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ORLANDO, Fla., Feb. 5, 2021 /PRNewswire/ Homebuilding experienced a surprise year of growth in 2020 despite the pandemic, but new home construction this year will be constrained by supply side factors like higher lumber costs, a shortage of lots and regulatory issues, according to Dr. Robert Dietz, chief economist and senior vice president for economics and policy for the National Association of Home Builders (NAHB). Dietz was one of several real estate economic experts who spoke to 424 Realtors® and attendees during Florida Realtors® virtual 2021 Florida Real Estate Trends summit on Feb. 4.
He said, We expect the COVID-19 crisis to continue through February 2021, with a 50% vaccination rate by the end of April and a 75% rate by the end of October – we anticipate accelerating economic growth later in 2021. The new-home construction industry will grow in 2021, but at a lower rate, especially as interest rates will trend higher with
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ORLANDO, Fla., Jan. 26, 2021 /PRNewswire/ Real estate drives Florida s economy, and figuring out what lies ahead in 2021 is key for policymakers, residents and Realtors, especially with a continuing global pandemic. This year s Florida Realtors® 2021 Florida Real Estate Trends virtual summit also features a panel discussion on how residential and commercial real estate intersect, along with trends in development and new home-construction.
Florida Realtors Chief Economist Dr. Brad O Connor and Dr. Robert Dietz, chief economist and senior vice president for economics and housing policy for the National Association of Home Builders (NAHB), will share their insights at the 2021 Florida Real Estate Trends on Feb. 4. The Zoom webinar begins at 9 a.m. and ends at 11 a.m.
After Joe Biden is sworn in as the 46th president of the United States on Wednesday, his immediate focus will be getting the coronavirus pandemic under control and providing direct relief to Americans. In addition to immediate actions related to COVID-19, Biden’s Day 1 housing priorities include extending the federal nationwide moratorium on residential evictions through the end of September and sending an additional $25 billion in rental assistance to states. Down the road, Biden has proposed fewer developer-friendly policies than his predecessor, including a repeal of the 1031 exchange and reform of the Opportunity Zone tax program. But overall, there is optimism among New York City real estate industry experts who see a Biden Administration as a way to restore stability and consumer confidence. With a pledge to defeat COVID-19 and send federal support to New York City, there’s hope on the horizon for the city’s recovery.
It’s not news at this point that throughout 2020 the suburbs of New York City were flooded with new home buyers, pushing up prices and leading to unbelievable bidding wars. But what
is news is just how much certain upstate areas saw a rise. According to Houlihan Lawrence’s Q4 2020 Market Report, Putnam and Dutchess counties saw a 269-percent increase in home sales $1 million and over. And in Westchester county, sales $2M and higher grew by approximately 53 percent.
According to the report:
Luxury sales north of NYC began soaring this spring and continued into the summer and fall. The rare combination of low inventory, a surge of highly motivated buyers, coupled with low-interest rates and a booming stock market, created a seller’s market and generated record-breaking sales. Pandemic-driven changes in buyer preferences were especially prevalent in NYC buyers who now focused more on the attributes and amenities of a home and less on proximity to NYC.
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The real estate industry’s lack of camaraderie is standing in the way of the creation of a national consumer-facing multiple listing service, something that’s needed to protect the real estate industry, Thad Wong, the CEO and co-founder of @properties, said Thursday during an Inman Connect Now session.
Thad Wong | Photo credit: @properties
“We need to collectively work together towards the common good of the industry and that has never been done yet,” Wong said. “But because there are so many threats to disruption, at the end of the day, the big brokerages, the legacy brands, the large independents have to figure out a way to come together for industry preservation.”