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As of this week, the death toll has surpassed 230 and thousands of homes, many without flood insurance , have been destroyed. Insurance and inventory An alarming statistic is that most homeowners in these areas are not insured by the private insurance market or by the National Flood Insurance Program (NFIP).
The weekly volume of newlistings is now higher than at anytime last year. In addition to a higher number of newlistings, there were also more new contracts started this week than in any week in 2023. The opposite trend is happening in New York , which has the fewest available homes per capita right now.
Newlistings unchanged You can see the continuation of that theme with the newlistings volume each week. There were 72,000 new single-family listings unsold this week. You have elements like propertytaxes and insurance costs that are way up, so you have a lot more sellers.
That means currently just over 700,000 single-family homes are unsold, with about 10% of those going into contract each week, and another 75,000 newlistings. Florida homeowners have the tax costs and also have sharply rising insurance costs — especially after Hurricane Ian. We sell more, that adds to inventory.
Realtors in the area say that buyers who were trying to wait out the high rate environment are choosing to accept that current rates are simply the new normal. That’s led to a rise in newlistings in Indianapolis as more homeowners are putting their houses on the market. Propertytaxes are about the same.
For buyers, you may want to link to newlistings that fit their must-haves. Use snippets from your longer content (like blogs) for your newsletter and include links to direct your audience back to your website. You can do the same with your social media channels.
This has resulted in major ownership costs on a typical home consuming 25% of the average national wage of $65,546, still within the 28% standard lenders prefer for homeowner expenditures (mortgage, home insurance and propertytaxes). >> Seattle metro experienced the greatest inflationary pressure than any major U.S.
New owners here spend an average of $232.5K on first-year costs, including a 20% down payment, closing costs, monthly mortgage, insurance and propertytaxes. The few homes that are available are selling quickly and at or above list price.” fewer newlistings, the number of sales rose 1.7%
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