Homeowner Flood Insurance Affordability Act

The United States Senate has just passed "The Homeowner Flood Insurance Affordability Act" by a vote of 72-22 (both US Senator Nelson and Senator Rubio voted in favor of the bill. This is the bill the US House passed on March 4. This is incredible news for Florida REALTORS® and property owners. The bill will now be sent directly to President Obama for his signature!

* Reinstates Grandfathering - This bill permanently repeals Section 207 of the Biggert-Waters Act, meaning that grandfathering is reinstated. All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping - for example, if you built to +2 Base Flood Elevation, you stay at +2, regardless of new maps. Also importantly, the grandfathering stays with the property, not the policy.

* Caps Annual Rate Increases at 18% - This bill decreases FEMA's authority to raise premiums. The bill prevents FEMA from increasing premiums within a single property class beyond a 15 percent average a year, with an individual cap of eighteen percent a year. Pre Biggert-Waters, the class average cap was 10%. Currently (Post Biggert-Waters), the class average cap is 20%. The bill also requires a 5% minimum annual increase on pre-FIRM primary residence policies that are not at full risk. The updated legislation also states that FEMA shall strive to minimize the number of policies with premium increases that exceed one percent of the total coverage of the policy (e.g., 1% of $250,000 = $2,500).

* Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates

* Permanently Removes the Sales Trigger - This bill removes the policy sales trigger, which allows a purchaser to take advantage of a phase in. The new purchaser is treated the same as the current property owner.

* Allows for Annual Surcharges - This legislation applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates. All revenue from these assessments would be placed in the NFIP reserve fund, which was established to ensure funds are available for meeting the expected future obligations of the NFIP.

* Funds the Affordability Study and Mandates Completion - This legislation funds the affordability study required by Biggert-Waters and mandates its completion in two years.

* Includes the Home Improvement Threshold - This bill returns the "substantial improvement threshold" (i.e. renovations and remodeling) to the historic 50% of a structure's fair market value level. Under Biggert-Waters, premium increases are triggered when the renovation investments meet 30% of the home's value.

* Additional provisions: This legislation includes several other provisions including preserving the basement exception, allowing for payments to be made in monthly installments, and reimbursing policy holders for successful map appeals.

Investors get back into the real estate game

Many housing experts predicted a slowdown in investor activity this year, but investors don’t appear to be fading from the market – they appear to simply be shifting their focus to different types of properties as distressed inventories dry up.

“There has been a clear rebound in investor participation in the housing market,” says Thomas Popik, research director for the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, which showed strong activity among investors in December 2013. “The statistics for the housing market, particularly the non-distressed segment, remain generally strong, but investors still are increasing their activity.”

Investors are increasingly targeting non-distressed properties. In November, investors accounted for 13.2 percent of purchases of non-distressed properties based on a three-month moving average. That’s up from 10.5 percent in August, marking a seven-month market share high for investors, according to the HousingPulse survey.

Investors started pulling away from the market in March 2013 as home prices soared, with their overall market share dropping to 16 percent, according to a survey by the National Association of Realtors®. But by December, they bounced back, ending the year strong with a 21 percent market share – about the same level at which investors’ presence peaked during the foreclosure crisis.

Source: “Investors Ended 2013 on a Roll,” RISMedia (Feb. 17, 2014)

Lake Forest Villa For Sale, Lutz Florida

 

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Bring your belongings and move right in! This clean and completely remodeled villa is move-in ready and waiting for its new owners. From the moment you walk in, you can see the attention to detail, the upgrades and contemporary finishes.

This villa boasts tile and laminate wood flooring throughout, fresh paint, modern light fixtures and ceiling fans, a new kitchen with granite countertops, maple cabinets, stove, under-cabinet microwave, and refrigerator. The pristine bathroom features a water-efficient commode, white cabinets with a cherry-white granite counter top, and an easy to clean shower/bath tub. There is also plenty of storage in the hallway and within the spacious laundry room. Just outside is a quaint backyard for enjoying the Sunny Florida weather and the surrounding lush landscape. This community is pet friendly allowing up to three pets. Lake Forest also has no rental restrictions if you are considering owning as a rental property.

Lake Forest is the ultimate Hidden Gem of Lutz. Located on the cusp of where New Tampa, Lutz, and Tampa meets, this villa’s location offers easy access to most anywhere including I-275, I-75, Publix, Movie Theatre, USF’s Main Campus, and the Florida Hospital. Make this villa your home today! The community also offers a basketball and tennis courts, playground, large pool, jacuzzi, and a scenic pond.

Gloria Walters, PA
REALTOR | Notary
Charles Rutenberg Realty, Inc.
Cell: 813-419-7009
Fax: 813-200-8708
info@gloriawalters.com
www.gloriawalters.com

Psalms 116:1-2

Magnolia Park East Townhome FOR SALE!

 

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Newly constructed townhome for Sale in Riverview Florida. Are you or someone you know, looking to move into a maintenance free home as soon as possible? Well this may be the perfect option.

This two story, two bedroom, two and a half bath townhome features many homey touches and upgrades that you can enjoy including:

• 1320 Sqft of Living Space (Public Records)
• All Tile Flooring on First Floor
• All Black Appliances Package
• Carpet Flooring in All Bedrooms
• Spacious Master Bathroom w/Double Sinks
• Stackable W/D Hook-Up w/in Unit
• High-End Security System
• Closed Kitchen Pantry
• First Floor Storage Area
• Spectacular Pond Views
• Sidewalk/Walk Trail Throughout Community
• Built in August 2013
• Gated Community
• Basket Ball Court, Tropical Pool, Playground, Clubhouse

Call or text Gloria at 813-419-7009 for more information.

South Pointe, Riverview FL Home For Sale

 

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Your Home Search is over! This South Pointe home showcases an owner's pride. Well maintained from roof to floors. Your future home features three well-sized bedrooms, two full bathrooms, an entertainment alcove, modern light fixtures, sparkling baseboards, immaculate carpet and tile flooring, high-ceilings, contemporary interior colors, a two car garage, and a great open patio area for enjoying the Florida weather. The master bedroom is well adorned with high ceilings, modern paint colors and the master bath boasts a stand-up shower, water closet, double-sinks, a large walk-in closet, and a garden tub. South Pointe is centrally located less than 30 miles away from Tampa, Sarasota, and I-4. Furthermore, a number of shopping areas and restaurants are located within minutes of this humble abode including Publix, Panera Bread, Sam's, Qdoba, and many more... Call 813-419-7009 or email info@gloriawalters.com for more information or to make an offer. This unit is being offered for sale and for rent.

Set The RIGHT Price For Your Home From The Start…

 

 

Homes that sell the fastest also sell for the most money!  If you want to get Top Dollar for your home, beyond making your home show like a model, it needs to be priced correctly.

Most agents will only do a CMA (comparative marketing analysis), but the best agents offer a “Maximum Home Value Audit.”  What’s that?

It’s a careful, thorough valuation of every square inch of your home to determine the best possible price based on real world facts, and presented in an EASY to understand format.  You won’t get any inflated values just to pressure you into listing with me. 

If we’re already working together, simply let me know you’d like to redeem your “Maximum Home Value Audit” coupon. Or, if you’re looking for professional representation to sell your home, use this free service as an introduction to the value I can provide you.

So call me right now I’ll immediately arrange a convenient time to meet, and share with you my Maximum Home Value Audit. It’s Free. It’s FAST.  And it could help you net $1,000’s more on your home sale by setting the home price right from the start.

Gloria Walters
Charles Rutenberg Realty, Inc.
Direct: 813-419-7009
Fax: 813-200-8708
E-mail: info@gloriawalters.com
Website: www.gloriawalters.com

What can you expect from the Florida real estate market in 2014?

Real estate market never remains the same for long. The market trends keep changing as per the alterations in global economy. Now, the same trend applies for the Florida real estate market as well. As the experienced economists stated at the Florida Realtors' 2014 Real Estate and Economic Summit in December, the upcoming changes in global economy can make the housing sector in Florida grow slowly in 2014.

How strong Florida real estate market is going?

There was a hint of substantial growth in Florida’s housing market in 2013 as well. By the third quarter of 2013, the number of closed sales and properties in inventory increased considerably. Apart from that, the median prices were high enough. Home affordability was also high. Dean Asher, the 2013 Florida Realtors President stated, “Data from the third quarter of 2013 shows that Florida’s housing market continues to grow and gain strength”.

2013 Was a really positive year for the realtors in Florida and market experts believe that this positivity will continue in 2014 as well.

What are the prospects in 2014?

The experienced economist of Florida Realtors, John Tuccillo believes, "The real estate market is going to grow, and we'll probably see about a 10 percent increase in residential sales". The value of home will increase considerably. There are chances for the price to go up gradually by almost 5%. In the last 18 months, the property prices have increased almost about 12%. This is an incredible increase.

There is a slight increase in the number of vacant properties as well. Federal Reserve has planned to modify its bond-buying program in the upcoming months. After the modification, the property prices are supposed to increase considerably.

Dr. Frank Nothaft, the chief Freddie Mac economist said at a recent conference, "Mortgage rates have gone from dirt cheap to cheap and now I expect them to rise to low - maybe 5 to 5.5 percent toward the end of next year - still very low to where they've been historically". So, there is hardly any doubt that mortgage rates will maintain a moderated increase in Florida in the coming months of 2014.

So, how the housing market may change in Florida?

As Nothaft pointed, there are also a few challenges to face in 2014. For instance, there is the restricted access to credit. Apart from that, most of the market experts are predicting that home buyers may face problems to deal in a market where rates are going up. The increased value of properties and continuous increase in mortgage rates may force the homeownership rate to drop significantly. However, with improvement in job market, home buying may be a bit easier. But the question is how steady will be the growth in job market. Sean Snaith, the professor of University of Central Florida recently said that uncertain growth in employment will only make people avoid home buying. Nothaft also feels that unemployment matter and he said, "People who want full-time jobs but can't find them and have to work part time add to the underemployment rate of 13.5 percent. That's a large share of the market that doesn't have the resources to buy."

So, it’s quite evident that home buyers in Florida need to stay updated about the changes in real estate market. As inventory is huge, the competition will be less enough. Mortgages will be easier to get but people may have to pay extra for the interest rates. That’s why, prospective buyers who’ve enough resources or a steady job must make the move now and opt for the mortgage before the rates go up even more.

By Rikk Miller