Changes in Home Buying and Selling as States Reopen

As States start to reopen, what changes can you expect to see in the real estate market? James Dwiggins, C.E.O., and Keith Robinson, Chief Strategy Officer of NextHome Inc will cover the options that we will be providing as a company, how to protect you, as clients, and ourselves from health and legal risks, as well as the marketing and advertising we need to implement to be a COVID-19-compliant real estate agent.

They discuss all of this and so much more:

  • Buyer and seller concerns and providing options
  • Virtual listing presentations
  • How to safely show a home
  • Hold Harmless Waiver and COVID-19 Disclosure,and Why we need them…

 

 

Please Contact Us to discuss how we can help you with your Real Estate needs, as Florida begins to re-open they will not go back to the way things were done before – let us guide you!

Home Values in the Midst of Recession

NextHome’s CEO James Dwiggins and Chief Strategy Officer Keith Robinson break down one of the biggest concerns on Americans’ minds right now – what’s going to happen to home values?

The real answer is “it’s too soon to tell” with real specificity.
Who Knows

But there are some real learnings we can get from taking a closer look at past recessions and how home values were impacted then. The two of them will also share their (many) thoughts on how the pandemic-led economic situation we’re in will compare and contrast, and dive into why this isn’t like 2008.

 

The biggest thing to take from this is that we are having a ‘Health Crisis’, Not a ‘Housing Crisis’!

A number of factors to take into consideration – the current mortgage rates remain some of the lowest rates in history!

2020 April Mortgage Rates

Overall, the US new home construction starts & applications have declined in March from the previous month by the highest number since 1984.

2020 April Housing starts

This, along with an overall fall in new listings coming on the market, leads to the inventory levels remaining low.

2020 April Inventory

Although we are seeing a temporary fall in demand, with this low supply of homes, and low mortgage rates, the potential for home values to remain unaffected, or even to see an increase, is high!

Want to find out what is happening to home values in your neighborhood, contact us!

The Shape of Recovery: How We Bounce Back From the Virus

Listen to James Dwiggins, C.E.O. and Keith Robinson, Chief Strategy Officer, of NextHome Inc. provide their insights on the current state of the Real Estate market as it relates to the coronavirus and what the research shows and their predictions on what shape our recovery will take over the coming weeks and months.

Listen to them as they discuss:

The flattening of the curve;

Where they think the “new normal” will be;

Stocks on the rebound;

What kind of recovery we’re going to have;

An update on the stimulus package(s);

The impact on the economy;

And a lot more

Watch the Video here:

NextHome Sits Down with John O’Leary

During this webinar, Imran Poladi, Vice President of NextHome Inc, is joined by one of the most sought-after inspirational speakers in the world – John O’Leary.

John O’Leary spoke at our 2017 NextHome Conference in New Orleans; you might have even read his book, On Fire: The 7 Choices to Ignite a Radically Inspired Life.

During a time of information overload with a lot of negative news, John provides ideas and thoughts about how to share positivity during these uncertain times. John’s story is one of the most incredible that you will ever hear. An accident as a child left him with burns on more than 90% of his body. John had every reason to give up on life. Instead, he did the opposite. Today, he has inspired hundreds of thousands of people around the world through his message of determination and will.

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Housing Protection in the Stimulus Bill Explained

Our Chief Strategy Officer, Keith Robinson, and Chief Executive Officer, James Dwiggins, sit down to talk about the Housing and the Stimulus Bill.

 

 

Resources for Florida:

 

FL Dept Economic Opportunity-logo

 

For Individuals

Reemployment Assistance benefits, formerly known as Unemployment Compensation, are available to Floridians who have been negatively impacted as a result of the mitigation efforts to stop the spread of COVID-19. Eligible individuals include those who have lost their job through no fault of their own, are quarantined by a medical professional or a government agency, laid off or sent home without pay for an extended period by their employer, or caring for an immediate family member who is diagnosed with COVID-19.

Click Here to start your application for benefits.

 

For Employers

If you are a Florida business owner, in an effort to assist you and your employees amid COVID-19, the Florida Department of Economic Opportunity have made available resources to support you financially. For a comprehensive overview of all federal and state resources available to small businesses impacted by COVID-19, including details on the SBA Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) please click Here!

Click Here to download a pdf summary of the Florida Business Resources available to you.

 

For those of you considering Mortgage Forbearance, please contact me before you make any decisions – there could be repercussions and we want to help you understand all of your options!

 

 

 

 

 

Orlando Housing Market Update – February 2020

The Orlando Housing Market Update for February 2020.

Orlando’s housing market in February saw its home sales improve by more than 4% compared to February 2019, while the median price increased by 6%. Inventory experienced a year-over-year decline of 17%.

The following data, supplied by the Orlando Regional Realtor Association, does not reflect any changes to the market affected by the Coronavirus situation – the data sourced runs through the end of February, before any cases were reported within the US. ORRA does anticipate an impact from the coronavirus situation on the real estate market, but are unable to predict what that might be.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from January 2018 thru February 2020.

ORRA Market Pulse Feb 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Feb 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data Feb 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory has fallen further since last month.

ORRA Market Data Feb 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for February continued to drop; U.S. long-term mortgage rates hit the all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis.

ORRA Market Data Feb 2020 3-Year Mortgage Rates

The following shows the total number of listings under contract (pending a sale) over the last 3 years. We show this graph to show what, if any, effect the coronavirus situation will have on the real estate market.

ORRA Market Data Feb 2020 3-Year Total Under Contract

This next graph shows the cyclical pattern of Listings taken off the market.

The winter month of December typically showing the highest number of units off the market, with Jan thru March showing the lowest numbers!

A spike shown in August 2017 could be explained by the formation of Hurricane Irma towards the end of that month!

ORRA Market Data Feb 2020 3-Year Units Off the Market

The World Health Organization on Wednesday declared the viral outbreak a pandemic. The number of cases continue increasing in Florida, and the first 2 cases reported in Orlando yesterday!
Financial markets continued to shudder amid a cascade of cancellations and shutdowns across the globe due to the COVID-19 virus. For the second time this week, U.S. stock prices tumbled so sharply at the opening bell that a circuit breaker meant to slow panic trading was triggered on Wall Street, halting all activity for 15 minutes. The Dow Jones Industrial Average closed in a bear market Wednesday for the first time in more than a decade.

The record low mortgage rates have been a boon to potential homebuyers, and they give many homeowners an opening to refinance into lower-rate loans to free up money to spend or save.

But prospective buyers may be reticent to shop for homes amid the coronavirus outbreak, seeking to avoid social contact. That could slow home sales. And ultra-low mortgage rates aren’t likely to produce a significant rise in home sales this year because the supply of homes for sale remains at historic lows, and could stay this way if this health crisis worsens.

We will continue to watch this crisis closely, and post more updates as we receive them!

Orlando Housing Market Update – January 2020

The Orlando Housing Market Update for January 2020.

Orlando’s housing market in January marked a second consecutive month of double-digit year-over-year sales increases. Sales improved by more than 16 percent compared to January 2019, while the overall median price of homes (all types combined) increased to $245,000, which is 7.9% above the January 2019 median price of $227,000. However, the numbers of homes available for purchase in Orlando, although an 0.1% increase compared to last month, dropped by 14.7% when compared to January 2019.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from December 2017 thru January 2020.

ORRA Market Pulse Jan 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Jan 2020 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years!

ORRA Market Data Jan 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory still remains low.

ORRA Market Data Jan 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for January dropped to 3.55%; the lowest since November 2012!

ORRA Market Data Jan 2020 3-Year Mortgage Rates

The market data still points to an active start to the year with pending sales in January up 7.8% compared to January of last year; Pending sales are up 25.9% compared to last month.

Orlando Housing Market Update – December 2019

The Orlando Housing Market Update for December 2019.

Orlando’s annual median home price for Dec 2019 is 4% higher than the Dec 2018 annual median price, while annual sales are 2% above that in the same month in 2018. For all of 2019, the inventory of available homes saw an increase of 1% in compared to 2018.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from November 2017 thru December 2019.

 

Market Pulse Data Dec 2019 ORRA

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Dec 2019 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years! Typically December shows the lowest numbers of new listings.

ORRA Market Data Dec 2019 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! This December shows the lowest numbers of homes listed over the last 3 years.

ORRA Market Data Dec 2019 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years! The last 3 months have shown historically, some of the lowest rates!

ORRA Market Data Dec 2019 3-Year Mortgage Rates

The data above shows that we currently have the lowest inventory levels that we’ve had over the last 3 years, with some of the lowest mortgage rates. As we move into the new year, and with the expected but gradual increase of new listings coming on the market, we should see an active start to the year in residential sales here in Orlando!

 

 

Fla.’s housing market: Median prices, inventory up in Jan.

Florida’s housing market reported more new listings, higher median prices and increased inventory (active listings) in January compared to a year ago, according to the latest housing data released by Florida Realtors®. However, uncertainty over mortgage interest rates, the stock market and the federal government’s shutdown may have affected home sales, which were lower than the level of sales a year ago. Sales of single-family homes statewide totaled 15,526 last month, down 6.2 percent compared to January 2018.

“As the new year gets underway, more new listings and gains in inventory (active listings) are positive signs for potential homebuyers in Florida,” says 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “Having more homes available for sale in many local markets may start to ease some of the affordability constraints we’ve been seeing for a long time. In January, new listings for existing single-family homes rose 5.6 percent compared to a year ago and new listings for condo-townhouse properties increased 2.5 percent.”

In January, statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year for the 85th month-in-a-row. The statewide median sales price for single-family existing homes was $249,900, up 4.1 percent 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 $182,500, up 2.8 percent 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 December 2018 was $255,200, up 2.9 percent from the previous year; the national median existing condo price was $240,600. In California, the statewide median sales price for single-family existing homes in December was $557,600; in Massachusetts, it was $375,000; in Maryland, it was $284,000; and in New York, it was $272,043.

Looking at Florida’s condo-townhouse market in January, statewide closed sales totaled 6,739, down 10.9 percent compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Inventory levels continued to rise across almost every price level in January, while closed sales were down on a year-over-year basis, as price growth continued on a steady path toward moderation,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “At the end of January, there were 13.8 percent more single-family homes listed for sale (active listings/inventory) in Florida than there were a year prior, reaching a statewide level of single-family inventory not seen since March of 2015. The ongoing rise in inventory continues to be rather broad-based – among the price tiers tracked by Florida Realtors, single-family inventory only fell among the small segment of homes priced below $100,000. This is a significant change from a year ago, when much of the state’s mid-tier inventory was still declining.

“Looking at condo-townhouse properties, the statewide count of active listings in January reached its highest level since May of 2012, after rising by 10.1 percent on a year-over-year basis.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.46 percent in January 2019, up from the 4.03 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

© 2019 Florida Realtors®