Bubble? Nowhere in sight for U.S. housing market

Oct. 24, 2017 – U.S. housing markets are expected to remain healthy through at least the end of 2018, with no housing bubble in sight and no projection of home prices falling, according to the Fall 2017 edition of The Housing and Mortgage Market Review (HaMMR), released by Arch Mortgage Insurance Company.
“People waiting for home prices to fall before buying may want to change their strategy, as the overall housing market is expected to stay strong for the foreseeable future,”
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October 2017 – Newsletter Housing Trends eNewsletter – Florida

 October 2017 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
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Please click here to view the October 2017 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

White House: No Flood Insurance For New Homes in High-Risk Zones

WASHINGTON – Oct. 6, 2017 – The Trump administration proposed and end to federal flood insurance for new homes built in high-risk flood areas – a change that could curtail new construction in parts of Florida.

Home builders warned that the plan could stifle the economy and strongly opposed the idea. On the opposite side of the debate, climate activists praised it, suggesting it would put less people in harm’s way…
This could impact the construction of new developments in the near future.
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Bonita Springs & Estero Real Estate Markets Active After Hurricane

BONITA SPRINGS — According to the Bonita Springs-Estero Association of REALTORS® (BEAR) Media Committee, post-storm inventory has not shown a large decrease specifically due to homes affected by Hurricane Irma.

“Comparing inventory on Aug. 31 with inventory as of Sept. 22, we’re seeing just a 10 percent decrease,” stated Jerry Murphy, managing broker, Downing-Frye, Bonita Springs. “This decrease only represents homes indicated with a ‘withdrawn’ status, meaning these homes were withdrawn from an active status most likely due to a temporary situation.”

An example of a temporary situation might be foliage and tree debris from the storm inside communities, which may prevent buyers from entering the community until cleanup is completed, or a minor repair such as pool cage screening.

Overall, Bonita Springs and Estero homes did not see major structural damage from Hurricane Irma. This is likely due to homes that were built in the last 15 years with improved construction standards that were updated post Hurricane Andrew.
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National flood insurance extended for three months

WASHINGTON – Sept. 13, 2017 – On Thursday, Sept. 7, the Senate voted to pass a three-month extension of the National Flood Insurance Program (NFIP) that was scheduled to expire on Sept. 30, 2017; and on Friday, Sept. 8, the House of Representatives passed the legislation and President Trump signed the bill into law later on that same day.
For real estate practitioners, the pressure to close all deals that required flood insurance before Sept. 30 is off and transactions can proceed under their normal time schedules.
For Realtors, it means the National Association of Realtors® (NAR)’ Call for Action has also ended, concluding on Friday, Sept. 8, 2017, at 5:00 p.m. Eastern Time.
However, the three-month extension was not NAR’s initial goal. The association had first pushed for a longer extension and necessary changes to keep NFIP viable. NAR says it will continue those legislative advocacy efforts for the 21st Century Flood Reform Act until the long-term reauthorization and reform bill is enacted.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” says NAR President William E. Brown. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”
© 2017 Florida Realtors

Florida Real Estate Market: Sales, Median Price up in July

Just like the weather, Florida’s housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 24,546 last month, up 2 percent compared to July 2016.
The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 percent from the previous year.
Inventory remained tight in July with a 3.9-months’ supply for single-family homes and a 5.6-months’ supply for townhouse-condo properties, according to Florida Realtors.
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Technology Leads More Buyers To Skip Actual Home Visits


SEATTLE – June 30, 2017 – The number of buyers making offers sight unseen – meaning they haven’t physically visited the property – is on the rise, according to a survey of recent home buyers conducted by real estate brokerage Redfin.
Thirty-three percent of respondents in 11 major markets say they made an offer on at least one house sight unseen. These types of offers are more common when working with foreign buyers and in markets where homes are selling quickly, real estate professionals say.

For many buyers, advanced technology has made a physical in-home visit less necessary since they can have many of their questions answered virtually. An increasing use of 3-D photos, video tours and virtual reality give some buyers enough confidence to purchase a home without an in-person showing. According to The Wall Street Journal, some real estate pros are conducting property walkthroughs with long-distance buyers remotely via FaceTime, Skype or WhatsApp. And some agents are working with technology companies to create 3-D photo and video tours within the virtual reality space to make long-distance buyers feel like they’re at the property in person.
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Naples Real Estate – April Market Report Shows Strong End-of-Season Activity

NABOR (Naples Area Board of REALTORS®) just released today the market report for real estate in the Naples area for April 2017.
Here are the principal points of the report.
– Overall inventory in April increased 8 percent to 5,920 homes in April 2017 from 5,480 homes in April 2016.

But at the same time:
 Inventory decreased for the second consecutive month and prices continued to remain stable in April, setting into motion a burst in end-of-season sales for homes in the market’s sweet spot – the $300,000 to $500,000 price category.
– The April report showed a 41 percent increase in pending sales for homes in the $2 million and above price category.

– Most notable was a remarkable 35 percent increase in the $2 million and above condominium inventory for April.

 – Homes that are unrealistically priced influenced April’s average days on market, which showed an increase of 35 percent to 97 days in April 2017 from 72 days in April 2016.
– Prices overall have remained relatively flat over the last year.

– For the 902 homes that closed in April 2017, the majority (65.3 percent) were cash sales and only 34.7 percent were conventional (financed) sales, a statistic that signifies the seasonal wealth factor.
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New Homes – Buyers: Act Now As Prices Could Go Up.

New construction, new communities are booming in the Naples area. Many new communities are under development or are going to be released soon in  Naples, Bonita Springs and Estero.

Some builders are offering nice incentives for buyers, but this trend may end soon, as the prices for new construction could start to go higher soon. If prices are going up soon, it can be also a good way for buyers to consider resale properties too.

View Article: New-home buyers: Act now before prices go up

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