Realogy and Amazon Announce Co-Marketing Agreement

TurnKey, an “Amazon Move-In Benefit,” provides $1,000 to $5,000 of complimentary Amazon home services and fully-installed smart home products courtesy of Realogy.

MADISON, N.J. – Realogy Holdings Corp. announced a collaboration with Amazon to launch TurnKey, a new homebuying program. The program is currently available in 15 U.S. markets, including Orlando and Tampa.

It’s also offered in San Francisco, Chicago, Dallas/Fort Worth, Seattle, Phoenix, Houston, Atlanta, Denver, Minneapolis/St. Paul, Charlotte, Sacramento and Washington, D.C. Expansion is likely but not announced.

“The Amazon move-in benefit will enable homebuyers to adapt the offering to their needs – from help assembling furniture, to assisting with smart home device set up, to a deep clean and more,” says Pat Bigatel, director, Amazon home services.

Amazon calls TurnKey an “easier and more rewarding homebuying experience” that offers Amazon customers the following benefits:

• Real estate agent recommendations: It says that homebuyers will be connected to an agent “according to the homebuyer’s profile,” and that the recommended agent will be “affiliated with one of Realogy’s trusted residential real estate brands … based on their exceptional customer service record and local market expertise.”

• Free Amazon move-in benefit:After closing, Amazon will connect TurnKey buyers with services and experts in their area to perform upgrades, with the value of the upgrade based on the purchase price of the home. At the base level of homes valued from $150,000 to $399,000, buyers get a $450 credit toward moving expenses and three Amazon-brand smart-home products. Homes worth $400,000 to $699,000 get a package worth $2,500 ($1,000 for moving expenses and six various Amazon smart-home products). Homes valued over $700,000 get a $5,000 package ($1,500 toward moving expenses and 26 various smart-home products).

© 2019 Florida Realtors®

What Are You Willing to Do to Own a Home?

Survey: Almost half of Americans saving to buy or renovate a home took a side job; slightly more than a third have done other things, such as selling stuff online.

SAN FRANCISCO – According to a Wells Fargo survey, Americans are willing to do what it takes to make their homeownership goals a reality – such as taking on a side job, cutting expenses or considering a less-expensive location.

The Wells Fargo 2019 “How America Views Homeownership” survey was conducted by The Harris Poll April 17–29, 2019, among 1,004 U.S. adults 21 and older. Key findings include:

• Nearly half of Americans who are saving to buy or renovate a home (49%) have done work outside their primary job to supplement their income to pay for it, such as selling items online (37%), starting a small side business (21%), driving for a rideshare company (18%) and dog sitting/walking (16%).

• Nearly eight in 10 non-homeowners (78%) say they would be willing to accept their second choice of a city or town in order to afford their own home.

• Nearly three quarters of non-homeowners (74%) say they would be willing to buy a smaller home with fewer amenities.

• Over seven in 10 Americans (72%) say they would give up something to save for a down payment, including dining out (44%), going to events (43%) and vacations (38%).

• Millennials who don’t own homes are even more willing to make trade-offs, such as considering a second choice of city (85%), and millennials as a whole say they are more willing to take steps – such as side jobs (70%) or cutting expenses (83%) – in order to save.

Homeownership is still the goal

Even in the wake of the Great Recession and current affordability concerns, Americans see homeownership as a clear metaphor for adulthood and achieving the American Dream. For most Americans (70%), owning a home is seen as a sign that someone is a “successful adult,” on par with having a career (73%). In fact, homeownership is much more widely equated with being a successful adult (more than twice as much) than having children (34%) or getting married (32%).

Nearly nine in 10 adults (89%) say the benefits of homeownership outweigh any drawbacks. Although most current homeowners (69%) had to make hard sacrifices to afford their home, nearly all say buying their home was worth all the sacrifice to save for it (90%). If they had to do it over again, they say they still would choose to buy their home rather than rent (93%). In fact, nearly all homeowners (95%) say that, in the long run, owning a home provides more “bang for your buck” than renting.

Millennials share this commitment: 95% of millennial homeowners say it was worth the sacrifice, and 86% of millennials as a whole say the benefits of homeownership outweigh the drawbacks.

Downpayment is the big thing

The No. 1 hurdle to buying for Americans is saving for the downpayment. More than one in four (27%) say it’s the biggest barrier, and it’s even more pronounced for millennials at 38%.

Americans also have misperceptions about what it takes to increase their opportunity to get financing for a home, citing “perfect” credit (71%), being debt-free (65%), “having a lot of money in the bank” (59%) and having no student debt (38%). In fact, 31% of homeowners say they never thought they would be able to purchase their own home, and that number was even higher (54%) for millennial homeowners.

© 2019 Florida Realtors®

Mortgage Rates Head Up Again – 30-Year At 3.81%

By Florida Realtors

Freddie Mac economist: Continued improvement in consumer spending and optimism over an expected Fed cut of short-term interest rates helped spark the increase.  

MCLEAN, Va. – After three weeks of holding fairly steady, average mortgage rates ticked up this week, according to Freddie Mac’s weekly report.

“Mortgage rates moved higher after remaining at around the same level for about three weeks,” says Sam Khater, Freddie Mac’s chief economist. “The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment.”

Even though rates moved slightly higher, “homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes,” Khater adds. “The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year.”  

Weekly mortgage rate changes

• The 30-year fixed-rate mortgage (FRM) averaged 3.81% with an average 0.6 point, up from last week when it averaged 3.75 percent. A year ago, the 30-year FRM averaged 4.52 percent. 

• The 15-year FRM averaged 3.23% with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago, the 15-year FRM averaged 4.0%. 

• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.48% with an average 0.4 point, up from last week when it averaged 3.46 percent. A year ago, the 5-year ARM averaged 3.87%.

© 2019 Florida Realtors®

Builder Confidence Up a Bit in July

NAHB’s index rose one point to 65. It’s been in the low- to mid-60s for six months – and any number higher than 50 is considered optimistic.

WASHINGTON – Builder confidence in the market for newly-built single-family homes rose one point to 65 in July, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). It’s the sixth consecutive month that sentiment levels have hovered in the low- to mid-60s.

“Builders report solid demand for single-family homes,” says NAHB Chairman Greg Ugalde. “However, they continue to grapple with labor shortages, a dearth of buildable lots and rising construction costs that are making it increasingly challenging to build homes at affordable price points relative to buyer incomes.”

“Even as builders try to rein in costs, home prices continue to outpace incomes,” adds NAHB Chief Economist Robert Dietz. “The current low mortgage interest rate environment should be getting more buyers off the sidelines, but they remain hesitant due to affordability concerns. Still, attractive rates should help spur new home purchases in large metro suburban markets, where approximately one-third of new construction takes place.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All the HMI indices inched higher in July:

• The index measuring current sales conditions rose one point to 72

• The component gauging expectations in the next six months moved a single point higher to 71

• The metric charting buyer traffic increased one point to 48

Looking at the three-month moving averages for regional HMI scores, the South moved one point higher to 68 and the West was up one point to 72. The Northeast remained unchanged at 60 while the Midwest fell a single point to 56.

© 2019 Florida Realtors®

30-Year Mortgage Rate Unchanged this Week at 3.75%

30-year FRM still at nearly 3-year lows; a year ago, it was 4.53%. Freddie Mac Chief Economist Khater says recent stabilization reflects Fed’s “accommodative tone.”

MCLEAN, Va. – After declining for most of the year, this week’s mortgage report from Freddie Mac found that mortgage rates remained mostly unchanged this week.

“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” says Sam Khater, Freddie Mac’s chief economist.

“The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data,” Khater says. “On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months.”

Rates for the week of July 11

• 30-year fixed-rate mortgages (FRM) averaged 3.75% with an average 0.5 point for the week – unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.53%. 

• 15-year FRM averaged 3.22% with an average 0.5 point, up from last week when it averaged 3.18%. A year ago at this time, the 15-year FRM averaged 4.02%. 

• 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 3.46% with an average 0.4 point, up from last week when it averaged 3.45%. A year ago, the 5-year ARM averaged 3.86%.

© 2019 Florida Realtors®

48% of Homeowners Plan to Remodel Within 2 Years

Of those who plan to remodel, 1 in 4 hope to finance it via a home equity line of credit, but most say they’ll dip into savings (48%) or checking accounts (34%).

CHERRY HILL, N.J. – Nearly half of homeowners (48%) plan to renovate their homes in the next two years, and a third of those homeowners expect to spend more than $50,000 on their renovations, according to recent research from TD Bank.

The national survey of more than 1,800 homeowners examines trends in home equity usage and home renovations. According to findings, many homeowners are dipping into their savings (48%) and checking accounts (34%) to fund renovations, many are establishing substantial budgets and seeking financing options. A quarter (25%) say they will borrow through a home equity line of credit (HELOC), and a similar portion will utilize a personal credit card (24%) or a personal loan (18%).

“While there are many viable options for funding a renovation, a home equity line of credit is one of the most affordable ways to borrow,” says Jon Giles, head of Home Equity Lending at TD Bank. “During a HELOC’s 10-year draw period, it functions much like a credit card, whereby you can draw funds when you need them. But while credit cards typically carry interest rates around 17 percent, a well-positioned borrower seeking a HELOC can secure rates close to the Federal Reserve’s prime rate, which is currently around 5.5%.”

The survey uncovered several gaps in understanding home equity:

• Nearly a quarter (23%) of homeowners said they could not define a HELOC.

• Almost a third (32%) of homeowners did not know the current equity in their home.

• One in six (16%) homeowners did not understand the impact of fixed versus variable rates on monthly payments.

DIY or buy? A generational divide

While the desire to renovate spanned all audience segments, key generational differences were observed in respondents’ priorities and strategies for renovating.

More than half (54%) of baby boomers – those over age 55 – said appearance/quality of the final product was their top renovation priority, while 18-34 year-olds were more likely to prioritize cost first (43%). And while 27% of the youngest respondents said that renovation speed was their first priority, it was 0% for boomers.

When it comes to tackling the renovations, 64% of respondents in the 18 to 34 age group said they would do some or all of the work themselves, indicating they are likely looking to save on labor costs. Meanwhile, 60% of boomers said they would hire professionals to carry out all of the work.

Across the board, homeowners said they are planning to renovate their bathroom (26%) and their kitchen (25%) more than any other area of their home. Nearly half (48%) said improving the quality of their outdoor space was a top reason to renovate.

© 2019 Florida Realtors®

April’s Delinquency Rate Hits Lowest Point in 20 Years

CoreLogic: 3.6% of the nation’s mortgages were in some stage of delinquency – a 0.7 percentage point decline from a year earlier when it was 4.3%.

IRVINE, Calif. – CoreLogic’s monthly Loan Performance Insights Report for April found that 3.6% of the nation’s mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019 – a 0.7 percentage point decline in the overall delinquency rate compared with April 2018, when it was 4.3%.

It’s the lowest delinquency rate for any month in more than 20 years.

The foreclosure inventory rate measures only the share of homes in the foreclosure process and doesn’t include those that are late on a mortgage payment but not yet in foreclosure. This share of mortgages was 0.4%, down 0.1 percentage points from April 2018. The April 2019 foreclosure inventory rate tied the prior five months as the lowest for any month since at least January 1999.

Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.

The rate for early-stage delinquencies (30 to 59 days past due) was 1.7% in April 2019, down from 1.8% in April 2018. The share of mortgages 60 to 89 days past due in April 2019 was 0.6%, unchanged from April 2018.

The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in April 2019, down from 1.9% in April 2018. April’s serious delinquency rate of 1.3% was the lowest for any month since August 2005 when it was also 1.3%.

The nation’s overall delinquency rate has fallen on a year-over-year basis for the past 16 consecutive months. In April, Nebraska’s overall delinquency rate was unchanged from a year earlier and all other states posted at least a small annual decline.

“Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years,” says Dr. Frank Nothaft, chief economist at CoreLogic. “However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California metro area this April was 21% higher than one year ago.”

In April 2019, 10 metropolitan areas logged an increase in the serious delinquency rate. The highest gains continue to plague the hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California where the Camp Fire devastated communities in 2018.

“The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country,” says Frank Martell, president and CEO of CoreLogic. “Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane.”

© 2019 Florida Realtors®

June 2019 Palm Coast - Flagler Beach Waterfront Sales Report

Hello and thank you for checking out this months Waterfront Sales Report for Flagler County. Below are waterfront property sales along with the addresses & selling prices of each property sold in June 2019.

If you’re looking to buy or sell a waterfront home feel free to browse the website and register yourself for free market updates. You can also give me a call or text directly at 386-793-1426.

June 2019 Palm Coast - Flagler Beach Saltwater Canal Home Sales Report

TL = Tip Lot P = Pool GC = Gated Community SC = Sailboat Country

• There were a total of 16 houses that sold on the saltwater canal in June.

• The top sale of the month was 20 Old Oak Drive South in the gated community of Sanctuary in Palm Coast at $765,000.

• The deal of the month was 28 Clearview Court in the Palm Harbor neighborhood of Palm Coast at $250,000.

• The average sales price for Flagler County saltwater canal homes in June, 2019 was $435,697 with an average of 117 days on market.

Sanctuary

20 Old Oak Dr S Palm Coast, FL 32137 - $765,000 (P, GC, SC)

Flagler Beach

2534 Lakeshore Dr Flagler Beach, FL 32136 - $755,000 (P)

3454 N Ocean Shore Blvd Flagler Beach, FL 32136 - $610,000

Average Flagler Beach Saltwater Canal Sales Price: $682,500

Average Flagler Beach Saltwater Canal Days on Market: 55

Yacht Harbor Village

299 Yacht Harbor Dr Palm Coast, FL 32137 - $600,000

Palm Harbor

7 Cayuse Ct Palm Coast, FL 32137 - $485,000 (TL, P, SC)

22 Cedarview Court Palm Coast, FL 32137 - $480,150 (P, SC)

28 Clearview Ct N Palm Coast, FL 2137 - $429,000 (TL, P)

13 Clermont Court Palm Coast, FL 32137 - $425,000 (P)

42 Cherokee Ct W Palm Coast, FL 32137 - $412,000 (TL, SC)

7 Clee Court Palm Coast, FL 32137 - $325,000 (P)

11 Floral Court Palm Coast, FL 32137 - $320,000

4 Crampton Court Palm Coast, FL 32137 - $320,000 (P)

7 Claridge Ct S Palm Coast, FL 32137 - $275,000

31 Collingdale Court Palm Coast, FL 32137 - $265,000 (SC)

5 Cloverdale Ct S Palm Coast, FL 3213728 - $255,000

28 Clearview Ct S Palm Coast, FL 32137 - $250,000 (P)

Average Palm Harbor Saltwater Canal Sales Price: $353,429

Average Palm Harbor Saltwater Canal Days on Market: 117

June 2019 Palm Coast - Flagler Beach Saltwater Canal Lot Sales Report

• There were a total of 4 lots that sold on the saltwater canal in June.

• The top sale of the month was 163 Lehigh Ave Flagler Beach, FL 32136 at $192,000.

• The deal of the month was 9 Cold Spring Court Palm Coast, FL 32137 at $80,000.

• The average sales price for a saltwater canal lot in June 2019 was $135,500 with an average of 225 days on market.

Below is a summary of each neighborhoods saltwater canal lot sales for June 2019.

Flagler Beach

163 Lehigh Ave Flagler Beach, FL 32136 - $192,000

3532 N Ocean Shore Blvd Palm Coast, FL 32137 - $180,000

Average Saltwater Canal Lot in Flagler Beach Sales Price: $186,000

Average Saltwater Canal Lot in Flagler Beach Days on Market: 221

Palm Harbor

14 Clinton Ct N Palm Coast, FL 32137 - $90,000

9 Cold Spring Court Palm Coast, FL 32137 - $80,000

Average Saltwater Canal Lot in Palm Harbor Sales Price: $85,000

Average Saltwater Canal Lot in Palm Harbor Days on Market: 229

June 2019 Palm Coast - Flagler Beach Saltwater Canal Condo Sales Report

(none for June 2019)

June 2019 Palm Coast - Flagler Beach Intracoastal Waterway Home Sales Report

• There were a total of 3 homes that sold on the Intracoastal Waterway in June.

• The top sale of the month was 3 Pavilion Ct Palm Coast, FL 32137 at $710,000.

• The deal of the month was 4212 N Ocean Shore Blvd Palm Coast, FL 32137 at $625,000.

• The average sales price for a ICW home in June 2019 was $670,667 with an average of 93 days on market.

Below is a summary of each neighborhoods Intracoastal Waterway sales for June 2019.

Tidelands

3 Pavilion Ct Palm Coast, FL 32137 - $710,000

Grand Haven

101 Front Street Palm Coast, FL 32137 - $677,000

A1A North - Palm Coast

4212 N Ocean Shore Blvd Palm Coast, FL 32137 - $625,000

Average ICW Home Sales Price: $670,667

Average ICW Home Days on Market: 93

June 2019 Palm Coast - Flagler Beach Intracoastal Waterway Lot Sales Report

• There were a total of 2 lots that sold on the Intracoastal Waterway in June.

• The top sale of the month was 163 Lehigh Ave Flagler Beach, FL 32136 at $192,000.

• The deal of the month was 101 Riverwalk Dr S Palm Coast, FL 32137 at $175,000.

• The average sales price for a ICW lot in June 2019 was $183,500 with an average of 186 days on market.

Below is a summary of each neighborhoods Intracoastal Waterway lot sales for June 2019.

Flagler Beach

163 Lehigh Ave Flagler Beach, FL 32136 - $192,000

Palm Coast Plantation

101 Riverwalk Dr S Palm Coast, FL 32137 - $175,000

Average ICW Lot Sales Price: $183,500

Average ICW Lot Days on Market: 186

June 2019 Palm Coast - Flagler Beach Intracoastal Waterway Condo Sales Report

• There were a total of 3 condos that sold on the Intracoastal Waterway in June.

• The top sale of the month was 500 Canopy Walk Lane Palm Coast, FL 32137 Unit #521 at $325,000.

• The deal of the month was 63 Ocean Palm Villas S Flagler Beach, FL 32136 at $157,900.

• The average sales price for a ICW condo in June 2019 was $229,300 with an average of 74 days on market.

Below is a summary of each neighborhoods Intracoastal Waterway condo sales for June 2019.

Canopy Walk

500 Canopy Walk Lane Palm Coast, FL 32137 Unit #521 - $325,000

Tidelands

45 S Riverview Bend Palm Coast, FL 32137 Unit #1917 - $205,000

Ocean Palm Villas

63 Ocean Palm Villas S Flagler Beach, FL 32136 - $157,900

Average ICW Condo Sales Price: $229,300

Average ICW Condo Days on Market: 74

Thank you for checking out this months Waterfront Sales Report in Flagler County.  All information is believed to be true and accurate, but not guaranteed.  The source for the information above is from the Flagler County MLS.  This is not intended to be an estimate of any ones home value.  To find your homes value in this market, give me a call and we will schedule a free valuation on your property give me a call or text at 386-793-1426.

Gov. DeSantis signs property rights bill

The new law, effective July 1, requires property appraisers to publish new info on their websites and includes additional property rights for homeowners.

TALLAHASSEE, Fla. – Florida Governor Ron DeSantis signed HB 1159 into law yesterday, a property rights bill that includes new measures to protect and promote the rights of the state’s private property owners.

Among other things, HB 1159 requires county property appraisers to publish a list of constitutionally protected property rights on their websites.

The bill also allows property owners to trim or remove trees on their property without consequence, as long as they have a letter from a certified arborist or landscape architect stating the tree is a danger.

The measures included in the bill become effective on July 1, 2019.

© 2019 Florida Realtors®

May Pending Home Sales Bounce Back, Up 1.1%

The number of homes under contract rose everywhere except the Northeast. NAR economist says confidence is up, and he expects pending-sales growth to continue.

WASHINGTON – U.S. pending home sales increased in May, a positive variation from a minor sales dip the previous month, according to the National Association of Realtors® (NAR). Three of major U.S. regions saw growth in contract activity, with the West experiencing a slight sales decline.

NAR’s Pending Home Sales Index (PHSI) – a forward-looking indicator based on contract signings – climbed 1.1% to 105.4 in May, up from 104.3 in April. Year-over-year contract signings declined 0.7%, marking the 17th straight month of annual decreases.

Lawrence Yun, NAR chief economist, said lower-than-usual mortgage rates led to the increase in pending sales for May. “Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

Yun said consumer confidence about home buying has risen, and he expects more activity in the coming months.

“The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points,” he says. “Job creation and a rise in inventory will nonetheless drive more buyers to enter the market.”

While contract signings and mortgage applications have increased, Yun says there’s still a great need for more inventory, noting, “Home builders have not ramped up construction to the extent that is needed. Homes are selling swiftly, and more construction will help keep home prices manageable and thereby allow more middle-class families to attain ownership opportunities.”

May regional breakdown
The PHSI in the Northeast rose 3.5% to 92.0 in May and is now 0.5% below a year ago. In the Midwest, the index grew 3.6% to 100.3 in May, 1.2% lower than May 2018.

Pending home sales in the South inched up 0.1% to an index of 124.1 in May, which is 0.7% higher than last May. The index in the West dropped 1.8% in May to 91.8 and decreased 3.1% below a year ago.

© 2019 Florida Realtors®