FEMA Flood Preparedness Resources for Real Estate Professionals
Customers have questions, and this resource provides a broad overview of the U.S. flood insurance program.

NFIP Door Hanger
Printable and customizable versions can promote flood insurance.

The Cost of Flooding Tool
This interactive tool can help owners or buyers visualize the risk of a home flooding, even if that flood is only a few inches deep.

Be Prepared for a Flood
This brochure outlines the steps homeowners should take if a flooding event appears imminent, as well as during and after a flood.

Flood Social Media Toolkit
A webpage resource that include a vast amount of tools and links that can be shared on social media. It covers a wide range of topics, from flood planning to recovery after an event.

Emergency Financial First Aid Kit
Important papers can be lost in a flood. This overview, offered in six languages, helps homeowners focus on important household information – identification, financial and legal documents, medical information, contacts, etc. – that should be in order before a disaster occurs.

Insurance Moonshot Starter Kit
How do you create a local program that promotes flood insurance? This kit contains key messages and communication templates that can be used to promote the value of flood insurance in disaster recovery.

Why Buy Flood Insurance
Many people balk at buying flood insurance. This webpage (NFIP consumer site) explains its importance and answers many commonly asked questions.

How to Buy Flood Insurance
Generally, insurer agents offer federal flood insurance policies, a process detailed here along with help finding an insurance provider.

Preferred Risk Policy
The owners of a home located in an area deemed low risk by FEMA pay less. This page offers more information about one of these preferred risk policies.

How Can I Pay Less for My Flood Insurance
Information here can help homeowners reduce the cost of their flood insurance cost by choosing things such as a higher deductible.

Before and After a Flood
This is the nuts-and-bolts of dealing with a flood disaster – how to start a flood insurance claim, and what to do before and after a flood.

FEMA Flood Map Service Center
Is a home in a low- or high-risk flood zone? Find out here on the public source for flood hazard information.

Fema.gov
Go here for more information on other programs offered by FEMA.

© 2020 Florida Realtors®

In the second quarter of 2020, Florida’s inventory of homes was 2.8 months.

“Apart from the condo-townhouse category, we are at record lows right now,” says Florida Realtors Chief Economist Dr. Brad O’Connor.

Florida Realtors records sales of condominiums and townhouses separately, and at 5.7-months’ supply in the 2Q, the condo-townhouse market remains in seller territory, but it’s closer to a balanced market.

The coronavirus-related shutdown impacted Florida’s single-family inventory, but more homes now appear to be coming into the market.

Still, demand from buyers, thanks in part to record-low mortgage rates, has not subsided. Selling prices have continued to trend upward as buyers find too-few available homes for sale. In the second quarter, the median price for a Florida single-family home was $277,500 – 4.7% higher year-to-year.

“All indications are that Florida will continue to see home sales surge through the end of the summer, with our biggest near-term issue being a severe lack of single-family inventory,” O’Connor said in the report. “With mid-year inventory levels down over 27% compared to last year, the scarcity of homes on the market will continue to propel prices upward. Price growth has remained so strong throughout the pandemic that at the mid-point of the year, Florida has already seen close to $50 billion worth of closed single-family home sales – less than 2% off last year’s pace.”

The inventory problem isn’t just in Florida. Fannie Mae’s latest U.S. market report found similar conditions nationwide, with a few buyers pulling back as home prices continue to rise.

“Supply constraints appear to be applying upward pressure to consumers’ home price expectations, which in turn has contributed to both a sharp reversal in optimism about whether it is a good time to buy a home and further improvement in home-selling sentiment,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.

© 2020 Florida Realtors®

https://www.floridarealtors.org/news-media/news-articles/2020/08/flas-single-family-sale-inventory-hits-record-low-2q

Four of six components the index measures increased in June over May. But the index, which measures American sentiment about the housing market, is still down by 15 points over the last few months. In April, the index reached a record low as the COVID-19 pandemic ignited in the U.S.

“A second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April,” says Doug Duncan, Fannie Mae’s chief economist.

The index suggests more favorable conditions for first-time homebuyers, which is consistent with a recent rebound in home purchase activity and applications, Duncan adds.

Homeowners sense opportunity as well.

“Homeowners seem to have taken note of the resulting lack of housing supply, with an increased share saying it’s a good time to sell a home,” Duncan says. “However, this activity may cool again in the coming months, depending on the extent to which it can be attributed to consumers having chosen to delay or to accelerate home buying plans due to the pandemic.”

In Fannie Mae’s survey of about 1,000 Americans, it also found elevated concerns about job security. “We believe the continuing uncertainty regarding the coronavirus’ containment suggests an uneven and potentially volatile course toward economic recovery,” Duncan says.

June survey results
Buyers: 61% of Americans surveyed said now is a good time to buy a home, up from 52% in May.
Sellers: 41% say it’s a good time to sell a home, rising from 32% in May.
Home prices: 34% expect home prices to go up over the next 12 months, up from 26% in May; 31% believe prices will stay the same, and 25% believe they’ll go down over the next year.
Jobs: 26% are concerned about losing their job in the next 12 months; 74% feel secure.
Household income: 25% say household income is “significantly” higher than it was 12 months ago, up from 18% in May. But 16% say their household income is significantly lower, and 58% say it’s about the same.
Mortgage rates: 42% of consumers expect mortgage rates to stay near record lows – however, 32% expect rates to rise, up from 25% who believed they could rise in May, which could be creating some urgency among some buyers.
Source: Fannie Mae

© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688
https://www.floridarealtors.org/news-media/news-articles/2020/07/2-out-3-americans-say-its-good-time-buy