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Friday, June 12, 2020

Have you moved? These people need to know


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Do you know you’re going to be buying or selling a home in the near future? Maybe you are moving out of mom and dad’s for the first time? Whatever the case may be, you’re going to want to know not only how to change your address with the post office, but also who should be notified of your move. There are organizations you need to notify of an address change if you don’t want to run into problems.

Some should have been completed before the move, but others can be left until later. Even when you have unpacked the last of the moving boxes, there are things you might still need to do.

Let’s run through who to notify you’re moving, in case you’ve missed some.

Government Services

USPS
One of the most essential organizations to notify of address change is going to be the United States Postal Service. They will make sure that your mail is redirected to your new home and for only around a dollar. The fee is just for an identity check to make sure you are who you claim to be.

There are online services that will charge you a lot more to do this, but if you go directly to the USPS site, the service is very cheap and relatively straightforward. You can also change your address at any of their post offices.

DMV
While the idea of visiting the Department of Motor Vehicles will naturally put you off, you must remember to update your address details with them. There could be legal issues if you fail to update them after moving home.

Fortunately, most states now allow you to change your address online, allowing you to avoid waiting in line at your local DMV. If you have ever been to the DMV before then you know exactly what I am talking about. It can be a horror show trying to get anything done given the long waiting times.

Voter Registration
If you want the chance to have a say in who runs the country or the state, you need to update your address with voter registration. This can normally be done online. You can also go to your local town hall and they should be able to take care of this for you.

Social Security
If you receive Medicare or Social Security benefits, you will want to make sure your address with the Social Security Administration is current. You should be able to notify them of your address change on their website.

IRS
The IRS will have to be notified of your change of address. To do this, you can download form 8822 from their site to print and fill out. The Internal Revenue Service is one of the most vital parties to let know you are moving. Don’t forget this one or you could find yourself getting essential documents late and end up with a penalty. The reference at Maximum Real Estate Exposure provides additional important entities to notify as well.

Utilities

Water, Gas, and Electricity
If you expect to have these essential services working in your new home when you need them, you’ll want to notify them in advance of your moving date. Before you move, make sure you check how much notice your providers need to switch you over.

Internet, Phone, and Cable
You might use the same provider for all three of these services, which will make things a little easier, but you will likely be able to change your address online anyway.

Financial Services

Banks
You shouldn’t forget to update your bank and other financial businesses you have accounts with. Notify your credit card issuer and any investment services you use. You don’t want sensitive financial documents to go missing when they are mailed to the wrong address.

Loans
When you have outstanding loans, the lenders will want to know you have changed your address. Don’t forget old student loans or lenders which have provided cash advances. Financial institutions are some of the most critical parties to notify of your address change.

Accountants
If you use an accountant or tax advisor let them know you have moved. Tax season may be some time away, but you don’t want to miss this one out. You will want to keep your lawyer updated with your new address as well.

Insurance

Health
You will need to contact your health insurer to keep them informed of your move. Don’t forget to contact providers of dental and life insurance, as well as your dentist and physician.

Vehicle Coverage
Your car insurance provider will need to know about your move. They may want to charge you more if you have moved to a different area, some states require additional liability insurance, for example.

Other Businesses

Employment
Your employer will need to know that you have a new address. They need to make sure their records are up to date with your information.

Online Retailers
If you regularly order online, make sure you update your address before you next click the buy now button. You don’t want the hassle of realizing that you’ve just ordered something to be sent to your old address.

Update your information with streaming services and payment providers as well. Though they don’t often mail things to you, they do need to be updated.

Retail Clubs
Are you a member of Costco or Sam’s Club? Let them know about your move if you are. Don’t forget things like gym memberships, even if you haven’t been since January.

Subscriptions
If you have magazines or subscription boxes delivered, you are going to need to update these at the right time to avoid them going to the wrong address.

These are the main organizations you need to update, but you might have more. If you have pets, do you need to notify your veterinarian? If you are a member of a religious institution, they will need to be updated; the same goes for charities and clubs you are involved with.

Final Thoughts on Who to Let Know Your Address Changed
Without a doubt, one of the most important exercises when moving is to not only get your address changed with the post office, but to let all essential people and businesses in your life know as well. It takes some time to get this done so make sure it is a priority when your plans are 100-percent set in stone.

There are times where some folks will have a change of plans and will need to know how to update or cancel their change of address. While the chances of this happening are smaller, it is essential information to know in case you’re in that circumstance.
We all know moving can be an extremely stressful time when it’s easy for mistakes to be made. Do your best to plan ahead to increase your chances of a smooth move.

Bill Gassett is a nationally recognized real estate leader who has been helping people buy and sell MetroWest Massachusetts real estate for the past 33 years. He has been one of the top RE/MAX REALTORS® in New England for the past decade. Gassett works for RE/MAX Executive Realty in Hopkinton, Mass. In 2018, he was the No. 1 RE/MAX real estate agent in Massachusetts.

Sunday, June 7, 2020

Saturday, June 6, 2020

Wednesday, June 3, 2020

Florida housing poised for growth

Florida housing market poised for growth after dismal April

Lack of inventory and international buyers may still hold it back

April may not have been the cruelest month for Florida’s housing market, but it wasn’t entirely pleasant. Last month, Florida Realtors reported a 20.7% year-over-year drop in closed sales of single-family homes and a 36.5% plummet in condo-townhome sales during the same period.

Furthermore, Florida Realtors reported new listings in April were down over 27.2% year-over-year in the single-family category and were down 38.5% for the condo-townhouse sector. New pending sales for April took a 35.1% drop in the single-family category from one year earlier and pending sales in the condo-townhouse category sank by 56.6% from April 2019.

“We were going into March really strong,” said Brad O’Connor, chief economist with Florida Realtors. “We were having a great January and February, and people were talking about how the winter buying season that we have down here was actually starting early late last year, compared to what it usually does.”

But there’s some evidence that April will end up being the bottom, and that home sales in Florida are already rebounding. The statewide median sales price for both single-family homes and condo-townhouse properties rose year-over-year for the 100th consecutive month: up 6% to $275,000 for single-family existing homes and up 7.7% to $209,000 for condo-townhouse units.

O’Connor thinks the state’s housing market is poised to snap back but just needs more properties on the market.

“Where we’re at right now in May, it’s looking like sales levels are really not that far off from what we had last year,” he said. “But our concern is that listings have not come back by as much as before, so that could exacerbate the shortage going forward and potentially put a cap on sales later on.”

The hope for a resilient near-future is a common theme among Florida’s housing and mortgage professionals. Grant Stern, president of Morningside Mortgage Corp. in Bay Harbor Island, observed several “unique challenges” where buyers and sellers worked around pandemic protocol obstacles in pursue of a transaction.

“I’ve seen sellers refuse to give entry to the property until they have a contract agreed upon,” he said. “Buyers are spending more time doing drive-bys and taking them more seriously because you can’t go inside so easily. And there is one duplex where they actually did the opposite: They were negotiating to get inside or at least discussing getting inside and decided they would rather present an offer subject to the in-person inspection and then negotiate the rest later.”

Stern dubbed the pandemic-era Florida housing scene as a “market that rewards real estate agents and brokers who are flexible about contract terms and who are looking to make deals, and it punishes real estate agents who grandstand during the course of these homebuying transactions, which are pretty routine.”

Sophia Sanchez, owner and broker at Sanchez & Co. in Tampa, is among the real estate agents eager for deals.

“We have a supply and demand issue,” she said. “According to our local board, our inventory was down in February by 23%. And you have a lot of people hesitating to put their homes on the market, either because their relocation plans have changed or they don’t want to move or they can’t travel. So, there’s a big pent-up demand issue of not having enough housing. I think by calculations we’re down 51% on available inventory in the Tampa market.”

Sanchez added that despite restrictions on the real estate market, such as the temporary suspension of open houses and the heavy reliance on 3D tours instead of in-person inspections, “there are multiple offers coming in on properties, just because there’s not enough to buy and some people that need to buy don’t want to rent.”

Lynda Fernandez, chief of communications and global for the Miami Association of Realtors, pointed to a similar situation in her local market.

“We’re hearing our members are very busy,” she said. “In fact, we’re back to bidding wars, particularly for single-family homes.”

Fernandez was also optimistic that the worst of the crisis could now be seen in the rear-view mirror, adding, “I think it’s safe to say our market bottomed and now we’re seeing incredible activity like close to what it was before.”

On the mortgage side, Florida mirrors the rest of the country with refinancing taking on a dramatic dominance over the purchase market.

“Rates are at a record low, so homeowners are taking advantage of that,” said Michael Azzarello, Southeast Region correspondent sales director at Caliber Home Loans in Jacksonville. “They’ve built up some equity over the years. That’s working out for those that are originating loans.”

But Azzarello, who is also president of the Mortgage Bankers Association of Florida, is facing a new concern on determining borrower eligibility, warning that the “biggest issue is unemployment – lenders are being very cautious of what type of loans they’re making today. Lenders are very concerned about unemployment and the potential for forbearance that has occurred and will continue to occur.”

In some ways, Florida differs from many states in certain aspects of its real estate scene. Luxury housing has been a major piece of the housing environment, but the ongoing crisis has created problems due to the shrinkage of the jumbo mortgage space.

“Jumbo loans are pretty much very limited now to just a few of the larger depository bank lenders,” said Azzarello.

Morningside Mortgage’s Stern finds the same difficulty, stating that “the jumbo market is thawing, but it’s not back to where it was two months ago.” Stern noted that while some local banks are “just kind of taking a wait-and-see approach” before resuming jumbo origination, he has been creating alternative vehicles for the traditional jumbo customer, such as a “first mortgage through our VIP banking relationship with Quicken and then the second mortgage with a dedicated home equity lender.”

International buyers for local residential real estate have also been absent during the pandemic. Although Florida Realtor’s O’Connor explained that activity by foreign buyers had been declining nationwide because “many economies around the world were moving into a struggling situation, whereas the U.S. economy was still strong,” the impact on Florida is acute. Between August 2018 and July 2019, foreign buyers generated $16 billion in sales for Florida’s existing home market, which is 12% of the dollar volume of this sector.

“I’m not seeing a lot of foreign buyers,” Stern said. “Usually around this time, there are 20 transactions in our pipeline. I think I have one foreign buyer.”

Another defining aspect of Florida’s housing market is the large number of seniors, particularly among retirees who migrated from other states. According to Gino Moro, owner of Southland Mortgage in Hollywood, the state’s reverse mortgage market is poised to expand due to the surplus number of seniors and an increased worry about financial stability based on the coronavirus tumult.

“There have a lot of loan officers that looked at the reverse mortgage when the purchase business dropped as an alternative program to use,” said Moro, who is also president of the Florida Association of Mortgage Professionals. “As we see more and more seniors move to Florida, reverse mortgages will be an absolutely phenomenal product for them.”

Moro added that as the state reopens further and the local economy gains strength, purchase loan activity will be driven by first-time homebuyers eager to get into homeownership.

“I’ve seen the interest,” he said. “Just in our office, we’ve seen a lot more phone calls from Realtors having first-time homebuyers asking questions about how to purchase and how to get ready for it. So, I think that’ll be a good a good influx in the next coming months.”

Tuesday, June 2, 2020

Ready for Open Houses?

Homebuyers and sellers are ready to return to open houses

Just about half said that they value the help of a professional

Despite open houses pausing over the spread of COVID-19, a new survey from the National Association of Realtors said that 65% of people who attended an open house within the last year would do so now without hesitation, while another 15% said they would feel comfortable resuming this activity if there was an approved COVID-19 vaccine and/or proven medical protocol to mitigate and remedy the effects of the virus.

“The real estate industry – and our country – has endured some very challenging times for several months, but we’re seeing signs of progress and we are earnestly hoping the worst is behind us,” said NAR President Vince Malta.

Also in the survey, 47% of buyers and 53% of sellers said that during the current pandemic, relying on a real estate professional when searching for or selling a home is much more important than before. In addition, 54% of buyers and 62% of sellers said that a real estate agent’s guidance is especially valued right now. Hand-in-hand with that, 59% of buyers and 58% of sellers said that buying and selling real estate is an essential service.

“While we celebrate homeownership month, we embrace today’s version of homeownership and the unique paths homeowners take to realize their dream,” Malta continued. “For prospective buyers, the desire to own a home remains strong and the guidance, expertise and professionalism Realtors provide is more important now than ever.”

Despite the rise of iBuyers and virtual real estate practices, 51% of buyers said an agent is valuable when it comes to gleaning information from online listings rather than uncovering it on their own, and 56% said they believe that an agent can save them time and stress of weeding through listings.

The survey also showed growing comfort with the digitization of the home purchase process. According to the survey, 67% of sellers and 70% of buyers said they are very comfortable with conducting business on a computer, such as reviewing and signing documents electronically.

“Thanks to the internet,” 41% said they could envision themselves buying a house without ever physically stepping foot inside, and 53% of sellers could envision themselves selling to prospective buyers the same way

Monday, June 1, 2020

4 Signs That Pests Are Wrecking Your Roofing

4 Signs That Pests Are Wrecking Your Roofing: While you might think it's easy to determine a pest infestation, that's not always the case. Here are four signs that pests are wrecking your roofing.