Florida Realtors, the state’s largest professional trade association, officially kicked off its campaign to pass Amendment 2, which gives voters the chance to make a 10 percent cap on annual non-homestead property tax increases permanent. It will appear on the 2018 general election ballot.
Prior to the 10 percent cap, if the value of a business owner’s property increased significantly compared to the previous year, they could see their property tax bill skyrocket. Owners of investment homes also faced steep property tax hikes, which could be passed along to tenants in the form of higher rents.
“Amendment 2 really is good for everybody because if the non-homestead tax cap expires in 2019, every Floridian will be negatively impacted in some way,” says Florida Realtors President Maria Wells. “Whether it’s a business having to increase the cost of their goods and services or tenants having their rent go up a significant amount, communities across the state will suffer.”
Florida Realtors, along with its coalition partners, is planning a comprehensive, direct-to-voter campaign over the next 14 months. The campaign theme, “Everybody is for Amendment 2, because Amendment 2 is for Everybody” signifies the importance the measure holds for every citizen of the state.
“In the current age of partisanship, it’s often difficult to find an issue that people with different viewpoints can agree on, but with Amendment 2 we did just that,” says Carrie O’Rourke, vice president of public policy for Florida Realtors. “The Florida Senate passed it unanimously, and the House was right behind them with 97 percent voting in favor of the referendum. That level of bipartisanship speaks volumes for the widespread benefits Amendment 2 offers.”
The 10 percent cap on non-homestead properties was part of the Save Our Homes portability constitutional amendment voters approved in 2008. The 10 percent cap portion of the amendment sunsets on Jan. 1, 2019.
The kick-off includes the launch of the campaign’s website, www.EverybodyIsFor2.com which features a video outlining the benefits of the amendment.
Florida Realtors
Ocala Realtor Sherri Meadows Receives 2017 Women of Influence Award
HousingWire Names 2014 Florida Realtors® President to Distinguished Annual List
Ocala Realtor® Sherri Meadows handles many roles in her busy life, from wife and mother to successful businesswoman to community activist and volunteer. With a passion for real estate and her profession, the 2014 president of Florida Realtors has worked tirelessly to support her colleagues and the real estate industry through her local organization, the Ocala/Marion County Association of Realtors, the state association and the National Association of Realtors (NAR) as its 2017 Region 5 vice president to Alabama, Georgia, Florida, Mississippi, Puerto Rico and the U.S. Virgin Islands.
Now, Meadows can add “woman of influence” to her extensive list of achievements. In recognition of her dedication in leading the housing and mortgage industry forward, HousingWire has named Meadows to its 2017 Women of Influence List.
This marks the seventh year for the Women of Influence list, and HousingWire officials noted that the nominations grow more competitive every year. The 50 women chosen represent a variety of occupations within the housing economy, each demonstrating leadership that inspires those in their own companies, in their communities and in the industry at large.
“It’s a great honor to be standing alongside such accomplished, successful women who are making a difference in their communities and working for a better future in the housing and mortgage industries,” said Meadows, a broker associate with Keller Williams Cornerstone Realty in Gainesville, Ocala, and Summerfield, Florida. “I love what I do – being a Realtor isn’t a job, it’s who I am. Every day, I am privileged to help people realize their dreams of a place to call home, and I believe that everyone should be able to enjoy the security of having shelter and a home. Advocating for housing at all income levels in Florida and across the country continues to be a cause near and dear to my heart.”
Many of the 2017 winners mentor other women in the industry, manage internship programs for college students or work with business groups in disadvantaged areas. Others coordinate volunteer programs for their employees or serve on advisory boards that inform the industry. Investing time and effort to see others succeed is a hallmark of this group.
HousingWire Magazine Editor Sarah Wheeler said, “It’s exciting to see the talent represented in this year’s Women of Influence winners. These dynamic women represent every part of the mortgage ecosystem and their achievements are vital to the mission of expanding homeownership. HousingWire is thrilled to recognize and celebrate their accomplishments as they build better operations, solutions and companies.”
Winners were selected based on tangible accomplishments in the past 12 months. Not only did they have to excel within their companies, but they also had to show influence in the wider industry through contributions on panels, publications, mentoring and volunteering.
“As the mortgage industry continues to do the right thing – increase diversity in the workforce – the housing finance business will likewise keep moving from strength to strength,” said HousingWire Editor-in-Chief Jacob Gaffney. “The progress is undeniable; as the number of influential women in housing grows so does our recognition for the Influential Women of Housing. Our list is bigger and better than ever.”
Meadows supports numerous community organizations and charitable causes. However, as a dedicated advocate for private property rights and housing at all income levels, she has inspired action in states, territories and in Washington, D.C., speaking on behalf of Realtors, homeowners and for those experiencing homelessness throughout the nation. For example, when serving as 2016 NAR vice president, she testified before the House of Representatives Veterans Affairs Subcommittee on Economic Opportunity in Washington, D.C., and advocated for continued efforts to remove barriers to housing.
In July 2016, Meadows hosted a Housing for All symposium in Washington, D.C., that focused on housing opportunities, ideas and innovative thinking to combat homelessness.
And as president of Florida Realtors in 2014, she and the state association’s leaders traveled across Florida as part of an awareness campaign to make homelessness more visible and work with local community leaders to spotlight successful programs and possible solutions. Florida Realtors campaign was nationally recognized by Ragan Communications for Best Advocacy/Awareness Campaign and Best Community-Nonprofit Partnership.
Meadows continues to work on behalf of Realtors and her profession: She is the Florida Realtors-endorsed candidate for NAR 2019 first vice president.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors Advises Homeowners to Take Summer Holiday Safety Precautions
Have big plans for July 4th? You’re not alone. Many families across Florida and the nation will spend the Fourth of July holiday away from home, traveling to see relatives and a big fireworks show or maybe basking in the sunshine on the state’s beautiful beaches.
To fully enjoy those activities and other summertime pursuits spent away from home, Florida Realtors® suggests that homeowners take precautions to protect their residences when they’re not around. Crime rates across the country often start to peak as temperatures rise during the warm weather months – the same time that many families leave their homes unoccupied and unprotected.
“Buying a home is often the biggest investment that most people will ever make,” says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “While investing in a home is an opportunity to build financial security and increase household wealth, it’s so much more. Our homes are the places where we raise our families, make countless memories and house our dreams for the future. Taking steps to protect something so priceless only makes sense.”
Homeowners can take these simple precautions to make their homes less of a target for criminals:
No “Home Alone”: Before leaving your home during the day, make it look as if someone is still at home by using timers on lights in various rooms. Even though daylight hours are longer during the summer, it may still get dark faster than you expect or you may return home later than anticipated, and taking this step ensures that your home appears occupied at all times.
No Sharing on Social Media: Sharing your vacation plans on social media sites isn’t wise. That’s the same as announcing to the world you’ll be gone and the house will be empty – a perfect target for burglars or vandals. An answering machine message shouldn’t reveal your plans either.
No Open-Door Policy: Ensure that all doors leading to the home and garage are locked, even when leaving for short periods of time. The typical burglary takes less than five minutes and unlocked doors, combined with an empty home, put out the “welcome mat” for crime. Make sure windows are locked, too.
Someone to Watch Over Me: Be landscape smart. Shrubbery and other plants can grow very rapidly during the warm, wet summer months. Keep them trimmed so neighbors can easily see your home. Also, a burglar could see an unkempt yard as a sign of an empty home.
A Key Reminder: When leaving home, take your house keys along or leave a spare set with a trusted neighbor. Never leave a key under a welcome mat, in a mailbox or other hiding spots – most burglars know where to look.
Crime Doesn’t Take a Vacation: If you’re planning to be away from home for more than a day or two, ask a neighbor to park a car in your driveway and pick up your mail and newspapers – or arrange to cancel the paper and hold the mail. Disable your garage door opener and manually lock it from the inside, and don’t forget to check that the door leading from the garage to the home is locked, too.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors Commends Gov. Scott for Signing HB 7109
Bill Includes Reduction in Florida’s Business Rent Tax
Maria Wells, 2017 president of Florida Realtors® and broker-owner with Lifestyle Realty Group in Stuart, issued the following statement regarding Governor Rick Scott’s signing of HB 7109 today.
“Florida Realtors® applauds Governor Scott and members of the Legislature for making these tax cuts possible for Florida families. From a Realtor® perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years.
“The most significant steps are often the first ones we take on an issue and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper.”
Currently, Florida charges a six percent sales tax on business rent, creating a financial burden for any business that leases space. It is the only state that charges this tax on business rent. Once HB 7109 takes effect on Jan. 1, 2018, the new state tax rate on commercial leases will be 5.8 percent. Lowering the business rent tax will provide Florida businesses with more capital to expand, hire more employees, improve benefits and raise salaries.
Florida Realtors and other members of the Business Rent Tax Coalition have long advocated for a reduction in the state’s business rent tax. Gov. Scott signed HB 7109, which includes other tax cut provisions, during a morning press conference at 3Cinteractive Corp., a mobile marketing service provider in Boca Raton.
Florida Realtors Statement Regarding Signing of HB 7109
Please see the following statement from Maria Wells, 2017 President, Florida Realtors, regarding Governor Rick Scott’s signing of HB 7109.
“I applaud Governor Scott and members of the legislature for making these tax cuts possible for Florida families. From a Realtor perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years. This is a tremendous success for Florida Realtors and the entire Business Rent Tax Coalition.
The most significant steps are often the first ones we take on an issue and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper.”
Florida Realtors Education Foundation Awards $166,000 in Scholarships
Hearing “the check is in the mail,” is welcome news to 104 well-deserving young people who live in communities across Florida. Why? These students — high school graduates about to enter their first year of college and others already enrolled in a college or university — have received scholarships through the Florida Realtors® Education Foundation Inc.
A not-for-profit corporation established by the state Realtor association, the Florida Realtors® Education Foundation Inc. provides real estate-related educational scholarships. The Foundation’s Board of Directors awarded $166,000 in scholarships to help pay for higher education expenses for 104 young people in the 2017-2018 school year. All recipients are Florida residents and will be attending community colleges, four-year universities, graduate programs or law schools both in state and out-of-state. Some students wish to pursue careers in real estate.
“Over the past eight years, the Florida Realtors Education Foundation Student Scholarship Program has helped 790 young people realize their dreams for the future by continuing their education,” said Vince Price, chairman of Florida Realtors Education Foundation Inc. “We’re proud to provide much-needed financial support to families often struggling to pay for their children’s college dreams. These student scholarships are one way that Realtors across the state give back to the community. It’s our investment in the future.”
Since the program’s inception, Florida Realtors has awarded a total of $1,306,300 in scholarship funding, which helped 790 students go to college or university, Price said.
Scholarship recipients are enrolled at institutions of higher learning throughout the state, such as University of Florida, University of Central Florida, University of Tampa, Florida International University, Florida Southern College, Flagler College and the University of South Florida, as well as other colleges throughout the U.S., including Brown University, Clemson University, Howard University and Stanford University, to name just a few. A variety of criteria was considered for successful applicants including: academic achievements, financial need, relationship to the Realtor family and contributions to family, school and community.
Florida Realtors ® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors warns consumers to watch for listing scams
Ready to rent a perfect apartment downtown or maybe buy that dream house? Finding the right place to call home takes time and can cause a range of emotions from excitement to anxiety – especially since Realtors® across Florida report seeing an increase in online listing scams.
“Unfortunately, criminals keep coming up with sophisticated schemes that target online rentals and property listing sites,” says Florida Realtors® 2017 President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Realtors must be aware that criminals are using their legitimate listings data to lure consumers to phony listings on internet portals. As the voice for real estate in Florida, Florida Realtors is committed to protecting consumers – we urge our members to use diligent efforts to help safeguard against these schemes and to encourage their clients to call their Realtor to verify any information.”
According to Florida Realtors General Counsel Margy Grant, federal and state authorities have tried to rid online marketplaces from scams involving bogus sales or rental listings, but they continue.
Here’s what happens in a common fraudulent scheme: Scammers visit rental property or homes for sale listing websites, “scrape” or steal the data, then reuse it in various ways that make them money. They may repost entire listings on sites like Craigslist with their own contact information, so when an unsuspecting consumer sends an email or calls about the property, they’re dealing with the scammer instead of the Realtor who legitimately represents the property.
“We urge consumers to double check all information about any property listing before sending any funds to anyone,” says Grant. “Criminals are creating extremely realistic listings, or stealing others’ listings, in an attempt to convince consumers to send deposits before they confirm the actual true listing agent. If a deal sounds too good to be true, if someone can’t show you the property in person because they’re out of state or out of the country, if they want you to send a deposit or first month’s rent via a wire service before you’ve seen the property or signed a lease, if they want all your personal financial information – these can be possible signs of listing scams.”
It’s a good idea to research the email address and phone number of the landlord, property owner or listing representative. Do a quick internet search and you may find alerts have already been posted about the individual – you may also find the property you’re interested in has duplicate listings with varying prices, different representatives and contact emails.
Report any rental scam to your local law enforcement agency and to the Federal Trade Commission, https://www.consumer.ftc.gov/articles/0079-rental-listing-scams. You can also file a complaint with the FBI’s Internet Crime Complaint Center at https://www.ic3.gov/default.aspx. Also contact the website where the ad or listing was posted.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors: Fake Realtor Board Scam Targets Florida Members
Florida Realtors® is warning Realtors and real estate licensees in Florida to be on the alert for a fraudulent letter scam. The “Florida Board of Realtors” does not exist, but Florida Realtors members have been receiving a “Final Notice” bill from them in the mail, saying their real estate licenses are in jeopardy. Complaints have come into Florida Realtors from all parts of the state.
“It’s a scam,” says Florida Realtors CEO Bill Martin. “And it’s not a simple scam. High-tech criminals put a great deal of work and planning into this.”
The form comes with a threat: “Failure to respond with your 2017 Agent Board Listing may lead to closure of board listing. Response required to be included in the Agency listing.”
The scam came to light over the past two days when agents, brokers and association executives started calling Florida Realtors. Many submitted copies of a letter that appears legitimate. The “Make check payable to:” address appears to be a post office in Deerfield Beach, Fla.
The letter also includes a website, floridaboardofrealtors.org. The website not only appears legitimate, it’s very professional. However, most of the links don’t work. Blogs in their “archive” appear to stretch back a few years, for example, but no content comes up when you click. The same is true for many other links.
“For now, members should ignore these demand letters, and we ask brokers and agents to spread this message to everyone working in the Florida real estate industry,” says Florida Realtors General Counsel Margy Grant. “Florida Realtors is still investigating and in contact with Florida authorities. It’s now also in front of the Senior Assistant Attorney General in the Economic Crimes section in Florida Attorney General Pam Bondi’s office.
“Be vigilant. Be safe. And tell everyone you know,” says Grant. “Criminals created a truly impressive fake website, sent a complex fake letter and successfully alarmed Realtors across the state.”
The Florida Department of Business and Professional Regulation (DBPR) and the Florida Real Estate Commission (FREC) have been notified of the scam. Florida Realtors legal team continues to investigate the scheme and is considering legal action, according to Grant.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors: Reducing Business Rent Tax Key for Fla Business Expansion
Affordable Housing, Insurance, Water Among Top 2017 Legislative Issues
As the 2017 Florida Legislature begins, Realtors® from across the state are ready to advocate for legislative priorities that will protect homeowners, promote business and community growth, safeguard Florida’s natural resources, ensure fair and transparent real estate transactions and provide Floridians with more affordable housing options.
Reducing the business rent tax is a top legislative priority for Florida Realtors®, says Florida Realtors 2017 President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart.
“Florida is the only state that charges this sales tax on commercial leases,” says Wells. “To stay competitive with other states and online retailers, we must reduce the business rent tax. This tax puts the Sunshine State at a disadvantage for new business and industry; eliminating it will help create new jobs and grow Florida’s economy.”
The past few weeks have been busy ones for lawmakers and the Florida Realtors’ public policy office as they prepared for the Legislature to convene.
“Leading up to session, we have been working hard to explain our issues to lawmakers and help them understand why legislation is needed,” says Carrie O’Rourke, vice president of public policy for Florida Realtors. “I think those efforts paid off based on the movement of some of these bills during the last month of pre-session committee meetings.”
Florida Realtors’ priorities are:
Reduce the business rent sales tax
Florida charges a six percent sales tax on business rent, creating a financial burden for any business that leases space. What’s more, municipalities and local governments may levy additional taxes on top of the state sales tax rate. Consequently, businesses in many counties are paying up to an eight percent sales tax on their business rent. Lowering the business rent tax will provide Florida businesses with the capital to expand, hire more employees, improve benefits and raise salaries.
Florida Realtors is leading a coalition of business trade associations and other interested parties to advocate for the successful passage of a bill that will reduce the amount of sales tax that businesses must pay to rent commercial space.
Support a permanent property tax cap on second homes and businesses
A constitutional amendment, passed by voters in 2008, created a 10 percent cap on the annual increase of property taxes for all non-homestead properties. This cap helps make sure businesses don’t get hit with property tax bills they can’t cover, the cost of owning a second home doesn’t skyrocket and that renters don’t see huge increases in their monthly rent. However, this cap is set to expire on Jan. 1, 2019.
Florida Realtors is leading a coalition of business trade associations to encourage the Legislature to take action this session to ensure a constitutional amendment is put back in front of voters for renewal during the 2018 General Election.
Cap the fees charged by community associations for estoppel certificates
Florida law allows condo and homeowners associations to charge a “reasonable” fee to prepare an estoppel certificate, which is essentially a payoff letter. Some association management companies have turned this administrative task into a lucrative revenue stream.
Florida Realtors is advocating for a bill that restores fairness to real estate transactions by capping estoppel fees.
Increase funding of the housing trust funds
The state and local government housing trust funds were created to help families achieve the dream of homeownership with down payment assistance. They also provide housing rehabilitation and rental assistance to Florida’s homeless, veterans, seniors and persons with disabilities.
Last year, the Legislature allocated $200.1 million toward the housing trust funds, the highest funding level in nine years. This is a significant allocation and we applaud lawmakers for supporting housing programs. However, as the economy continues to strengthen and home values rise, the need for housing assistance will increase as well.
Florida Realtors is urging the Legislature to appropriate the housing trust fund monies for housing programs.
Help preserve Florida’s natural resources
No matter where you live in Florida, clean and abundant water is vital. Florida Realtors supports legislation that reduces the number of septic tanks near shorelines and other important surface waters through a voluntary cost-share program between state and local governments that converts onsite sewage systems to central sewage.
Reform Assignment of Benefits to stop the abuses that raise everyone’s insurance rates
Assignment of Benefits (AOB) allows a contractor or companies handling repairs for a homeowner to work directly with the insurance company and collect the homeowner’s insurance benefits. Abuse of Assignment of Benefits with water and roofing claims have led to a significant increase in both the frequency and severity of insurance claims, particularly in South Florida. As a result, several insurance companies are requesting significant rate increases, and this shows no sign of slowing.
Florida Realtors supports legislation that would implement Assignment of Benefits reforms aimed at reducing this fraud and abuse.
To find out more about Florida Realtors’ legislative priorities this year, go to: http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
Florida Realtors® 2017 Real Estate Trends: Fla's Economy 'Outperformed' the U.S. Due to Job Growth
In 2016, Florida’s economy outperformed the nation in part because of better job creation, according to several economists who spoke to a standing-room-only crowd of about 500 Realtors® at the 2017 Florida Real Estate Trends event last week during Florida Realtors® Mid-Winter Business Meetings.
National Association of Realtors Chief Economist Lawrence Yun noted that the pace of U.S. home sales in 2016 at 5.5 million was “the best in a decade.” Since that’s still nowhere near the 7.2 million sales peak in 2006, however, it leaves room for continued growth in 2017. And while interest rates are trending higher, it hasn’t had a dampening effect on home sales.
“A 4.2 percent mortgage rate is still a great rate,” he said. “As long as we’re around the 4 to even 5 percent mortgage rate, home sales are likely to stay on pace. As mortgage rates rise, job creation – which Florida excels at – could be a great neutralizer and good for home sales. In fact, Florida is outperforming the country because of better job creation.”
Other speakers who shared their views on 2017 included Dr. Elliot Eisenberg, a nationally known economist and a former senior economist with the National Association of Home Builders (NAHB); Michael Johnston, Florida regional sales manager, Wells Fargo Home Mortgage; Dr. Julie Harrington, director of Florida State University’s Center for Economic Forecasting and Analysis; and Dr. Brad O’Connor, chief economist for Florida Realtors.
“The good news, here in Florida, you’re in the right place,” Eisenberg said. “The South is the right division to be in – the economic recovery here has been much more robust. Florida is doing fine economically, unemployment is OK and foreclosures are diminishing.”
He agreed with Yun that while mortgage rates will continue to rise this year – albeit slowly – the markets will be fine as long as jobs are being created.
“Housing is improving, but in fits and starts,” Eisenberg said. “There’s not enough inventory of homes for sale, and builders aren’t building, especially at the entry-level. Bigger houses are being built, but it’s not profitable for builders to construct more affordable homes.”
He cited worker shortages, burdensome land-use regulations and costs – land, labor and regulation – as some of the constraints homebuilders face when it comes to building entry-level homes. “We have to try a myriad of solutions, but getting the land costs down and easing land-use regulations will be the single most important factor in solving this issue,” he said.
According to Eisenberg, forces at work in Florida and across the U.S. that are dampening real estate sales include:
Low inventory – December 2016 data, which is just a few days old, shows existing single-family home inventory nationwide at a 3.6 months’ supply; in Florida, it’s at a 3.9-months’ supply. A 6-months’ supply is generally considered a market that’s balanced between buyers and sellers.
New model of renting – Six million single-family units have been taken off the market because institutional investors snapped up so many homes during the Great Recession and created a new method of renting.
Mortgage rate lock – Many people don’t want to sell and lose the really low mortgage rate they’re currently paying.
When it comes to financing, lenders are in a technology race to provide a digital, user-friendly experience that makes the mortgage process easier for the customer, said Michael Johnston, Florida regional sales manager for Wells Fargo Home Mortgage.
“Today, 42 percent of homebuyers are millennials,” he said, “and with 92 million more millennials coming up, it will be an even bigger part of the housing market over the next five years. A recent survey found that 93 percent of those age 18-34 intend to buy a house sometime in their future. Millennials are always online, so creating a digital mortgage experience for them is critical.”
Johnston shared research showing millennials value the expertise of Realtor professionals during the homebuying process. “While they will go online to do home shopping, they do want to consult a trusted advisor along the way,” he added.
The condominium market is an important part of the overall real estate market and often offers an affordable option for buyers, according to Johnston. “In Florida, the condo market is healthy and robust,” he said. “Condos make up 28 percent of all home sales in Florida; nationally, it’s 12 percent.”
Looking at all of 2016, Florida Realtors Chief Economist Brad O’Connor said the statewide existing homes market remained stable but was also relatively “flat,” though part of the reason for that was the comparison as “2015 was a pretty darn good year, sales-wise.”
He also pointed out that a shortage of housing inventory in markets across the state, particularly around the $200,000 price range and under, is impacting closed sales and putting pressure on median prices. Another factor: Sales of distressed properties continue to fall.
“In 2015, 10 percent of Florida’s housing inventory was distressed at the end of each month,” O’Connor said. “This past year, it’s been 5 percent, and it’s going to keep going down into 2017.”
The Northeast Florida Association of Realtors® was the lead sponsor for the 2017 Florida Real Estate Trends event; co-sponsors included the Orlando Regional Realtor® Association, Realtors® Association of the Palm Beaches, MidFlorida MLS and the Royal Palm Coast Realtor® Association.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
