National Real Estate Update July 2018

Existing-Home Sales Slip 0.7 Percent in July 2018

WASHINGTON (August 22, 2018) — Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors®. The West was the only major region with an increase in sales last month.

Total existing-home sales1https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”

July Housing Snapshot

See and share the July 2018 Existing-Home Sales Snapshot

The median existing-home price2 for all housing types in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains.

Total housing inventory3 at the end of July decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.

“Listings continue to go under contract in under month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties,” said Yun. “Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

“In addition to the steady climb in home prices over the past year, it’s evident that the quick run-up in mortgage rates earlier this spring has had somewhat of a cooling effect on home sales,” said Yun. “This weakening in affordability has put the most pressure on would-be first-time buyers in recent months, who continue to represent only around a third of sales despite a very healthy economy and labor market.”

First-time buyers were 32 percent of sales in July, which is up from 31 percent last month but down from 33 percent year ago. NAR’s 2017 Profile of Home Buyers and Sellers – released in late 2017– revealed that the annual share of first-time buyers was 34 percent.

“Despite first-time buyers struggling to achieve homeownership, Realtors® in most areas say demand is still the strongest at the entry-level segment of the market,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “For prospective first-timers looking to begin their home search this fall, it is expected that competition will remain swift. That is why it’s important to be fully prepared with a pre-approval from a lender, and to begin conversations with a Realtor® early about what you’re looking for and where.”

All-cash sales were 20 percent of transactions in July, down from 22 percent in June but up from 19 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in July (unchanged from last month and a year ago).

Distressed sales5 – foreclosures and short sales – were 3 percent of sales in July (lowest since NAR began tracking in October 2008), unchanged from last month and down from 5 percent a year ago. Two percent of July sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales

Single-family home sales declined 0.2 percent to a seasonally adjusted annual rate of 4.75 million in July from 4.76 million in June, and are 1.2 percent below the 4.81 million sales pace a year ago. The median existing single-family home price was $272,300 in July, up 4.6 percent from July 2017.

Existing condominium and co-op sales fell 4.8 percent to a seasonally adjusted annual rate of 590,000 units in July and are 3.3 percent below a year ago. The median existing condo price was $248,100 in July, which is 3.2 percent above a year ago.

Regional Breakdown

July existing-home sales in the Northeast dropped 8.3 percent to an annual rate of 660,000, and are 1.5 percent below a year ago. The median price in the Northeast was $309,700, which is up 6.8 percent from July 2017.

In the Midwest, existing-home sales declined 1.6 percent to an annual rate of 1.25 million in July, and are 0.8 percent below a year ago. The median price in the Midwest was $210,500, up 2.5 percent from a year ago.

Existing-home sales in the South decreased 0.4 percent to an annual rate of 2.24 million in July, and are 0.4 percent lower than a year ago. The median price in the South was $233,400, up 2.7 percent from a year ago.

Existing-home sales in the West rose 4.4 percent to an annual rate of 1.19 million in July, but are still 4.0 percent below a year ago. The median price in the West was $392,700, up 5.1 percent from July 2017. The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

###

NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

NOTE: NAR’s Pending Home Sales Index for July is scheduled for release on August 29, and Existing-Home Sales for August will be released September 20; release times are 10:00 a.m. ET.

Source: https://www.nar.realtor/newsroom/

Real Estate Taxes in Florida

Real Estate Taxes in Florida for Landlords

Real Estate Taxes in the State of Florida

If you own a rental property in the Sunshine State, which Real Estate Taxes in Florida you need to pay? The following bullet list will guide our landlords through their possible tax obligations.

  • Income tax: Renting property results in obvious income to the homeowner. All property owners who receive income from rent must file a US Income tax return for the year. The tax year runs for full calendar years and filing takes place on or before June 15 each year.
  • Tangible Personal Property Tax: This tax will assess the value of the furniture, fixtures, and equipment located in businesses and rental property. Tax returns reporting the value of these assets must be filed to the Property Appraisers’ office by April 1st.
  • Property or Real Estate Tax: Property or Real Estate Tax is payable annually. The Property Appraiser’s Office establishes the assessed value of a property and prepares the tax roll. Tax statements are normally mailed out on or before November 1st each year.
  • Sales & Use Tax and Tourist Development Tax: If you rent your property for periods of less than six months, you’re required to collect and pay Sales & Use Tax and Tourist Development Tax on rental income received. Your management company or booking agent may collect and report all Sales and Use Tax and Tourist Development Tax on the rentals that they handle.
  • Local Business Tax: This tax is required by homeowners who rent their US property, renewed annually to the tax collector’s office in the county where the rental property is located.
  • Capital Gains Tax: This tax is payable on the net gain from the sale of a property owned for more than one year. The gain is the sale price minus the purchase price and all related costs incurred in the purchase and sale of the property.
  • FIRPTA Withholding Tax: In the US, the Foreign Investment in Real Property Tax Act requires that a nonresident alien who sells an interest in US real property be subject to tax withholdings of 15% of the gross sales price. Foreign sellers may obtain a Withholding Certificate from the IRS to avoid withholding.

We hope this summary helps our buyers and sellers to understand what their real estate taxes in Florida are. Century 21 World Properties strongly recommends the use of capable accounting service to cope with these legal matters. We recommend HBI and we have done so for years with great results. To read more about this company and find additional information about the taxes listed above, please click here.

South Lake Hospital

South Lake Hospital Coming Soon to Four Corners

SOUTH LAKE HOSPITAL IN FOUR CORNERS — The area where Lake, Orange, Osceola and Polk meet has a booming population, myriad subdivisions and apartment complexes, along with commercial developments, including shopping centers and restaurants.

But the nearest emergency rooms are a time-consuming 10- to 15-mile ride north or south for residents on heavily traveled U.S. Highway 27.

Come next year though, that will change.

South Lake Hospital earlier this month broke ground on a new $13 million freestanding emergency department at 550 U.S. Highway 27, just north of U.S. Highway 192, where the four counties rub shoulders.

“There’s been lots of residential and commercial development, but no real movement in health care in the Four Corners area,” hospital president John Moore said. “It’ll mean residents will no longer have to drive across [U.S.] 192, or to South Lake [Hospital] 15 miles away or to Heart of Florida [Hospital] 16 miles south to get medical care.”

Construction on the facility should be complete by August 2018, giving residents quicker access to health care, especially emergency services, when minutes or even seconds can mean the difference between survival and death for patients.

“Time is critical when someone is injured or needs our help,” Moore said. “This will be a hospital-level emergency department with board-certified physicians.”

The two-story, 40,000-square-foot facility will be staffed by board-certified physicians from South Lake Hospital — part of the Orlando Health system — and will be named the Joe H. and Loretta Scott Health Pavilion.

South Lake Hospital is a new neighbor for Century 21 World Properties. We are excited as we see our area growing. Visit the Orlando Sentinel website to read the full article. Copy and Paste: http://www.orlandosentinel.com/news/lake/os-lk-south-lake-hospital-emergency-room-four-cormers-20170601-story.html

 

Moved by Moving a Friend – Century 21 Commercial

Move With Less Stress

Moving can be stressful - especially with kids. Fortunately, Century 21's knowledgeable agents can make the move a whole lot easier.

TIPS FOR MOVING

Selling your home and moving to a new one has unique challenges. This collection of tips will help get you off on the right foot.

Tips for Your Move

Whether you have moved once or a dozen times, it never seems to get any easier. Here are some hints that we hope you will find helpful as you prepare for moving day.
  • Make agreements with buyers about possession of the home and moving date.
  • Start planning early. From the moment you decide to put your home up for sale, start sorting through your current possessions. Toss (or give away, sell at a yard sale or online) anything that you don't want to take with you.
  • Make a list of important items you will need to buy for your new house, such as drapes, blinds, shower curtains, etc. Having these things with you on the day you move helps you settle in more comfortably.
Start packing early. Anything that you are sure you will not be using before moving day should get boxed. TIP: Organize like items together and mark every box and carton. This makes it easier if you find you need an item before you move, and much simpler after you move. Unpacking tends to be a gradual process--this simple step will help you find the items you need when you need them. Author of this copy is Century 21 (century21.com)
Don't Settle For Less

Don’t Settle Commercial

Century 21 - Don't Settle

70% of homebuyers settle for the first agent they meet. Don’t settle for average. Only Relentless Moves.  

About Century 21 World Properties

Making an offer to purchase a home has its own set of factors. Rely on a CENTURY 21® Agent’s experience and knowledge to make a successful home buying offer.
From listings to showings to negotiations, we're here for you. When it's time to sell your home, you will need the assistance of an experienced and knowledgeable real estate professional. List your property for sale with an iconic brand and franchisor with the most extensive global network in the residential real estate industry.
Buying or selling in the Disney Area of Orlando? Century 21 World Properties, in business since 1998, is your logical choice to work with a CENTURY 21® agent. We Serve the areas of Clermont, Davenport, Kissimmee and Winter Garden. Contact Us.
Bahama Breeze Kissimmee

Bahama Breeze Island Grille

Bahama Breeze Kissimmee, a good place to dine in Four Corners

Bahama Breeze Island Grille is a great place to dine in the Four Corners area.  One characteristic that separates Bahama Breeze from other restaurants is the products incorporated into the recipes offered by the restaurant company. Bahama Breeze Island Grille is a refreshing contrast to fast food facilities disguised as full-service restaurants. Bahama Breeze offers a wide range of menu items presented in the style of the Carribean Islands. Shellfish such as mussels, shrimp, scallops and oysters are creatively and deliciously incorporated into appetizers and entrees. There are plenty of steaks available on the menu. Also, chicken and pork dishes are also available ala Caribbean.

Salads include a wide variety of leafy lettuces, meats, exotic fruits and vegetables. There are many restaurants competing for the hospitality dollars spent in the vibrant tourism and residential market anchored by Walt Disney World and the other theme parks and attractions in Central Florida. Bahama Breeze Island Grille serves quality food products at moderate prices. If you haven’t dined at a Bahama Breeze restaurant you should.

Visit Bahama Breeze website. Also, do not hesitate to visit my Real Estate business, Century 21 World Properties in Clermont, FL. Take a look at our fully featured website for great Real Estate information you can trust and to search for properties like a pro. Perhaps we may end up having a business lunch at the Bahama Breeze Kissimmee restaurant, just a few miles away from the office.

 

 

Sent from my Verizon, Samsung Galaxy smartphone
Best and brightest awards

Best and Brightest Awards

Private sector businesses in Leon County, in conjunction with the Leon County School System, area private schools and the homeschool community, has a recognition program that is worth taking a look at. Students are nominated from their respective institutions based on academic achievement and community service initiative. From the nominees, one winner, one runner-up and one honorable mention student is selected. All nominees receive a $100 scholarship.

The honorable mention recipients receive a $250 scholarship. The runner-up recipients receive a $750 scholarship. The winner receives a $1,500 scholarship. The recognition of all nominees is often more valuable than the money. The class of 2018 recognized 158 students including a class of eighth graders who submitted essays addressing the importance of community service. The program was inspiring.

 

Sent from my Verizon, Samsung Galaxy smartphone

Back Yard Pools

One great use of a private back yard pool is community swimming lessons. It is great for the kids and also reminds parents of the things that all.parents care about. Water safety is very important for kids in Florida.

 

Sent from my Verizon, Samsung Galaxy smartphone

Serenity Townhomes

The Serenity Townhomes at Clermont FL

The Serenity Townhomes is on 40 acres of pristine Florida nature. As a result, Serenity offers residents an escape from the everyday.  Serenity is an eco-friendly vacation home community. The subdivision has 136 townhomes offering water views, conservation areas and more. Additionally, all lots share the Serenity ECO-CLUB™. 

Serenity is part of the Dream resort, an eco-friendly resort style community in a great word location. It is part of the vacation capital of the world. We are at Four Corners, a region of greater Orlando in Florida. Dream’s neighborhoods, Hidden Forest, Hidden Lakes, The Retreat, Serenity, Tranquility and Sunrise Point are on 145 acres of Florida’s natural beauty.

Distinctive features are evident in the design of these communities. Some of these include natural conservation areas, serene water views, mature landscaping, solar-powered streetlights alongside winding roads, and a solar-powered ECO-CLUB™ in each neighborhood. 

Zenodro ZEN-ECO HOMES have been designed to create the perfect balance between both a sunshine lifestyle and nature itself. Living and kitchen areas are open plan to offer a feeling of real space and comfort. Bedrooms and bathrooms carry a touch of high-end living in ambient surroundings. We have spared no expenses to bring the very best to our clients.

Why not take a closer look at our first class specifications and floor-plans? Gain a deeper understanding of how Zenodro has gone the extra mile to construct world-class vacation properties for the 21st century. Our company has created a new standard in home building. For additional information about Zenodro Homes, Contact Century 21 World Properties. Ask us for information or schedule a showing. 

Disclaimer: The information and materials of this article are taken from the Zenodro Builder provided information and reproduced here with their permission.

Privé, an Island Beyond Extraordinary

Privé Island Highlights

Privé Island, beyond extraordinary. As the sole address on South Florida’s Last Private Island, Privé at Island states puts you in the rare position of having it all, all the time and practically all to yourself.

It is easy to envision a life without limits when you live surrounded by unending vistas of open air, sea and sky.

Highlights of the Privé island lifestyle include:

  • Approximately 70,000-sq-ft of indoor social spaces
  • Several acres of outdoor amenities
  • Two-story gym/spa totaling 10,000 sq ft in each tower
  • Expansive pool deck with two oversized swimming pools
  • Private marina for yachts up to 150 ft in length

Comprised of two 16-story towers with 80 residences apiece on an eight-acre island, Privé features an astounding array of lifestyle amenities designed to complement perfectly the gracious residences on the floors above. From the broad strokes to the finest details, Privé delivers on the vision of a life without limits.

Every Privé residence incorporates signature
features such as:

  • Residences up to 9,536 sq ft
  • Ceiling heights of 10 ft (10-17 ft in Penthouses)
  • Spacious balconies, 10 ft deep and up to 120 ft in length
  • Private penthouse rooftop gardens with full-size pools
  • Private outdoor space up to 6,568 sq ft

Contact us for a sales kit and additional information. We are Century 21 World Properties. We Sell Houses. Buyer and Seller Representation for new construction. Get help to negotiate your apartment on the beautiful Privé Island.

Disclaimer: The materials and information reproduced in this article are a property of the Privé builder, provided to us by them and published on our Website with their permission.

Style Selector
Select the layout
Choose the theme
Preset colors
No Preset
Select the pattern
UA-69743271-3