Fla.’s Feb. Housing: Inventory, Median Prices Up
Ariel Skelley / Getty Images MARCH 21, 2023 Fla.’s Feb. Housing: Inventory, Median Prices Up By Marla Martin Florida Realtors: Closed single-family sales fell 21.3% last month amid inflation and higher interest rates, but for-sale inventory rose 131.4% to a 2.7-months’ supply. ORLANDO, Fla. – Florida’s housing market in February continued to show increasing inventory (active listings) and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data. Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector. Closed sales of single-family homes statewide last month totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written. “The 30-year fixed mortgage rate was in the 6- to 6.5% range for much of January, which helped spur some renewed activity in the existing home sales market,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “While closed sales were still down substantially year over year, the numbers for February were much more favorable than what we saw in January. “One area where we worsened compared to last month, however, was in new listings. The last time there were this few new listings in the month of February was in 2013, in both property type categories. This lack of new listings kept inventories from expanding much at all. Single-family inventory actually declined month-over-month, though it was still higher year-over-year.” In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. The median is the midpoint; half the homes sold for more, half for less. “The supply of for-sale homes is slowly building, which is easing inventory constraints in many markets across the state,” says Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Apopka. “As more inventory becomes available, it will begin to ease some of the pressure on home prices – and that helps buyers dealing with higher interest rates and affordability challenges. “Working with a local Realtor means consumers have an expert guide who can help them understand the complex and emotional process of buying or selling a home.” Statewide inventory in February was higher than a year ago for both existing single-family homes, increasing by 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at a 2.7-months’ supply while existing condo-townhouse properties were at a 3.2-months’ supply last month. © 2023 Florida Realtors®
How to Get Started on Airbnb
Those looking to make some passive income can easily use the Airbnb rental system to streamline bookings. Instead of standard lodging options like hotels, an increasing number of travelers are interested in personalized experiences like bed and breakfasts and private homes with room rentals. Owners can customize their Airbnb rental ads anytime, and the system can update pricing due to demand. Let's look into some tips for getting started on Airbnb. Find the Right Property For Airbnb Rentals Homeowners should first find out if Airbnb rentals are legal within their community. Apartment complexes and properties being rented rather than purchased by owners often have rules that prohibit subletting space. There may also be requirements to obtain a permit to create a rental space. With the legalities covered, research whether the property will be desirable for short-term rentals. Unless renting a room in an existing home, it's essential to consider housing costs and location when investing in a dedicated property. Cities with affordable housing costs, attractive tourist sites, or appealing amenities will likely reap greater profits. The lower the operating costs, the more profitable an Airbnb rental is likely. Furthermore, consider seasonal factors that may make the property more desirable. Consider Operational Logistics Owners not living on the site of the Airbnb rental space will need to consider what team members they need to operate it. Even onsite owners might want to consider logistical factors that include: Booking calendars House rules Cleaning Property management Airbnb has options permitting renters to see available booking dates, which listers can manually adjust. The company eases the rental process by letting renters make online reservations and ensuring that payments are secured. Owners renting space on their private property may be able to handle the tasks of checking guests in and cleaning duties after their departure. However, those renting a separate property or one in a different city than their location might consider employing a cleaning company and property management services. It is important to consider that cleaning services and property management companies will reduce profits, which makes logistics an essential factor. However, those wanting to be hands-off Airbnb hosts should have these teams on board to streamline the rental process. They also help ensure that guests have a better experience during their stay. Airbnb hosts will want to create a list of house rules to post on the website and a sign within the property. Are pets allowed? Is there a quiet time to be mindful of neighbors? Is smoking prohibited? Can additional guests come to the property? Clarifying the rules beforehand can prevent guest dissatisfaction and challenges for owners down the line. Create Your Airbnb Listing A key ingredient to making a listing stand out is showcasing the best features available to guests; this is essentially an advertisement for the space. Don't hesitate to list the property's perks, including any unique Airbnb amenities. To create a compelling list, start with the basics, such as: Location Public transit options Sleeping capacity Number of bathrooms Guest policies Pet policies Parking options Owners will also want to include details about nearby attractions and places travelers can enjoy. Depending on the location, season, and amenities, owners can then start considering their pricing strategy. Set the Right Airbnb Pricing Strategy While owners can set their rates, having a pricing strategy can make or break how profitable the property will ultimately be. Furthermore, pricing is often a primary deciding factor for travelers looking for short-term rentals. Setting nightly, weekly, and monthly rates takes a bit of consideration. Are there several hotels nearby that will be potential competitors? Excessively high rates could result in missing bookings, which negates profits. Owners can compare the prices of listings in the same area that are similar to their property. Rentals in popular tourist areas and those near top attractions can draw a premium in peak seasons. However, Airbnb helps owners with pricing via a Smart Pricing Tool that can be automatically adjusted seasonally. This tool considers more than 70 factors to set daily, weekly, and monthly rates. While convenient, owners will want to ensure their rentals are priced competitively among other options in the area. Competitive rates can draw in more guests, boosting the owner's overall profits. Affordable rentals are often booked far in advance and are a priority for travelers on a budget. With that in mind, owners also want to remember certain costs of running the property, including: Rental taxes Insurance Service fees Additional guest charges Cleaning costs Prepare the Space For Guests Special touches concerning furnishings, decor, and ensuite conveniences can make an Airbnb listing stand out. Furnishings should represent the “vibe” of the location. For example, rentals near the water might have soothing decor with a beachy feel, while those in rural areas might be more rustic. It's essential to consider if pets are allowed when choosing furnishings. The key is to select durable and easy-to-clean pieces to prevent the need for replacement. Guests will also appreciate the addition of basics like a coffeemaker, cups, glassware, plates, linens, and hygiene supplies. Some hosts might offer special packages for renters, such as snacks, flowers, or a bottle of wine to welcome guests. Owners will also want to arrange check-in procedures. Installing a lock box for keys is ideal for those who live off-site or want their guests to have access to late arrivals. Whatever instructions hosts want renters to follow can be posted on the listing or communicated through private messages on the Airbnb site. Are You Ready to Offer Airbnb Rentals? If you're eager to make a passive income with the services of Airbnb, these tips are an excellent start to help you begin the process. The Airbnb site also has many tools and information to streamline setting up listings and help owners maximize bookings. The post How to Get Started on Airbnb appeared first on RealEstateInvesting.com.
Hugh Jackman Training Video Shows His Wolverine Progress For Deadpool 3
Hugh Jackman's Deadpool 3 training is in full gear, with the actor sharing a new video of his workout to become Wolverine once again. Jackman is well known for achieving an impressive physique during his more than 20 years playing the member of the X-Men. The actor will be reprising his iconic Wolverine role in next year's Deadpool 3, which partners him up with friend Ryan Reynolds for an adventure set in the Marvel Cinematic Universe. As such, Jackman is training hard to get back in Wolverine shape. Jackman shared on Twitter a new workout video of his Deadpool 3 training with the caption "I’m #becomingwolverineagain." Hugh Jackman's New Workout In 2017, the ending of the movie Logan appeared to seal the fate of Jackman's Wolverine, with the character dying and receiving a tender homage in the form of Dafne Keen's Laura turning the cross on his grave into an "X" to symbolize Wolverine's X-Men past. However, Jackman is set to return, now in the MCU, as Wolverine.
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