closed sales data reflected fewer short sales and foreclosures statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 24.9 percent and foreclosures dropped 41.8 percent; short sales for single-family homes dropped 34.4 percent and foreclosures declined 44.3 percent.
The statewide median price for townhouse-condo properties in 4Q 2017 was $175,000, up 6.6 percent over the previous year. New pending sales for townhouse-condos for the quarter increased 8.7 percent compared to a year ago, while new listings rose 6.8 percent.
To see the full statewide housing activity reports including this Florida Home Sales Price Gains 2017 report, go to Florida Realtors Research & Statistics section on floridarealtors.org.
Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
© 2018 Florida Realtors®
Read the full article about Florida Home Sales Price Gains 2017 on The Florida Realtors Website here: The full FAR article
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Evaluating the housing market since the Great Recession
Evaluating the housing market since the Great Recession
Residential home prices began to peak in some parts of the country as early as 2005, according to the report. Home prices collapsed in 2007, when Wall Street began to back out of residential mortgage-backed securities. After falling 33 percent during the recession, prices in most markets have returned to peak levels, growing 51 percent nationally since bottoming out in March 2011.
The average home price is now 1 percent higher than it was at the peak in 2006, and the average year-over-year home equity gain was $14,888 in the third quarter of 2017. This indicates the housing market has widely recovered.
While the nation’s average home price has stabilized, not all of the 50 states are back to their pre-recession price levels. Nevada suffered the biggest drop during the recession, with a 60 percent peak-to-trough decline in home prices. Even after experiencing a 93 percent increase from its trough-to-current home price level, Nevada home prices are still 23 percent below the pre-recession peak, and 9 percent of mortgaged properties remained underwater in the third quarter of 2017.
Some states faired relatively well through the national housing downturn, with 10 posting peak-to-trough declines of less than 10 percent. North Dakota’s peak-to-trough decline was the smallest at 2 percent. Due in part to the energy boom, North Dakota home prices have risen 48 percent above the prior peak in July 2008.
Similarly, Nebraska and Iowa home prices both dropped by 5 percent during the recession. Nebraska now stands 27 percent higher than its lowest home price level during the recession, and Iowa is now 15 percent above its prior peak in 2006.
Evaluating the housing market since the Great Recession:
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011,” said Dr. Frank Nothaft, chief economist for CoreLogic. “After reaching bottom in 2011, our national price index is up more than 50 percent. West Coast states, such as California, Washington and Oregon are seeing some of the largest trough-to-current growth rates in home prices.
“Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”
Local job market dynamics and other factors helped determine the severity of the housing downturn at the regional level. Las Vegas, Miami and Chicago each arrived at their respective peaks at different times during the boom and experienced significant peak-to-trough home price declines during the recession. These markets have been slower to recover and their home prices are below their pre-recession peaks.
Other metro areas such as San Francisco and Denver, which both have technology sectors and low unemployment, have experienced consistent home price growth. In the third quarter of 2017, the average year-over-year equity gain in San Francisco and Denver was $73,217, and $22,102, respectively, and only 1 percent of homes in those markets remained underwater.
The data in this report represents home price activity reported through December 2017 and home equity data through the third quarter of 2017.
Evaluating housing market since the Great Recession, © 2018 Florida Realtors®
Read the full article “Evaluating the housing market since the Great Recession” on The Florida Realtors Website here:
Evaluating the housing market since the Great Recession
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Florida Home Sales Price Gains 2017
2017 Ends with more Florida home sales price gains
“This past year, the still-tight inventory of homes for sale in Florida couldn’t meet growing buyer demand,” says2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If supply could have kept pace, home sales likely would have been even stronger in 2017 – and of course, the state also felt the impact of Hurricane Irma that made landfall in the Keys on Sept. 10, 2017.
“Florida’s economy is growing, the jobs outlook remains strong and more people are moving to the Sunshine State. And while mortgage interest rates are rising, they are still at favorably low levels. All of these factors are positive signs for the state’s housing market in 2018.”
Statewide closed sales of existing single-family homes totaled 271,868 in 2017, up 1.2 percent compared to the 2016 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.
Florida Home Sales Price Gains 2017:
The statewide median sales price for single-family existing homes in 2017 was $237,500, up 8 percent from the previous year. New pending sales for existing single-family homes rose 0.1 percent in 2017 compared to 2016.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 111,088 units sold statewide in 2017, up 2.9 percent from 2016. The closed sales data reflected fewer short sales and foreclosures statewide in 2017 compared to the previous year: Short sales for condo-townhouse properties declined 37.6 percent and foreclosures dropped 49.2 percent; short sales for single-family homes dropped 36.9 percent while foreclosures declined 46.5 percent.
Another strong indicator for the Florida Home Sales Price Gains 2017:
The statewide median price for townhouse-condo properties in 2017 was $172,500, up 7.8 percent over the previous year. New pending sales for townhouse-condos for the year increased 2.3 percent compared to a year ago.
At the end of 2017 and also for 4Q 2017, inventory for single-family homes stood at a 3.6-months’ supply, while inventory for townhouse-condo properties was at a 5.6-months’ supply, according to Florida Realtors.
“Overall, 2017 was a strong year for single-family home resales in Florida,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “New listings of existing homes priced between $200,000 and $600,000 were up in a significant way compared to 2016, but these properties were quickly absorbed thanks to strong buyer demand driven by Florida’s booming economy. As a result, mid-range inventory remained somewhat flat on a year-over-year basis, while the number of listings priced below $200,000 continued to decline dramatically.
“Annual sales growth in Florida’s resale market for single-family luxury homes nearly ground to a halt in 2016, but this segment experienced a decent uptick in sales in 2017. Fewer new listings and more realistic pricing expectations by sellers were likely contributors to this renewed growth. The housing shortage impacting Florida and the rest of the nation continues to be contained to the lower price tiers, whereas the opposite issue – an overabundance of listings – is having the opposite impact on many local luxury markets.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2017, up significantly from the previous year’s average of 3.65 percent, according to Freddie Mac.
Statewide closed sales of existing single-family homes totaled 63,436 in the fourth quarter of 2017, up 2 percent compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The fourth quarter figures show that the vast majority of Florida’s local housing markets recovered quite quickly from Hurricane Irma,” O’Connor notes. “Closed sales were up year-over-year, and prices continued to climb as if nothing happened at all. Inventory continued to fall in the fourth quarter as well, so the longer-term trends in the housing market as of the beginning of 2017 appear to have remained in place at year’s end.”
The statewide median sales price for existing single-family homes for the quarter was $240,000, up 7.2 percent from 4Q 2016. New pending sales for existing single-family homes for the quarter rose 5.4 percent compared to a year ago, while new listings increased 4 percent.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 25,544 units sold statewide in 4Q 2017, up 4.7 percent compared to the same period a year earlier. The closed sales data reflected fewer short sales and foreclosures statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 24.9 percent and foreclosures dropped 41.8 percent; short sales for single-family homes dropped 34.4 percent and foreclosures declined 44.3 percent.
The statewide median price for townhouse-condo properties in 4Q 2017 was $175,000, up 6.6 percent over the previous year. New pending sales for townhouse-condos for the quarter increased 8.7 percent compared to a year ago, while new listings rose 6.8 percent.
To see the full statewide housing activity reports including this Florida Home Sales Price Gains 2017 report, go to Florida Realtors Research & Statistics section on floridarealtors.org.
Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
© 2018 Florida Realtors®
Read the full article about Florida Home Sales Price Gains 2017 on The Florida Realtors Website here: The full FAR article
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2017 December Housing Data Report
2017 December Housing Data Report
WASHINGTON (January 24, 2018) — The 2017 December Housing Data Report shows that existing-home sales subsided in most of the country in December, but 2017 as a whole edged up 1.1 percent and ended up being the best year for sales in 11 years, according to the National Association of Realtors®.
Total existing-home sales, (more here on NAR’s existing home sales post), which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million).
In December, existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a downwardly revised 5.78 million in November. After last month’s decline, sales are still 1.1 percent above a year ago.
Lawrence Yun, NAR chief economist, says the housing market performed remarkably well for the U.S. economy in 2017, with substantial wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” said Yun. “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”
The information in this infographic is from the December 2017 Existing-Home Sales data.
2017 December Housing Data Report
Read the full article about the 2017 December Housing Data Report here:
The full NAR article
2017 November Housing Snapshot
2017 November Housing Data Snapshot
WASHINGTON (December 20, 2017) —
2017 November Housing Data Snapshot-
Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors®. All major regions except for the West saw a significant hike in sales activity last month.
Total existing-home sales1, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 5.6 percent2 to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. After last month’s increase, sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million).
Lawrence Yun, NAR chief economist, says home sales in most of the country expanded at a tremendous clip in November. “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”
The median existing-home price3 for all housing types in November was $248,000, up 5.8 percent from November 2016 ($234,400). November’s price increase marks the 69th straight month of year-over-year gains.
Total housing inventory4 at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.
2017 November Housing Data Snapshot Infographic
Negotiating repairs with an AS IS contract
Negotiating repairs with an AS IS contract
While this article is primary intended for Realtors, I think it has a lot of good information for buyers and sellers as well.
If you have any further questions, contact me and I’m happy to help or get you into contact with an experiences Real Estate Lawyer.
Negotiating repairs with an AS IS contract
By Meredith Caruso
Jan. 2, 2018 – One of the most popular contracts Florida Realtors has available for members is the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase (“FR/Bar AS IS”).
As the name implies, the seller listed the property “as is,” which means the seller has no obligation to make repairs.
However, many Florida Realtors Legal Hotline calls involve a buyer requesting repairs from a seller after the inspection results come in during the inspection period.
While nothing prevents parties from renegotiating the terms of an existing contract, it’s important to understand the nuances and risks in doing so in order to facilitate a smooth transaction.
It’s imperative to recognize this: There is no obligation on the seller’s part to make any repairs, nor to even respond to a request for repairs.
As a buyer’s agent, it’s important to communicate this upfront with buyers because you want to have a plan in place if the seller says “no” or simply doesn’t respond. The buyer has a strong right of cancellation during the inspection period, but once that period expires, that’s it. There may be other contingencies within the contract, but the time to cancel for any reason within the buyer’s sole discretion is gone.
In some cases, a buyer hasn’t heard back from the seller, the end of his inspection period is fast approaching, and he isn’t sure what to do.
In this case, your buyer must make a decision: Either stay in the deal and potentially take the property “as is” without the requested repairs or cancel before the inspection period ends.
What if a seller agrees to make repairs?
Assuming the seller does agree to a buyer’s repair request, their agreement should be written into the contract under the additional terms or as an addendum to the contract.
While it seems easy enough to jot something down, however, Realtors should understand the importance of the language used in this repair agreement – and they should also understand the potential liability they’re taking on if they take it upon themselves to draft this addendum.
Is the seller agreeing to fix an electrical problem? Great. But simply stating that the seller will do so is not adequately covering the parties.
Far too often, calls to the Legal Hotline involve questions about the way in which the seller completed those agreed-upon repairs.
But most of the time, the language used in the repair addendum didn’t address any repair standards or said what would happen if the seller didn’t make the repair at all or did it inadequately by the buyer’s standards.
The Florida Realtors contracts that obligate sellers to make repairs contain additional language regarding repair standards as well as when the repairs should be made. This language isn’t in the FR/Bar AS IS contract.
An addendum that involves many repairs, of varying degrees, likely should be drafted by an attorney to ensure appropriate language is used to protect the buyer and seller.
As stated in articles before, the language in the Florida Realtors contracts varies, and what may be in one isn’t necessarily contained in the other.
Recognizing your limitations in assisting your buyer or seller is a good way to avoid running into problems later.
Meredith Caruso is Manager of Member Legal Communications for Florida Realtors
c 2017 Florida Realtors
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Negotiating repairs with an AS IS contract
© 2017 Florida Realtors
Negotiating repairs with an AS IS contract
Find this article on the website of the Florida Realtors®
New Homes for Sale 10 December 2017 (from my Advertising)
New Homes for Sale 10 December 2017 from my advertising in the “Home Front” inset of the Citrus County Chronicle
New Homes for Sale 10 December 2017
New Homes for Sale 10 December:
Property Details for 9583 S Pleasant Grove Rd
Amazing country estate on 10 ac sitting high on the hill with scenic views! Custom built residence with 12 ft ceilings and open , airy floor plan.
Wall to wall sliders in the great room open up to the large covered patio and screened pool and hot tub for a great view of the countryside!
Culinary kitchen comes with Corian counters and breakfast nook. The sitting area with its large bay windows capturing the sunrise in the morning is the focal point in the master suite. Outside, the grassy pastures are cross fenced. The utility building houses the workshop and is perfect for crafting or recreational activities; and there is a pole barn for equipment/machinery.
For more information and to take the interactive tour, please visit http://www.MyFloridaFarm.com/
New Homes for Sale 10 December:
Property Details for 12139 Palmetto Way
Rainbow River – Love the location! Discover this gem (2,842 sqft) positioned on .46 acres with stunning vistas over the Rainbow River from the living room, screened porch, or sitting at the desk in your office! Stroll down to your dock, take the boat and cruise the crystal clear river for snorkeling, swimming or tubing. Go down-stream and within minutes it joins the Withlacoochee River, with miles & miles of waterways part of the Florida Paddling Trail! Outdoor enthusiast will embrace numerous trail heads for biking and hiking close by! Additional bonus: 3 room workshop with separate entry – ideal for a home based business or to be converted into a mother-in law apartment!
For more information and to take the interactive tour, please visit http://www.MyRainbowRiverHome.com/
New Homes for Sale 10 December:
Property Details for 5688 E Sweetgrass Ct
Horse Lovers Dream – Stage Coach Ranch Estates, close to Forest and Tillis Head!!! Custom built in 2004 this gorgeous 3/2/2 estate sits on 10 acre in the gated equestrian community of Stage Coach Ranch Estates. The large living and dining area centers around the impressive Kiva fireplace; open kitchen with breakfast nook, laminate and tile floors throughout and a large covered lanai overlooking the nicely landscaped yard are just a few of the numerous features this home has to offer! 3 stall horse-barn with tack room and 12′ x 48′ workshop w/ 230V, 60’round pen, fenced paddocks and a riding trail complete the enticing package! Country living at its best!
For more information and to take the interactive tour, please visit http://www.OurCountryEstate.com/
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October Housing Snapshot
2017 October Housing Data Snapshot
WASHINGTON (November 21, 2017) — Existing-home sales increased in October to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month, according to the National Association of Realtors®.
Total existing-home sales, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and
co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September.
After last month’s increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.
2017 October Housing Data Snapshot Infographic
