The Market Is Quite Unusual

For the third consecutive month, existing-home sales fell, but buyers are still eager. Higher mortgage rates and prices and low inventory continue to chip away at affordability. Some regions of the U.S., however, continue to see gains.

Nationwide, existing-home sales—completed transactions of single-family homes, townhomes, condos, and co-ops—decreased 2.4% in April compared to March, according to the National Association of REALTORS®’ latest housing report. Sales are down 5.9% year over year.

“The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago,” says Lawrence Yun, NAR’s chief economist.

Still, higher home prices and sharply higher mortgage rates are beginning to reduce buyer activity in many markets, he adds. “It looks like more declines are imminent in the upcoming months, and we’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two months,” Yun says.

Here’s a closer look at the key indicators from NAR’s latest housing report.

• Home prices: The median existing-home sales price increased at a slower year-over-year pace of 14.8% in April. Median home prices were $391,200 nationwide. Home prices continued to increase in every region of the U.S.


• Days on the market: Eighty-eight percent of homes sold in April were on the market for less than a month. Properties remained on the market for 17 days in April, the same as last month and as a year ago.


• First-time buyers: First-time home buyers comprised 28% of sales in April, down from 31% a year ago.


• Investors and second-home buyers: Individual investors and second-home buyers accounted for 17% of home sales in April, the same as a year ago. These buyers tend to make up the bulk of all-cash sales, which accounted for 26% of transactions in April, also about the same as a year ago. “The cash buyers, not impacted by mortgage rate changes, remain elevated,” Yun says.


• Distressed sales: Foreclosures and short sales remain historically low, representing less than 1% of sales in April and down from 2% a year earlier.


• Housing inventory: Total housing inventory is up 10.8% in April compared to March and down 10.4% from a year ago. Unsold inventory sits at a 2.2-month supply at the current sales pace. “Housing supply has started to improve, albeit at an extremely sluggish pace,” Yun says.

 

Even with some improvement, the nation has a long way to go in reversing years of underbuilding and low inventory, NAR notes. “As we find ourselves in the midst of a massive housing shortage, NAR continues to work with leaders across the private and public sectors to help close this deficit,” says NAR President Leslie Rouda Smith. “As the nation’s largest real estate association, we are urging policymakers to enact zoning reforms, homebuilder incentives, and other necessary regulations to help correct this situation.” The Biden administration made an announcement this week with a proposal to try to improve America’s housing shortfall. Read more: Biden Administration Takes Aim at America’s Housing Shortage

Regional Breakdown

The following is a closer look at how existing-home sales fared across the country in April, according to NAR’s sales report.

• Northeast: Existing-home sales increased by 1.5% in April, reaching an annual rate of 670,000, a 10.7% drop from a year ago. Median price: $412,100, up 8.1% from April 2021


• Midwest: Existing-home sales rose by 3.1% from the prior month to an annual rate of 1.31 million in April, a 1.5% decrease from a year ago. Median price: $282,000, an 8.7% increase from one year ago


• South: Existing-home sales dropped by 4.6% in April, recording an annual rate of 2.49 million, a 5.7% decrease from one year ago. Median price: $352,100, a 22.2% increase from a year earlier. The South is the only region to report year-over-year double-digit price gains.


• West: Existing-home sales fell by 5.8% in April, reaching an annual rate of 1.14 million, down 8.1% from one year ago. Median price: $523,000, up 4.3% from April 2021

Source:  National Association of REALTORS®

Honor and remember our fallen

No matter where this weekend finds you, please join us in taking time to honor and remember our fallen. I hope you get to enjoy the freedom our heroes fought so hard to win.  We encourage you to Thank a Veteran and remember those who fought for those freedoms.

Part of that freedom includes the American dream of homeownership. If you or someone you know is ready to realize that dream, it would be our honor to assist them.  To find out more click HERE.

Mortgage Masters Group

Companies Team Up for ‘Airbnb of Office Space’

Taking advantage of growing interest in alternative office arrangements, two companies are teaming up to build a coworking giant that will allow firms to rent office space whenever they need it. IWG PLC, a flexible office operator and rival to WeWork, announced it was investing about $350 million in a venture with the Instant Group, which operates an online listing site for office space.

They are setting out to create the world’s largest online marketplace for flexible office arrangements, which The Wall Street Journal calls the “Airbnb of office space.” Tenants will be able to find and book office spaces and various other corporate accommodations, including hotel meeting rooms.

Since the pandemic began, demand has grown for furnished office space with short-term leases. Many companies have embraced hybrid work schedules, which is also sparking greater interest in on-demand meeting rooms and offices that can be booked by the day or hour.

Forty-one percent of office tenants in a mid-2021 survey conducted by the property brokerage JLL said they expect to use more flexible office space because of the pandemic. That is up from 29% in 2020.

IWG operates more than 3,000 office spaces worldwide under brands like Regus and Spaces. IWG and Instant Group say they plan to take their joint venture public within the next two years.

Still, vacancies in coworking spaces are prevalent despite growing demand, particularly in urban centers. Coworking giant WeWork Inc. said it was profitable in the fourth quarter of 2021 for the first time since the pandemic began, but a third of its space remains vacant.

 

Source: “Coworking Giant in Venture to Create the Airbnb of Office Space,” The Wall Street Journal (March 15, 2022) [Log-in required.]

FLORIDA GREEN LIGHTS HOMETOWN HEROES HOUSING

Florida Realtors® worked closely with the Florida Legislature throughout the 2022 session to create HHHP (Hometown Heroes Housing Program). Funded at $100 million, the program is designed to help some of the state’s most essential workers become homeowners.

 

During a press conference in Southwest Florida on Monday, Florida Governor Ron DeSantis announced the launch of Florida Realtors® top 2022 legislative priority, the Hometown Heroes Housing Program (HHHP).

Administered by the Florida Housing Finance Corporation (FHFC), HHHP would reduce the upfront costs for qualifying hometown heroes by providing zero-interest loans to help with down payment and closing costs, up to a limit of 5% of the first mortgage loan or $25,000.

Florida Realtors® worked closely with the Florida Legislature throughout the 2022 session to create HHHP. Funded at $100 million, the program is designed to help some of the state’s most essential workers become homeowners.

“There are 1,000 lenders involved in the program to start providing assistance to essential workers, such as police officers, firefighters, doctors, nurses and teachers, among other professions,” says Florida Realtors® Vice President of Public Policy Andy Gonzalez.

More details about the program can be found on FHFC’s website.

 “We are extremely grateful to the governor and the Florida Legislature for recognizing the tremendous housing burden that our hometown heroes face,” adds Pappas. “These professionals perform such a vital role in our daily lives. We should be doing everything possible to help them achieve the dream of homeownership.”

The Case for Wildfire Risk Ratings at Realtor.com

Realtor.com® made a game-changing decision two years ago, becoming the first real estate listing site to display properties’ flood risk. As a member of NAR’s Insurance Committee, I was proud to collaborate with realtor.com® to present this information in a consumer-friendly and factual way through a tool called Flood Factor, from the nonprofit First Street Foundation.

Now, the site has taken another bold step in risk management and mitigation. Realtor.com® announced today that it is adding Fire Factor, an online wildfire risk visualization tool developed by the scientists at First Street, to the valuable information it provides to consumers. I’ve put together answers to some questions I know many of my fellow real estate professionals will be asking about Fire Factor.

Why add Fire Factor? An estimated one in five single-family homes in the U.S. are at risk of being damaged by a wildfire over the next 30 years, according to an analysis by the First Street Foundation. While flooding is the most frequent natural disaster in the U.S. today, recent wildfires in Colorado, California, and now New Mexico; winter storms across the Midwest; and large tornado outbreaks in the South have demonstrated the range of risks facing property owners. In fact, wildfire is the fastest-growing economic climate risk, according to the National Oceanic and Atmospheric Administration. On NOAA’s billion-dollar list of natural disasters, wildfire damage has grown significantly since 1980. The damage in 2020 and 2021 alone surpassed all damage from 1980 to 2000.

How will Fire Factor help consumers? A home is often a family’s biggest asset. However, there isn’t currently a reliable, property-specific source of public information on wildfire risk to help owners and prospective buyers understand potential issues and protect their home. Displaying the First Street Foundation’s Fire Factor model, developed by dozens of fire experts and scientists using data from the U.S. Forest Service and others, will give buyers, sellers, and real estate professionals a distinct advantage. Realtor.com® will also be the only real estate site where people can learn about the wildfire risk specific to each property.

How will Fire Factor help my business? Providing Fire Factor information can help foster trust and confidence during the homebuying and homeselling process.  It also provides great value to homeowners, whose improved understanding of fire risk could lead them to take protective measures to reduce risk and potentially realize cost savings of tens or even hundreds of thousands of dollars by avoiding damages.

 

For sale and off-market properties on realtor.com® will now include Fire Factor, the First Street Foundation’s assessment of wildfire risk.

 

Why not just use the U.S. Department of Agriculture’s Forest Service website? The U.S. Department of Agriculture’s Forest Service offers government-driven national wildfire risk data at WildfireRisk.org. However, the site is designed for community leaders, not consumers, and intended to compare risk nationally or between states, counties, or communities rather than neighborhoods or specific addresses.

USDA data also doesn’t adjust risk based on more recent fires or changing environmental conditions; their analysis considers only the current risk to homes, exposure type, wildfire likelihood, and vulnerable populations—and it’s strictly based on pre-2014 wildfires. With 45 percent of wildfire damage since 1980 occurring in the last three years, the site’s risk data may be underestimated.

Does highlighting natural disaster risks stigmatize properties? Not in my experience. My business is located in Savannah, Ga., where significant numbers of homes have high Flood Factor scores. My sales did not slow down after this information was added to realtor.com® listings. Flood Factor ensured my clients went into transactions with eyes open. My commitment to giving them the information they needed to make informed decisions helped me build trust. Some of my clients who were initially concerned with higher Flood Factor scores ended up submitting contracts and going to closing because the inclusion of this information prompted the sellers to disclose and explain property improvements they had made to mitigate risk.

How should I answer client questions about Fire Factor? As a real estate professional, I’m a source of property information, not a natural disaster risk expert. I’m always careful to avoid making statements beyond my license and training. I stick to the facts and have contact information for professionals who can answer more detailed questions. Most importantly, I never discourage customers from considering information from credible scientific sources, even if there is uncertainty around data, because more data sources help buyers make more informed decisions.

The U.S. Fire Administration offers useful wildfire statistics that REALTORS® can share with their clients. My colleague Mabél Guzmán, 2022 chair of NAR’s Insurance Committee, created an excellent video on Flood Factor, which is still timely and applicable to wildfire data. And REALTOR® Magazine ran a great article on Flood Factor when it was introduced.

In my experience, Flood Factor has been a welcome addition to realtor.com®, providing my clients the credible, scientific information they need to make informed homebuying decisions. Making this data more accessible is pro-disclosure, pro-transparency, and pro-REALTOR®. This is a great time for realtor.com® to expand its factors to include wildfires and other natural disaster risks.  

ST. LUCIE MEDIAN PRICE HITS $380,000 AS HOME COMPETITION HEATS UP

Just in! April 2022 released from Florida Realtors® detailing recent real estate activity in St. Lucie County. The reports compare year-over-year data. Here are statistics on single family homes.

 

 

“St. Lucie County’s median sale price hit $380,000 in April! It seems like every month, our median sale price continues to climb. Meanwhile, inventory levels remain low, which is fueling competition in St. Lucie County. Prospective homebuyers from all around the world are hiring REALTORS® and diving headfirst into a South Florida housing investment. Properties are coming off the market almost as soon as they are listed. Our median time to contract is an astounding 8 days,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS®.

Median Supply of Inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyer’s market, and anything lower is a seller’s market.

“The real estate market grows increasingly competitive each day, which means that having somebody by your side to guide you through the home buying or home selling process is essential. Only a REALTOR® can bring expertise, professionalism and value in more ways than one. Start your home buying journey today by contacting a local REALTOR®,” continues Melendez.

Real estate agents are not just a connection between buyers and sellers. With a REALTOR®, you’re not just getting any real estate agent. You’re getting the expertise of a person who is just as invested in the purchase or sale of your family’s home as you are. Learn more about how REALTORS® are essential to your real estate needs by visiting OnlyARealtor.com.

April Market Reports: Single Family | Townhouses/Condos

 

 

Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 40,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast.

Mortgage relief and Congress mortgage stimulus in 2022

Is there a mortgage relief program in 2022?

With the impact of Covid waning, Congress has wound down much of its Covid–era mortgage stimulus.

Fortunately, there are still mortgage relief programs available to homeowners who need them.

Mortgage relief can come in many forms. Whether you need a lower rate and payment or a break from making payments altogether, there are options. Here’s what to do.

Mortgage relief programs for 2022

If you’ve had a temporary job loss or reduction in income, it can be hard to keep up with mortgage payments — especially with an above-market mortgage rate that’s keeping your payments artificially high.

Luckily, there are mortgage relief options that can help. The right one for you will depend on your current financial situation.

Five homeowner relief options in 2022 include:

1. Refinance to a lower interest rate and/or extended loan term


2. Use a Streamline Refinance (no appraisal required)


3. Ask for loan forbearance to pause your mortgage payments


4. Ask about the Homeowner Assistance Fund (HAF)


5. Talk to your mortgage servicer about a loan modification

Currently, there’s no Congress mortgage stimulus program or GSE rescue package. But homeowners have plenty of alternatives.

Many lenders are offering forbearance for as long as Covid is considered a National Emergency. And over a million homeowners are still eligible to refinance despite rising rates.

So explore your options. If you’re not sure where to begin, start by reaching out to your mortgage loan servicer. (This is the company to which you make payments and its name will be listed on your latest mortgage statement.)

Your servicer will help you understand your choices and determine which mortgage relief path is right for you.

Refinance to lower your payments

Refinancing can offer homeowners relief by reducing their monthly payments. Most of the time, a refinance will lower your interest rate and extend your loan term — both of which result in a more affordable monthly mortgage payment

Thanks to rising home values, even homeowners who made a very small down payment or refinanced recently could be eligible for a refi.

What’s more, not everyone needs great credit or perfect finances to qualify for a refinance.

Even if you don’t think you’d qualify for a refinance, it’s worth talking to a lender. Many homeowners are eligible but don’t know it yet.

Select programs, like the government-backed Streamline Refinance, can help borrowers refinance with little, no, or negative home equity.

Even if you don’t think you’d qualify for a refinance, it’s worth talking to a lender.

Homeowners might be surprised at the amount of equity they gained as housing prices shot up nationwide. This could put refinancing within reach even if you had no (or negative) home equity quite recently.

Congress mortgage relief programs (Covid-19 mortgage relief)

Homeowners who have experienced financial hardship during the pandemic have a few options for mortgage relief.

To help borrowers struggling with mortgage payments due to unemployment or illness, Congress enacted mortgage stimulus programs under the CARES Act and the American Rescue Plan.

Many of these mortgage relief programs have been extended into 2022 to help those who are still struggling financially.

If you find yourself in need of financial assistance, current options include:

The Homeowner Assistance Fund

The Homeowner Assistance Fund (HAF) was established under President Biden’s American Rescue Plan to assist homeowners struggling with their housing payments due to Covid.

HAF was funded with “close to $10 billion in financial support to help families weather these challenges and remain in their homes.” According to the Treasury press release, aid money will be prioritized for homeowners with pending foreclosures and those with “immediate threats to housing stability.”

Those who receive assistance through the Homeowner Assistance Fund can use the money for mortgage payments as well as other housing-related bills like homeowners insurance and utilities.

HAF funds are allocated state by state, and it’s up to state administrators to distribute the funds to individual homeowners who qualify for aid. If you think you might benefit from the Homeowner Assistance Fund, reach out to your loan servicer to talk about whether you’re eligible.

You can also use this lookup tool from the Consumer Financial Protection Bureau to find active mortgage relief programs in your area.

Mortgage forbearance

Loan forbearance temporarily pauses your monthly mortgage payments while you’re going through financial hardship. The debt isn’t forgiven — you’ll have to make up the missed payments after forbearance ends — but this can provide some breathing room while you get back on your feet financially.

Your current forbearance options depend on what type of mortgage loan you have, and whether you’ve used a forbearance plan previously.

• Conventional loans (backed by Fannie Mae or Freddie Mac) — If you were in a forbearance plan as of February 28, 2021, you can request up to two 3-month extensions. If you have not yet requested forbearance, you can still do so. There is currently no deadline for requesting initial loan forbearance on conventional mortgages


• Government-backed loans (FHA, VA, or USDA) — If you have not yet requested an initial forbearance, you can still do so. Homeowners with loans backed by FHA, VA, and USDA can request forbearance for as long as the Covid-19 National Emergency is in effect

Source: Consumer Financial Protection Bureau (CFPB)

Once your forbearance period reaches its end date, you’ll have a few options for how to exit forbearance and repay your missed loan payments.

Importantly, your loan servicer cannot ask you to repay everything as a lump sum right after exiting forbearance. It’s more likely you’ll pay the missed amount in installments along with your regular mortgage payments or defer repayment until you sell the home or refinance.

Refinance after forbearance

In the past, it could be difficult to refinance your home loan after having been in a forbearance plan. But those rules have loosened up due to the unprecedented spike in mortgage forbearance during Covid.

Now, it’s possible for many homeowners to refinance as little as three months after ending their forbearance plans.

Rules can vary by loan program and mortgage lender. So talk to a loan officer or mortgage broker to learn whether you’re refinance eligible.

Loan modification

For homeowners who need to exit forbearance but don’t qualify for a refinance, a final option could be a loan modification.

Modification is for homeowners who have had a permanent — rather than a temporary — change in their financial circumstances. This involves your loan servicer agreeing to lower your rate or extend your loan term to make the mortgage payments more affordable.

Homeowners with FHA, VA, and USDA loans might even be able to take advantage of Biden’s recent mortgage stimulus program that lowers payments by as much as 25% via a loan modification.

However, loan modification is typically seen as a last resort for homeowners who can’t refinance or take advantage of other mortgage relief programs.

Mortgage relief options from Fannie Mae and Freddie Mac

Homeowners with conforming loans backed by Fannie Mae or Freddie Mac have options for mortgage relief.

If you’re experiencing a temporary hardship, it’s not too late to ask about forbearance. There’s currently no deadline to make an initial forbearance request with your loan servicer.

If you have a conventional loan, there’s currently no deadline to make an initial forbearance request with your loan servicer.

In addition, Fannie and Freddie recently came out with expanded refi programs that make it easier and cheaper to lower your interest rate and mortgage payment.

Fannie Mae’s RefiNow and Freddie Mac’s Refi Possible are designed for low- to moderate-income homeowners. You might qualify if you make average or below-average income for your area.

These refinance programs have unique benefits that can offer financial relief to homeowners, including:

• Lower mortgage rate and monthly payment


• Reduced closing costs with no appraisal fee


• Easier debt-to-income qualification

These new loan options can offer big savings for homeowners who might not otherwise qualify to refinance.

You can check your area’s median income using Fannie Mae’s lookup tool and Freddie Mac’s lookup tool.

Streamline refinancing for FHA, VA, and USDA loans

Popular mortgage relief programs since 2009 (including HARP, HAMP, FMERR, and HIRO) have only been available to homeowners with conventional mortgages backed by Fannie Mae or Freddie Mac.

But what if your loan is government-backed?

Homeowners with federally-backed FHA, VA, and USDA mortgages have access to different mortgage programs than those with conventional loans.

Namely, they can use a Streamline Refinance.

The Streamline Refinance is a special mortgage refi program for people with government-backed loans. It’s similar to a mortgage relief refinance because you can use a Streamline Refi even if your home is underwater or has very little equity.

And a Streamline Refinance has other benefits, too.

• There’s less paperwork because you don’t have to re-verify your income or employment or get the home appraised


• Government-backed loans typically have below-market mortgage interest rates


• Closing costs are typically cheaper

Homeowners can qualify for an FHA Streamline if they’ve made at least three consecutive on-time payments on their existing FHA loan.

Even if you make your three consecutive payments while in forbearance, you may qualify for FHA Streamline refinancing. The Department of Housing and Urban Development (HUD), which oversees the Federal Housing Administration, is one of the more lenient housing agencies.

For a VA Streamline Refinance (also called the ‘IRRRL’), the rules are more lenient.

You can use this refinance even if your current loan is delinquent. However, the lender must verify that the reason for delinquency has been resolved and you’ll be able to make payments on the new loan.

Mortgage relief refinance programs: HIRO and FMERR

Former relief programs from Fannie Mae and Freddie Mac, including the Enhanced Relief Refinance (FMERR) and the High-LTV Refinance Option (HIRO), have been paused due to a low number of applicants.

These programs were largely designed to offer mortgage relief to ‘underwater’ borrowers — those who owe more on their mortgage than their home is worth. Thanks to rising home values nationwide, the number of underwater borrowers has shrunk dramatically.

As a result, many homeowners are eligible to refinance but just don’t know it yet.

So if you’re looking for a mortgage relief refinance, it’s still worth talking to a lender. There are a wide variety of refinance options available today, and you may well qualify for one of them.

Veteran mortgage relief options

One benefit of a VA loan is that the Department of Veterans Affairs can help you out if you’re having trouble making mortgage payments.

Veteran mortgage assistance comes in two forms:

1. You could use a Streamline Refinance Loan (IRRRL) to lower your rate and payment


2. You could get help from a VA loan professional to modify your repayment plan

If you’re underwater on a VA loan and need to refinance, you may be able to use the VA Streamline Refinance (IRRRL) to do so.

Like other Streamline programs, the IRRRL requires no income or employment check, and skips the home appraisal — so your LTV won’t matter.

If you’re not sure whether a refinance is right for you, you might take advantage of the other VA relief program.

For VA loan holders as well as veterans with non-VA mortgages, the VA offers access to professional counselors who can help you if you’re having trouble making your payment.

These people help veterans figure out whether they should refinance, try to restructure their loan, or take another measure to prevent foreclosure.

Even better, the VA’s “loan technicians” work with your lender on your behalf — so you don’t have to figure out all the logistics of a mortgage relief program yourself.

What is a mortgage relief refinance?

When most people think of government or Congress mortgage relief, they’re thinking of HARP — the Home Affordable Refinance Program.

HARP was a government program rolled out by the Federal Housing Finance Agency in 2009. For nine years, it helped millions of homeowners refinance after being hard-hit by the housing crisis.

The HARP program ended in 2018. And similar programs, including Fannie Mae’s HIRO and Freddie Mac’s Enhanced Relief Refinance, were also discontinued.

The reason? Home values have been rising dramatically.

Property values shot up at a record rate in 2020 and 2021. As a result, homeowners nationwide saw their equity levels increase. And the number of underwater borrowers shrunk to just 3% of the market.

There are still programs available to help homeowners with little or no equity, including 97% LTV refinancing from Fannie and Freddie and Streamline Refinancing from FHA, VA, and USDA. However, fewer and fewer homeowners need these programs.

Today, the focus is on helping homeowners who were impacted by Covid-19 lower their mortgage payments.

Do you qualify for a lower interest rate?

Refinancing can offer relief from high mortgage payments. By lowering your mortgage interest rate and/or extending your loan term, you can typically reduce your monthly payment and take some pressure off your budget.

To qualify for a refinance, you’ll need to meet some basic criteria. But these can be very flexible depending on the loan program.

Conforming loan refinance

• Credit score of 620 or higher


• No missed mortgage payments in the last year


• Loan-to-value ratio (LTV) of 97% or less


• Debt-to-income ratio of 65% or less with RefiNow or Refi Possible

Streamline Refinance

• Your current loan is backed by FHA, VA, or USDA


• No missed mortgage payments in the last year


• Debt-to-income ratio requirements are flexible


• Credit score requirements are flexible


• No appraisal required, so there’s no maximum LTV

If you’re not eligible to refinance, don’t worry. You may have other options.

Forbearance is still available to homeowners who need temporary mortgage relief due to a job disruption or other financial hardship. And loan modification may be available to those with longer-term relief needs.

Reach out to your mortgage lender or loan servicer to learn more. Your loan advisor will help you understand the types of relief available and which one is right for you.

Mortgage stimulus programs FAQ

Is there a mortgage relief program in 2022? 

The Homeowner Assistance Fund (HAF) is still helping homeowners in 2022 who need mortgage relief. Under the American Rescue Plan, the HAF was funded with at least $50 million for each state to assist homeowners in danger of foreclosure or housing instability. Talk to your loan servicer about HAF eligibility.

Is there a GSE rescue package?

There is not currently a GSE rescue package for homeowners. However, Fannie Mae and Freddie Mac (the ‘GSEs’) both have options to help homeowners who are struggling with their mortgage payments. To find out whether you qualify for mortgage assistance, reach out to your mortgage loan servicer. That’s the company to which you make your payments.

Is there really a mortgage relief program?

Even though the Covid pandemic is waning, many homeowners can still take advantage of Covid-era relief programs. If you have a conforming mortgage or a government-backed mortgage, it’s not too late to request an initial loan forbearance and pause your payments if you’re going through a temporary financial hardship. Ask your loan servicer about forbearance options.

Is there a government mortgage relief program?

The CARES Act and subsequent American Rescue Plan have provided mortgage relief during the Covid-19 pandemic. These programs do not refinance your mortgage but let you postpone repayment while keeping your loan active. The CARES Act also created a temporary moratorium on foreclosures and renter evictions.

Does Biden have a mortgage stimulus program?

Biden has proposed several stimulus programs to help with homeownership costs. In terms of mortgage relief, he enacted a measure in 2021 to provide mortgage assistance to homeowners with federally backed FHA, VA, and USDA loans. Under this program, qualified borrowers can modify their mortgages to get a lower interest rate and potentially reduce their loan payments by up to 25 percent. Contact your mortgage servicer to learn whether you’re eligible for a loan modification.

Is the Freddie Mac Enhanced Relief program legit? 

The Freddie Mac Enhanced Relief Refinance (FMERR) is currently on pause due to a low volume of applicants. FMERR was meant to help homeowners refinance with very little home equity. But, due to rising home values, many U.S. homeowners have enough equity to refinance without needing a special, high-LTV program.

Is the HARP program still available?

No, the HARP program is no longer available. HARP, the Home Affordable Refinance Program, expired in 2018. You can no longer apply or be accepted for this mortgage relief program.

Can the VA help with mortgage payments?

Yes, the VA can help veterans and service members who are struggling to make their mortgage payments. The association provides housing counselors who will help you figure out the right course of action and work with your mortgage servicer to set your payment plan back on track. The VA can help with mortgage payment issues even if your current mortgage is not backed by the Department of Veterans Affairs.

Save more with a mortgage refi program in 2022

For homeowners struggling with their mortgage payments, it’s a wise time to refinance.

Taking advantage of a high-LTV refinance or even a standard refinance could have immediate financial benefits. Contact Mortgage Masters at 772.340.4003 and see how we can save you money today!

Treasure Coast Weekend Happenings

Community Garage Sale

• Date:05/21/2022 8:00 AM – 12:00 PM


• Location:Minsky Gym
  
  750 S.W. Darwin Blvd.
  
  Port St. Lucie, Florida 34953


• Introduction:Find a bargain, or better yet, become a vendor!

The City of Port St. Lucie is proud to host the next opportunity for vendors of all types to sell their crafts, wares, and general merchandise at the Minsky Gym Community Garage Sale. This event is scheduled year around, every first and third Saturday of the month, from 8 a.m. to 12 p.m.

Shoppers are Free!

Location: Minsky Gym multi purpose field

Vendors

Garage Sale Rules

We accept any type of vendor including: resale, consignment, merchants, handmade, vintage, etc. 10’x10′ spaces available for $6.40.

For more information, contact Minsky Gym at 772-344-4142.

 

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Blowing Rocks Preserve Evening Shoreline Cleanup

Date: Event occurs the third Friday of every month.

Time: 5:00 pm – 6:30 pm

Location: Blowing Rocks Preserve

Address: 574 S. Beach Road

Price: Free

Category: Community

FREE family-friendly volunteer opportunity! Enjoy a self-guided evening stroll in the outdoors through the trails and beaches of Blowing Rocks Preserve to collect debris that has been washed ashore or left behind. Your contribution helps to beautify our beaches and prevent wildlife disasters. Volunteers will be instructed by preserve staff upon arrival and given collection supplies.

Advance registration is required, and space is limited to a maximum of 18 attendees. Please note that all youth under the age of 18 years old must be accompanied by an adult.

https://www.nature.org/en-us/get-involved/how-to-help/volunteer-and-attend-events/find-local-events-and-opportunities/florida-blowing-rocks-shoreline-cleanup/

 

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Outdoor Greet Market in Tradition

Date: Event occurs every Saturday of every month.

Time: 9:00 am – 1:00 pm

Address: 87 Village Pkwy, Port St. Lucie, 34987

Price: Free

Category: Food Special

Come for a nice stroll through the Tradition Green Market every Saturday from 9am to 1pm. Completely outdoors and perfect for social distancing.

Over 30 different vendors on one long strip with organic fruits, vegetables, mushrooms, fresh produce, raw local honey, free-range organic eggs, kombucha, fresh juices, baked goods, gluten-free bread, pastries, desserts, spices, marinades, jams, marmalades, plants, herbs, flowers, orchids, fresh local beef.

We also offer home decor, custom jewelry, fabric masks, clothes, shoes, custom and handmade products, arts and crafts, unique gifts, goods, services and so much more.

Our vendors and farmers rotate so we don’t always have the same products but we’ll always have something good every Saturday.

Brunch food trucks too!!

Come spend the morning with us, and support your local vendors and small business, we’ll have a nice gourmet coffee and warm breakfast waiting for you every Saturday from 9am to 1pm “Rain or Shine”

“Tradition Neighborhood Market “ is located in the parking lot across from Target and Michael’s in Tradition – Port St Lucie.

Free Parking-Free Parking lot and Pets are always welcome !!!

 

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Summer Passport: Heritage of Hawk’s Bluff

Date: Saturday May 21, 2022

Time: 10:00 am – 2:00 pm

Location: Savannas Preserve State Park Main Entrance

Address: 2541 SE Walton Road, Port St Lucie, FL 34952

Price: $3/vehicle

Category: Educational

The Savannas Preserve State Park will host a self-guided hike featuring the Heritage of Hawks Bluff and local Black History on Saturday, May 21, 2022. The event will provide community members an opportunity to explore the great outdoors through a short self-guided hike with interpretive signage showcasing the former African American Settlement of Tick Ridge. The trail will be open from 10 am to 2 pm. The Hike will take place along the Glass Lizard Trail near the Savannas Preserve State Park Environmental Education Center. The Glass Lizard Trail is unpaved. We encourage closed toed shoes that you do not mind getting a little muddy!

Heritage of Hawks Bluff marks the fourth event of the Savannas Summer Passport Series! Each month, a new Chapter will be featured (May is Historical Resources!). Attending one event from each Chapter earns you a pin! Collect all the Savannas pins to show off to your friends and family!

Park Admission Fee is required. You can purchase a one day pass online by visiting the official Florida State Park websie or you can purchase your pass at the park entrance with exact cash or via credit card using the posted QR Codes. The online purchased passes are only valid on the date purchased. Cost is $3 vehicle with up to 8 people or $2 person for anyone arriving to the park on foot or by bicycle.

The Savannas Preserve State Park Education Center is located at 2541 SE Walton Road in Port St. Lucie. For information about the Savannas and all of Floridas award-winning state parks, visit FloridaStateParks.org. To learn more about the Friends of Savannas, go to FriendsofSavannas.org.

 

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Care Nets 1st Inaugural Car Show!

Date: Saturday May 21, 2022

Time: 10:00 am – 2:00 pm

Location: Vero Christian Church

Address: 3250 9th St. SW Vero Beach, FL 32968

Price: FREE

Category: Auto / Motorsports

Care Net will have its 1st Inaugural Car Show held on Saturday, May 21st, from 10:00 am – 2:00 pm. This event will have food, vendors, and trophies – which will be awarded in 8 categories. The voting will be done by the spectators. Vero Christian Church on Oslo Road is hosting this event, which is great exposure for your collector cars – plenty of paved parking for the cars and spectators. There will be a bounce house in the back for kids, and vendors for the women to shop from. Join us for a great day of cars, trucks, motorcycles, hot rods, muscle cars, antique cars, and even some tractors. Finally – a car show for the whole family!

The Registration Fee to enter your car is $15. It’s free to attend the car show and vote on your favorite car for all 8 categories! For more information, contact Ron at 321-544-2610 or Ronfashano@gmail.com. You can also visit carenetchampions.org/car-show for details.

Click HERE for more details!

The Most Popular Spaces to Remodel and Their Costs

Since the pandemic began, homeowners have been eager to spruce up their spaces. Even recently, homeowners are spending more on home improvement projects than they have—due partially to higher building material costs, but also to a desire to widen the scope of their projects.

Kitchens and bathrooms continue to be the most popular areas to renovate, according to the 2022 U.S. Houzz & Home Study. The median spend in 2021 on a kitchen remodel was $15,000, a 25% increase from 2020. A guest bathroom expenditure costs a median of $4,400, a 38% year-over-year increase, according to Houzz’s report.

According to the Houzz survey, among remodeling homeowners, paint is by far the most common purchase. Sixty-five percent said their home renovation included paint, followed by new light fixtures (51%), faucets and showerheads (46%), and lawn and garden supplies (45%).

 

Source: “Here Are the Most Popular Remodeling Projects,” Houzz.com (May 11, 2022)

Market ‘Curveballs’ Aren’t Taming Housing Demand

The booming housing market has helped the U.S. economy come back from the financial and economic impacts of the COVID-19 pandemic, National Association of REALTORS® chief economist Lawrence Yun said Wednesday.

“Housing kept the economy afloat as home prices rose and buyer demand intensified,” Yun told the audience during the Residential Economic Issues and Trends Forum at the REALTORS® Legislative Meetings in Washington, D.C. “However, this year has already thrown some curveballs, including record-low inventory and unyielding inflation.”

Builders are still unable to make up for the slowdown of new construction during the recession, Yun said. In addition to supply chain challenges, there’s very little availability of residential land due to regulations and zoning at the local level, he added. Meanwhile, consumer demand has led to home prices taking a 9.1% jump in 2020 and another 16.9% leap in 2021.

Rents are also up across the country, especially in Florida (more than 20% from a year ago), Arizona, and parts of the Carolinas, Yun said. And he predicts inflation will remain elevated for the next several months.

Considering the rising mortgage rates, some consumers are asking if buying a home right now is a good investment. But Yun points to a February survey of consumers by the New York Federal Reserve, in which nearly 74% of respondents said they would rather build long-term wealth through homeownership than spend their money on rising rent costs.

Comparing 2021 to 2022, the total number of homes sold has ticked down slightly. Yun forecasts that by the third quarter, there will be a decline of about 15% in units sold compared with the prior year. “This means we may be getting the unit sales back to pre-COVID days,” Yun said. “But prices are not retreating.”

A Tale of Two Markets

Felicia Mares with Abio Properties, serving Oakland and Berkeley, Calif., and Harrison Beacher, managing partner of the Coalition Properties Group, affiliated with Keller Williams Capital Properties in Washington, D.C., discussed boots-on-the-ground market challenges during the forum. Mares said the pandemic escalated the already growing trend of San Francisco residents moving across the bay in search of greater affordability. The density of San Francisco also brought out customers seeking more space, she added.

While some larger urban areas lost residents during the pandemic, Yun said, people are starting to move back. In New York, for instance, lower rents attracted new and returning tenants. But, Yun is concerned that the persistently high housing prices in San Francisco coupled with more businesses adopting permanent work-from-home policies will mean continued migration. Mares agreed that work from home is the prevailing trend in California’s tech industry and many residents still haven’t returned to in-person social activities.

Beacher, who characterized the D.C. area as several micro markets, said more than 60% of the buyer contracts he wrote in the first quarter of 2021 were over list price, but in the first quarter of 2022, it was only 30%. However, the highest a buyer offered over list price in the first quarter of 2021 was 11%, while in the first quarter of? 2022, it was 20%.

“What you have to bid this year is higher, and I think that’s a reflection of the metrics in the D.C. area, where there are highly paid people who are extremely competitive. They’re seeing the interest rate rise and they’re saying, ‘I don’t want to pay more in seven or eight months,’ ” Beacher said.

In the Oakland area, real estate professionals were already seeing bids 20% over list price pre-pandemic, now it’s about 30%, Mares said. Predictably, in both the D.C. and Oakland markets, it’s most challenging for first-time buyers. And because interest rates are increasing and demand is not waning, Mares is telling her clients to buy when they can if they can afford the monthly payment.

Beacher is also telling his clients in D.C. to buy when they’re ready, confident, and have their price window set—and when the opportunity presents itself. The job market in D.C. is incredibly strong and tech companies are bringing new residents to the area, Beacher said. People are qualified for the mortgages they’re taking on, and they have jobs that are secure.

“I think demand is only going to increase,” Mares said. “Pre-pandemic was when millennials were just starting to get into the market. But the pandemic really pushed them over the edge to get into homeownership. All the millennials I know really believe in homeownership and have that goal and dream. I think that’s going to extend down to Gen Z. They’re in their early 20s now, and soon they’re going to start coming to live in San Francisco.”

Price growth has been even more pronounced in many smaller markets. Yun used Phoenix as an example. Home prices there have risen 30% over the last year and 50% over the last two years, he said. Phoenix sellers may see a 5% price drop this year, he said, but he does not foresee a sustained decline.

 

Erica Christoffer, Contributing Editor – Erica Christoffer is a multimedia journalist and contributing editor with REALTOR® Magazine. In addition to writing print and online articles, Erica oversees the magazine’s Broker to Broker content, co-manages the 30 Under 30 program, and manages the YPN Lounge. Connect with her via email: echristoffer@nar.realtor.

TOP EMERGING TECH TRENDS IMPACTING THE REAL ESTATE INDUSTRY

Over $31B was invested in real estate tech firms in 2021. Looking ahead, metaverse and blockchain technology may have a significant effect on the future of real estate.

 

The metaverse and blockchain technology could have a significant impact on the future of real estate, according to experts at the 2022 Realtors® Legislative Meetings.

Several hundred Realtors® attended the Emerging Business Issues and Technology Forum, which provided insight into the top emerging tech trends that are expected to have the biggest impact on the real estate industry in the coming years.

Jane Dzielski, Google’s principal analytical lead, kicked off the session with a presentation on data trends in the real estate sector. She said that prior to the pandemic, only one in 10 households moved each year.

“We are now seeing a ton of moving activity,” Dzielski said. “Twenty-five percent of consumers have moved in the past two years and 24% plan to move in the next year.”

Dzielski also said that while internet searches for buying a second home dropped in the first half of 2020 (-9%), they have surged since then (+23%). According to Google’s data, the top reasons that homeowners cited for purchasing a second home were to diversify their investments, earn money renting, and use as a vacation home.

Ashley Stinton, Second Century Ventures’ head of marketing, discussed the recent rise in investment in real estate technology companies, explaining that over $31 billion was invested in 2021.

“These are unprecedented numbers,” Stinton said. “We’ve seen 12 new prop tech unicorns as well as over 150 merger and acquisition transactions.”

Stinton noted that SCV’s REACH scale-up program plays an active role in shaping the future of real estate technology investment.

“We find, support, accelerate, and scale the innovative companies that are going to have the highest impact on Realtors’ businesses,” she said. “We then bring these technologies to NAR members so that these companies can work hand-in-hand with the Realtor community as they build out their products and services.”

“Blockchains are a new way of thinking about information management,” he said. “They provide a verifiable and trustworthy record of events or transactions. This is a critical component of any transaction.”

Conroy concluded the session underscoring the importance of decentralized finance and the role it could play in real estate in the future.

“Decentralized Finance, or DeFi for short, refers to financial services that exist on blockchains,” he said. “With financing being a key component of the transaction, Realtors should become familiar with the new tools that are becoming available in the DeFi landscape.”

 

Source: Florida Realtors®

FLORIDA SAYS $6.2M AWARDED FOR PANDEMIC MORTGAGE RELIEF

The Deptartment overseeing distribution has helped 386 homeowners to date and is still accepting applications. Funds used so far are about 1% of federal funding received.

 

The Florida Department of Economic Opportunity (DEO) released numbers on the amount of Florida homeowners who have received mortgage-relief help after being impacted by the pandemic.

To date, DEO says it has awarded more than $6.2 million in total relief for the Homeowner Assistance Fund (HAF), with $5.1 million of that awarded this week. The money is funded through the federal Homeowner Assistance Fund (HAF), which initially gave Florida $676 million to help homeowners facing pandemic-related mortgage problems.

The federally funded HAF program was designed to mitigate financial hardships associated with the COVID-19 pandemic by preventing homeowners’ mortgage delinquencies, defaults, foreclosures and displacements. It also provides assistance with home energy services, internet, property and/or flood insurance, property taxes, and homeowner or condominium association fees.

DEO Secretary Dane Eagle says approved homeowner money “will be credited to accounts for applicants’ mortgages and other homeowner expenses, including utility bills. We are working in collaboration with more than 100 lenders and servicers and are encouraging eligible Floridians to register as soon as possible to receive an application to apply for up to $50,000 in relief.”

DEO says applicants can register on its website, and it will offer an application once registered. It started with Tier 1, which is generally lower income households. It then moved on to Tier 2. (DEO has frequently asked questions about tiers and more on its website, along with a program overview)

DEO program updates, week of May 2-6

• 
  

  386 homeowner applications have been approved by DEO

  
  


• 
  

  5,170 applications have been started by homeowners but not been submitted.

  
  


• 
  

  4,644 applications have been submitted to DEO by homeowners

  
  

Registrations

• 
  

  24,730 eligible registrations have been submitted

  
  


• 
  

  22,190 registrations are Tier 1, and all have been invited to apply for relief

  
  


• 
  

  2,540 registrations are Tier 2

  
  

 

Source: Florida Realtors®

Weekend Happenings on the Treasure Coast

Free Relaxation Circle

Martin County

Date: Event occurs the second Friday of every month.

Time: 6:00 pm – 7:00 pm

Location: Treasure Coast Holistic Health Center

Address: 524 SE Dixie Highway, Stuart, FL 34994

Price: Free

Category: Health

Join us to relax and unwind at a free relaxation circles. Certified Practitioners will share a variety of techniques that is sure to help calm the mind & help heal the soul. The night will include: beginner guided meditation, distance Reiki (a Japanese stress relief technique), easy breathing techniques that are specific for relaxation, and guided prompts which will help complete the experience. After join us for a cup to Alkaline water tea in our newly remolded tea bar. To provide you with the best experience, space is limited, please call or email to reserve. (772) 208-7688

Treasure Coast Holistic Health Center

 

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KPSLB Tree Giveaway

Drive-Thru Event

• Date:05/14/2022 8:00 AM – 10:30 AM


• Location:Public Works Department Thornhill Location
  
  Port St. Lucie, Florida 34984" href="http://www.google.com/maps?f=l&hl=en&q=450+SW+Thornhill+Drive%2c+Port+St.+Lucie%2c+Florida+34984" target="_blank" rel="noopener">450 SW Thornhill Drive
  
  Port St. Lucie, Florida 34984

Keep Port St. Lucie Beautiful (KPSLB) will give away an assorted variety of trees. This event recurs twice a year. This is a drive-thru event, no walk-ups will be allowed. Trees will be placed into resident vehicles by City staff and will be given away on a first-come, first-served basis. IDs are required.

Trees to be given away:

• Royal Poinciana


• Avocado

For more information, call 772-871-5103, email kpslb@cityofpsl.com, or visit www.cityofpsl.com/kpslb.

 

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Outdoor Greet Market in Tradition

Date: Event occurs every Saturday of every month.

Time: 9:00 am – 1:00 pm

Address: 87 Village Pkwy, Port St. Lucie, 34987

Price: Free

Category: Food Special

Come for a nice stroll through the Tradition Green Market every Saturday from 9am to 1pm. Completely outdoors and perfect for social distancing.

Over 30 different vendors on one long strip with organic fruits, vegetables, mushrooms, fresh produce, raw local honey, free-range organic eggs, kombucha, fresh juices, baked goods, gluten-free bread, pastries, desserts, spices, marinades, jams, marmalades, plants, herbs, flowers, orchids, fresh local beef.

We also offer home decor, custom jewelry, fabric masks, clothes, shoes, custom and handmade products, arts and crafts, unique gifts, goods, services and so much more.

Our vendors and farmers rotate so we don’t always have the same products but we’ll always have something good every Saturday.

Brunch food trucks too!!

Come spend the morning with us, and support your local vendors and small business, we’ll have a nice gourmet coffee and warm breakfast waiting for you every Saturday from 9am to 1pm “Rain or Shine”

“Tradition Neighborhood Market “ is located in the parking lot across from Target and Michael’s in Tradition – Port St Lucie.

Free Parking-Free Parking lot and Pets are always welcome !!!

 

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Summer Passport. Series

Date: Event occurs every other Saturday.

Time: 10:00 am – 2:00 pm

Location: Savannas Preserve State Park

Address: 2541 SE Walton Road, Port St. Lucie

Price: $3.00 per Vehicle

Category: Educational

Summer Passport Series 2022

At Savannas Preserve State Park

Celebrate nature with a 4 month Summer Passport Series at Savannas Preserve State Park. From April through July, the Friends of Savannas is hosting a series of events to encourage the whole family to enjoy the great outdoors while learning about nature, our park and the local community.

Each month, a new Chapter and topic will be featured. Attending one event from each Chapter earns you a pin. Collect all the Savannas pins to show off to your friends and family. The Passport series is recommended for ages 6 and up. Some events will be free with park admission; others will have an additional charge for crafts and hands-on activities. All Passport events will take place from 10 AM to 2 PM along the Glass Lizard Trail, located to the right of the Education Center. Our next upcoming event event will be held on April 30 which is a self guided hike where you will learn about invasive plant identification.

The Savannas Preserve State Park Education Center is located at 2541 SE Walton Road in Port St. Lucie.

 

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RESCHEDULED: Foghat with opening act Sacred Union

MIDFLORIDA Credit Union Event Center

Date: Saturday May 14, 2022

Time: 7:00 pm – 11:00 pm

Location: MIDFLORIDA Credit Union Event Center

Address: 9221 SE Event Center Pl, Port St. Lucie , FL, 34952

Price: 25.00 – 45.00

Category: Arts / Exhibits

With some of the best blues-boogie-rock ever recorded, Foghat is taking the MIDFLORIDA Event Center stage for a performance on Saturday, May 14.

Formed in 1971, Foghat has since amassed eight gold records, one platinum and one double platinum record. The band continues today with as much energy as it had back ‘in the day’! Foghat scored hits with the songs “Slow Ride,” “Fool for the City,” a cover of “I Just Want to Make Love to You,” “Stone Blue” and “Third Time Lucky (First Time I Was a Fool),” all of which are still in regular rotation on classic rock radio.

Arrive early to catch the opening act, Sacred Union, whose diverse repertoire covers songs from Dave Matthews, Hall and Oates, The Foo Fighters, and Etta James, to Prince, Lenny Kravitz, The Red Hot Chili Peppers, Stevie Wonder, and so many other iconic world class artists.

Gates open at 5:30 p.m. | Show starts at 7 p.m.

https://www.etix.com/ticket/p/8785578/foghat-with-opening-act-sacred-union-port-stlucie-midflorida-credit-union-event-center?cobrand=portstlucie

 

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HIPPIES – FEST – Music, Peace, Love, & Good Vibes

Date: Sunday May 15, 2022

Time: 4:00 pm – 8:45 pm

Location: Terra Fermata

Address: 26 SE 6th St

Price: $6

Category: Concert / Live Music

THE OLD HIPPIES perform songs you remember and love, taking you back to the days of Woodstock. BROWSE COOL AND FUNKY VENDORS, EAT FANTASTIC LOCALLY MADE AND CATERED FOOD, ENJOY GREAT LIVE MUSIC, AND BE IN YOUR HIPPIE ZONE! Beers, Wines, Ciders, Hard Selzers and Sodas for purchase NO OUTSIDE FOOD OR BEVERAGE ALLOWED. Prizes for best hippie look Male and Female. Tell your friends – spread the joy! GET YOUR TIX ONLINE AND SAVE $2 CASH ONLY AT DOOR!

Ticket Info

Home purchase sentiment tumbles across the board

Consumer perception of getting a mortgage also falls

 

Consumer outlook toward housing slumped in April to its lowest level in two years as Americans continue to stress about housing affordability and rising mortgage rates.

Fannie Mae’s Home Purchase Sentiment Index (HPSI) plunged 4.7 points month over month and 10.5 points year over year to 68.5 – its lowest reading since May 2020.

The decline comes as more consumers report “difficult homebuying conditions amid the budget-tightening constraints of inflation, higher mortgage rates, and high home price appreciation,” said Doug Duncan, chief economist of Fannie Mae.

“The current lack of entry-level supply and the rapid uptick in mortgage rates appear to be adversely impacting potential first-time homebuyers, in particular, evidenced by the larger share of younger respondents (aged 18- to 34) reporting that it’s a bad time to buy a home,” Duncan said. “Additionally, consumer perception regarding the ease of getting a mortgage also decreased across nearly all surveyed segments this month, suggesting to us that the benefit of the recent past’s historically low mortgage rate environment appears to have diminished, and affordability is poised to become an even greater constraint going forward. This sentiment is consistent with our forecast of decelerating home sales through the rest of 2022 and into 2023.”

More stats

• The net share of Americans who say it is a good time to buy a home decreased eight percentage points month over month to 19%.


• The net share of those who say it is a good time to sell a home decreased two percentage points to 72%.


• The net share of those who say home prices will go up over the next 12 months decreased nine percentage points to 44%.


• The net share of Americans who say mortgage rates will go down over the next 12 months decreased three percentage points to 5%.


• The net share of Americans who say they are not concerned about losing their job over the next 12 months decreased two percentage points to 84%.


• The net share of those who say their household income is significantly higher than it was 12 months ago decreased four percentage points to 26%.

 

Turnkey Homes Are in Demand

Many developers believe that turnkey homes—high-end, furnished, predecorated homes that allow buyers to easily move in—are what home shoppers want nowadays. The trend is taking root in places like Hawaii and California and in many second-home resort communities.

Rob Kildow, director of sales and principal broker for Hualalai Realty, told Mansion Global about the growing appeal of turnkey residences in his market in Hualalai, Hawaii. Fully furnished residences will sell within days at or above asking price, he says.

“When our residents sell their home, a buyer from a smaller property here buys it and moves into the bigger space,” Kildow says. “They leave the smaller home fully furnished while they create their new residence. I then have a three-page waiting list of buyers interested in that smaller property.”

Kildow told Mansion Global there’s a “clear trend toward single-family, ‘want it now’ homes. Psychology always provides different sales drivers, and the pandemic pushed buyers on the fence to buy—in some cases ‘sight unseen.’”

A home fully furnished and decorated may have fewer surprises for a buyer. Also, during the pandemic, furniture and construction materials have faced supply chain bottlenecks that have made getting materials tougher.

Silversands Villas on the island of Grenada, Calif., is selling fully furnished homes that also feature original artwork that stay with the homes. Kandace Douglas, a real estate sales and marketing director at Silversands Villas, told Mansion Global the development is embracing the luxury “move in now” mentality that more buyers appear to be exploring.

“Turnkey homes offer peace of mind and instant enjoyment—while avoiding construction costs and labor force issues presented by today’s economy,” Terri A. Haack, president of Rancho Palos Verdes, a resort along the Southern California coast, told Mansion Global. “Time is priceless.”

 

Source: “Turnkey Is King for Those With a ‘Move-In-Now’ Mentality,” Mansion Global (May 8, 2022)

What to Update Before Selling

Simple kitchen and bath improvements can leave home shoppers swooning over a listing, according to a new study by Knock, a site about homeownership.

Homes are selling fast, but certain home updates can help them sell even faster. An updated home can sell an average of 30% faster than a home without improvements, the analysis shows.

Knock compared the average days on the market for homes that are updated before being listed with those that sellers leave as is. It pinpointed which home updates tend to result in the fastest sales.

“Getting a home ready for sale can be a stressful experience, and the supply chain constraints and contractor backlogs brought on by the pandemic have made it even more difficult to get work done,” says Sean Black, co-founder of Knock. “Three years ago, homeowners had to put a lot more work into their home before listing it. However, even in the current market with homes selling in record time, the data continues to support the benefits of getting your home show-ready.”

Knock was selected for the 2021 REACH class, a technology accelerator program through Second Century Ventures, the strategic investment arm of the National Association of REALTORS®.

Homes with modern renovations sold in an average of eight days, compared with an average of 12 days without improvements. Homes with two or more improvements sold in an average of six days, according to Knock.

The most common home improvement: interior and exterior paint. Seventy percent of sellers painted their walls, spending an average of $3,500.

But freshly painted kitchen cabinets, which cost an average of about $1,319, really help buyers fall in love with a house, the study shows.

Here are the updates that consumers say they most loved about a house.

 

Source: Knock

7 New Smart-Home Products

Give clients a preview of the latest gizmos for the home featured at CES 2022.

 

You don’t need to attend the annual CES event in Las Vegas to get excited about advancements in home tech.

1. Firewalla is a smart firewall that plugs into any router to enhance the security of home networks, including the many smart-home devices that most households now use. It blocks unwanted sites and ads and offers parental controls and a personal VPN. Price: Starting at $140; up to $468 for router and firewall combo.


2. Roborock’s new S7 Max V Ultra is a smart vacuum with a mop. It uses sonic technology to scrub the floor up to 3,000 times per minute; the mop lifts when carpet is detected. LIDAR navigation creates detailed maps and can identify rooms across four levels. Price: $650


3. The AI-capable Samsung Home Hub, like Amazon’s and Google’s hubs, includes a screen for seeing and connecting all smart appliances in a home. Price: TBD


4. Coway’s Smart Care Air Mattress and Smart Sleep Solution detects the user’s sleep position and body pressure and adjusts accordingly. It can connect with air care products to produce the optimal humidity. Price and release date: TBD


5. Wagz is a smart dog collar and wireless fence system with an app that includes GPS tracking. Users can train their dogs with sound and vibration (not shocks) and track a pet’s paths, whereabouts, and sleep cycle. Switch on an LED for nighttime walks. Price: $250


6. Sengled’s health-monitoring smart lightbulb includes biometric tracking of a user’s heart rate, body temperature, and other vital signs. A Bluetooth mesh network can even help detect falls and send for help. Price: TBD


7. One of the biggest trends at CES 2022 was the unveiling of new electric vehicles from GM, Mercedes-Benz, BMW, and Sony Mobility. Several companies showcased charging solutions. For example, the Wallbox Quasar bidirectional home charger allows homeowners to charge the vehicle and use the car battery to power the home or grid. Price: $4,000

 

Source: Brandon Doyle, ABR, ePRO, RE/MAX Results in the Twin Cities. See more at Doyle’s Ultimate Smart Home Series.