WEST PALM BEACH – May 18, 2018 – Following last year’s most destructive hurricane season on record, government officials and emergency responders are imploring Floridians to be prepared should the state experience another nightmarish season marked by prolonged power outages, fuel shortages and potentially deadly storm surge.

As the start of the six-month Atlantic hurricane season looms, state and federal officials encouraged residents to stock up on supplies to sustain them for several days without electricity, have evacuation plans in place if they live in a mandatory evacuation zone and ensure their homes are properly insured in the event of flooding or severe wind damage. Officials issued the stern warning at the 32nd annual Governor’s Hurricane Conference taking place in West Palm Beach this week – the country’s largest tropical cyclone gathering attended by officials from more than 30 states and 12 foreign countries.

«By having this conference and doing what you do, you have helped this state, in particular, respond in the right manner and get back to work quickly,» Gov. Rick Scott said to hundreds of emergency workers and government officials at the conference’s general session. «Irma was very scary and it could have been devastating, but everybody worked together.»

With the conference theme of «Readiness is Everyone’s Job» in mind, meteorologists and emergency workers encouraged local government officials and the media to emphasize the need to be prepared for another potentially calamitous season.

Weather experts from Colorado State University – regarded as the nation’s top hurricane forecasters – predict another active season with 14 named tropical storms, seven of them hurricanes. A tropical storm reaches hurricane status when wind speeds top 73 mph. Of the seven predicted hurricanes, three are expected to churn into major hurricanes – Category 3, 4 or 5 – with sustained wind speeds of 111 mph or greater. The National Oceanic and Atmospheric Administration will issue its forecast for the season on May 24.

The hurricane season officially starts June 1.

The 2017 hurricane season produced 17 named storms. Of those, 10 became hurricanes, including six major hurricanes and the first two major hurricanes to hit the continental U.S. in 12 years – Hurricanes Harvey and Irma, which made its first landfall in the Florida Keys as a Category 4 storm before passing east of Sarasota and Bradenton on Sept. 11 as a Category 1 storm. The 2017 season was the seventh most active in history, causing more than $316 billion in damage.

National Hurricane Center meteorologists this season will continue to use storm surge watches and warnings, which were implemented for the first time last season, the center’s director Ken Graham said, adding that his team is working on creating a seven-day forecast as accurate as its current five-day forecast. Storm surge is the rapid rise of sea level as a result of atmospheric pressure changes and wind associated with a storm.

Graham credits the new watches and warnings with saving lives during the onslaught of major storms last season. There were no known fatalities from storm surge last season despite four hurricanes making landfall on U.S. shores, Graham said.

«Around 90 percent of fatalities from tropical systems is water,» Graham said. «We have to talk water.»

Storm surge, not wind, is often the greatest threat to life and property from a hurricane. At least 1,500 people died during Hurricane Katrina in 2005; many of those deaths occurred directly or indirectly as a result of storm surge, according to NOAA.

Residents who live in a hurricane surge zone should evacuate when a storm threatens, but others quick to hit the road should think twice, said Bill Johnson, director of Palm Beach County Emergency Management.

«People mistakenly focus on the wind,» Johnson said. «Over-evacuation creates a demand on every service that we have.»

Hurricane Irma sparked the largest mass evacuation in U.S. history. More than 7 million people in Florida, Georgia and South Carolina were issued a mix of mandatory and voluntary evacuation orders as the Category 5 storm barreled toward Florida.

The evacuation inundated roads and hotels, used significant first responder resources and in some cases prevented fuel trucks from quickly reaching stations to restock the hot commodity.

In Lee County alone, nearly half of the county’s population of 701,000 evacuated. Fourteen shelters opened to accommodate 30,000 evacuees. Officials there were able to handle the large crowds, but are working on tweaking staffing levels at shelters ahead of the 2018 season, said Lee Mayfield, the county’s emergency management director.

«The biggest thing we’re going to continue working on … is right-sizing shelter staffing,» Mayfield said. «Making sure we have the right partnerships in place from the county government to our volunteer agencies (and) volunteers we sign up and train throughout the year, so making sure we have shelter staffing appropriate to the levels we saw during Irma.»

During Irma, Lee County made all shelters pet friendly. Sarasota County is following suit this year and will open all shelters simultaneously. Phased opening of shelters ahead of Irma created confusion, county officials said. Sarasota County sheltered approximately 20,000 area residents during Irma.

Federal Emergency Management Agency Administrator Brock Long is encouraging U.S. residents to properly insure their homes ahead of the 2018 season. Additionally, citizens should know skills such as CPR and how to operate a generator in the event emergency responders and federal aid are delayed, Long said.

«Insurance is the first line of defense, not FEMA,» said Long, who emphasized the importance of flood insurance.

Any house can flood, as evidenced by damage Hurricane Harvey inflicted on Houston, Long said. Roughly 80 percent of homeowners with damage from Harvey lacked flood insurance, Long said.

And governments should be prepared to feed and provide water to citizens for the first 48 to 72 hours following a natural disaster without relying on aid from FEMA, Long said.

Last year, FEMA was spread thin from responding to natural disasters. Roughly 46.9 million people were affected by hurricanes Harvey, Irma, Maria and wildfires in California, Long said. The agency last year nearly ran out of money responding to Harvey before Congress replenished its funds.

Copyrght © 2018 Sarasota Herald-Tribune, Fla., Nicole Rodriguez. Distributed by Tribune Content Agency, LLC

FORT LAUDERDALE, Fla. – May 18, 2018 – In light of recent arrests in what the Broward County, Fla., Sheriff’s Office is calling a fraudulent real estate ring, I want to take this opportunity to provide you with tips on how to protect yourself. With this type of fraud, authorities say homes are illegally taken without owners’ consent.

The rise of technology has made it very easy to create fraudulent documents that can be easily recorded in public records, and these documents can make it appear that your property was sold or belongs to someone else. As with most dangers, awareness and diligence are the best ways to protect yourself. Read More

ALAMEDA, Calif. – March 29, 2018 – There are six things real estate agents should do to get a listing every day. First, they should brand themselves, with a focus on finding a niche market so they can cater everything they do to a specific audience. The idea is to be master of one, rather than trying to be master of all.

Second, they should engage in sphere prospecting, which involves touching base with people they know as often as possible to stay top of mind. Read More

NEW YORK – Feb. 6, 2018 – Strong demand and low inventories fueled home prices to record highs in 2017. The median home price in the U.S. reached $235,000, up 8.3 percent from 2016, according to real estate data firm ATTOM Data Solutions.

Still, annual price appreciation showed signs of slowing; in 2016, the national median home price jumped 8.5 percent year over year, according to ATTOM’s latest housing report.

Sixty-four of 112 metros (57 percent) set a new record for metro-level home prices in 2017, including Los Angeles, Dallas, Houston, Atlanta, and San Francisco. Among 112 metros, each with populations of 200,000 or more, the cities with the biggest year-over-year price increases were Ocala, Fla. (up 14.3 percent); Kansas City, Mo. (13.4 percent); San Jose, Calif. (13.3 percent); Salem, Ore. (12.9 percent); and Nashville, Tenn. (12.5 percent).

Among major metro areas with populations of at least 1 million, the cities that posted double-digit gains included Las Vegas (up 12.3 percent); Salt Lake City (10.9 percent); Seattle (10.8 percent); Orlando, Fla. (10.7 percent); Tampa-St. Petersburg, Fla. (10.7 percent); Portland, Ore. (10.5 percent); and Jacksonville, Fla. (10.1 percent).

Miami-Fort Lauderdale-West Palm Beach also ranked in the 1-million-plus category, with the area’s 2017 price rise at 8.9 percent.

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688

NEW YORK – Jan. 19, 2018 – When Arlington, Va., resident Jesse Shapiro wanted to diversify his investment portfolio with real estate, he recognized quickly that he didn’t want to buy a place in the Washington area.

«Housing costs in this region are prohibitive, and I didn’t want to risk buying something that’s 10 times the median price of a home in other parts of the country,» Shapiro says. «At the same time, it can be difficult to invest long-distance if you don’t know enough about other real estate markets.» Read More

ORLANDO, Fla. – Nov. 10, 2017 – Since 2005, Florida Realtors has released an annual study on international real estate activity in Florida. Conducted by the National Association of Realtors (NAR) Research Group, it attempts to understand the interaction of members with international clients, the challenges and opportunities they face serving foreign clients, and the characteristics of foreign buyers who purchase Florida property.

The 2017 Profile of International Residential Real Estate Activity in Florida covers the 12-month period of August 2016-July 2017 and includes info on U.S. clients seeking to purchase property abroad.

The survey considers only residential purchases in the state.

Survey highlights

Florida residential property purchases by foreign buyers

• Foreign purchases in the state increased to $24.2 billion, a $4.8 billion increase from 2016’s $19.4 billion
• Foreign transactions accounted for 21 percent of Florida’s residential dollar volume of sales, a 2 percent increase year-to-year
• Foreign buyers purchased 61,300 Florida properties (47,000 in 2016), which made up 15 percent of Florida’s residential market (12 percent in 2016)
• The median purchase price paid by foreign buyers increased to $259,400 ($252,500 in 2016), which was in line with the overall increase in Florida prices
• The median price paid by foreign buyers was 18 percent higher than the median price paid by all Florida buyers

Nationalities of Florida’s foreign residential buyers

• Latin American and Caribbean buyers accounted for the largest portion of Florida foreign buyers (34 percent), though this group made up 39 percent the previous year.
• Canadian buyers increased to 22 percent (19 percent in 2016)
• Other countries remained consistent year-to-year: The share of European buyers was unchanged at 23 percent; Asian buyers at 10 percent; and African buyers at one percent
• Most foreign buyers were concentrated in five metropolitan areas: Miami-Fort Lauderdale-West Palm Beach (53percent); Orlando-Kissimmee-Sanford (11percent); Tampa-St. Petersburg-Clearwater (nine percent); Cape Coral-Fort Myers (six percent); and North Point-Sarasota-Bradenton (five percent)

Transaction details

• 72 percent of foreign buyers made an all-cash purchase
• 68 percent of foreign buyers purchased residential property for vacation, residential rental or for both uses (72 percent in 2016); 49 percent bought a townhouse or condominium (52 percent in 2016)
• 35 percent (40 percent in 2016) purchased in a central city/urban area; 15 percent purchased in a resort area (14 percent in 2016)
• 93 percent of foreign buyers visited Florida at least once before purchasing a property (92 percent in 2016)

Florida clients searching properties abroad

• 17 percent of Florida’s Realtors said they had a client seeking to purchase property abroad, up from 14 percent in 2016
• Top countries of interest from Florida residents looking elsewhere: Colombia, Costa Rica, Spain, Canada and the Dominican Republic
• 75 percent were interested in residential property (79 percent in 2016)
• 75 percent intended to use the property for vacation, residential rental or both uses (84 percent in 2016)

Florida’s Realtors interaction with international clients

• While international business rose, fewer Realtors in Florida (44 percent) said they worked with an international client in 2017 (48 percent in 2016)
• 61 percent of Realtors said they did not have cultural and language problems
• Personal contacts, previous clients and business contacts accounted for 72 percent of referrals or leads
• An agent’s firm, franchise website or social media was the primary source of online leads, followed by other aggregator websites and Realtor.com
• Respondents were evenly split about the outlook in the next 12 months: 43 percent expected the same or an increase in international clients, 42 percent expected a decrease, and 15 percent had no opinion.
• 56 percent expect foreign retirees to be potential clients

© 2017 Florida Realtors

WASHINGTON – Oct. 30, 2017 – Despite solid interest in buying a home – sparked by steady job gains, record low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time buyers out of the market, according to the National Association of Realtors^®‘ (NAR) 2017 Profile of Home Buyers and Sellers.

The profile also identified numerous current consumer and housing trends, including mounting student debt balances and smaller downpayments; increases in single female and trade-up buyers; the growing occurrence of buyers paying the list price or higher; and the fact that nearly all respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low of 8 percent for the third straight year.

In this year’s survey, the share of sales to first-time home buyers inched backward to 34 percent (35 percent in 2016) – the fourth lowest share since 1981. In the 36-year history of NAR’s survey, the long-term average of first-time buyer transactions is 39 percent.

«The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages, which undercut their ability to become homeowners,» says Lawrence Yun, NAR chief economist. «With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home. Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers.

«Solid economic conditions and millennials in their prime buying years should be translating to a lot more sales to first-timers, but the unfortunate reality is that the nation’s homeownership rate will remain suppressed until entry-level supply conditions increase enough to improve overall affordability.»

Other key findings and notable trends of buyers and sellers this year

Student debt balances continue to grow

Of all first-time buyers, 41 percent indicated they have student debt (40 percent in 2016). The typical debt balance also increased ($29,000 from $26,000 in 2016), and over half owe at least $25,000. Additionally, of the 25 percent who said saving for a downpayment was the most difficult task in the buying process, 55 percent said student debt delayed saving for their home purchase.

«NAR survey findings on student debt released earlier this fall revealed that an overwhelming majority of millennials with student debt believe it’s delaying their ability to buy a home, and typically for seven years,» says Yun. «Even in markets with a plethora of job opportunities and higher pay, steep rents and home prices make it extremely difficult to put savings aside for a down payment.»

Single females make up larger share of sales

Solid job prospects, higher incomes and improving credit conditions translated to continued momentum in the growing share of single female buyers. At 18 percent (matches highest since 2011), single women were the second most common household buyer type behind married couples (65 percent). Furthermore, single women purchased slightly more expensive homes than single men despite earning less. The overall share of single male buyers (7 percent) remained below unmarried couples (8 percent) for the second straight year.

Downpayment amounts decrease for first-timers, rise for repeat buyers

The ongoing climb in home prices pulled the typical downpayment for first-timers to 5 percent this year (6 percent in 2016), which matches the lowest since 2013.

Meanwhile, higher home values likely gave more sellers the wherewithal to use the cash from their recent sale to make a bigger downpayment on their new home purchase (14 percent; 11 percent in 2016). Repeat buyers’ sales proceeds from their previous purchase (55 percent) surpassed their own personal savings (50 percent) this year as a larger source of their downpayment.

Personal savings ranked first for first-time buyers as the primary source of their downpayment, followed by a gift from a friend or relative (25 percent; 24 percent in 2016). Over half of first-timers said it took a year or more to save for a downpayment, and 25 percent said saving was the most difficult task in the entire buying process.

Age of first-timers stays flat; climbs to new survey high for repeat buyers

For the second straight year, the median age of first-time buyers was 32 years old. First-time buyers had a higher household income ($75,000) than a year ago ($72,000) and purchased a slightly smaller home (1,640-square-feet; 1,650-square-feet in 2016) that was more expensive ($190,000; $182,500 in 2016). Fewer first-time buyers purchased a home in an urban area (17 percent; 20 percent in 2016).

The age of repeat buyers increased to an all-time survey high this year (54 years old; 52 years old in 2016) as older households, perhaps with plans to stay in the workforce longer but with an eye towards retirement, felt more comfortable about buying. Overall, repeat buyers had roughly the same household income as last year ($97,500; $98,000 in 2016) and purchased a 2,000-square-foot home (unchanged from last year) costing $266,500 ($250,000 in 2016).

Supply scarcity leads to increase in buyers paying list price or higher

Underscoring the supply and demand imbalances prevalent in many parts of the country, 42 percent of buyers paid the list price or higher for their home, which is up from a year ago (40 percent) and a new survey high since tracking began in 2007. Buyers in the West were the most likely (51 percent) to pay at or above list price.

«Many of those in the market to buy a home this year had little room to negotiate,» says Yun. «Listings in the affordable price range drew immediate interest, and the winning offer often times had to waive some contingencies or come in at or above asking price to close the deal.»

Buyers report less difficulty obtaining a mortgage

The improving financial health of borrowers and a slight ease in credit standards are leading to a smoother process in obtaining a mortgage. Fewer buyers (34 percent) compared to a year ago (37 percent) indicated that the mortgage application and approval process was somewhat or much more difficult than they expected.

Fifty-eight percent of buyers financed their purchase with a conventional mortgage, and 34 percent of first-time buyers took out a low-down payment Federal Housing Administration-backed mortgage, which is up from 33 percent last year but down from 46 percent five years ago.

Nearly all buyers choose a single-family home in a suburban location

A majority of buyers continue to choose a home in a suburb, small town or rural area (85 percent) as opposed to an urban one (13 percent; 14 percent in 2016). Eighty-three percent of buyers purchased a detached single-family home, which for the third straight year remains the highest share since 2004 (87 percent). Purchases of multi-family homes, including townhouses and condos, were at 11 percent.

Most buyers search for homes online … and use a real estate agent

This year’s survey data continues to show that the internet (95 percent) and real estate agents (89 percent) remain the top two information sources used during buyers’ home search. Overall, 87 percent of buyers ended up purchasing their home through a real estate agent (88 percent in 2016), and finding the right property to buy and help negotiating the terms of the sale were the top two things buyers wanted most from their agent.

Even for those who found the home they purchased online, nearly all still closed on it with the help of an agent (88 percent).

«It’s no surprise a majority of first-time buyers indicated that the top benefits received from their agent were help understanding the buying process (83 percent), pointing out unnoticed property features or faults (60 percent), and negotiating better sales terms (51 percent),» says NAR President William E. Brown. «Realtors over the past year have helped buyers – and especially first-timers – navigate extremely competitive market conditions where the need to be prepared and act quickly has been paramount to the success of purchasing a home.»

Homeowner tenure at all-time high; equity and share of repeat buyers climbs

The typical seller over the past year was 55 years old, had a higher household income ($103,300) than last year ($100,700) and was in the home for 10 years before selling – matching the all-time high set both in 2014 and a year ago. Prior to 2009, sellers consistently lived in their home for a median of six years before selling.

With home values steadily rising over the past several years, sellers realized a median equity gain of $47,500 ($43,100 in 2016) – a 26 percent increase (24 percent last year) over the original purchase price. Homes sold after 21 years of ownership had the largest equity gain (104 percent), while those who purchased six or seven years ago saw a larger return (27 percent) than those who purchased between eight and 15 years ago (14 percent to 18 percent).

The percent share of buyers trading up increased for the third straight year, rising to 52 percent from 46 percent in 2016. In 2014, 40 percent of buyers purchased a bigger home.

«The decline in first-time buyers and uptick in repeat buyers trading up to a larger home reflects the more favorable conditions for home shoppers at the upper end of the market, where listings are more plentiful and sales have been consistently higher over the past year,» says Yun.

Seller use of an agent remains at all-time high; FSBOs at record low

Sellers’ use of a real estate agent this year remained at an all-time high of 89 percent. This in turn – for the third straight year – held for-sale-by-owner sales to their lowest share (8 percent) in the survey’s history.

An overwhelming majority of sellers were satisfied with the selling process (88 percent), with most also indicating that they would definitely or probably use their agent again or recommend him or her to others (85 percent).

«Homeowners understand the value, and seek the expertise and guidance Realtors bring to the table when it’s time to sell their home,» says Brown. «Despite incredibly favorable market conditions for sellers – where finding interested buyers was not a problem – nearly all turned to a Realtor to help assist them through the intricacies of listing their home on the market, accepting offers, negotiating the sales price and closing the deal.»

© 2017 Florida Realtors

Original

ORLANDO, Fla. – Oct. 20, 2017 – Higher home prices and a tight supply of homes for sale may be the mantra nationwide – but certain markets are still offering lucrative options for investors, including two in Florida.

Real estate sales and auction company TenX released its top picks for investors. Texas had the most markets on the list, scoring three out of the top five, as it continues to post strong growth in employment and home construction. San Antonio topped TenX’s list for best places for investors, posting strong population growth for six years and having incomes hit all-time highs. San Antonio is followed on the list by two other Texas hot spots: Fort Worth and Dallas.

Home prices are rising quickly in Texas, but they remain low compared to some other hot markets, like in California, TenX notes.

«If you look at our report, probably eight or nine of the top 20 markets in terms of housing performance are in either Texas or Florida,» says Rick Sharga, executive vice president at TenX.

«The Florida markets will be more directly impacted because Irma hit everything, but even in Texas, a lot of the construction and labor and materials and so forth that’s been going to build new properties in Dallas and Fort Worth and San Antonio might get diverted to rebuild Houston, and that could have a noticeable impact on home sales and home starts over the next six to nine months.»

Investors have had to shift course in many cities as the number of low-priced or foreclosed homes dries up.

«What they’re really looking to do now is make money on the month-to-month rent, so in a lot of cases they’re buying properties at full value,» Sharga told CNBC. «In some cases, they may even be slightly overpaying for properties, but they’re making it up in the rental income over the period of time.»

The following are the top 10 markets for investors, according to TenX:

1. San Antonio
2. Fort Worth, Texas
3. Dallas
4. Columbus, Ohio
5. Tampa, Fla.
6. Orlando, Fla.
7. Indianapolis
8. Austin, Texas
9. Nashville, Tenn.
10. Raleigh, N.C.

Source: «Want to be a Landlord? These Are the Top Markets This Fall for Investing in Rental Homes,» CNBC (Oct. 13, 2017)

© Copyright 2017 INFORMATION INC., Bethesda, MD (301) 215-4688

ORLANDO, Fla. – Oct. 20, 2017 – Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September, according to the latest housing data released by Florida Realtors®. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016. Read More

CHICAGO – Oct. 10, 2017 – When it comes to investing in a stock, saving for retirement or making daily financial decisions, people’s emotions, biases and lack of self-control often end up hurting their bottom line.

The not-so-rational money moves people make has spawned the increasingly popular field known as «behavioral economics» – or the study of how psychology and economics intersect. Read More

Oct. 2, 2017 – This article is the last of a three-part series regarding selling properties that may be subject to tenancies.

The first article provided advice to assist a Realtor at the onset of taking a listing. The second article focused on contract language and the required steps for both parties once they arrive at an agreement. Read More

Sept. 4, 2017 – This article – second in a series of three – regards selling properties that may be subject to tenancies.

My first article offered advice to help Realtors when they first take on a listing. This article focuses on contract language and the required steps once respective parties arrive at an agreement. Read More

Aug. 21, 2017 – This article, the first of a three-part series, suggests steps to take when an owner wants to sell an investment home that’s tenant occupied. What should you know and what should you do differently?

Part two will focus on contract language and how information about the tenancy should be exchanged between a buyer and a seller. Part three will cover the closing process when the property is subject to a lease.

Many callers to Florida Realtors Legal Hotline focus on tenant-occupied property. Unfortunately, the questions usually result from failing to understand the obligations and rights of the various parties. The following information is only suggestive, not mandatory or required, but may greatly assist you in avoiding confusion later on in the transaction. Read More

FORT LAUDERDALE, Fla. – Sept. 28, 2017 – Question: While we survived Hurricane Irma, we missed a lot of work and had to spend our savings to get things back to normal. Now we can’t afford to make our mortgage payment. Are we going to lose our home? – Agnes Read More

CHICAGO – Sept. 21, 2017 – You don’t want to hurt your clients’ feelings, but there are a few things that often pop up in the course of transactions that you wish sellers already knew, so that you could avoid some awkward conversations. While the actual delivery would be far more diplomatic, these are the top difficult things Realtors wish they could easily tell sellers: Read More

Sept. 18, 2017 – Florida law requires landlords to comply with all applicable building, housing and health codes that can vary by county.

However, there’s no simple or standard answer to the question «What rights do tenants and landlords have if Hurricane Irma damaged their rental unit?» since the answer could depend on terms within the lease. Read More