The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities. MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2. However, in Florida,…
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Diana
Inventory is likely to rise this spring and throughout the summer on schedule with traditional seasonal trends. Buyers should target the late summer or early fall. NEW YORK – Let’s cut right to the chase: 2024 will not be an easy year for the nation’s home buyers. The shortage of available homes will continue, which will hold prices aloft. And though mortgage rates may come down a bit throughout the year, they’ll…
Insurance insiders are optimistic about the home insurance market in Fla., saying rates are continuing to stabilize. A major hurricane could change things though. FORT LAUDERDALE, Fla. – Home insurance rates in Florida far outpaced inflation over the 18 months that ended on Dec. 31, but the rate of increase slowed in the fourth quarter of 2023 to its lowest point of the period. And many insurance insiders are optimistic that rates…
Forecasters project 23 named storms this year. Sales tax holidays – June 1-14 and Aug. 24-Sept. 6 – eliminates taxes on some disaster-preparedness supplies. TALLAHASSEE – Floridians received a second reminder Thursday to brace for a busy 2024 hurricane season, as Colorado State University researchers issued a forecast pointing to warm Atlantic Ocean water that fuels storms. Philip Klotzbach, a senior research scientist in the university’s Department of Atmospheric Science, said the…
Retirees should consider factors that include living closer to family and safety issues when determining if now is the right time to downsize. NEW YORK – Your home is your sanctuary, but it’s also one of your biggest budget items. And after you retire, it may feel like more house than you need. But in this housing market, when a smaller home with upgraded features may be about as expensive as the…
In honor of Women’s History Month, NAR looked at the successes and challenges for women in homeownership. Some women, particularly those of color, still face multiple hurdles. WASHINGTON – In March 1987, Congress passed a resolution establishing March as Women’s History Month. Women’s History Month gives us a chance to celebrate and recognize the contributions, achievements, and struggles of women throughout history. As we celebrate Women’s History Month, it’s worth noting the…
Some of the progress markers that will indicate the Fed is headed to a rate cut includes commercial property price stabilization and land and single-family development. WASHINGTON – The commercial real estate market has a lot to gain if the Federal Reserve follows through on anticipated interest rate cuts this year. It was under high interest rates that the number of commercial transactions dropped by 60% in 2023 compared to 2021, National…
The average rate on 30-year and 15-year fixed-rate mortgages dropped this week and applications rose for the first time in six weeks, a Freddie Mac economist reported. LOS ANGELES — The average long-term U.S. mortgage rate edged lower for the first time in five weeks, a welcome shift for home shoppers this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer Freddie…
The switch to online records may be part of the problem. All of Florida’s 67 counties have some sort of property fraud alert program, but more people need to sign up. ORANGE PARK, Fla. – Across Florida, scammers are selling people’s land and even homes behind their backs. Officials are urging property owners to protect themselves this week. It’s called property deed fraud, and there’s been a big spike in cases here in Florida because the real estate market in the Sunshine State…
Attom: 46.1% of mortgaged residential properties were equity-rich in 4Q. Miami was among the biggest metros with the most equity-rich mortgaged properties (61.8%). IRVINE, Calif. – Attom has released its fourth-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 46.1% of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than…