1. CNBC reports nonprofit, Boston-based brokerage Neighborhood Assistance Corporation of America, or NACA is having events in large cities across the country. Thousands line up for zero-down-payment, subprime mortgages.” Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills. Then they go through counseling to understand their monthly budget and ensure they can afford the mortgage payment. The loans are 15- or 30-year fixed with interest rates below market, about 4.5 percent.”
2. MULTI-GENERATIONAL DESIGN
As difficult as it was to live through the real estate bust ten years ago, many good things came out of it. “A decade ago, a dream home was designed to wow your friends and neighbors. Today, it’s designed to house your relatives. Or your Airbnb guests. And also be your workplace. Homebuilders say one of the biggest selling points in 2018 isn’t a three-car garage or a grand entryway — it’s a home with flexibility.” The NYT reports about The New American Dream Home Is One You Never Have to Leave. What a concept!
3. WINDOW OF OPPORTUNITY
Although King5 reports this week that Seattle’s hot real estate market begins to slow, “By mid-September, spring’s fastest-selling markets, including Seattle, saw big declines. About 35 percent of homes for sale in Seattle were off the market in two weeks or less over the summer – a drastic change from spring, when 72 percent were off the market within two weeks.” It appears the crazy competition for buyers may be over for awhile, which may make it a good time to sell your current house and “buy up” if you need a larger house for your growing family.
4. HISTORY BUFF?
Do you gravitate toward old homes like I do? There is a certain amount of charm I find fascinating about them. “The Realtor.com data team set out to find America’s most historic cities. We looked at the 500 largest urban areas, focusing on the per capita number of properties listed on the National Register of Historic Places and the number of National Historic Landmarks. (These are both federal destinations that deem historic sites to be preserved.) Finally, we looked at the property description of homes in these markets on realtor.com to calculate a share of historic homes. Take a look at some of these National Treasures: Top 10 U.S. Cities Where You Can Live in a Piece of History.
5. SHORT FALL
Selling A House This Fall? Five Tips To Help Homeowners Close The Deal. “With fall upon us, temperatures are cooling off but the real estate market is heating up. For people hoping to sell their homes before the end of the year, the clock is ticking. That’s because the market slows down significantly after Thanksgiving due to the holidays. And in parts of the country where all four seasons exist, the winter weather can keep sellers on the sidelines until March. Can you guess Forbes’ number one tip? It may have something to do with price.
6. BAIT-AND-SWITCH
The Guardian reported this week the NAACP leader opposes rent control bid while taking real estate money. “The National Association for the Advancement of Colored People (NAACP) in California is opposing a pro-tenant initiative that has widespread support from civil rights groups and progressive housing activists. Alice Huffman, the chapter president, has admitted to being a paid consultant for the campaign opposing the proposal.” Interesting, how does that work again?
7. UNDER WATER
“In 2016, New York Times writer Ian Urbina examined how climate change could “swamp coastal real estate.” At the time, economists warned that the real estate industry wasn’t addressing the issue quickly enough, and that the impact of a coastal property collapse brought on by climate change “could surpass that of the bursting dot-com and real estate bubbles of 2000 and 2008.” Patrick Sisson at Curbed added his perspective in his Climate change and the coming coastal real estate crash article. He includes 25 communities around the U.S. with highest potential flooding-related real estate losses.
8. FLIPPIN’ ADVICE
I sometimes like watching the house flipping shows but having flipped homes in the past I know there is a great deal more to flipping than they portray on those shows. “We all see the HGTV and TLC shows where a team rebuilds every house to make $50,000 each time. But that is not reality. The house-flipping shows don’t show us the behind-the-scenes details, the true costs or how much work goes into a home rehab. While a massive remodel makes for great TV, it usually does not make for a great investment in reality.” Here is some great advice from Mark Ferguson in a recent Forbes article: How Real Estate Investors Can Make The Most Money Flipping Houses.
9. LEAVE THE KIDS HOME
Realtor.com has some good advice to offer in ‘The Best Home-Buying Advice I’ve Heard, Ever’. They quote Adam Leitman Bailey, a New York State attorney in the article: “The last thing any home buyer with kids would want is for their child to fall in love with a home that may not be ‘the one’ for some reason. Only when you have narrowed your search down to the one home you want to buy should you bring your kids in and ask what they think. Even if the decision is almost made, they will appreciate that you sought their input, which can make all the difference in how they settle in.” I think this is good advice. Parents will be able to view many more homes, and narrow their search more quickly without the kids. Sorry kids. Read the full article for more tips.
10. CUSTODIANS OR FLIPPERS?
I love this Business Insider story. Most of us have heard Ellen and her wife Portia love to buy homes, fix them up, live in them for awhile, then sell them. In a recent interview with The TODAY Show, DeGeneres said on the matter: “We buy a house and we love it, and we stay in it. Then we get a little bored because we like a different style or different aesthetic — and I love furniture and decorating — so if I find something else, and we make money, why not move to another house?” Check out Ellen DeGeneres has made millions buying and selling luxury properties — here are some of the most lavish homes she’s flipped. There are photos and before and after sale prices.
Have a great weekend!
