The coronavirus pandemic has changed not only how we live but where we live, and that has upended some of the usual trends in local housing markets.

Now that some people can work from anywhere, they can also live anywhere, and they are moving to different markets for all kinds of reasons, from affordability to climate to ease of everyday life.  –

According to a new report by Zillow, these are the hottest markets for 2021:

• Austin, Texas
• Phoenix
• Nashville, Tennessee
• Tampa, Florida
• Denver

The vast majority, 84%, of economists and real estate experts surveyed by Zillow said they expect home value growth in Austin to outperform the national housing market.

Austin was also ranked hottest last year. The median price of a home sold in Austin in December was up close to 24% compared with December 2019. That is the largest gain among the 50 largest U.S. housing markets.-

“During the pandemic I think a lot of people spending a big portion of their paycheck on rent or mortgage in cities like New York and San Francisco started working from home and suddenly had options. Their dollar goes further in the South, the climate is better, and Austin has a lot to offer,” said Thomas Brown, a Zillow agent in Austin quoted in the survey.

As for the next-hottest housing markets, Phoenix came in second, with 69% of those surveyed saying it would outperform the national average, followed by Nashville, with 67%, Tampa, with 60%, and Denver, with 56%. 

“The pandemic has not upended the housing market so much as accelerated trends we saw coming into 2020,” said Zillow senior economist Jeff Tucker. “These Sun Belt destinations are migration magnets thanks to relatively affordable, family-sized homes, booming economies and sunny weather. Record-low mortgage rates and the increased demand for living space, coupled with a surge of millennials buying their first homes, will keep the pressure on home prices there for the foreseeable future.”

While these markets are expected to see the strongest value gains, other former hot spots have fallen far out of favor. 

The three markets most likely to underperform, according to Zillow’s survey, are:

• New York
• San Francisco
• Los Angeles

The panelists who participated in the survey do expect these markets to see some growth given the overall housing demand nationwide.

Home price gains nationally have been accelerating in the last several months. They are up over 8% in November, according to CoreLogic. That is the fastest pace in more than six years. Prices are being driven by high demand and short supply, and, more recently, by an improved economic outlook driven by progress on Covid vaccinations.

It is not all smooth sailing, however.

As prices rise, affordability weakens, and more and more potential buyers are sidelined. The nation’s homebuilders increased single-family housing starts by 12% month-to-month in December, according to the U.S. Census, but they are still far behind in keeping up with demand. They are also hampered by rising costs for land, labor and materials, which prevent them from putting up more affordable homes.

“The housing market has lost some momentum in early 2021,” said Danielle Hale, chief economist at realtor.com. “We continue to see strong demand from home shoppers, but with a shrinking number of homes, rising prices and homes selling quickly, the market continues to favor sellers.  

Zillow’s survey is conducted quarterly by Pulsenomics LLC. It asks for predictions about the overall housing market as well as home price expectations in the 20 largest markets, compared with national price growth.

1/22/2021 by Lennex Web- Link to Original Article

• Tampa Bay Times
• 13 Sep 2020
• BY NICK STUBBS Times Total Media Correspondent

It was always a just a matter of time before the State Road 54 corridor at the Suncoast Parkway crossing in west Pasco County would begin to boom. And boy did it.

Like almost any major road juncture, the stage was set in 2001, when the Suncoast Parkway opened, connecting Pasco to its southern neighbor Hillsborough County, providing an all-important north-south route for commuters between the two counties. Then the east-west S.R. 54 was expanded to six lanes, and suddenly people living and working in crowded Hillsborough and Pinellas counties had new options.

Pasco was not as congested; it had parks and preserves, good schools, low property taxes and home values that dollar for dollar beat anything comparable in Hillsborough and Pinellas. All that with easy commutes on the Parkway, and the rush began.

Things stalled during the housing crash of 2008, but it didn’t take long for the trend of moving to Pasco to resume.

Today, housing and commercial growth along S.R. 54 within 2 miles east and west of the Parkway is “just crazy,” said Scott Gray, an agent with Florida Executive Realty. He sells a lot of homes in the redhot region and sees no signs of interest slowing. In fact, sales have been so brisk, the available inventory of homes there is alarmingly low.

“Inventory is almost at an all-time low if not already,” he said. “There’s only about of month-and-a-half ’s supply.”

The issue is that COVID-19 isn’t discouraging buyers one bit, Gray notes, but it has sent some sellers to the benches to wait out the virus before they have people touring their homes, helping throw the current supply-demand equation out of balance. Just how out of balance? Gray listed a home along the S.R. 54 corridor an hour before he began a phone interview for this story. During the approximately 30-minute call, he scheduled three showings.

“It’s amazing how much interest there is,” Gray said. “We’re getting multiple offers; there are bidding wars going on.”

The reason is simple. The S.R. 54 corridor around the Expressway just keeps getting better, as retailers and restaurants flock there, single-family homes, townhomes and apartments go up at a break-neck pace. Still, prices remain comparatively low for buyers from parts of Tampa Bay and those coming from pricey northern markets, Gray explained.

He and his wife lived in Carrollwood in northwest Hillsborough until about three years ago. It was great, he said, as they had all the shopping, dining and entertainment options they could want. It also was a quick commute for his wife, who works in Pinellas. But as they began to feel a bit hemmed in and wanting a new home, they looked north and ended up building in Asturia, one of the premier newer communities just west of the Parkway. A bonus was that even though they were farther from Pinellas, the Parkway allowed Gray’s wife to cut 5 minutes off her commute. The only thing they missed was the big chain stores, small specialty shops, cafes and restaurants of Carrollwood.

“But it’s grown so much since we’ve been here,” said Gray. “There is so much more here now—just about everything is here, so you don’t have to go south for anything.”

And more are coming. Anyone monitoring the Pasco County government’s Project Pipeline tracking website will see scores of planned projects in the area surrounding Gray’s new home. Ground recently was broken for a new Hooters restaurant. A Smith’s grocery is coming, as is a Gene Simmons Rock and Brews Restaurant, along with smaller eateries like Fuzzy’s (taco) at 54. The dots on the project map also show many expansions to existing communities, including a boom of residential building in the new Preserve. Phase II of Asturia is underway. Builders continue to expand housing in the communities of Bexley, which has its own highly-rated elementary school, The Reserve at Long Lake Ranch, Starkey Ranch and others. Several office and professional centers are in the works, as are new service businesses and medical offices.

When it comes to homes, builders can’t keep up with the demand, said Gray. Single-family homes are red hot and buyers are lining up for them. This swath of West Pasco also has a lot of townhomes, and more are going up. A good many of them are in the Preserve, which sits along the west side of the Suncoast Parkway just north of S.R. 54.

Gray said that no matter the home type, and despite the hot market, the buys along the corridor are bargains compared to what’s available in Hillsborough and Pinellas. He estimates buyers save $50,000 to as much as $100,000 over comparable homes in the “heart of Hillsborough.” Pasco has a similar edge over many parts of Pinellas, he added. A bonus is that Pasco residents pay a good deal less in property taxes.

Adam Jonas, an agent with First Integrity Real Estate, says the popularity among buyers in this part of Pasco has spawned a dynamic, “very competitive” market.

“We’re getting multiple offers and closing within a week,” he said. “We’re getting five or six offers on everything and a lot of them are over the listing price.”

That pushes some first-time buyers out of the market, Jonas laments, but he’s hoping more sellers holding back due to COVID-19 will relent and put their homes on the market. But there’s another reason they hesitate.

“It’s a double-sided coin,” said Jonas, adding that once sellers become buyers for a replacement, they are at the mercy of low supply and climbing pricing themselves.

Jonas said all types are moving to the booming S.R. 54 corridor, but most seem to be working families with children. They’re finding affordability but also the outdoor recreation, schools and proximity to retailers in shopping centers like Northpointe Village, The Village at Mitchell Ranch and neighboring Mitchell Plaza, Trinity Village Center, Trinity Lakes Crossing, The Shoppes at Trinity Lakes, Ballantrae Village and Sunset Centre and others. For groceries there’s a Publix, Walmart, a GreenWise, Sprouts, Aldi, and Winn-Dixie.

“There’s all the shopping and restaurants, and more are coming,” said Jonas, adding a big plus for those moving to the area is they never have to travel far for things they need. Recreation, hiking, biking and horseback riding opportunities abound within a 5-squaremile area of the communities. The massive county-owned J.B. Starkey Wilderness Park spans the Parkway north of S.R. 54. No less than two dozen smaller parks and preserves, some of them dedicated to the communities within which they reside and others for the public at large, are in the area. Many include ball fields. The Suncoast Trail runs for miles north and south along the Expressway and is popular among bicyclists, joggers and walkers.

Prepared buyers win, Jonas and Gray agree. Buyers should have their ducks in a row and offers should include a lender’s pre-qualification letter. For properties priced “right,” it may take an offer a bit above asking price to get the nod.

A good budget for a single-family resale home in the area is around $300,000$400,000. A few new-home models fall into that range, as well. Current listings in Asturia are few, and range from $350,000 to just north of $500,000.

A large townhome, like a 3/3 with 1,582 square feet of living area in Asturia is listed now at $235,990. Jonas has a listing in the Concord Station community for 4/3/2 single-family home with 2,027 square feet for $275,000. It may be difficult to find single family homes at a much better price in the current market, he believes.

For those looking for something more upscale, a few executive homes are available. There’s a 5/5 with 4,319 square feet of living space near the Anclote River listed at $849,000. At the top of the market is a 4/5/6 country estate home with 4,655 square feet of living space on nearly 5 acres. It sits on skisized Lake Hiawatha and is priced at $2.2 million.

Link to Original Article by Tampa Bay Times

ORLANDO, Fla. – Aug. 8, 2018 – Second-quarter 2018 saw increased sales, higher median prices and more new listings for Florida’s housing market, according to the latest housing data released by Florida Realtors®. Many local markets continued to report a lack of for-sale inventory, which impacts sales and puts pressure on rising median prices. Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure.

“During the second quarter of 2018, Florida’s economy and jobs sector continued to grow,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “In June, the state’s unemployment rate was 3.8 percent while the U.S. unemployment rate was 4.0 percent. On another positive note, Florida’s 2Q 2018 homeownership rate was 65.1 percent.

“Despite tight inventory levels, it’s encouraging to see that new listings for single-family homes over the quarter rose 4.9 percent year-over-year, while new condo-townhouse listings rose 3.9 percent. If that trend continues, it will hopefully help ease buyer demand and slow the pace of rising prices.”

The statewide median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017. The closed sales data reflected fewer short sales – and rising traditional sales – over the three-month period: Short sales for condo-townhouse properties declined 41.4 percent while short sales for single-family homes dropped 45.2 percent. Meanwhile, traditional sales for condo-townhouse units rose 6.8 percent and traditional sales for single-family homes increased 4.3 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Through the second quarter, low inventory levels kept the number of single-family sales just barely ahead of last year’s pace, whereas a greater selection of condos and townhouses on the market allowed for a nearly 5 percent increase in sales versus last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Competition for existing homes remains fierce, with over half of successful single-family home sellers in the second quarter getting above 96 percent of their initial listing prices.”

He added that the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) dropped during the three-month-period.

“Half of the single-family homes that sold in the second quarter were only on the market for 35 days or less, compared to 39 days or less in the same quarter last year,” O’Connor said. “Among condo and townhouse sales, there was a similar-sized drop in this regard, from 50 to 44 days.”

Inventory was at a 3.9-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter 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.

Original Article

NEW YORK – May 22, 2018 – On May 21, the personal-finance website WalletHub released its report on 2018’s Best & Worst States for Military Retirees, which ranked Florida as the best state in the U.S. for retired veterans.

WalletHub compared the 50 states and the District of Columbia across 27 key indicators of retirement-friendliness toward veterans. The data set ranges from job opportunities for veterans to housing affordability to quality of Veterans Administration (VA) hospitals.

Besides finishing first overall, Florida ranked 11th in veterans per capita, sixth in number of VA health facilities per number of veterans, 12th in veteran job opportunities, sixth in number of VA benefits-administration facilities per number of veterans, and ninth in tax-friendliness.

Source: Florida Trend (05/21/18)

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

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Choosing the ideal place to live can be hard. Most of the time, it seems like you have to pick an area that offers a low cost of living or an expensive one that’s home to high-paying jobs.

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Be careful: You and your buyer may be under surveillance when touring a property. Some sellers are using surveillance cameras inside their home to record the sight and sound as prospective buyers walk through.

The increase in these home recordings—many from security systems that owners already have installed—are raising some concerns surrounding privacy in real estate transactions, MarketWatch reports.

Jill Comfort, a real estate pro in Phoenix, told MarketWatch she recalls recently walking through a home with her client and spotting several surveillance cameras that appeared to be “following us” and that made her and her client feel “awkward.”

“I can understand where some sellers are leery of strangers walking through their house, but that’s what happens when you put your house on the market,” Comfort says.

Andie DeFelice, a broker with Savannah-based Exclusive Buyer’s Realty Inc. and the president of the National Association of Exclusive Buyer Agents, said she was unaware she and her client had been watched by the seller last fall when they toured. That is, until after the deal settled and the client was meeting a neighbor who informed him, “I just want you to know the guy who sold the house knew he had a buyer the minute you walked through.” The neighbor was able to repeat the conversation between the client and broker when they had first toured the property.

“It’s one of those things where it is the person’s home, they have the right to do whatever—but you feel a little violated,” DeFelice says.

Sellers may be “desperate” for feedback and turn to recorders to get it, says Ilyce Glink, author of 100 Questions Every First-Time Home Buyer Should Ask.

Brokers may want to hang a sign in the home or include a note on the listing form to alert other real estate professionals that there is a surveillance device on the property. Watch a video from the National Association of REALTORS® to learn more on video and audio surveillance issues in real estate.

DAILY REAL ESTATE NEWS | FRIDAY, MARCH 16, 2018
Source: “Home Sellers Now Use Spycams to Gather Intel on Prospective Buyers During Open Houses,” MarketWatch (March 15, 2018)

 

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Once upon a time, people lived where they grew up or moved specifically for work opportunities. The city choose them rather than the other way around. These days, Millennials curate their moving options as if they are selecting the perfect avocado, weighing the pros and cons of each potential city before settling on a decision. Three in four U.S. Millennials say they are willing to consider moving to a new city, with 19% planning to do so within a year, and 44% within the next five years, according to “Millennial Matter” research.

Increasingly Tampa, Florida is coming out on top, ranking at the number-one city people moved to in 2016, according to Realtor.com. It also ranks as the hottest city for start-ups, according to Fortune, the most pet-friendly, claims RewardExpert and the best overall city in the Southeast, says Money magazine.

Although Florida as a whole has been changing and getting younger in recent years, a confluence of activity, along with a visionary mayor, accessible airport and diverse population, is transforming Tampa into the hippest city in America.

It turns out that Millennials cite less traffic and low crime rate as two major factors that influence their selection of a new city. To that end, Tampa has the lowest violent crime rate compared to other major cities, particularly Dallas and Atlanta.

Millennials seek communities with water and beaches, warm weather, parks, nightlife, lots of activities and events, and culture. They want thriving breweries and a vibrant music scene. Affordability is another key benefit tipping the scales towards Tampa.

Tampa also benefits from both informal and formal mentorship programs from a core group slightly older peers, like Cigar City Brewing, as well as those that are paying it forward like chefs Greg Baker and Ferrell Alvarez who, in turn, are collaborating with other young people.

Either online or offline, Tampa is the city of romance. The area has a plentiful supply of prospective dates. Nearly three quarters (73%) of Millennials are single/never married. In fact, only 21% of Millennials in the entire Tampa metro area are married, compared to 41% in Dallas, 38% in Nashville, 36% in Charlotte, and 30% in Atlanta.