According to the most recent survey by the University of Florida and an article by Florida Realtors, Florida consumer confidence increased in September. The survey found consumer sentiment went up 2.8 points. Four components of the survey increased and one remained unchanged. Perception of personal finance increased. So did opinion on if now is a good time to buy a big-ticket item.

“The latter increase is mainly driven by the population aged 60 and over; but, in general, Floridians expressed more positive views compared with last month’s index score,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

Expectations of US economic conditions over the next year remained unchanged, but expectations of US economic conditions over the next five years increased. These positive feelings are probably coming because of Florida’s strong job market. Florida unemployment is at its lowest level since the recession. However, people are questioning the quality of jobs being added.

“Despite these positive trends in the labor market, labor force participation is decreasing, and there is evidence of an underlying change in the employment structure, with more Floridians in lower-paying jobs compared with pre-recession levels,” Sandoval says. “Adding more low-wage and low-skill jobs does not directly translate into a higher standard of living for Florida workers.”

The upcoming election is probably also affecting Florida consumer confidence.

“It’s not unusual to see politics creep into the consumer sentiment index during a presidential election, particularly in the expectations of U.S. economic conditions,” explains Bureau Director Chris McCarty. “The contrast between the candidates’ approach to the economy is as stark a contrast as any election in recent memory. While the polls show a tight race, this (uptick in future economic expectations) may ultimately bode well for Clinton in Florida.”

High consumer sentiment in the Sunshine State is a great indicator of a healthy real estate market, too. If you are among the Floridians who believe now is a good time to buy a big-ticket item, like a home, look no further than RE/MAX Paradise. Check out our amazing Miami properties today!

Florida real estate sales and median prices were up in August, according to the most recent data by Florida Realtors. Closed sales of single family homes was up 8.2 percent from August 2015. A lack of inventory is most likely the main cause of rising prices.

“A continued lack of inventory – particularly in the mid-$200,000 and under range – is creating obstacles for many buyers who are trying to enter Florida’s housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Rising median prices also may be an inhibiting factor for these would-be homeowners; however, the uptick in prices could persuade sellers that now is the time to list their properties for sale, which in turn may help ease the tight supply in many areas.”

Despite rising prices, people are still buying! Florida real estate sales were also up this past August.

“Closed sales of single-family homes in Florida were up by 8.2 percent year-over-year in August, effectively erasing all of the losses from July,” said Florida Realtors Chief Economist Brad O’Connor. “August’s gains were broad-based, with 20 of Florida’s 22 metro areas experiencing a year-over-year increase in sales. However, a single month’s worth of data is rarely enough information to make assertions about a market’s direction.

“In the present case, it’s possible that a number of sales that might ordinarily have occurred in July were pushed back into August. Basically, if you consider the data over July and August together, the net growth rate continues the trend we’ve been seeing all year of slow but positive growth in the single-family market.”

The Florida real estate market is strong, as indicated by this recent data from Florida Realtors. If you are a home seller or buyer in Miami, please reach out to our RE/MAX Paradise agents today who can assist you through this exciting process!

Are you currently studying real estate? Or are you interested in a future career in real estate, but trying to figure out how to fund your education? If you live in Florida, then you should know about the Florida Real Estate Commission Education and Research Scholarships. The application for this Florida real estate scholarship is live from September 19 until Monday, November 1 at noon for the Spring 2017 scholarship award.

To be eligible, students must be Florida residents attending an accredited university in Florida. You can be either a graduate or undergraduate student, either pursuing a degree in real estate or one with a concentration in real estate. You must provide proof that you are pursuing a real estate related degree along with your application. Students eligible must either be currently enrolled in real estate courses or have them scheduled for the spring semester. Undergraduate students must maintain a “C” average and graduate students must maintain a “B” average.

Undergraduate students awarded the scholarship will receive $1,500 and graduate students will receive $2,500.

If you’ve received the scholarship in the past, you are still eligible again. All of the following materials must be submitted by November 1, according to the FREC website. 

• Application submitted online
• Official transcripts (postmark date will be used)
• Fall 2016 schedule (if enrolled in real estate courses in the Fall 2016 semester)
• Spring 2017 schedule (if enrolled in real estate courses in Spring 2017 semester and already has a copy of the schedule at the time the application was submitted online)
• Proof of Florida residency (only required for applicants attending Florida International University, University of Miami, and Nova Southeastern University)
• Proof of real estate major (only required for first semester graduate students, graduate students starting the graduate program in the Spring 2017 semester, and for those students with official transcripts that do not indicate the real estate major on it)

At RE/MAX Paradise, we support students of real estate and think this Florida real estate scholarship is a great opportunity.

Energy efficiency may help save the planet, but it could also help save you money. According to a recent article by the Sun Sentinel, Florida consumers finance energy efficiency improvements with no money down and no credit check could save money. More providers are offering Property Assessed Clean Energy (PACE) programs, and the competition could bring PACE prices down for consumers in Florida.

“Having them compete against each other, ultimately we’re going to see better consumer protections, interest rates and contractor controls,” Paul Handerhan,a principal of the new Fort Lauderdale-based company, Clean PACE Inc., created to promote and certify program providers in the PACE program, said Thursday. “We’re seeing that now. PACE providers are starting to get somewhat competitive in their offerings in order to gain market share.”

Repayments can be set up for construction projects that improve a home’s energy efficiency. That includes setting up solar panels, new heating and/or cooling systems, new roofs, and more. Competition could drive down rates for refinancing these projects.

“Competition is good for consumers and good for cities and counties they serve,” said Chris Devries, CEO of Renew Financial. “Our approach is to encourage multiple PACE providers in cities so everyone benefits.” But it’s critical for the programs to have strong rules – “clear disclosures to consumers and protections for everyone involved so this continues to evolve.”

Renew Financial has “hundreds of thousands of dollars” in contracts signed for approved projects for Florida homeowners. According to Handerhan, some interest rates may be as low as 5.9 percent for PACE programs.

At RE/MAX Paradise, we support helping the environment, and it is great news that PACE prices may be going down. If you would like to discuss energy efficient home improvements or environmentally friendly homes in Miami, please contact one of our agents today!

It only makes sense that the Sunshine State is showing support for a Florida solar amendment. The amendment would extend a tax break for renewable energy to commercial and industrial properties. Residential properties already get it.

“The overall benefit, we believe, is it would lower energy costs as more solar is developed,” said Stephen Smith, executive director of the Southern Alliance for Clean Energy, which expects to spend up to $250,000 to promote the Florida Solar Amendment.

“Even if the utilities are doing it, we believe, they’ll be able to get a better price for solar,” Smith continued. “And then we think it will also diversify the different types of energy being developed. Right now, Florida is becoming way too dependent upon natural gas.”

“And, as you know, our company has been working to advance solar in Florida for many years,” Mark Bubriski,a spokesman for Florida Power & Light said. “We built the state’s first solar power plant and in 2016, we are building three more new solar power plants – doubling Florida’s solar capacity – in a way that is cost-effective for our customers.”

That being said, he believes the Florida Solar Amendment will lower costs for customers. That means that even if you aren’t a commercial or industrial property owner, the amendment could save you money. It is seeing widespread support.

For more information on the potential upcoming changes to Florida’s solar energy initiatives, check out Florida Realtors’ article here. 

Renewable energy is bound to be a significant part of our future, in Florida and beyond. Come live in a city and state that values this, and check out the amazing properties in Miami that could be yours today. Whether you are looking for a commercial property or a residential property, RE/MAX Paradise has real estate available in many neighborhoods of Miami. 

No, we’re not talking about rising sea levels. According to Investopedia, and underwater home is defined as one that has “a home purchase loan with a higher balance than the free-market value of the home.” ATTOM Data Solutions collects information about underwater homes. According to their data from the second quarter of 2016, there was a drop in the U.S. for seriously underwater homes. Underwater homes in Florida cities did not make the list of being serious, or having a loan-to-value ratio of 125 percent or more.

“South Florida continues to see an equity improvement greater than the national average due to our strong growth,” says Mike Pappas, CEO and president at the Keyes Company. “Our underwater homes saw a 3-times improvement over the average with the high equity owners experiencing a 1.8-times improvement. With our limited land and strong in-migration, we will continue to see improvement in equity.”

The growing lack of underwater homes in Florida is just another reason it’s a great place to buy real estate. Nationwide, underwater homes are doing better, but many areas still struggle.

“Rising home prices are lifting all home equity boats: bailing out seriously underwater homeowners and enriching homeowners who already have positive equity,” said Daren Blomquist, senior vice president at ATTOM Data Solutions (the new parent company of RealtyTrac). “Nationwide home prices reached a new all-time high in June on the heels of 52 consecutive months of annual increases. While that national trend is consistent in most markets across the country, there are still some local markets and sub-markets that have been largely left behind by the housing recovery and which still have a high percentage of underwater homeowners.”

Looking for a city in a state that has real estate stability? Look no further than Miami. At RE/MAX Paradise, we have beautiful properties, including rentals, condos, and single-family homes.

Listings and median home prices in Florida are both up during the second quarter of 2016, according to data collected by Florida Realtors. According to Florida Realtors, closed sales were up: single-family homes statewide totaled 76,748 in 2Q 2016, up 1.4 percent over the 2Q 2015 figure. This has good implications for the Florida economy.

“In the second quarter of 2016, Florida continued to add new jobs, which attracts new residents, encourages economic growth and strengthens the housing market,” says2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Traditional housing sales increased statewide over the three-month period, while sales of distressed properties continued to decline. In another positive sign, new listings for single-family homes over the three-month-period rose 2.9 percent year-over-year, while new condo-townhouse listings rose 3.3 percent.”

Houses are still in demand in Florida. Now is a good time to buy due to a healthy economy and very low mortgage rates. The statewide median sales price for single-family existing homes in 2Q 2016 was $220,000, up 10 percent from the same time a year ago, Florida Realtors wrote.

“Existing home sale prices throughout most of Florida’s metro areas are continuing to exhibit robust year-over-year growth,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “This growth is attributable to simple economics, which is to say that demand is strong and supply is currently limited. The inventory of homes for sale at the more affordable end of the price spectrum – which includes the vast majority of distressed properties – continues to decline significantly, and new construction has not come close to making up the difference.”

As exemplified by increase of listings and median home prices in Florida, Florida real estate is thriving. Get in the market yourself and buy your dream home in Miami. RE/MAX Paradise has amazing single-family homes as well as apartments in many areas of the city.