tag:blogger.com,1999:blog-44127175565138244062024-03-27T22:00:09.274-07:00Chuck Barberini Real EstateI have begun blogging to share information on Real Estate, my experiences and thoughts.
I am a customer service professional, who has striven to do business through pride, honesty and a commitment to doing what is right. I look forward to sharing with you and hearing your comments backChuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-4412717556513824406.post-80844969506929451232024-03-22T11:00:00.000-07:002024-03-22T11:00:00.342-07:00Home Tour Burnout in 2023<p> Co-Buying, Compromises, And Home Tour Burnout: 2023 First-Time Homebuyers</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="83324338" id="83324338" src="https://media1-production-mightynetworks.imgix.net/asset/98e45327-36f2-4091-be30-c96ce5f06b5c/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p id="isPasted" style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">More than three-quarters of today’s first-time homebuyers are making their first home purchase with a co-buyer. And about a third are co-buying with a parent, friend, or sibling.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That’s according to Opendoor’s third edition of its First-Time Homebuyer Report, released on March 5, 2024. Thanks to ongoing challenges with housing affordability, co-buying has become fairly common among first-time homebuyers.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">First-time buyers are purchasing homes—</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">With a spouse/partner: 61%</li><li style="margin-bottom: 12px;">On their own: 23%</li><li style="margin-bottom: 12px;">With parents: 16%</li><li style="margin-bottom: 12px;">With friends: 11%</li><li style="margin-bottom: 12px;">With siblings: 7%</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">First-time buyers who were co-buying with friends tended to tour 20-plus homes (45%) and to argue with their co-buyer about what home to buy (49%).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">2023 brought a 35% increase in the number of first-time buyers purchasing a home on their own, but the co-buying trend is growing. More than one in ten first-time homebuyers co-purchased a home with a friend (11%). And the majority of these were men (62%).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Read on for more.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">HURDLES AND DELAYS FOR PROSPECTIVE FIRST-TIME BUYERS IN 2023</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Financial hurdles are the main reason co-buying has gotten more popular among first-time homebuyers, and they continue to steer buyer decisions.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">When it came to delaying a home purchase, money (or the lack thereof) was most often the reason, as 53% put off a home purchase for financial reasons:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">42% weren’t financially ready</li><li style="margin-bottom: 12px;">32% were waiting for a drop in mortgage rates</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Family and friends also played a role in delaying home purchases, with 22% of first-time buyers putting their plans on hold for family-related reasons and 18% holding off because of their relationship status.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">PRESSURE AND COMPROMISES FOR FIRST-TIME BUYERS IN 2023</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Nearly nine out of ten first-time buyers (88%) are making compromises with their home purchasing decisions. Most often those compromises involve money, with 43% of respondents saying they paid more for their home than they wanted.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Home purchases came with revised expectations for many first-time homebuyers:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">32% didn’t buy in the area they wanted</li><li style="margin-bottom: 12px;">28% didn’t get all the home features they were hoping for</li><li style="margin-bottom: 12px;">22% bought a smaller home than they originally wanted</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Nine out of 10 first-time buyers felt pushed into moving quickly with a home purchase due to fear of missing out (FOMO), with 42% feeling that pressure internally, 24% feeling rushed by their agent, and 21% feeling under pressure from their co-buyer.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Among those who made their first home purchase in 2023, nearly a third (31%) believe they could have found an even better place if they’d kept looking—the same percentage as in 2022.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Sixty-five percent questioned whether it was all worth it, while 27% were just relieved when the whole process was over.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">HOUSE TOUR BURNOUT IS REAL</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Home tours can be a big help when shopping for a new home. But too many tours can lead to burnout and decision paralysis.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">On average, first-time homebuyers in 2023 toured 23 homes—virtually or in person—which is close to the 24 homes toured the previous year.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Gen Z stood out from the pack by touring an average of 32 homes in 2023—45% more than Millennials, who toured an average of 22 homes, and 60% more than Gen X (20 homes).</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">FIRST-TIME HOMEBUYERS’ MAIN MOTIVATORS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Based on Opendoor’s survey, first-time homebuyers are driven primarily by these four things:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Stability and peace of mind from owning rather than renting (44%)</li><li style="margin-bottom: 12px;">More space (43%)</li><li style="margin-bottom: 12px;">Investment opportunities (41%)</li><li style="margin-bottom: 12px;">Starting a family (23%)</li></ol><p id="isPasted" style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"><em>Key Details:</em></span></p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><em>Opendoor has released the third edition of its First-Time Homebuyer Report, offering real estate agents a detailed glimpse into the realities faced by today’s first-time buyers, including co-buying trends and home tour burnout. </em></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Mar 20, 2024 | <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://nowbam.com/co-buying-compromises-and-home-tour-burnout-2023-first-time-homebuyers/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">https://nowbam.com/co-buying-compromises-and-home-tour-burnout-2023-first-time-homebuyers/</a></p><p id="isPasted" style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-69741876596170347912024-03-15T11:00:00.000-07:002024-03-15T11:00:00.142-07:00Is Price the New Location?<p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="82783365" id="82783365" src="https://media1-production-mightynetworks.imgix.net/asset/2515f5f3-9e1b-485c-8f63-3b19efa624aa/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Know how “location, location, location” has always been the number one priority (generally speaking) when it comes to buying a property?</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Well, according to a new Coldwell Banker survey, price is now more important for over half the surveyed consumers (56%), leaving location in second place (50%).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Also, according to survey results, women (60%) are more likely than men (48%) to value a home’s price more than its location.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">But even with the stronger emphasis on affordability, 31% of consumers who bought a home last year (2023) bought their dream home. And among those planning to sell in the future, nearly two-thirds (66%) plan to relocate to a different city, state, or country.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">While many consumers made their dream home purchase last year, the data show that some desire to seek new horizons. For those still looking for their dream home – no matter their price range, whether nearby or afar – I encourage them to contact a real estate agent for local advice and context. The Coldwell Banker brand equips its global network of affiliated agents with tools and technology, including the Move Meter®, where consumers can compare where they live to anywhere else. <span style="font-weight: 700;">Jason Waugh - </span>President of Coldwell Banker Affiliates</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Read on for the highlights from the survey data, specifically in regard to—</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">Consumer sentiment on the housing market</li><li style="margin-bottom: 12px;">Social media’s role in home buying decisions</li><li style="margin-bottom: 12px;">Ideal home preferences</li><li style="margin-bottom: 12px;">Parental contributions to home purchases</li></ul><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">CONSUMER SENTIMENT ON THE HOUSING MARKET</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">More than half the surveyed consumers expect the real estate landscape to either improve or remain the same in 2024 compared to 2023.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And among those planning to sell their home in the future, 39% expect to relocate to a different city, state, or country, compared to 19% who said the same in 2022.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Survey results did not reveal specific reasons for the increased interest in relocating, but given other sources on the subject, housing affordability likely ranked high on the list.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">THE INFLUENCE OF SOCIAL MEDIA ON HOME PREFERENCES</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">More than two in five respondents (43%) say they have been either somewhat influenced or highly influenced by social media when it comes to their preference for a particular type of home. Luxury consumers were even more likely to credit social media’s influence (73%).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Other social insights:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><span style="font-weight: 700;">64% of consumers aged 18-24</span> say social media significantly influences their home purchase decisions, compared to only 16% of those aged 55 and up.</li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">68% of consumers aged 18-24</span> say <span style="font-weight: 700;">TikTok</span> had the most influence on their home buying decisions, while 54% of those aged 55 and up were most influenced by <span style="font-weight: 700;">Facebook</span>.</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">These numbers show just how important platforms like TikTok, Instagram, and Facebook are to your social media strategy as a real estate agent.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">HOME PREFERENCES—STYLE, SIZE, AND REGION</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Across the country, surveyed consumers have their own idea of the ideal home design, size, and location.</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Design</span>: 13% say their dream home design is Ranch; the next-strongest style preference (11%) is Modern Contemporary. That said, more respondents (16%) say they prefer “no style in particular.”</li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Size</span>: 49% say their dream home is mid-sized, with 3-4 bedrooms and 2-3 bathrooms</li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Location</span>: 32% say their ideal home is in the South, and 24% say it’s in the Northeast.</li></ul><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">PARENTAL CONTRIBUTIONS TO HOME PURCHASES</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">More than a quarter of the consumers surveyed (26%) have not assisted financially—and do not <em>plan</em> to assist—with their children's first home purchases.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That said, responses varied significantly across racial and generational groups:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">Respondents aged 25 to 34 are more likely (49%) to consider assisting financially with an adult child’s home purchase, compared to just 23% of those aged 55 and up.</li><li style="margin-bottom: 12px;">Black Americans (46%) and Native American or Alaska Natives (49%) are generally more willing than white respondents to financially assist with their children’s first home purchase.</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Over half (58%) agree with the statement, “I consider my home as an asset that I would pass along to my child(ren).”</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">METHODOLOGY</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Coldwell Banker collaborated with Census wide to conduct this survey between November 27 and December 11, 2023, with responses from 4,213 U.S. consumers aged 18 and older.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">One quarter (25%) of those consumers (1,053) were luxury respondents, classified as those earning at least $1M or who have purchased a U.S. home worth $1M, or who plan to purchase a home valued at $1M in the near future.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"><em>Key Details:</em></span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><em>A new nationwide Coldwell Banker survey shows price is more important than location to more than half the surveyed consumers who are looking to purchase a home. </em></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" id="isPasted" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Mar 13, 2024 | <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p id="isPasted" style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"> </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"> </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px;"><span style="font-weight: 700;"> </span></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-50405946081880646952024-03-08T11:00:00.000-08:002024-03-08T11:00:00.246-08:00The Income Needed to Buy a Home Has Jumped 80% Since 2020<p><br /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="82177564" src="https://media1-production-mightynetworks.imgix.net/asset/206e4d1c-796f-48c4-913b-98fe0ae394ba/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The income today’s homebuyers need to buy a typical U.S. home has grown 80% since 2020.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Or, put another way, today’s homebuyer needs to earn a minimum of roughly $106,500 a year to afford a home purchase—about $47,000 more than they needed four years ago.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">A new Zillow report highlights the disparity between wage growth and the increase in the cost of buying a home from 2020 to the end of 2023.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And while home prices have grown faster than wages, today’s mortgage rates are also responsible for monthly housing costs that are nearly twice what homebuyers paid in 2020.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The most affordable markets for homebuyers are Pittsburgh, Memphis, and Cleveland. And, no surprise, California leads U.S. metros with the highest incomes required to afford a home.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">WAGES HAVE NOT KEPT UP WITH THE INCREASE IN HOUSING COSTS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">To comfortably afford a typical U.S. home, today’s home buyer needs to earn more than $106,000 a year—80% more than they needed in 2020. Meanwhile, the median U.S. household income has grown by only 23%.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">This is why more buyers are more willing to share the cost of a home purchase with a friend or relative. Two people earning the typical household income of about $81,000 can easily afford the cost of a typical home in a relatively affordable market.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">For folks bringing in less than $106K a year, it pays to be open-minded when it comes to covering the cost of a home purchase—both at the outset and month-to-month.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">In 2020, an American household earning $59,000 a year could afford a typical home, spending 30% or less of their income on monthly mortgage payments with a 10% down payment.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The national median household income at the time was about $66,000, meaning over half of American households in 2020 had the financial means to buy a median-priced home.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Fast forward four years, and the household income required to afford a typical home—about $106,500—is well above the estimated $81,000 that today’s typical household earns.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains. Buyers are getting creative to make a purchase pencil out, and long-distance movers are targeting less expensive and less competitive metros. Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Orphe Divounguy</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">a senior economist at Zillow</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The monthly mortgage payment on a typical home has almost doubled since January 2020—rising 96.4% to $2,188. And that’s assuming a 10% down payment, which is beyond the financial means of many aspiring homeowners.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Since January 2020, home values have climbed 42.4%, and the typical U.S. home is now worth about $343,000. Back in 2020, mortgage rates around 3.5% kept monthly housing costs affordable for homebuyers who could manage a down payment.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">At the time of Zillow’s analysis, mortgage rates were at a weekly average of 6.6%, nearly doubling 2020 rates. Today’s weekly average is closer to 7%.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">BUYERS ARE GETTING CREATIVE TO MAKE A HOME PURCHASE MORE AFFORDABLE</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Today’s household making the median U.S. income would need an average of 8.5 years to save enough for a 10% down payment on a typical home—about a year longer than in 2020.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">So, it’s no wonder more homebuyers are getting creative to afford a home purchase:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">Using loans or gifts from family/friends to cover their down payment</li><li style="margin-bottom: 12px;">House-hacking —i.e., renting out part of their home/property to help with monthly costs</li><li style="margin-bottom: 12px;">Co-buying a home with a friend or relative</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">With mortgage rates driving up the monthly mortgage payment, most younger buyers—millennials and Gen Z—are planning to rent out part (or all) of their home to earn rental income. Buyers in these demographics look for a home’s “house-hacking” potential as key criterion.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Roughly one out of five (21%) homebuyers are also sharing the cost of a home purchase by co-buying a property with a friend or relative.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">METROS WHERE THE INCOME NEEDED TO AFFORD A HOME IS HIGHEST/LOWEST</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">In some metros, it’s easier for someone earning the median household income—or less—to afford the typical home in their market.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">For example, these five metros require the lowest incomes to afford a typical home:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Pittsburgh, PA (Income needed to afford a typical home: $58,232)</li><li style="margin-bottom: 12px;">Memphis, TN ($69,976)</li><li style="margin-bottom: 12px;">Cleveland, OH ($70,810)</li><li style="margin-bottom: 12px;">New Orleans, LA ($74,048)</li><li style="margin-bottom: 12px;">Birmingham, AL ($74,338)</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That said, the only major U.S. metros where a typical home is affordable to a household making the median income are these three:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Pittsburgh, PA</li><li style="margin-bottom: 12px;">St. Louis, MO</li><li style="margin-bottom: 12px;">Detroit, MI</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And in these seven major metro areas, homebuyers need a household income of $200,000 or more to afford a typical home in their market:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">San Jose, CA (Homebuyers need a minimum household income of $454,296)</li><li style="margin-bottom: 12px;">San Francisco, CA ($339,864)</li><li style="margin-bottom: 12px;">Los Angeles, CA ($279,250)</li><li style="margin-bottom: 12px;">San Diego, CA ($273,613)</li><li style="margin-bottom: 12px;">Seattle, WA ($213,984)</li><li style="margin-bottom: 12px;">New York City, NY ($213,615)</li><li style="margin-bottom: 12px;">Boston, MA ($205,253)</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib fr-draggable attachment" data-asset-id="82177975" src="https://media1-production-mightynetworks.imgix.net/asset/2284ab11-1e86-48dd-9cd7-c4ae5b576da1/NL3.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;"><em>Key Details:</em></h4><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><em>A new Zillow report highlights the gap between today’s median income and the cost of buying a home. Compared to 2020, homebuyers now need to earn $47,000 more to purchase a median-priced home. </em></li><li style="margin-bottom: 12px;"><em>That’s 80% more than was needed in 2020. The median household income has grown only 23% during the same period. </em></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Mar 4, 2024 | <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0Martinez, CA 94553, USA37.9873593 -122.1518979.6771254638211559 -157.30814700000002 66.297593136178847 -86.995647tag:blogger.com,1999:blog-4412717556513824406.post-54740123150573693492024-03-01T11:00:00.000-08:002024-03-01T11:00:00.151-08:00The $2 Trillion Surge In U.S. Home Values<p> </p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="81467851" src="https://media1-production-mightynetworks.imgix.net/asset/fb0582ba-a06e-48ed-aa88-a25aa80a9417/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">A new Redfin report on the value of the U.S. housing market shows a $2 trillion annual gain. In percentage terms, the total value of U.S. homes rose 5% over the last 12 months, marking the biggest increase in almost a year.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The housing shortage has plenty to do with that. But some metros—most notably affordable East Coast and Midwest markets—are seeing home values rise by wider margins, while pricier metros and pandemic boomtowns are reporting year-over-year declines.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="81467915" src="https://media1-production-mightynetworks.imgix.net/asset/12ce9206-2666-4228-aa83-3e385974ac1b/NL3.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><br /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The U.S. housing market has grown in value by $2.4 trillion over the past year, raising its total value to $47.5 trillion.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Those figures are based on an analysis of the Redfin Estimate for over 90 million residential properties as of December 2023, showing a total value increase of 5.3% since December 2022, marking the biggest year-over-year value increase in 11 months.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The total value of U.S. homes is also up 13.3% ($5.6 trillion) compared to two years ago.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Buyer demand has slowed due to high mortgage rates and affordability challenges, but home prices continue to rise, mainly due to the following three reasons:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;"><span style="font-weight: 700;">The housing shortage</span>—Many homeowners hesitate to put their homes on the market because they’re currently locked into significantly lower mortgage rates, contributing to a drop in listings and fewer options for buyers, which drives up values for both existing homes for sale and future listings.</li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Home values hit a low close to a year ago</span>—At the end of 2022, the total value of the U.S. housing market neared a trough, which is partly why year-over-year growth at the end of 2023 was more significant. Home values typically cool in the winter months, but they slowed to an abnormal degree in 2022 as buyer demand froze in the face of skyrocketing mortgage rates.</li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Homebuilders kept building</span>—While the U.S. deals with a housing shortage, builders continue to build homes to breach the gap. That increase in construction contributes to last year’s overall gain in value for the U.S. housing market.</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Redfin’s analysis covers about 96 million homes for this report—up from 95 million as of December 2022 (thanks to new construction).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Metros with the highest total value of homes:</span></p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">New York, NY – $2,428,001,729,845 ($2.43T)</li><li style="margin-bottom: 12px;">Los Angeles, CA – $2,123,633,948,287 ($2.12T)</li><li style="margin-bottom: 12px;">Atlanta, GA – $1,225,840,689,554 ($1.23T)</li><li style="margin-bottom: 12px;">Boston, MA – $1,196,065,333,764 ($1.2T)</li><li style="margin-bottom: 12px;">Anaheim, CA – $1,129,813,280,414 ($1.13T)</li><li style="margin-bottom: 12px;">Washington, D.C. – $1,022,618,617,532 ($1.02T)</li><li style="margin-bottom: 12px;">Chicago, IL – $990,942,727,610 ($991B)</li><li style="margin-bottom: 12px;">San Diego, CA – $987,570,269,408 ($988B)</li><li style="margin-bottom: 12px;">Phoenix, AZ – $987,464,661,663 ($987B)</li><li style="margin-bottom: 12px;">Seattle, WA – $911,245,138,957 ($911B)</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">America’s homeowners are sitting pretty. They’re holding a massive amount of housing wealth, despite lackluster demand from buyers, because home values skyrocketed during the pandemic and now a supply shortage is preventing those values from falling. Prospective buyers aren’t as lucky. The combination of elevated mortgage rates, high home prices and a limited pool of homes for sale means homeownership is about as unaffordable as ever. One bright spot for buyers is that mortgage rates should start declining before the end of 2024. <span style="font-weight: 700;">Chen Zhao - </span>Redfin Economics Research Lead</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">In December 2023, the average U.S. home had a value of $495,183—up from $474,740 one year earlier.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Of course, not every homeowner has seen an increase in their home’s market value. The average U.S. home value climbed over $500,000 in both the summer of 2023 and the summer of 2022. So, some buyers who bought between those summers saw their home values dip.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That’s how seasonality works; home values typically peak in the summer and trough in the winter. So, some decline between seasonal peaks is to be expected.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">RELATIVELY AFFORDABLE METROS CLOSE TO NYC POST LARGEST VALUE JUMPS; MIDWEST ALSO SEES AN UPTICK IN HOME VALUES</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The total value of homes in more affordable NYC-adjacent metros reported the largest home value increases in the country.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Last December, home values in Newark, NJ, posted a 12.8% year over year increase to $359.6 billion, marking the largest home value gain of any U.S. metro area.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Next in line came two other East Coast metros: New Haven, CT (+11.9%) and Camden, NJ (+10.8%). Ranking at number four is Charleston, SC (+10.8%), followed by three Midwestern metros:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">Elgin, IL (10.4%)</li><li style="margin-bottom: 12px;">Grand Rapids, MI (9.8%)</li><li style="margin-bottom: 12px;">Milwaukee (9.7%)</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Of the 100 most populous metros, Redfin included in its report the 96 that had sufficient data.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Metros like Newark and Camden are seeing larger-than-average increases in their home values partly because they’re attracting buyers who’ve been priced out of New York and who now have the option of working remotely.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Midwestern metros like Milwaukee and Grand Rapids are seeing larger annual gains in home values for similar reasons: they’re relatively affordable. And when housing costs go up, so does buyer demand for more affordable homes.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Metros with the biggest year-over-year increases in home values</span>:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Newark, NJ – 12.8% increase in home values YoY</li><li style="margin-bottom: 12px;">New Haven, CT – 11.9%</li><li style="margin-bottom: 12px;">Charleston, SC – 10.8%</li><li style="margin-bottom: 12px;">Camden, NJ – 10.8%</li><li style="margin-bottom: 12px;">Elgin, IL – 10.4%</li><li style="margin-bottom: 12px;">Grand Rapids, MI – 9.8%</li><li style="margin-bottom: 12px;">Milwaukee, WI – 9.7%</li><li style="margin-bottom: 12px;">San Diego, CA – 9.4%</li><li style="margin-bottom: 12px;">Richmond, VA – 9.3%</li><li style="margin-bottom: 12px;">Hartford, CT – 9.0%</li></ol><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">HOME VALUE GROWTH IS LAGGING (OR NEGATIVE) IN PRICEY METROS AND PANDEMIC BOOMTOWNS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Four U.S. metros reported annual declines in overall home value:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Boise, ID (-3.8%)</li><li style="margin-bottom: 12px;">New York (-1%)</li><li style="margin-bottom: 12px;">New Orleans (-0.8%)</li><li style="margin-bottom: 12px;">Stockton, CA (-0.7%)</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And among metros posting year-over-year home value increases, these five metros posted the smallest gains:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">Philadelphia (0.3%)</li><li style="margin-bottom: 12px;">Honolulu (0.8%)</li><li style="margin-bottom: 12px;">Austin, TX (1%)</li><li style="margin-bottom: 12px;">Denver (1.3%)</li><li style="margin-bottom: 12px;">Riverside, CA (1.6%)</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Most of the metros listed above have become unaffordable for many buyers. And with the cap on demand, home values have little, if any, room to rise.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">A few examples:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">New York, Honolulu, Riverside, and Denver all have median home sale prices of $550,000 or more—well over the national median sale price of $402,343.</li><li style="margin-bottom: 12px;">In Boise and Austin, both of which have median home sale prices higher than the national average, mainly because the pandemic-fueled influx of out-of-towners caused home prices to skyrocket, pricing out many local buyers.</li></ul><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">HOME VALUES IN URBAN AREAS AREN’T GROWING AS MUCH AS THOSE IN SUBURBS AND RURAL AREAS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Here’s a quick snapshot of home value growth by neighborhood type as of December 2023:</p><ol style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;"><li style="margin-bottom: 12px;">The total value of <span style="font-weight: 700;">urban</span> U.S. homes grew by <span style="font-weight: 700;">3.6%</span> year over year to <span style="font-weight: 700;">$10.1 trillion</span>.</li><li style="margin-bottom: 12px;">The total value of <span style="font-weight: 700;">suburban</span> homes rose <span style="font-weight: 700;">5.6%</span> year over year to <span style="font-weight: 700;">$29.2 trillion</span>.</li><li style="margin-bottom: 12px;">The total value of homes in <span style="font-weight: 700;">rural</span> areas rose <span style="font-weight: 700;">6.3%</span> year over year to <span style="font-weight: 700;">$7.4 trillion</span>.</li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="81467976" src="https://media1-production-mightynetworks.imgix.net/asset/2be4be78-a2f2-40fc-a311-c5a03f5d1ae9/NL4.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The total value of suburban homes is much greater than that of urban and rural homes mainly because most Americans live in the suburbs.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Suburban neighborhoods account for roughly 56 million residential properties, compared to about 20 million each for rural and urban areas.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Demand for suburban homes intensified during the pandemic, while demand for urban homes cooled, largely due to two factors:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">The <span style="font-weight: 700;">normalization of remote work</span> meant employees no longer had to choose between living close to their workplace or making long, stressful commutes</li><li style="margin-bottom: 12px;">The <span style="font-weight: 700;">housing affordability crisis</span> drove buyers outside their current market in search of more affordable homes—preferably with WFH-friendly amenities.</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Since then, many employers have asked their workers to return to the office, and that’s brought some buyers back to urban neighborhoods. But many Americans continue to work remotely, so the incentive to buy or build in more affordable areas is still strong.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"><em> Key Details</em></span><em>: </em></p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><em>According to a new Redfin report, the U.S. housing market has grown in value by $2 trillion over the previous year. </em></li><li style="margin-bottom: 12px;"><em>The total value of U.S. homes has grown year over year by 5%, the biggest annual increase in almost a year, as the national housing shortage props up home values. </em></li><li style="margin-bottom: 12px;"><em>Relatively affordable metros in the East and Midwest reported gains of over 10% while pricey markets and pandemic boomtowns reported declines. And home values in urban areas didn’t hold up as well as home values in the suburbs and rural areas. </em></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted By <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Feb 29, 2024 | <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://nowbam.com/the-2-trillion-surge-in-u-s-home-values/" rel="noopener noreferrer" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">https://nowbam.com/the-2-trillion-surge-in-u-s-home-values/</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-76863939439872466852024-02-23T11:00:00.000-08:002024-02-29T23:00:44.526-08:00Lead Analyst On How To Talk To Consumers About Mortgage Rates<p> <span style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px;">When it comes to mortgage rates, it helps to have multiple perspectives. If you’ve been a BAM reader long enough, you’ve read several different predictions from different housing experts on what we can expect over the next 1-2 years.</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">You also heard a prediction from a respected housing expert during BAM Pro Bowl.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And, last week, on the Knowledge Brokers Podcast, Logan Mohtashami, Lead Analyst for HousingWire, shared his own thoughts on mortgage rates.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="80766868" src="https://media1-production-mightynetworks.imgix.net/asset/bd78d51a-7a73-4a24-b8fa-6035d41fff4a/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Anyone hoping to buy a home in 2024 is likely hoping rates fall below 6% sooner rather than later. But given the relationship between the 30-year fixed and the 10-year Treasury Yield, later seems more realistic.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Read on to get a sense of how the conversation went. And be sure to watch the full podcast episode to hear the whole conversation.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">HOW LIKELY IS THE 30-YEAR FIXED MORTGAGE RATE TO HIT 5% IN 2024?</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Byron Lazine brought up the idea of mortgage rates falling to 5% in 2024—and specifically how this prediction could influence anyone wanting to buy or sell a home in the near future. He asked Mohtashami for his opinion on whether 5% mortgage rates were likely this year. After all, most projections call for 5% (high 5’s, at that) happening maybe in the fourth quarter.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Logan started by addressing the relationship between the 30-year fixed mortgage rate and the 10-year Treasury yield.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">You have to follow kind of where you think the bond market is going because, I always say this, the 10-year yield and the 30-year mortgage rates, they have been slow-dancing. They are a love couple since 1971. So, where you actually think the 10-year yield will range is where the mortgage rates will range. And unless you’re a bond trader or someone that tracks the 10-year yield, you really shouldn’t listen to anybody on mortgage rates, unless they give you a forecast range.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">When I started incorporating these in my forecast in the last decade, I try to give people ranges and then every single day, we go over what’s going on and what drives it. And it’s really Fed expectations, inflation expectations, the macro data. These things actually drive mortgage rates and the 10-year yield. Logan Mohtashami<span style="font-weight: 700;"> - </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">When the 10-year reacts to a Fed announcement or anything that could motivate the Fed to raise interest rates or hold off on rate cuts, the 30-year fixed generally reacts in the same way.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">SO, WHAT WILL IT TAKE TO GET TO 5% MORTGAGE RATES?</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Following up on his point about the spread between the 10-year yield and 30-year mortgage rates, Mohtashami went on to spell out exactly how we can get to 5% mortgage rates.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Of course, the spreads are really bad right now. But if you had to ask me, ‘5% mortgage rates: how do you get there?’ Okay, the labor data gets weaker, the Fed has to pivot, and the spreads have to get better. And then, in that environment, the 10-year yield gets below 3.21, you’ve got 5% mortgage rates in that scenario.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">So, when those things occur, then you can move into that direction—but none of that is happening right now…I’m not a Fed pivot person. I don’t believe the Fed has pivoted yet. So, the things aren’t in place. Logan Mohtashami<span style="font-weight: 700;"> - </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Byron has mentioned Mohtashami’s “Gandalf line” many times on Hot Sheet as well as on Knowledge Brokers. It’s called that in reference to Gandalf the Grey staring down the Balrog in Lord of the Rings and saying, “You shall not pass!”</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The Gandalf line is where the 10-year Treasury yield reaches 4.25. We’ve been there—and beyond. And we’ve survived it. It’s not where we want to be, and a 4.25 yield clearly does <em>not </em>go hand-in-hand with mortgage rates in the 5% range.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">But signaling that we’ll see 5% rates in 2024 could potentially lead to consumers putting their homebuying plans on hold until rates go down. Meanwhile, home prices continue to rise, thanks to low inventory.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And typically, as mortgage rates do go down, buyer demand (i.e., competition) goes up.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">WHAT SHOULD YOU SAY TO CONSUMERS WHO ASK ABOUT RATES?</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The monthly mortgage rate, on its own, can’t tell your buyer what they’ll be spending every month on their mortgage payment—not to mention additional costs like homeowner’s insurance, property taxes, and the costs associated with home maintenance and repairs.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">If you’re an agent, and a consumer’s asking about the future of rates, should you just talk about what’s happened in the past? What should be your commentary around rates when you’re asked that question? Byron Lazine</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Mohtashami’s answer gets right to heart of why consumers ask about mortgage rates, skipping over any rate predictions that could be more distracting than helpful.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">I always give people payments. ‘This is where your payment is at 6%. This is your payment at 5.5%. This is your payment at 5%. Depending on where the purchase price is, you guys have an idea. Focus people on the payment level. Because, in reality, we’re talking about a couple hundred dollars…Focus payment over rate…You want to get people pre-qualified, so if they get to a level where the payment is comfortable, you’ve got to jump on it. Because what do we know right now? There’s not a lot of inventory out there…Focus on payment levels and give them something visual to see…</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">This way, they know. When they’re ready, they know. I always have this thing, when people tell me, ‘Should I buy a house?’ Every time, I go, ‘No,’ and they’re like “Why?” …If you’re asking me if you should buy a house, you’re not ready. Logan Mohtashami <span style="font-weight: 700;">- </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">When a buyer is ready, they get to work learning about their options. They find out how to pay as little as possible per month on the mortgage loan for the home they want.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Motivated buyers typically don’t ask, “Should I buy a house now or should I wait for rates to go down?” To buyers who ask that question, Mohtashami would be more likely to point out the perks of continuing to rent—until they <em>are </em>ready to buy.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Also, quoting the day’s average doesn’t take the potential for mortgage rate buy-downs or other buyer incentives the seller or builder of a particular home may be offering (or willing to offer).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Giving your client a clearer picture of what they’ll be paying at a particular rate is ultimately more helpful than predicting what rates will do within the next 12 months.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">If they’re able to buy a home now—with or without a mortgage rate buydown—waiting for lower rates could result in more costs than savings.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">“HOMEOWNERS’ BALANCE SHEETS IN AMERICA HAVE NEVER LOOKED BETTER”</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">During the podcast, Mohtashami stated the following a few times:</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">“Housing is the cost of shelter to your own capacity to own the debt.”</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Meaning, as your capacity increases, your cost of shelter goes down. The combination of our 30-year fixed mortgage rate and people staying in their homes longer means homeowners benefit from a fixed debt cost with rising wages.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The U.S. is the envy of the world because it has a 30-year fixed mortgage. Other countries don’t have this…There’s somebody in Canada right now that’s waking up and their mortgage payment is almost double, right, because they’re tied to short-term rates. In the UK, in Australia…we don’t have that. We have a fixed debt cost. Every year your wages rise, that housing debt cost becomes less. We have never seen such good homeowners on paper. Logan Mohtashami<span style="font-weight: 700;"> - </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">He went on to address the increase in homeowner tenure and how that has contributed to reducing housing costs for American homeowners.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">It’s that 30-year fixed, people living in their homes longer and longer. This is, I think, a key discussion that never gets talked about enough: 1987 to 2005, people were living in their homes 5 to 7 years; 2008 to 2024, 11 to 13 years, depending on who you listen to. Some states are even 15 to 18 years. I’ve lived in my house for 20 years. My wages are a lot more now when they were when I first bought my house. So, your housing cost is less in that sense….And that’s what you’re buying with a house.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">So, focus on the cost of shelter—the payment. And when they’re ready, they will jump… Logan Mohtashami<span style="font-weight: 700;"> - </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">WHAT ABOUT “OWNERS’ EQUIVALENT RENT”?</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Lisa Chinatti then brought up recent data on the housing price index versus owners’ equivalent rent and asked Mohtashami for his take on whether that data should impact buyer decisions.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Mohtashami explained why he considers owners’ equivalent rent data largely meaningless.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">One third of society are lifelong renters. That’s always going to be the case. Two-thirds are homebuyers…If you’re living in apartments in your 30s, 40s, and 50s, you’re not going to be a homeowner, unless you get married and you’re part of a dual-income household… Logan Mohtashami<span style="font-weight: 700;"> - </span>Lead Analyst for HousingWire</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">If a larger portion of the population were single, that would probably alter the current one-third/two-thirds ratio of renters to homeowners. But as potential buyers get married and have a second income to rely on, homeownership becomes vastly more attainable.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Feb 20, 2024 | <a href="https://nowbam.com/category/agent-tactics/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Agent Tactics</a>, <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://nowbam.com/lead-analyst-on-how-to-talk-to-consumers-about-mortgage-rates/" rel="noopener noreferrer" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">https://nowbam.com/lead-analyst-on-how-to-talk-to-consumers-about-mortgage-rates/</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-64706028109267354272024-02-15T21:19:00.000-08:002024-02-16T08:18:44.572-08:00Are More Homeowners Selling This Year? - Chuck Barberini Real Estate<iframe frameborder="0" height="270" src="https://youtube.com/embed/pZL1knzW4tg?si=wytTR11cIFO_J92o" width="480"></iframe>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-12411684424324502802024-02-15T17:54:00.000-08:002024-02-29T23:01:25.516-08:00<p><span style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 44px; font-weight: 900; letter-spacing: -0.6px;">3 Reasons More People Are Losing Money to Real Estate Fraud</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Recently released its </span><span style="font-weight: 700;">2024 State of Wire Fraud report.</span><span style="font-weight: 700;"> And for one in 10 Americans, the findings come as no surprise. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">According to the report, at least 10% of Americans are targeted for real estate fraud, and one in 20 (5%) suffer losses as a result of real estate fraud. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib fr-draggable attachment" data-asset-id="80152887" src="https://media1-production-mightynetworks.imgix.net/asset/effe34a1-30f5-4837-974b-cbc3f3d0dc10/NL1.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">More than one factor explains the increase in wire fraud specific to the real estate industry, but these three combined create an ideal environment for fraudsters:</span></p><ol start="1" style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="1"><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Advanced technology </span></li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Socioeconomic factors that create pressure to close quickly</span></li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Lack of awareness of—and education on—the risks of real estate fraud</span></li></ol><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Report provides a detailed examination of </span><span style="font-weight: 700;">wire fraud</span><span style="font-weight: 700;"> in the real estate industry, highlighting the latest threats, the general lack of consumer awareness, and the consequent rise of real estate fraud, resulting in $446M in annual losses.</span></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">#1—TECHNOLOGY IS ONLY AS HELPFUL AS YOUR AWARENESS OF ITS WEAKNESSES</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">The very technology that makes our lives easier and facilitates smooth real estate transactions is also a tool fraudsters are using to impersonate agents and target consumers who are blissfully unaware of their tactics. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Blissfully, that is, until their money disappears without a trace. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Real estate transactions are notoriously complicated, involving multiple parties (up to 10) and lacking an established and closed system to both verify and protect payments.</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Meanwhile, fraudsters have the following in their favor: </span></p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Data on property listings is publicly available (including the list price)</span></li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Real estate transactions involve large amounts of money</span></li><li style="margin-bottom: 12px;"><span style="font-weight: 700;">Up to 10 people are involved and discussing the terms of the transaction</span></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Real estate scammers have also become skilled at breaching broker and title agency systems, at which point they can deploy AI-enabled tactics to impersonate real estate professionals through email, text, social media, and phone calls. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Consumers who are unaware of these tactics (and the technology behind them) make easy targets. </span></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">#2—BUYERS, SELLERS, AND AGENTS ARE UNDER PRESSURE TO CLOSE QUICKLY</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Last year’s difficult market conditions—from low inventory to high </span><span style="font-weight: 700;">mortgage rates</span><span style="font-weight: 700;"> and rising </span><span style="font-weight: 700;">home prices</span><span style="font-weight: 700;">—have increased pressure on both agents and their buyer and seller clients to close quickly. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Scammers are capitalizing on that situation, playing on the fears of buyers who just want the sale to close already so they know they don’t have to start the home search all over again. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Cybercrime rings have taken aim at U.S. real estate transactions at an alarming rate. Consumers and their real estate service providers need to take extra precautions in every transaction, including verifying identity and banking details, to ensure payments are made securely and safely. - </span><span style="font-weight: 700;">Katie Pierce</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Assistant to the Special Agent In Charge, Global Investigative Operations Center (GIOC) at the U.S. Secret Service</span></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">#3—LACK OF FRAUD AWARENESS AND EDUCATION IS HURTING EVERYONE INVOLVED</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Wire fraud is not a new thing. Yet, according to CertifID’s report, one in two (51%) surveyed consumers admitted they were insufficiently aware of the risks of real estate fraud prior to closing. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">That’s roughly equivalent to the level of education provided to buyers and sellers by their agents, title agencies, and attorneys: 60% indicated they received little to no education on the risks of real estate fraud from the industry professionals involved in their transaction. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">The lesson here: Never assume your client knows the risks. And be prepared to have this conversation with them before they become a target. </span></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">HEIGHTENED RISK FOR CONSUMERS AGED 65 AND UP</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Fifty-one percent of the general public is insufficiently aware of the risk of real estate fraud, but among consumers aged 65 and up, 63% admitted they were either somewhat aware or not at all aware of the risks. And a full three-quarters (75%) indicated they’d received minimal or no education on fraud risks. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Considering this group is also the most likely to make all-cash purchases, the stakes are considerably higher. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">So, who should be responsible for educating buyers and sellers about the risks? </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">More than two-thirds (71%) of consumers say they expect their real estate agent or another professional involved in the transaction to take the initiative and get them up to speed on what scammers are doing and what they can do to protect themselves. </span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">The real estate industry has a lot of work to do when it comes to educating consumers and putting guardrails in place that protect real estate transactions. This report highlights the particularly high risks in real estate transactions which involve multiple parties being impersonated, unsuspecting consumers, large sums of money, and lack of strong protections. It’s imperative that the industry comes together on behalf of the consumer, to step up its effort to fight fraud, and to create a safer customer experience. - </span><span style="font-weight: 700;">Tyler Adams - </span><span style="font-weight: 700;">Co-founder and CEO at CertifID</span></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"> </span><span style="font-weight: 700;"><em>Key Details:</em></span></p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><em>According to CertifID’s newly-released 2024 State of Wire Fraud report, one in ten Americans are targets for real estate fraud, and one in 20 suffer losses as a result.</em></li><li style="margin-bottom: 12px;"><em>Americans aged 65 and older are especially vulnerable to real estate fraud for multiple reasons. They’re the group most likely to make all-cash purchases and, statistically, the least likely to be informed of the risks by their real estate agents. </em></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Feb 12, 2024 | <a href="https://nowbam.com/category/re-news/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">RE News</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://nowbam.com/3-reasons-more-people-are-losing-money-to-real-estate-fraud/" rel="noopener noreferrer" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">https://nowbam.com/3-reasons-more-people-are-losing-money-to-real-estate-fraud/</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-9118318001671724872024-02-09T11:00:00.000-08:002024-02-29T23:01:58.813-08:00Single Women Still Own More Homes Than Single Men—And the Gap Is Widening<p>Single Women Still Own More Homes Than Single Men—And the Gap Is Widening</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="79465657" src="https://media1-production-mightynetworks.imgix.net/asset/6a2dde72-0380-4706-8ec6-51757fa590bb/NL1__.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">A new LendingTree analysis shows single women are still more likely to be homeowners than single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">According to the U.S. Bureau of Labor Statistics, a woman’s median weekly earnings are still, on average, only 83% of men’s. But while that suggests men are generally more well-off financially than women in the U.S., in one area, single women are coming out ahead.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The latest LendingTree analysis of U.S. Census Bureau 2022 data shows a higher rate of homeownership among single women living by themselves compared to single men living by themselves in 47 of 50 states.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Single women in the U.S. own 10.95 million homes—2.71 million <em>more </em>than the 8.24 million homes owned by single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Another way to put it, single women own an average of 12.93% of owner-occupied U.S. homes, compared to 10.22% owned by single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">The same analysis also shows a widening homeownership gap between single women and single men compared to the previous year (2021). Single women across the U.S. owned 10.76 million homes in 2021—2.64 million more than the 8.12 million owned by single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That 2.64 million difference is slightly lower than the 2.71 million gap in 2022.</p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">STATES WITH THE HIGHEST SHARES OF SINGLE-WOMEN HOMEOWNERS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">States with the largest shares of homes owned and occupied by single women:</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Delaware</span>—15.34% owned and occupied by single women, compared to 9.45% by single men, for a gap of 5.89 percentage points (ppts).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Louisiana</span>—15.19%, compared to 10.71% for single men, for a gap of 4.48 ppts.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Mississippi</span>—14.84%, compared to 10.85%, for a gap of 3.99 ppts.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="79465711" src="https://media1-production-mightynetworks.imgix.net/asset/5fb8e9c3-84cb-40e9-b07d-c9de87ea5613/NL3.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">STATES WITH THE HIGHEST SHARES OF SINGLE-MEN HOMEOWNERS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Alaska, North Dakota, and South Dakota are the only states where single men own and occupy a larger share of homes than single women.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">States with the highest shares of homes owned and occupied by single men:</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">New Mexico</span>—14.49% of households owned and occupied by single women, compared to 12.85% by single men, for a gap of 1.64 percentage points (ppts).</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">North Dakota</span>—10.66% owned and occupied by single women, compared to 12.74% by single men, for a gap of -2.08 ppts.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Alaska</span>—10.28% owned and occupied by single women, compared to 12.44% by single men, for a gap of -2.16 ppts.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">In South Dakota, the homeownership gap between single women and single men is -0.68 ppts.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="79465740" src="https://media1-production-mightynetworks.imgix.net/asset/c6ecc5c3-f49a-48e2-aa60-a682e315c2f0/NL4.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><br /></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">STATES WITH THE WIDEST GENDER GAPS AMONG SINGLE HOMEOWNERS</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Delaware, which has the largest share of homes owned and occupied by single women, also has the widest homeownership gap between single women and single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Delaware</span>—-5.89 percentage points (15.34% by single women vs 9.45% by single men)</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Maryland</span>—5.21 ppts (14.01% by single women vs 8.80% by single men)</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;">Massachusetts</span>—4.97 ppts (13.18% by single women vs 8.21% by single men)</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><img class="fr-fic fr-dib attachment fr-draggable" data-asset-id="79465776" src="https://media1-production-mightynetworks.imgix.net/asset/3362d8b7-0589-4ae4-a333-1e443a86d54d/NL5.jpg?ixlib=rails-4.2.0&fm=jpg&q=75&auto=format&w=1400&h=1400&fit=max&impolicy=ResizeCrop&constraint=downsize&aspect=fit" style="animation: 0.4s ease-out 0s 1 normal none running FadeIn; border-style: none; cursor: pointer; display: block; float: none; height: auto !important; margin: 0px auto; max-width: 100%; padding: 0px 1px; position: relative; vertical-align: top; width: auto;" /></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><br /></p><h4 style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 22px; letter-spacing: -0.5px; line-height: 29px; margin: 0px 0px 10px;">FACTORS CONTRIBUTING TO A HIGHER HOMEOWNERSHIP RATE AMONG SINGLE WOMEN</h4><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Here are some of the reasons why single women are more likely to own a home in most states:</p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;">Single women are statistically more likely to make sacrifices to attain homeownership—though this is a general trend and not universally the case.</li><li style="margin-bottom: 12px;">Women generally live longer than men and are more likely to report being widowed. So, some who are now single homeowners could be living in homes they purchased with the spouse they outlived.</li><li style="margin-bottom: 12px;">Not all single women have median weekly incomes lower than those of single men.</li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">In fact, data from the Pew Research Center show women under the age of 30 earn at least as much as men younger than 30 in 22 U.S. metro areas, including New York, Washington, D.C., and Los Angeles. In 107 metros, they earn 90% to 99% of what men under 30 earn.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">Those comparable incomes, in combination with a stronger desire to own a home, could factor into the higher homeownership rates for single women.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">That said, it’s worth pointing out that single women having a higher homeownership rate doesn’t mean they’re, on the whole, better off financially than single men.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">And while some have suggested women are more likely to benefit disproportionately from life-changing events like divorce, the evidence doesn’t support that. Generally speaking, women are more likely than men to struggle financially after a divorce.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;">So, there’s still work to be done in this country (among others) to address economic imbalances among genders.</p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px;"><span style="font-weight: 700;"><em>Key Details: </em></span></p><ul style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin-bottom: 32px; margin-top: 32px; padding-left: 70px;" type="disc"><li style="margin-bottom: 12px;"><em>A new analysis from LendingTree, based on microdata from the U.S. Census Bureau 2022 American Community Survey, shows single women are still more likely to be homeowners than single men. </em></li><li style="margin-bottom: 12px;"><em>States with the highest share of single-women homeowners are Delaware, Louisiana, and Mississippi, while states with the highest share of single-men homeowners are New Mexico, North Dakota, and Alaska. </em></li></ul><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="https://nowbam.com/single-women-still-own-more-homes-than-single-men-and-the-gap-is-widening/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">https://nowbam.com/single-women-still-own-more-homes-than-single-men-and-the-gap-is-widening/</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;">Posted by <a href="https://nowbam.com/author/sarah/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank" title="Posts by Sarah Lentz">Sarah Lentz</a> | Feb 8, 2024 | <a href="https://nowbam.com/category/housing-market/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">Housing Market</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px 0px 24px; text-align: center;"><a href="http://www.chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@ChuckBarberini</a> - <a href="https://chuckbarberini.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">#ChuckBarberiniRealEstate</a> -<a href="https://www.chuckbarberini.org/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank"> @ChuckBarberiniRealEstate</a></p><p style="background-color: white; color: #141921; font-family: Mulish, "Helvetica Neue", Mulish-Fallback-To-Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji"; font-size: 16px; margin: 0px; text-align: center;"><a href="https://www.goldenstateguideservice.com/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Golden_State_Guide_Service</a> - <a href="https://www.instagram.com/citizen.number.one/" style="background-color: transparent; text-decoration: var(--mighty-text-link-decoration); user-select: auto;" target="_blank">@Citizen.Number.One</a></p><p><br /></p>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-57024460781874763772024-02-08T09:01:00.000-08:002024-02-29T23:02:23.875-08:00Why You’ll Love Being a Homeowner - Chuck Barberini Real Estate<iframe width="480" height="270" src="https://youtube.com/embed/7r9vrn2h4X0?si=-ErHbFWlnLt7sHSP" frameborder="0"></iframe>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-1860072054274439232024-02-05T17:23:00.000-08:002024-02-29T23:02:44.758-08:00Experts Project Home Prices Will Go Up in 2024 - Chuck Barberini Real Es...<iframe width="480" height="270" src="https://youtube.com/embed/U67_ELtVf40?si=vXBn4uIWwXbdeXRH" frameborder="0"></iframe>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-75656994087707817022010-06-15T23:01:00.000-07:002024-02-29T23:03:20.947-08:00Bill would extend home buyers' deadline for tax creditHome buyers hoping to take advantage of a lucrative federal tax credit would get three extra months to complete their purchases under a proposal introduced in the Senate on Thursday. <br />
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Senate Majority Leader Harry M. Reid (D-Nev.) co-authored a proposal that would allow those eligible for the tax credit to close on a home by Sept. 30 to give lenders more time to process a crush of applications. <br />
Reid and his co-sponsors hope to attach the measure to a separate bill moving through the Senate that would extend a variety of tax breaks as well as emergency unemployment benefits. But even if senators succeed in attaching the tax-credit initiative, Democrats are still struggling to assemble the votes needed to pass the overall tax bill. <br />
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To qualify for the tax credit -- $8,000 for some first-time buyers and $6,500 for certain current homeowners -- buyers must have signed a contract by April 30 and close on the their transactions by June 30. <br />
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The National Association of Realtors said many home buyers will not be able to meet the June 30 closing deadline because of the surge in loan volume and delays related to home appraisals and short sales, transactions in which lenders allow struggling homeowners to sell their homes for less than they owe on them. <br />
The association estimates that as many as 180,000 people who signed a contract by April 30 would not be able to meet the current closing deadline, said Lawrence Yun, the group's chief economist. "Under normal market circumstances, most people would have been able to complete a deal in a two-month time span," Yun said. <br />
The industry credits the tax credit, designed to help revive the housing market, with helping juice sales during the start of the critical spring selling season. <br />
While the Senate worked on the tax-credit proposal, the House passed legislation on Thursday aimed at strengthening the Federal Housing Administration, which has provided crucial support to the housing market since the financial crisis erupted. <br />
A key provision of the bill would grant the agency authority to raise the annual fees it charges borrowers who take out FHA-insured loans so that the agency can beef up its cash reserves. <br />
<br />
The fee is currently capped at 0.55 percent of the value of the loan. The bill, which passed 406 to 4, would raise the cap to 1.5 percent. <br />
FHA Commissioner David H. Stevens said the agency does not plan on raising rates to the maximum limit if this bill becomes law. Instead, the agency wants to raise the fee for new borrowers from 0.55 to 0.9 percent next year, Stevens said. <br />
The increase would help the FHA raise capital as well as make its fee structure more consistent with that of the private mortgage insurers, which have been crowded out as FHA's market share has exploded. <br />
The FHA's share of new single-family home-purchase loans has surged from 3 percent in 2006 to 30 percent after the mortgage market unraveled and private lenders retreated. <br />
<br />
The FHA helped fill the vacuum, enticing lenders back into the market by insuring them against losses. But as the agency's loan volume skyrocketed, its default rate climbed and its financial cushion eroded. <br />
An increase in the annual fees should help rebuild that cushion. As the agency raises those fees, it plans to somewhat lower the upfront fees it charges borrowers. <br />
<br />
<br />
By Dina ElBoghdady<br />
Washington Post Staff Writer <br />
Friday, June 11, 2010Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-49245887576617397772010-06-08T21:38:00.000-07:002024-02-29T23:03:47.402-08:00Pending home sales have risen<a href="http://rismedia.com/wp-content/uploads/2010/06/house_for_sale.jpg" rel="external"><img alt="" class="alignleft size-full wp-image-47027" height="176" src="http://rismedia.com/wp-content/uploads/2010/06/house_for_sale.jpg" title="house_for_sale" width="265" /></a> <sup>[1]</sup>RISMEDIA, June 7, 2010—Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors.<br />
The Pending Home Sales Index, a forward-looking indicator, rose 6.0% to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4% higher than April 2009 when it was 90.6. That follows gains of 7.1% in March and 8.3% in February. <br />
<a name='more'></a>Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.<br />
Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.<br />
“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.<br />
The PHSI in the Northeast jumped 29.5% to 97.9 in April and is 24.5% above a year ago. In the Midwest the index rose 4.1% to 104.2 and is 17.9% above April 2009. Pending home sales in the South slipped 0.6% to an index of 123.9, but is 31.3% higher than a year ago. In the West the index rose 7.5% to 107.9 and is 12.0% higher than April 2009.<br />
“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of home buyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.<br />
<a href="http://my.yahoo.com/">My Yahoo!</a>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-86355808391102029002010-05-26T15:12:00.000-07:002024-02-29T23:04:04.001-08:00Free Hug TodayLeave it to the Italians. I received this video and it put an instant smile on my face. The song is beautiful, the smiles are genuine and it truely lifts your spirits.<br />
<h1 id="watch-headline-title"><a href="http://www.youtube.com/watch?v=hN8CKwdosjE">Free Hugs in Sondrio, Italy </a></h1><br />
My sister Diane was a huge fan of Dr Leo Buscaglia. He was a firm believer in the power of a hug.<br />
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With all that is going on in our busy lives, it is easy to forget those that we love, or more importantly those that we don't know. Be nice to someone, a stranger, smile, laugh give a hug.<br />
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Spread the Love... we all need it.Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0tag:blogger.com,1999:blog-4412717556513824406.post-86831343128494084002010-05-25T19:31:00.000-07:002024-02-29T23:04:32.977-08:00Martinez Realtor Chuck Barberini - Financial Reform Bill<span style="font-family: times new roman; font-size: small;"><br />
</span><span style="font-family: times new roman; font-size: small;">Martinez Realtor Chuck Barberini - Financial Reform Bill<br />
<br />
<span class="article_title">Senate Passes Financial Reform Bill</span><br />
The Senate on Thursday approved the most extensive overhaul of the banking system since the 1930s.</span><span style="font-family: times new roman; font-size: small;"><br />
</span><span style="font-family: times new roman; font-size: small;">The legislation must still be reconciled with the House bill passed in December.</span><span style="font-family: times new roman; font-size: small;"><br />
</span><span style="font-family: times new roman; font-size: small;">Measures in both bills that directly affect property transactions include:</span><span style="font-family: times new roman; font-size: small;"><br />
</span><br />
<ul><li type="disc"><span style="font-family: times new roman; font-size: small;">Limits on the ability of mortgage lenders to penalize borrowers who pay off loans early.</span></li>
</ul><ul><li type="disc"><span style="font-family: times new roman; font-size: small;">Stated-income loans would be effectively eliminated. </span></li>
</ul><ul><li type="disc"><span style="font-family: times new roman; font-size: small;">Lenders would be required to obtain proof from borrowers that they can pay for their mortgages. Buyers would be required to provide tax returns, payroll receipts, or bank documents. </span></li>
</ul><ul><li type="disc"><span style="font-family: times new roman; font-size: small;">Lenders and brokers will be prohibited from pushing borrowers to accept loans with higher interest rates or with risky features.</span></li>
</ul><span style="font-family: times new roman; font-size: small;"><br />
<i><span style="font-size: small;">Source: The New York Times, Gregg Hittand Damian Paletta (05/20/2010)</span></i></span>Chuck Barberini Real Estatehttp://www.blogger.com/profile/03789181005243195515noreply@blogger.com0