Offering mortgages up to age 80?

February 16, 2023

Rise and shine! It's a new day and The Shaker is here to serve you the best mix of residential real estate news. Yummy yummy.

What you should know:

Chinese banks are extending the upper age limit for mortgage borrowers to 80 to revive the country's real estate market.
Some banks in cities like Beijing, Nanning, and Ningbo have already raised the upper age cap to attract more mortgage-seekers.
China's property market has been in decline for three years due to strict COVID restrictions, with investment falling by about 10% in 2022 compared to the previous year.
In comparison, there is no upper age limit in the US for mortgage applicants, although age-related factors such as changes in income are considered by lenders.
The move has sparked an online debate in China about whether such policies would lessen the burden for homebuyers in an aging society.

Florida Real Estate Market Defies Exodus of Realtors

US real estate agents are leaving once-hot markets as new data shows declining membership growth in the National Association of Realtors, but Florida is expected to continue to grow due to encouraging growth across all sectors.
National Association of Home Builders CEO Jerry Howard notes Florida has a 1.9% population growth and is encouraging growth across all sectors, making it an attractive location for people to move to and build.
Florida real estate leaders from Echo Fine Properties say they are not leaving the state, despite a decrease in home sales, with the key to success being a broker that offers support, mentorship, and lead generation.
Experts predict Florida's market will continue to grow, in contrast to California, New York, New Jersey, Massachusetts, and Illinois, which are difficult for builders to build any housing, let alone for the first-time homebuyer market.
Fox Business host Katrina Campins predicts rental market growth and for Florida to continue to outpace the entire nation as there is more inventory in the market, providing buyers with negotiating power and more concessions from sellers.

The National Association of Home Builders reported that home builder confidence increased in February by the largest amount in almost 10 years, due to falling mortgage rates attracting more buyers.
All three metrics of the report, current sales, buyer traffic and the outlook for sales of new construction homes over the next six months, rose in February for the second straight month, showing the strongest reading since September and the largest monthly increase for builder sentiment since June 2013.
This is good news for home buyers who have been facing low inventory amid a decades-long national shortfall in building. However, builders continue to face headwinds with high construction costs and building material supply chain logjams.
Although the index remains below the breakeven level of 50, the increases between December and February are a positive sign for the market, said NAHB chief economist Robert Dietz.
Alicia Huey, NAHB chairman, called on policymakers to reduce the cost of developing lots and building homes via regulatory reform, to address the most challenging part of the home building market, which is the construction of entry-level homes.

The middle flat of a historic Edwardian building in San Francisco is up for sale at $1.8 million.
This building was once home to the legendary musician Janis Joplin, who lived in the topmost unit, which is not for sale.
Joplin's flat was a popular location for entertaining and partying with other music legends, especially during the 1960s.
The middle flat for sale comes with three bedrooms and 1.5 baths, featuring a mix of modern amenities and period details like coved ceilings, built-ins, and three separate fireplaces.
There's also an updated kitchen with a marble herringbone backsplash and a private back deck opening to a shared backyard.

Send us your feedback, ideas, love at [email protected]