During the second quarter of this year, median home prices increased at a faster pace than average weekly wages in 87 percent of U.S. counties, according to real estate data firm ATTOM Data Solutions. The firm analyzed a sampling of 464 of the largest counties and found the trend was present in 403 of them.Housing in 210 of the 464 counties—or 45 percent—was deemed less affordable than historic norms; that marks the highest share since 2009,
Interest rates for a 30-year fixed-rate mortgage took another dip this week, setting a new low for 2017, Freddie Mac reported in its weekly mortgage market survey.“The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “However, the majority of our survey was conducted prior to Tuesday’s sell off in the bond market, which drove Treasury yields higher. Mortgage rates m
Homeowners who seek an estimate of their home’s value online often find that it doesn’t match the actual value. You need to know how to talk to your clients about this discrepancy, and the Economists’ Outlook blog, which is run by the National Association of REALTORS®, recently offered tips from data scientist Karen Belita.She notes that Automated Valuation Models, or AVMs, are based on computer algorithms and calculations that “take di
We should keep the things that bring us joy and get rid of the restKey Takeaways When moving, most clients throw away or donate unwanted items, but you can advise them of alternatives to trashing junk that could be positive for the environment.I enjoyed contributing to Amber Taufen’s article about helping our clients downsize.She wrote: “It’s harder than ever to get rid of your stuff — and once that lamp, jewelry or antique hutch reaches
As we all know, the real estate industry is hyper-competitive. And because there are few better catalysts for innovation than competition, real estate is constantly blazing new ground.Real estate expansion teams — teams that do business in multiple markets — are one of the industry’s latest, and hottest, innovations. These teams are constantly striving to do more business with a lean team and drive profits higher.Due to their lean structur
Reconnect and let people know that you are back to workWhether it’s a long vacation, a journey to find oneself or growing a family, real estate agents often take long breaks from the business. Peter Lorimer of PLG Estates shares his top four tips for getting back in the game. When you come back, it might feel like the machinery has ground to a halt. But don’t fear — I have four tips to help you get back into the industry: Go speak with a
Creating the appropriate sense of urgency for your listingDo you prefer a one-hour or traditional open house? Byron Lazine and Tim Bray tackle when it’s appropriate to do both in this video.A one-hour open house creates a sense of urgency. More people will be there in a shorter time span, therefore, the house will look like it has more interest. It also saves the real estate agent from wasting valuable time.A stale property with a slight pr
Excess heat emanating from computers is usually seen as a bad sign. It’s a good sign, however, for Dutch startup Nerdalize, which plans to use this heat for home energy.In August, Nerdalize plans to heat 42 Dutch homes using excess energy from in-home computer servers. Customers can pay Nerdalize to install a server in their home and use the server’s excess heat to warm the home for free—all while Nerdalize makes money selling server space
Condos located near cart paths in golf course communities sell for lower prices than similar properties in the same communities, according to a new study published in The Appraisal Journal. Such condos are discounted an average 5.1 percent, according to the study. Certain cart paths can have a greater impact on the price of the property: condos near paths by a green are discounted 11.6 percent while those near tee boxes are discounted 8.6 percen
Hispanics are trailing behind whites in homeownership, and they likely won’t catch up until 2035, according to a new report from Freddie Mac. The Hispanic homeownership rate is 26 percentage points less than the homeownership rate for whites as of 2015. The gap has narrowed slowly over the last 20 years, dropping from 29 percentage points in 1995.Freddie Mac researchers note that Hispanics and whites are influenced by similar factors when it co
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