Heather Zima

04/25/2022

This is what FAMP is for. We educate our members and advocate for each other using ethical practices and technology, while promoting and advancing the issues that pertain to our businesses, our income, our livelihood. We do this first on a local level, then team up with other Chapters in Florida to take our voices to the national level. By becoming a member of FAMP you grow your Chapter, which in turn grows our power and control over our industry as a state. Here is the link for the three issues that the Florida Association of Mortgage Professionals Political Action Committee, FAMPPAC, will be bring to Congress on May 2nd and 3rd.

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07/31/2020

The housing market is forecasted to finish the year with growing strength.⠀
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Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.⠀
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If you’re thinking of buying or selling a home this year, reach out to a local real estate professional to maximize your opportunity today.⠀
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See our story for the breakdown!⠀
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07/30/2020

As remote work continues for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities? Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. Early data shows an initial trend in this direction of moving from urban to suburban communities, but the question is: will the trend continue?⠀
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According to recent data from Zillow, there is a current surge in urban high-end listings in some larger metro areas. The month-over-month increase in these homes going on the market indicates more urban homeowners may be ready to make a move out of the city, particularly at the upper end of the market.⠀
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Why are people starting to move out of larger cities?⠀
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With the ongoing health crisis, it’s no surprise that many people are starting to consider this shift. A July survey from HomeLight notes the top reasons people are actually moving today:⠀
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1. More interior space⠀
2. Desire to own⠀
3. Move from city to suburbs⠀
4. More outdoor space⠀
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More space, proximity to fewer people, and a desire to own at a more affordable price point are highly desirable features in this new era, so the list makes sense.⠀
Will the shift pick up speed and continue on?⠀
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The question remains, will this interest in suburban and rural living continue? Some, like Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) think the possibility is there, but it is still quite early to tell for sure. ⠀
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Early data is showing a shift from urban to suburban markets, but keeping an eye on this trend will help us understand how it will ultimately play out. It may just be a temporary swing in a new direction until Americans once again feel a sense of comfort in the cities they’ve grown to love.

07/29/2020

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.⠀
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Yesterday, the U.S. Census Bureau announced:⠀
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“The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).”⠀
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The increase is also represented by race and ethnicity of the householder:There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today. ⠀
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In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger and, as noted by Odeta Kushi, Deputy Chief Economist at First American, are the buyers driving the homeownership rate in an upward direction:⠀
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“Big jump in the homeownership rate today, mostly driven by younger households. We saw a spike in the number of owners, and a decline in the number of renters. This is the highest rate of homeownership since 2008.”⠀
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This growth is outstanding news for the housing market and for those who have recently found their new homes. ⠀
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If you’re thinking of buying a home this year, contact a local real estate professional today to take your dream one step closer to reality.

07/28/2020

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR):⠀
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“The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.” ⠀
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Why the rise in first-time homebuying?⠀
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NAR continues to say:⠀
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“The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.”⠀
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Clearly, historically low mortgage rates are encouraging many to buy. With the average mortgage payment now estimated at a lower monthly cost than renting, it’s a great time for first-time homebuyers to enter the market. ⠀
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If you’re among the first-time homebuyers who feel the process is complicated, you’re not alone. If you’re not sure where to begin or you simply want help in figuring out how to save for a home, finding a trusted real estate advisor to work with is a critical step toward your success. A real estate professional can help you understand the process, review your current situation, and guide you with a plan to help you to feel confident when buying a home.⠀
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If you’re interested in purchasing a home and need help getting started, reach out to a local real estate professional today to take advantage of the support available to guide you through each step of the way.⠀

07/27/2020

The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate reports recently revealed how the housing market is still showing growth. Here’s a look at each one.⠀
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1. Ivy Zelman’s Real Estate Broker Survey⠀
The survey explains that purchaser demand remains strong:⠀
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“This month’s overall homebuyer demand rating…was easily the strongest sequential gain in our survey history…Strength continues to be led by the entry-level…While high-end demand is less robust in an absolute sense, there has also been relative improvement, with contacts attributing incremental improvement to the stock market’s rebound, record low mortgage rates and luxury customers trading out of high-priced cities.”⠀
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2. The National Association of Home Builders Housing Market Index⠀
The index reveals that builder confidence has returned to levels last seen prior to the pandemic:⠀
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“In a strong signal that the housing market is ready to lead a post-COVID economic recovery, builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI now stands at the solid pre-pandemic reading in March before the outbreak affected much of the nation.”⠀
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3. The realtor.com Housing Market Recovery Index⠀
This index leverages a weighted average of four key components of the housing industry, tracking each of the following:⠀
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Housing Demand – Growth in online search activity⠀
Home Price – Growth in asking prices⠀
Housing Supply – Growth of new listings⠀
Pace of Sales – Difference in time-on-market⠀
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Real estate brokers, home builders, and industry data all agree that the housing market has surged back to pre-COVID levels, showing growth, strength, and incredible resilience.

07/24/2020

A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis.⠀
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53% of Sellers & 47% of Buyers agreed that during the pandemic, relying upon a real estate professional when searching or buying a home is much more important than before.⠀
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Expertise and professionalism are highly valued and can save buyers and sellers time and effort along the way.⠀
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If you’re thinking of buying or selling a home this year, be sure you have a trusted professional on your side.

07/23/2020

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.⠀
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According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June: ⠀
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“Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth.”⠀
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This significant rebound is a major boost for the housing market and the U.S. economy. ⠀
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With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment. The report also notes:⠀
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“The median existing-home price for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June’s national price increase marks 100 straight months of year-over-year gains.”⠀
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Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you’re ready to buy a home this year, reach out to a local real estate professional to make sure you have the best possible guide with you each step of the way.⠀

07/22/2020

The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether. This pause in the economy has greatly impacted the workforce and as a result, many people have been laid off or furloughed. Naturally, that would lead many to believe we might see a rush of foreclosures like we saw in 2008. The market today, however, is very different from 2008.⠀
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The concern of more foreclosures based on those that are out of work is one that we need to understand fully. There are two reasons we won’t see a rush of foreclosures this fall: forbearance extension options and strong homeowner equity.⠀
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1. Forbearance Extension⠀
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Forbearance, according to the CFPB, is “when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.” This is an option for those who need immediate relief. In today’s economy, the CFPB has given homeowners a way to extend their forbearance, which will greatly assist those families who need it at this critical time.⠀
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2. Strong Homeowner Equity⠀
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Equity is also working in favor of today’s homeowners. This savings is another reason why we won’t see substantial foreclosures in the near future. Today’s homeowners who are in forbearance actually have more equity in their homes than what the market experienced in 2008.⠀
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Many think we may see a rush of foreclosures this fall, but the facts just don’t add up in this case. Today’s real estate market is very different from 2008 when we saw many homeowners walk away when they owed more than their homes were worth. This time, equity is stronger and plans are in place to help those affected weather the storm.⠀

07/21/2020

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving.⠀
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Here’s a look at what a few of the experts have to say about today’s astonishing recovery. In more than one instance, it’s being noted as truly remarkable.⠀
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Ali Wolf, Chief Economist, Meyers Research⠀
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“The housing recovery has been nothing short of remarkable…The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”⠀
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Fannie Mae⠀
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“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”⠀
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Javier Vivas, Director of Economic Research for realtor.com⠀
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“All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels.”⠀
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James Knightley, Chief International Economist, ING⠀
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“At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago.”⠀
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The strength of the housing market is a bright spark in the economy and leading the way to what is truly being called a remarkable recovery throughout this country. If you’re thinking of buying or selling a home, maybe this is your year to make a move after all.⠀

07/20/2020

Inventory is arguably the biggest challenge for buyers in today’s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers.⠀
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According to the latest Existing Home Sales Report from the NAR total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly.⠀
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Why is inventory so low?⠀
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There are many reasons why it’s hard to find a home to buy today, stemming from an undersupply of newly constructed homes to sellers pressing pause on their moving plans due to the current health pandemic. One of the key factors making it even more challenging, however, is the amount of time current homeowners are staying in their homes. There has truly been a fundamental shift in the market that started about 10 years ago: people are staying put longer, and it’s contributing to the shortage of houses for sale.⠀
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There are simply not enough houses for sale today. If you’re ready to leverage your equity and sell your house, reach out to a local real estate professional today. It’s a great time to move while demand for homes to buy is extremely high.⠀
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