1. Housingwire reports this week, Regulators propose ending appraisal requirement on some home sales of $400,000 and below. “In terms of dollar amount, $96 billion in sales were exempt from the appraisal requirement in 2017. The new rules would increase that figure by $68 billion to a total of $164 billion (or 35% of the total). Under the new rules, $305 billion in sales (65%) would still require an appraisal.” The FDIC states, “As for why a change is being proposed now, the regulators say the move is in response to concerns raised about the time and cost associated with completing residential real estate transactions.” I think appraisers will have something to say about this change.
2. WAKE UP CALL
We all have seen it and Curbed just posted Why affordable housing is scarce in progressive cities. “In Generation Priced Out, activist Randy Shaw shows how policies have pushed up rent and excluded many long-time residents.” But cities can change the narrative, “While so many cities lament a steady shift toward a San Francisco-style housing situation, Shaw says he’s seeing hope, especially at a local level. Cities such as Seattle and Denver, while far from solving the issue, have shown the benefits of pro-growth policies. Portland, San Francisco, and Austin have also passed housing bonds.” Come on everyone, we can do this!
3. CLEAN UP YOUR ACT
It’s the holidays. Chances are you’re going to have company over. Do you have a guest bathroom, vacation rental, or AirBnB that needs attention? Realtor.com suggests 10 Things Your Guest Bathroom Needs: Do You Have Them All? “You want to create a space that’s homey as well as functional, and stocked with everything guests may need—along with some special touches thrown in for extra flair. Here are 10 things you need to create the perfect guest bathroom. There you have it. Now you have no excuses.
4. WHO WOULD HAVE THOUGHT?
Forget Black Friday: This Is the Best Day of the Year to Buy a Home says Realtor.com. They also say “Overall, December is the best time to buy a home at a bargain price, as there are fewer buyers in the market.” I know you’re busy, but if you run out today, buy a home, and manage to close on Christmas Eve, the statistics say you’ll save money. Good luck, and happy house shopping!
5. THE MONEY IS IN THE REAL ESTATE
I’ve known this for a long time, but it’s interesting to see the updated numbers from time to time. “There are more than 36,000 McDonald’s locations worldwide, but only about 5 percent of them are company-owned. The rest are franchised out, meaning they’re run by individuals who McDonald’s has contracted to operate them. In those situations, the company only spends money on the real estate of that location. The franchisee is responsible for all the costs of running the restaurant while also paying McDonald’s for rent (which adds up to an average of 10.7 percent of their sales), a $45,000 franchisee fee, and a monthly service fee equal to 4 percent of gross sales, Business Insider reports. Thank you Yahoo Finance and Business Insider for sharing The Real Way McDonald’s Makes Their Money—It’s Not Their Food.
6. TONE IT DOWN
Realtor.com: “We’ve said it before, we’ll say it again: It’s all in the photos. This means before you, your agent, or (preferably) a professional photographer starts snapping shots of your soon-to-be former homestead, you have to get the place looking especially photogenic. Sometimes it’s as easy as moving a piece of furniture; sometimes it’s a little more complicated. There’s an art to staging a home for its photo op.” What Great Listing Photos Can Teach You About Marketing Your Home. Let the professional stagers and photographers do their thing, and the agent and sellers will tackle the marketing, so the property sells quickly for top dollar.
7. I LOVE PORTUGAL
Okay, this time two years ago I was in Portugal (near Sintra). Portugal is one of my favorite countries on the planet. In my research for this edition of real estate news, I came across this property. Here is what you can buy for under $400K right now near Lisbon. Click here to see the property listed by Engel & Völkers Sintra. Love it!
8. LOOKING UP?
“Lawrence Yun, NAR’s chief economist, says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.” The National Association of Realtors reports Existing-Home Sales Increase for the First Time in Six Months. Will sales continue to rise?
9. I DIDN’T FORGET…
I just didn’t want to. Like my mom and sisters, I actually like to clean. I find it very rewarding to take something dirty and clean it well. Realtor. com lists 8 Cleaning Chores We All Forget That Make a Big Difference. You may be having some company over for the holidays, “So before you hang up your mop and duster, check this list twice to see if you’ve overlooked some of these chores. Give them some elbow grease, and they can ensure that your home looks, smells, and otherwise comes across as fantastic to all who set foot inside.” Admit it, you will feel better when the jobs are done.
10. FREE HOMES!
I’ve heard of this happening in many places before, especially in Europe, but not in Japan. CNBC reports, Want a free country house in Japan? They’re giving them away. “Abandoned properties in the world’s third-largest economy are among the least-discussed side effects of the country’s demographic changes. But it’s getting more attention given the increasing number of affordable — and sometimes free — houses put up for sale online on websites called ‘akiya banks’.” You may have to live in more rural areas, but it sounds like there are deals to be had.
Have a great weekend!
