Single Women Own More Homes Than Single Men Do

28 01 2020

Single women own more than 1.5 million more homes than single men in America’s 50 largest metro areas, according to a new study conducted by LendingTree, an online lending marketplace.

All the single ladies are outpacing men in homeownership

Even though women earned just 79 cents for every dollar men made in 2019 – regardless of job type or seniority – single women in the U.S. currently own about 5.1 million homes, while single men own 3.5 million homes.

It is a continuation of a trend that the National Association of Realtors reported in late 2018, when single female buyers made up 18 percent of overall homebuyer demographics, second to married couples. While single male buyers came in third, they tended to purchase more expensive homes (at a median price of $215,000) than single female buyers (median price of $189,000).

Why single women are outpacing single men when it comes to homeownership is a bit of a mystery, although the desire to nest could be a factor. “We do know single females tend to really value homeownership, not just as a financial investment but also as a place where they can live,” NAR Director of Demographics and Behavioral Insights Jessica Lautz said in a statement about the report. “They really desire a place they can own.”

Caregiving responsibilities could be another reason. According to the Pew Research Center, 21 percent of children live with single mothers, while only 4 percent live with single fathers. “Even if she doesn’t have young children, she is likely a caregiver in another way,” Lautz said of the typical single female buyer. “Maybe she has children over 18 who live with her, or maybe she’s caring for an older parent.”

In all of the 50 largest metropolitan area surveyed by Lending Tree, single women owned more homes than single men do.

Jacksonville had the 12th largest gender gap of single homeowners in the study. Single women in Jacksonville own and occupy 49,328 households, while single men own and occupy 33,035 households, a gap of 4.60 percent.

Source: LendingTree





Florida Home Sales Up 23.8% and Condo Up 17.7% in Dec.

24 01 2020

The holiday season was a time of good cheer for Florida’s housing market, with more closed sales, higher median prices and increased pending sales, plus more pending inventory in December 2019 compared to a year ago, according to the latest housing data released by Florida Realtors®.

Sales of single-family homes statewide totaled 25,557 last month, up 23.8% from December 2018.

Florida condo-townhouse sales were up 17.7% year-to-year. The statewide median price for single-family homes rose 5.9% to $270K, and condo-townhouse prices were up 8.1% to $200K. Pending inventory and new pending sales also rose statewide in both categories.

“Continued low interest rates are sparking buyer demand across Florida; however, a constrained supply and tight inventory of for-sale homes is putting pressure on home prices to rise,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Sarabay Suncoast Realty Inc. in Bradenton. “Existing single-family homes had a 3.4 months’ supply of inventory in December, while condo-townhouse properties showed a 5.2 months’ supply. In a positive sign, new pending sales rose 11.9% for single-family existing homes last month and new pending sales for condo-townhouse units increased 8.3%.

“Buying or selling a home can be a complex process, but a local Realtor stands ready to help.”

Statewide median sales prices for both single-family homes and condo-townhouse properties in December rose year-over-year for 96 months in a row. The statewide median sales price for single-family existing homes was $270,000, up 5.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $200,000, up 8.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in November 2019 was $274,000, up 5.4% from the previous year; the national median existing condo price was $248,200. In California, the statewide median sales price for single-family existing homes in November was $589,770; in Massachusetts, it was $405,000; in Maryland, it was $301,000; and in New York, it was $280,000.

Looking at Florida’s condo-townhouse market in December, statewide closed sales totaled 9,605, up 17.7% from the level a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O’Connor points out that Florida’s housing market this December showed very different data trends than the previous year. In December 2018, the state was experiencing weak existing home sales growth and rising inventory levels driven in part by higher interest rates, a troubled stock market and uneasiness generated by an impending shutdown of the federal government, according to O’Connor.

“Closed sales of existing single-family homes were up by nearly 24% compared to last December, while closings in the condo-townhouse category were up by almost 18%,” he says. “So why such a big jump? Well, part of it is explained by the fact that sales were unusually weak at the end of 2018, driven in part by a sharp increase in the average 30-year mortgage rate.

Of course, that doesn’t explain the entire increase in sales, he adds.

“The average 30-year mortgage rate spent the entire second half of 2019 in the range of 3.5% to 3.8%, flirting with historical lows,” O’Connor says. “And in the months since the mid-year yield curve scare that spooked the financial markets, the Federal Reserve has dropped the federal funds rate three times, restoring calm to the national economy. Here in Florida, we saw new pending sales for both property types begin surging in October, and now, with the December figures, we see a significant share of those deals successfully closed by year’s end.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.72% in December 2019, down from the 4.6% averaged during the same month a year earlier.

Source: Floridarealtors.org.





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





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.







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