Tag: destin harbor

FL’S JAN. HOUSING: MEDIAN PRICES, INVENTORY UP

ORLANDO, Fla. – Continuing trends from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more inventory (active listings) in January compared to a year ago, according to Florida Realtors®’ latest housing data.

NATIONAL ASSOCIATION OF REALTORS: ‘HOME SALES ARE BOTTOMING OUT’

Regional Snapshot Here’s how existing-home sales fared across the country in January: Northeast: Existing-home sales fell 3.8% from December, reaching an annual rate of 500,000 in January. Sales were down nearly 36% from a year earlier. Median price: $383,000, up 0.3% from January 2022 Midwest: Sales decreased 5% compared to the previous month, reaching an annual rate of 960,000 in January. Sales were down 33.3% from one year ago. Median price: $252,300, up 2.7% from January 2022 South: Sales rose 1.1% in January compared to December, reaching an annual rate of 1.82 million. Sales are down nearly 37% from the prior year. Median price: $332,500, an increase of 3.4% from one year ago West: Existing-home sales increased 2.9% in January, reaching an annual rate of 720,000, but still down 42.4% from the previous year. Median price: $525,200, down 4.6% from January 2022

WHY CANCELLED INS. POLICIES? IT’S NOT JUST STORMS

Storm risk is one reason insurance policies get cancelled – but not the only one. Late payments, pets, old roofs, ill-placed trees and other things can do it too.

Airbnb NOTCHES FIRST PROFITABLE FULL YEAR AS DEMAND SURGES, RATES FALL

Fueled by a surge in demand and daily rates that grew 36 percent since 2019, Airbnb generated $8.4 billion in revenue last year — a 40 percent increase from 2021 — as investors clamored to rent out homes while the pandemic subsided with the emergence of a COVID vaccine. Overall, it was a banner year for a short-term rental platform that, in 2021, posted a loss of $352 million.

BUYERS CONFUSED ABOUT FLOOD INSURANCE? HERE’S HELP

The Federal Emergency Management Agency (FEMA) has taken steps to educate Realtors® and the public about the National Flood Insurance Program (NFIP) and the updated way it charges for policies, called NFIP Risk Rating 2.0

THE AGING HOUSING STOCK

A little less than half of the owner-occupied homes was built before 1980, with around 35% built before 1970. New construction added nearly 8.3 million units to the national stock from 2010 to 2021, accounting for only 10% of owner-occupied housing stock in 2021. Owner-occupied homes constructed between 2000 and 2009 make up 15% of the housing stock.

HOMEBUYERS ARE DEFYING EXPECTATIONS

Inventory of homes for sale continues to fall. Falling inventory in February is actually a pretty unusual phenomenon. Prior to the COVID-19 pandemic, it was normal for inventory to rise in February as the spring home sellers began listing their homes and buyers weren’t yet out in force. But in 2020 through 2022, buyers came out quickly after the new year and inventory didn’t hit bottom until much later in the spring.

YES, YOU SHOULD BUY A HOUSE THIS YEAR

“2023 will be better for buyers,” said Magellan Realty LLC mortgage broker Alex Caras. “As the Federal Reserve keeps interest rates at the current levels, the buying market will start to open up more, reducing competition for existing homes.”

HOME IMPROVEMENT PROJECTS RETURN LESS THAN ONE MAY THINK

Breaking down the number further, the average ROI for exterior projects such as a garage door replacement or porch addition is 23% higher than the ROI of interior projects. For interior projects, namely kitchen remodels, struggle to recoup costs, but replacing appliances and countertops has a good ROI for a relatively low price when compared to a complete remodel.

HOMEBUYERS RETURN AS MARKET SHIFTS TOWARD THEIR FAVOR

The housing market has begun to recover after hitting a low point in the second week of November, according to a new report. The number of customers requesting property viewings has improved 17 percentage points from November, and the number of people contacting agents to start the home buying process has improved 13 points. Compared with a year ago, home viewings and requests for service are down 23% and 27%, but that’s an improvement from the November trough, when both were down 40%.