1. Just in from Bloomberg, “New York City’s home sellers, tired of waiting for buyers, slashed prices on almost 800 listings in a single week this month, the most in at least 12 years.” Read NYC Home Sellers Are Cutting Prices Like It’s 2009—And Then Some and see a comparative graph of Labor Day week price cuts since 2014.
2. RUSTY MOVES
Looking for a more affordable place to live? “As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They’re investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.” CNBC reports Why millennials are flocking to Rust Belt real estate
3. FILLING A GAP
Giving back is an important part of being global citizens. This real estate company figured out a simple way to offer the homeless a house and a job. “It’s now started a nonprofit to help spread its simple solution: hire people who’ve lost their jobs and homes to be property managers–and have them live for cheap on-site.” What a novel idea, taking action on a simple idea that benefits all of us. Thank you Fast Company for your story.
4. GO BROKER
Housing Slowdown? Softening? Whatever You Call It, It’s Real and It’s Here “Make no mistake: Prices are not exactly tumbling down—at least, not on the national level. And there’s no evidence on the horizon of a looming housing bubble about to pop and drag the world economy down with it. Median home list prices are still up 7% year over year this August, according to an analysis of realtor.com data.” If you’re thinking about buying or selling the best way to learn the local market is to talk with someone who works in it every day.
5. SLOW DOWN!
I’ve been in the real estate business a long time. Forbes posted an article this week: Can Technology And Apps Ever Fully Replace The Real Estate Broker? “Technology does, however, have a growing role in this process, both as tools to help brokers and buyers as well as systems that ensure the accuracy and legitimacy of transactions.” You’ll read in the article a short list of some of the things agents do every day. Within every item there is yet another list. So, what’s your answer to the question?
6. WHOA NELLY!
“The foot on the gas is letting up. The explosive growth in home prices is slowing, according to the latest S&P CoreLogic/Case-Shiller Indices, which found July prices rose 6 percent year-over-year—an easing from 6.2 percent in June, and a March peak of 6.5 percent.” The complete data for the 20 markets measured by S&P can be seen in the article; Case-Shiller: Ease-Off in Home Prices
7. JOE’S GARAGE
I consider myself somewhat of a minimalist, but I love having garage space even if it’s only to store an extra bike or two. If you are Thinking of Converting Your Garage Into Living Space? You’d Better Read This First. “Nearly 30% of shoppers rate a garage as one of the most important home features, just ahead of an updated kitchen and open floor plan, according to a recent realtor.com®.” survey.
8. DOUBLING DOWN
They have a great deal of money behind them and this week Tech Crunch reports Compass nabs $400M, valuing the real estate technology startup at $4.2B. “The company cleared $34 billion in sales in 2018 ($14.8 billion in 2017) and is on track to make $1 billion in revenues. It already claims to be the biggest independent brokerage in California.” Keep an eye on them.
9. GETTING HELP
My dad is rich in many ways but another Rich Dad posted an article this week if you thinking of Getting Started in Real Estate. “Are you thinking about investing in real estate? “The best place to begin the process is by reading everything you can, seeking advice from credible sources, and then pushing past the “analysis paralysis” that so many of us suffer from — that’s right, you have to take action.” Better yet, find a mentor!
10. OVERLAP
Here is the Observer’s list of 2018’s Most Powerful People in Residential Real Estate. “We included some who consider themselves disrupters, and those who are funding them, as well as researchers and academics, media who stoke our collective interest in homes and what we do with them, and people introducing new brokerage models, or taking brokers’ multiple listings services platforms to a whole new level.” There are some big names in real estate here.
