NAR: Typical home spent 3 weeks on the market in the year ending in June 2017, down from 4 weeks a year ago – shortest time since NAR data records began in 1987.
Because of the program's affordability, a total of 740K VA loans were made last year – a record for a single year and up more than 300K from three years ago.
Some of the seven habits of highly effective real estate pros include expanding their network, staying top-of-mind with leads and generating referrals.
Technology has made real estate transactions quicker and more vulnerable to hackers and escrow scams. Tech security training, policies can help reduce the risks.
NAR Pres. Elizabeth Mendenhall says, "the real work to shape this debate is just getting started." NAR calls the bill a tax hike on many middle-class homeowners and says it would lower property values for all homeowners.
Florida Realtors data: Hurricane Irma's impact on state's housing market resolved by month's end. Single-family sales up 2% over a year ago, median price up 7.1%. Condo sales up 2.2%, median price up 5.2% over Oct. 2016.
Officials reported only 15% of the 1.6M homes in Houston had flood insurance, while FEMA noted that, in Fla.'s coastal counties, 42% of homes have flood insurance.
Millennials are forming new households and moving to the suburbs to buy homes. Some data show people aged 18-34 have become the nation's biggest group of homebuyers.
NAR: It's the strongest pace since June, but continual supply shortages led to fewer closings year-over-year for the second straight month – 0.9% below Oct. 2016.
Florida Realtors report: Foreign buyers accounted for over 20% of home sales revenues in Fla. this year. Metro Orlando was 2nd to Miami as state's biggest draw.
Income and expenses should be reviewed before buyers ever begin house-hunting. Property taxes, insurance and maintenance fees are other costs to consider.
Multifamily developers are focusing on baby boomers now rather than millennials. Between 2009-2015, the number of renters older than 55 increased by 28% or 2.5M.
NAR's Broker Involvement Program: Agents are 5 times more likely to respond to a legislative CFA from their broker. Ask agents to join NAR's Call for Action today.
On Thursday and Friday, Florida Realtors' offices will be closed for Thanksgiving. Florida Realtors News, the Tech Helpline and Legal Hotline will return on Monday.