The Wealth Effect in Florida: Attracting High Earners
Florida is currently experiencing a significant influx of new residents, particularly among the wealthy and high earners, from various parts of the country and the world. Florida has been traditionally known as an affordable retirement destination, attracting people of diverse economic backgrounds to enjoy its excellent amenities and weather. However, the perception that coastal job […]
Florida Approves $100 Million for HHHP in 2024
The bill, a top legislative priority for Florida Realtors in 2024, also incorporates revisions to the Live Local Act. Funding for the Hometown Heroes Housing Program starts on July 1st. Governor Ron DeSantis of Florida has signed into law a significant bill that enhances the Live Local Act of 2023. This legislative update, which was […]
Florida Exceeds the National Median Transaction Amount
For the first instance in its history, Florida’s median sale price has surpassed the national average and has maintained this lead for several consecutive months. ORLANDO, Fla. – Each month, Florida Realtors® publishes a bevy of housing statistics, but none are scrutinized as closely as the median sale price of homes. This metric aggregates all […]
Millennials vs. Gen-Z’s Approach to Homeownership
Millennials have become the largest home-buying group but wait longer to buy, starting at age 35. Gen-Z buy homes earlier, starting at age 25. Purchasing a home marks a significant milestone for many Americans, yet younger generations like millennials and Generation Z face unique challenges on the path to homeownership. In the face of limited […]
Governor Ron DeSantis Signs HB 1503: What It Means for Citizens
Some non-homesteaded properties may be transferred from Citizens to surplus lines insurers under the bill, as they are exempt from rules that apply to regular carriers. In a notable event, Governor Ron DeSantis of Florida affixed his signature to a multitude of bills, one of which pertains to potentially amplifying endeavors aimed at transferring policies […]
Target plans to construct a large-format store near Lakewood Ranch
The retailer has applied for a permit from Manatee County to construct a new store, which is nearly 25,000 square feet larger than its average store, at Marketplace at Heritage Harbour off I-75. Target plans to construct a store spanning nearly 150,000 square feet in east Manatee County, adjacent to an existing Costco on Lighthouse […]
Florida’s Property Deed Fraud is a growing issue.
The switch to online property records may be contributing to the problem. Although all 67 counties in Florida have some sort of property fraud alert program, more people need to sign up. Scammers in Florida are selling people’s land and homes without their knowledge. Authorities are advising property owners to take measures to safeguard their […]
30-Year Mortgage Rate Increases to 6.94%.
For the fourth consecutive week, interest rates have risen, climbing to 6.95% from 6.90% last week. This is due to stronger-than-expected inflation reports. The average U.S. long-term mortgage rates have risen for the fourth consecutive week, causing difficulties for prospective homebuyers right as the spring homebuying season begins. According to mortgage buyer Freddie Mac, the […]
Lower rates have given homebuyers more purchasing power – Redfin
Redfin stated that buyers can now afford more expensive homes due to a drop in mortgage rates, compared to October’s rates of nearly 8%. A new report from real estate brokerage Redfin suggests that homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power since mortgage rates peaked in fall 2018. A […]
Fannie Mae predicts that mortgage rates will fall below 6% in 2024
“According to Fannie Mae’s chief economist, 2024 is expected to be a better year for homebuyer affordability and the mortgage industry than 2023.” The analysts at Fannie Mae predict that the housing market will gradually return to a more balanced state by 2024, and that mortgage rates will end the year below 6%. According to […]
