1. One of my favorite places in the country is Cape Cod, Massachusetts. I took this photo last summer when our family was on vacation in East Sandwich. It turns out there is a hot retirement community right up the road. From Realtor.com: Boomer Boomtowns: America’s 10 Fastest-Growing Retirement Hot Spots. “Get ready for a graying tsunami: Nearly 50 million of the enormous cluster of 74 million Americans born between 1946 and 1964 have yet to hit 65—with around 10,000 a day making that milestone over the next decade.” Check out all of the communities. Most of them are pretty appealing.
2. SIX THINGS
“Buying a home will likely be the biggest purchase you make in your life. At least until you buy your second, more expensive home. Recently, the real estate market has appeared to be cooling. All the same, some ownership is still a major part of the American Dream. It can also be a great way to help build wealth over time, when done properly.” Forbes points out 6 Things First Time Home Buyers Need To Know. It’s all about the money in this article.
3. OH, CANADA
“After years of boom times, Canada’s housing markets are at a turning point. Rising interest rates and tough new mortgage rules have taken some steam out of the market. But job growth is strong and wages are rising steadily, suggesting there will be homebuyers around to keep the market humming.” Do you like charts? Is so Huffington Post Canada just released 10 Charts That Show How Out Of Whack Things Are In Canada’s Housing Markets. Maybe this will put things into a nice visual perspective for you.
4. REAL ESTATE T.V.
Daily Mail UK reports ‘You don’t need to be rich to succeed’: Million Dollar Listing Los Angeles star Josh Flagg reveals he sold $290 million in real estate last year… as he explains why his feud with co-star Josh Altman will NEVER end. Josh Flagg sold more than (US) $210 million (AUD $293 million) in Los Angeles real estate last year. “At 33, the Million Dollar Listing Los Angeles star is among the top real estate agents in Hollywood and it’s not hard to see why.” Is this for real, or just more Hollywood reality television nonsense?
5. NEWS FROM BELLINGHAM, WA
eXp World Holdings reports some pretty impressive numbers this week. eXp Realty Exceeds 16,000 Real Estate Agents Across North America” eXp Realty is the first, cloud-based real estate brokerage, the largest residential real estate brokerage by geography in North America and the first and only real estate brokerage to operate as one company-owned brokerage in all 50 U.S. states. It is one of the fastest growing real estate brokerage firms in North America with more than 16,000 agents across 50 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.” Congratulations eXp!
6. A BOUNCE?
Realtor.com asks experts Will Lower Mortgage Rates Escalate Sales Gains? “Since early November, the 30-year fixed-rate mortgage has fallen nearly half a percentage point, from 4.94 percent to 4.45 percent, where it stood at the end of this week. This could provide an important incentive for potential home buyers to make a move. The 30-year rate, which didn’t budge in the latest week of reporting, was on a downward trend for six consecutive weeks prior.” NAR Chief Economist Lawrence Yun says declining mortgage rates should keep home sales on an upward trajectory which could lead to an additional 200,000 transactions this year.
7. BIG WIN FOR REALTORS
Are your tax records already at your accountant’s office? The NAR just wrote about the Treasury, IRS Give Big Win to Real Estate Professionals in Qualified Business Income Rule. “Late last week, the Treasury Department and the Internal Revenue Service issued final regulations regarding the new 20 percent deduction on qualified business income. As Americans begin preparations for the 2018 tax filing season, real estate professionals have been uncertain about the true impact of the 2017 Tax Cuts and Jobs Act on their respective businesses. Friday’s ruling from Treasury and the IRS, however, signaled a significant victory for the real estate industry and for many of the National Association of Realtors®’ 1.3 million members.” I hope this is a big windfall for you!
8. COMMISSION IMPOSSIBLE
What’s the commission on $238 Million? Not that there was one paid on this deal. The NYT just reported: At $238 Million, It’s the Highest-Price Home in the Country. Can you imagine? “A hedge fund billionaire has purchased a Central Park penthouse apartment for $238 million — the most anyone has ever paid for a home in the United States. The sale, which closed Wednesday, was confirmed by a spokesman for the buyer, Kenneth Griffin.” I bet the appraiser’s head just about exploded trying to figure this one out!
9. NOT AGAIN!
“Lenders issued $34 billion of these unconventional mortgages in the first three quarters of 2018, a 24% increase from the same period a year earlier, according to Inside Mortgage Finance, an industry research group” reports Realtor.com in their article No Pay Stub? No Problem. Unconventional Mortgages Make a Comeback. Although the numbers of these loans are small, the increase is a bit of a red flag for me. Remember when the banks were giving away money without documentation? That didn’t end well.
10. DON’T PANIC
Okay, spring is coming and you’re thinking about buying… And selling. Ugh, what do you do first? How do you handle doing both at the same time. “Plenty of people find themselves buying and selling a home simultaneously, but knowing that others have gone through the same stress does not make it one bit easier. After all, the stakes are so high: If your buyer backs out, you don’t have any cash to land your next home! Or if your own purchase falls through but your current home sells, you’re homeless! No worries, Realtor.com suggests 8 Mistakes to Avoid When Buying and Selling at the Same Time. Hint: Get yourself only one top agent for both transactions.
