We wanted to let you know that FEMA recently issued a bulletin about the Homeowner Flood Insurance Affordability Act that REALTORS® should know about.
The provision we’re highlighting in the bill is Section 3(b). This section allows for a subsidized policy to be assumed by a new buyer at the time of purchase.
What does this mean to you and your clients?
It means effective May 1st, older homes that were subjected to a full risk rate because they were purchased after enactment of Biggert-Waters or because of a lapse in coverage will see their subsidized rates restored.
Read the FEMA bulletin here:
With the passage of the NAR-supported Homeowner Flood Insurance Affordability Act in early April, REALTORS® were able to help bring property buyers and owners relief from exorbitant rate shocks and potentially inaccurate rate quotes that were causing uncertainty in the real estate market.The story doesn’t end there, however. Now the new legislation must be implemented and there are both concerns and questions that remain unanswered. Check out the rest of the story from the NAR article from here.
The REALTOR® Day on Beacon Hill isn’t the only hot ticket in town this June! MAR and The Warren Group are coming together for an event that will feature great market analysis, vendors, food and cocktails, and a free Warren Group Market Share Report. Just in case that wasn’t enough to lure you in, every attendee will also be entered to win $500 in cash! The program will take place on June 25th from 1 – 6:00 pm at the Hilton Boston/Woburn in Woburn Massachusetts. For information on the schedule, speakers, directions, and more, please click here.
Please join us back at the Sea Crest Beach Hotel in Falmouth on October 6th and 7th for this year’s annual Conference and Tradeshow. The Professional Awards Dinner will take place on Sunday, October 5th. Once again,the convention has an outstanding lineup of returning and new national speakers such as Stefan Swanepoel, Nathan Jamail, Leigh Brown, Michael Maher, and more! Don’t miss two-days filled with courses on sales, marketing, technology and much more. Click here to check out the 2014 Conference website.
Here are the articles and posts that resulted from the release of our March 2014 REALTORS® Market and Price Confidence Indexes. We’ll continue to update the post as more articles come in.
Tuesday, April 15, 2014
MAR: Realtor Confidence Drops As Inventory Woes Continue To Plague Market
Banker & Tradesman
Realtor market confidence index drops
MetroWest Daily News
Mass. Realtors confidence down again
Worcester Business Journal
March didn’t do us many favors in the nice weather department, but despite the collective bad mood it put us in (or some of us anyway), REALTORS® in Massachusetts who responded to our March survey continued to feel confident about prices. At the same time, while still confident about the market was still positive (based on its Index number), REALTORS® were not feeling as good about the market compared to the same time last year.
Here are the March 2014 Highlights:
- The REALTOR® Market Confidence Index (RMCI) went down compared to March 2013
- This is the fifth straight monthly year-over-year decrease
- The REALTOR® Price Confidence Index (RPCI) has been up for 26 straight months compared to the same month the year before
- The RPCI was over the 70-point mark for the 13th straight month
The March Hot Topic question asked REALTORS® to describe client demand for accessible/single-floor living homes.
Click link to read the full release: March 2014 REALTOR® Market Confidence Index and REALTOR® Price Confidence Index
- REALTOR® Market Confidence Index in March was 69.50 Down 8% from the same time last year
- REALTOR® Market Confidence Index in March was Up 11% from February 2014
- REALTOR® Price Confidence Index in March was 79.69 Up 1% from the same time last year
- REALTOR® Price Confidence Index in March was down 1% from February 2014