Jacksonville is the third-most diverse job market in the U.S.

5 12 2018

Jacksonville has been named the third-most diverse job market in the U.S., according to LinkUp, a job recruiting website. Jacksonville was listed behind Salt Lake City, Utah, and Buffalo, N.Y., respectively.

LinkUp analyzed data from job markets in relation to real estate values and availability in the third fiscal quarter of this year.

The study found that Jacksonville was less reliant on big employers and that job availability provided a wide range of options for workers.

In the top-five job markets, Jacksonville was followed by Raleigh, N.C., and Austin, Texas.

As far as the top-50 job markets in the United States, the least diversified were Cleveland, Atlanta, New York, Chicago and Detroit.

Source: LinkUp.com and Jacksonville.com

Advertisements




Housing sales, inventory trending up in Florida

4 12 2018

Florida’s housing market reported more closed sales, rising median prices and more new listings in October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.

October marked 82 consecutive months (more than six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year.

Rising interest rates are having a ripple effect across the housing market as the Federal Reserve increases borrowing costs. Analysts expect the Fed to raise rates again a few times in 2019. Areas with strong job or population growth, like Florida, may be able to weather higher mortgage rates, analysts say.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.83 percent in October 2018, up from the 3.90 percent averaged during the same month a year earlier.





Florida housing market’s positive trends continues

20 09 2018

Florida’s housing market reported more sales, more new listings, and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017.

“August marked the second month in a row that Florida’s housing market experienced a rise in new listings, which is a good sign for potential homebuyers,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 6.6 percent compared to a year ago and new listings for condo-townhouse properties increased 4.1 percent from last August.

“At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent. With such a quick turnaround time to contract, a Realtor with local expertise can help buyers and sellers navigate the market.”

August marked the 80th consecutive month (over six and a half years) that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse units in August was $185,000, up 8.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 10,365 last month, up 6.6 percent compared to a year ago. Closed sales data continued to reflect fewer short sales and foreclosures in August: Short sales for condo-townhouse properties dropped 18.8 percent and foreclosures fell 28.9 percent year-to-year; while short sales for single-family homes declined 34.2 percent and foreclosures fell 30.1 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The dominant story across Florida’s housing markets over the past couple of years has been the shortage of single-family homes for sale, but in the July numbers, instead of the usual year-over-year decline, we saw that inventory was virtually unchanged from the level we reported for July of 2017,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “So the question is, is this the beginning of a trend? According to the newly released August data from Florida Realtors, it very well could be.

The statewide inventory of single-family homes was up 4.5 percent compared to last year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in August 2018, up from the 3.88 percent averaged during the same month a year earlier.

Source: Florida Realtors





U.S. Housing: 10 Years After the Financial Crisis

10 09 2018





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®





Florida ranks 12th for economic health, 13th for economic activity.

6 06 2017

Economic growth varies from state to state, according to WalletHub’s analysis of its latest study on economic health. Out of 51 rankings (including Washington, D.C.), however Florida ranks 12th for “economic activity.”

The personal-finance website WalletHub conducted an in-depth analysis of 2017’s Best & Worst State Economies. In order to determine America’s top economic performers, WalletHub says its analysts compared the 50 states and the District of Columbia across 27 key indicators of economic performance and strength.

Overall Florida rankings (1=best, 25=avg.)

  • Economic activity: 13
  • Economic health: 12
  • Innovation potential: 30

Florida’s total score was 54.48. Washington ranked at the top with 76.54 followed by California with 73.78. At the bottom of the list, West Virginia ranked 28.14, with Louisiana one slot higher at 33.22.

Economic performance of Florida (1=best, 25=avg.)

  • No. 5 – GDP (gross domestic product) growth
  • No. 37 – Exports per capita
  • No. 2 – Startup activity
  • No. 35 – Percent of jobs in high-tech industries
  • No. 39 – Annual median household income
  • No. 3 – Change in nonfarm payrolls (2016 vs. 2015)
  • No. 23 – Government surplus/deficit per capita
  • No. 31 – Unemployment rate

Source: Florida Realtors, https://wallethub.com/edu/states-with-the-best-economies/21697/








%d bloggers like this: