Florida is the No. 1 Destination for Relocating Homebuyers

11 12 2018

LendingTree’s latest migration analysis revealed that 12.1% of American homebuyers who relocate to different states prefer to call the south their new home.

The migration report utilized data from LendingTree’s website, gathering information from 2 million new purchase mortgage loan requests made in 2018.

The report indicated that across the country, Florida is the No. 1 destination for homebuyers moving from 15 of the 50 states. Notably, of all purchase mortgage requests, 9.1% were made for Florida, and 12.4% of out-of-state movers requested the state as well.

However, when LendingTree analyzed destination states according to population size, South Carolina scored the highest. In this state, mortgage loan requests were 52% greater than suggested based on its share of the national population.

When it came to homebuyers relocating within their state, Texas led the way with 93.4% of purchase mortgage requests from individuals looking for properties.

Unfortunately, Alaska wasn’t as lucky, as LendingTree revealed only 75.2% of Alaskan homebuyers wanted to relocate within the state, marking the lowest percentage across the country.

NOTE: LendingTree’s popularity score derives from the calculation of dividing the percentage of all purchase mortgage requests for the state by the percentage of the total population each state represents.

Source: LendingTree and National Mortgage News

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Hurricanes and Real Estate Contracts

3 10 2017

Florida residents enjoy weather that many northern neighbors envy: warm temperatures all year, combined with easy access to breezy oceans, lakes, rivers and springs.

However, the weather here occasionally turns sinister, most notably when hurricanes meander across the Atlantic to wreak havoc on our state.

When these hurricanes impact real estate transactions, many Realtors scramble to locate casualty and bad weather provisions. This short inventory provides an overview of key provisions in the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase revised in April of 2017, along with one reference to the casualty provision contained in the Florida Residential Landlord and Tenant Act.

  1. Section 18(G) Force Majeure
    This is an automatic extension that comes into play when a dramatic event prevents a party’s performance or closing from happening. It takes an unusual and unplanned event to trigger this “Force Majeure” clause, as you can see from a few of the examples given, such as, hurricanes, acts of God and acts of terrorism. Once the clause is triggered, though, certain time periods (including the closing date, if applicable) will be extended for a reasonable time up to 7 days after the force majeure no longer prevents performance. Parties should pay attention to the time in relation to the closing date, though, since either party may terminate the contract by delivering a written notice if force majeure continues to prevent performance more than 30 days beyond the closing date.
  2. Section 18(L) Access to Property to Conduct Appraisals, Inspections, and Walk-Through
    After a hurricane passes over a property, a buyer often wants to take another look at the property, regardless of whether the buyer is still in the inspection period. This clause generally favors the buyer’s request, as it provides that “Seller shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a walk-through (or follow-up walk-through if necessary) prior to Closing.”
  3. Section 18(M) Risk of Loss
    If the buyer or seller discover casualty damage from the hurricane, this clause describes the rights and obligations of each party. If the cost to restore the property does not exceed 1.5% of the purchase price (this cost includes the cost of pruning or removing damaged trees), then the cost is a seller obligation. If the restoration isn’t complete prior to closing, the seller will escrow a sum equal to 125% of the estimated cost to complete the restoration. If the cost of restoration exceeds 1.5% of the purchase price, then buyer has the option to either take the property along with 1.5% of the purchase price, or receive a refund of the deposit, releasing buyer and seller from all further obligations under the contract.
  4. Section 83.63, Florida Statutes (Casualty Damage)
    This brief section simply provides that if rented residential premises are damaged or destroyed “so that the enjoyment of the premises is substantially impaired, the tenant may terminate the rental agreement and immediately vacate the premises.” This section continues to present a second scenario whereby a tenant may “vacate the part of the premises rendered unusable by the casualty, in which case the tenant’s liability for rent shall be reduced by the fair rental value of that part of the premises damaged or destroyed.”

Source: Florida Realtors, Florida Realtors Legal Hotline





$250K Home Giveaway Sweepstakes for U.S. Military or Veterans

28 09 2017

Realtor.com® and Veterans United Home Loans, a U.S. Department of Veterans Affairs (VA) purchase lender, have teamed up to launch a $250,000 Veterans Day Home Giveaway Sweepstakes.

The contest will award up to $250,000 toward a home purchase to a U.S. military service member or veteran.

Veterans and current members of the military can enter the sweepstakes until Oct. 29 at realtor.com/homegiveaway.

The winner will be announced on Veterans Day, Nov. 11.

The winner will receive $250,000 (less tax withholding) at the closing of a home purchase transaction.

For more details, go to https://www.realtor.com/homegiveaway/rules.

Source: Realtor.com®





How to Prepare to Be a Homeowner

31 05 2017

Ready to Become a Homeowner?

What to Keep in Mind as You Leave Renting Behind

Each year, millions of Americans purchase a home. In 2015, that was about 5.2 million, according to the National Association of Realtors, and about 35% of them were first-time buyers. If you’re anything like those millions, you’ve been waiting for the moment you finally feel ready to become an owner yourself. You’ve probably carefully considered your budget, your rising rent, and your future prospects — do you plan to move or have kids in the next few years? Can you get by with a two-bedroom, or should you spring for three?

While you’re weighing your needs with your means, there are a few other components of the transition to keep in mind.

  1. Down Payment

Surely you haven’t overlooked this massive expense, which remains one of the biggest obstacles for hopeful homebuyers. Although you can negotiate the terms of your loan, depending on your credit score, you should plan to have 10% to 20% of your future home’s value saved up for a down payment — plus a few thousand more so you can be prepared for unanticipated repairs or other financial hiccups. If that seems impossible, the Federal Housing Administration has a program for first-time homebuyers, offering loans with down payments as low as 3.5%. However, with that small deposit comes larger monthly payments, and a larger amount paid by the end of the loan. Smaller down payments also result in another monthly cost: private mortgage insurance, which lenders sometimes require to protect themselves from loss.

  1. Closing Costs

Yes — there’s even more cash that comes into play when you finalize your home purchase. The down payment goes toward the home’s value, but then there is also a cluster of smaller fees that get thrown into the “closing costs” bucket: loan origination fee, credit report, loan underwriter, home inspection and appraisal, title search, survey fee, and taxes (on the sale, not property taxes), and other assorted fees delineated by your real estate agent. Fortunately, you’re not looking at another $30,000 — unless you’re planning to buy a $1.5 million home. Your closing costs will typically add up to between 2% and 5% of the home’s value.

  1. Insurance

As a renter, you probably paid a monthly insurance premium to make sure your personal belongings were protected in the event of a fire or other accident (at least you should have). And those premiums were probably pretty cheap. Your homeowners insurance premiums, however, will be quite a bit higher, and that’s because it has more to cover aside from the extra square footage. Homeowners insurance will financially protect you from damages incurred to your home, and all of your belongings inside of it, from damage caused by wind, hail, ice, fire, and more.

  1. Taxes

This is another one of the costs that discourages a lot of renters when they begin to consider owning. But property taxes don’t have to be scary, or even that expensive. Familiarize yourself with the local tax rate before the purchase, and then set aside money in an escrow account each month so that you have enough to make the payment when it comes due, instead of scrambling into your savings. Many lenders require this escrow account. When they’re due — and how often — depends on your location, but the average U.S. household pays just over $2,000 in annually.

  1. Maintenance

Time to start filling up that garage: Get a lawnmower, shovel, weedwacker, rake, or any other implement you’ll need to keep your property attractive and safe in every season. Additionally, plan to spend about 1% of your home’s value on annual maintenance projects, which can range from new batteries for your smoke detector to replacing your hot water heater or significant replumbing. Even brand-new houses aren’t immune to maintenance costs, so keep a devoted savings account at the ready — and don’t overlook your duties. Create (or find) a maintenance checklist and schedule to stay on top of important upkeep.

This article was provided by Sam Radbil, a contributing member of the marketing and communications team at ABODO. ABODO Gainesville apartments was founded in 2013 and is headquartered in Madison, Wisconsin.





Ready to Become a Homeowner?

31 05 2017

What to Keep in Mind as You Leave Renting Behind

Each year, millions of Americans purchase a home. In 2015, that was about 5.2 million, according to the National Association of Realtors, and about 35% of them were first-time buyers. If you’re anything like those millions, you’ve been waiting for the moment you finally feel ready to become an owner yourself. You’ve probably carefully considered your budget, your rising rent, and your future prospects — do you plan to move or have kids in the next few years? Can you get by with a two-bedroom, or should you spring for three?

Home

 

 

While you’re weighing your needs with your means, there are a few other components of the transition to keep in mind.

1. Down Payment

Surely you haven’t overlooked this massive expense, which remains one of the biggest obstacles for hopeful homebuyers. Although you can negotiate the terms of your loan, depending on your credit score, you should plan to have 10% to 20% of your future home’s value saved up for a down payment — plus a few thousand more so you can be prepared for unanticipated repairs or other financial hiccups. If that seems impossible, the Federal Housing Administration has a program for first-time homebuyers, offering loans with down payments as low as 3.5%. However, with that small deposit comes larger monthly payments, and a larger amount paid by the end of the loan. Smaller down payments also result in another monthly cost: private mortgage insurance, which lenders sometimes require to protect themselves from loss.

2. Closing Costs

Yes — there’s even more cash that comes into play when you finalize your home purchase. The down payment goes toward the home’s value, but then there is also a cluster of smaller fees that get thrown into the “closing costs” bucket: loan origination fee, credit report, loan underwriter, home inspection and appraisal, title search, survey fee, and taxes (on the sale, not property taxes), and other assorted fees delineated by your real estate agent. Fortunately, you’re not looking at another $30,000 — unless you’re planning to buy a $1.5 million home. Your closing costs will typically add up to between 2% and 5% of the home’s value.

3. Insurance

As a renter, you probably paid a monthly insurance premium to make sure your personal belongings were protected in the event of a fire or other accident (at least you should have). And those premiums were probably pretty cheap. Your homeowners insurance premiums, however, will be quite a bit higher, and that’s because it has more to cover aside from the extra square footage. Homeowners insurance will financially protect you from damages incurred to your home, and all of your belongings inside of it, from damage caused by wind, hail, ice, fire, and more.

4. Taxes

This is another one of the costs that discourages a lot of renters when they begin to consider owning. But property taxes don’t have to be scary, or even that expensive. Familiarize yourself with the local tax rate before the purchase, and then set aside money in an escrow account each month so that you have enough to make the payment when it comes due, instead of scrambling into your savings. Many lenders require this escrow account. When they’re due — and how often — depends on your location, but the average U.S. household pays just over $2,000 in annually.

5. Maintenance

Time to start filling up that garage: Get a lawnmower, shovel, weedwacker, rake, or any other implement you’ll need to keep your property attractive and safe in every season. Additionally, plan to spend about 1% of your home’s value on annual maintenance projects, which can range from new batteries for your smoke detector to replacing your hot water heater or significant replumbing. Even brand-new houses aren’t immune to maintenance costs, so keep a devoted savings account at the ready — and don’t overlook your duties. Create (or find) a maintenance checklist and schedule to stay on top of important upkeep.

This article was provided by Sam Radbil, a contributing member of the marketing and communications team at ABODO. ABODO Gainesville apartments was founded in 2013 and is headquartered in Madison, Wisconsin.




Pending Home Sales Hit a 10-Year High in April

28 05 2016

Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors® (NAR).

All major regions saw gains in contract activity last month except for the Midwest, which saw a meager decline.

The Pending Home Sales Index – a forward-looking indicator based on contract signings for homes that have not yet sold – hiked 5.1 percent higher to 116.3 in April from an upwardly revised 110.7 in March. Year-to-year, it’s 4.6 percent above April 2015 (111.2).

After last month’s gain, the index has now increased year-over-year for 20 consecutive months. Vast gains in the South and West propelled April’s pending sales in April to its highest level since February 2006 (117.4), says Lawrence Yun, NAR chief economist.

“The ability to sign a contract on a home is slightly exceeding expectations this spring, even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” Yun says. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”

Mortgage rates have remained below 4 percent in 16 of the past 17 months, but Yun says it remains to be seen how long they will stay this low. Along with rent growth, rising gas prices – and the fading effects of last year’s cheap oil on consumer prices – could edge up inflation and push rates higher. For now, Yun foresees mortgage rates continuing to hover around 4 percent in coming months, but inflation could potentially surprise the market and cause rates to increase suddenly.

“Even if rates rise soon, sales have legs for further expansion this summer if housing supply increases enough to give buyers an adequate number of affordable choices during their search,” adds. Yun.

Following the housing market’s best first quarter of existing-sales since 2007 (5.66 million) and a decent increase (1.7 percent) in April, Yun expects sales this year to climb above earlier estimates and be around 5.41 million – a 3.0 percent boost from 2015. After accelerating to 6.8 percent a year ago, national median existing-home price growth is forecast to slightly moderate to between 4 and 5 percent.

Pending sales in the Northeast climbed 1.2 percent to 98.2 in April, and are now 10.1 percent above a year ago. In the Midwest, the index declined slightly (0.6 percent) to 112.9 in April, but it’s still 2.0 percent above April 2015.

Pending home sales in the South jumped 6.8 percent to an index of 133.9 in April – 5.1 percent higher than last April. The index in the West soared 11.4 percent in April to 106.2, and it’s now 2.8 percent above a year ago.

Source: National Association of Realtors





Clint Eastwood is Moving to Jacksonville, Florida

7 03 2016

I saw this in the news yesterday. In a big surprise to everyone in Los Angeles, Hollywood actor Clint Eastwood reveals in a new interview that he is moving to the Jacksonville, Florida area. He tells the magazine that he is “tired of the California lifestyle” and is looking for a big change in life.

“I’m just tired of the California lifestyle and the fake people, honestly, and I feel like, at this point in my life, I’d rather just live in a place full of real, genuine people. I’ve been to Jacksonville a few times over the years and the people there are real… they’re genuine, and yeah every community has its problems but the people there are good, decent people and they care about their community. Those are the things I find most important in deciding where to live,” Eastwood told the magazine.

“I’m not retiring, I’m just looking for a change in life and I think I’ve found that in Jacksonville, Florida,” Eastwood reassured fans. Let us know what you think in the comments section below especially if you’re a resident of the Jacksonville, Florida area.








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