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‘Underwater’ Homes Are Drying Up

NAR Daily News Magazine - November 22, 2017 - 12:00am

The number of homeowners who owe more on their houses than the properties are worth has plunged by more than 1.4 million in the past...

Categories: Real Estate

Townhouse Market Attracting More Buyers

NAR Daily News Magazine - November 22, 2017 - 12:00am

Builders are ramping up construction on townhouses as home shoppers show renewed interest in attached single-family housing. 

Categories: Real Estate

Buyers Rush to Lock in Before the Holidays

NAR Daily News Magazine - November 22, 2017 - 12:00am

Home shoppers were taking out mortgages in higher numbers last week.

Categories: Real Estate

6 Tricks to Curb Holiday Snacking

NAR Daily News Magazine - November 22, 2017 - 12:00am

It’s that time of year when everyone feels the need to share delicious treats, especially at work. These techniques can help you stay...

Categories: Real Estate

Best and Worst Places for Millennial Home-Buying

RisMedia Consumer News - November 21, 2017 - 3:19pm

Members of the millennial generation, especially first-time buyers, are already struggling to purchase a home due to student loan debt, trouble saving for a down payment and tight inventory—factors cited in the National Association of REALTORS® (NAR) 2017 Profile of Home Buyers and Sellers. According to GOBankingRates, slow wage growth and low unemployment rates across the country are also impacting the homeownership rate.

There are, however, specific locations that may be easier to purchase in because of low median list prices and low monthly mortgage payments. GOBankingRates rated the most and least expensive states across the U.S. to help millennial buyers find affordable housing. The report uses a median income of $60,932 to represent ages 25-34, and the following rankings are based on a 20 percent down payment and a 30-year, fixed rate mortgage.

Top 5 Most Affordable States

  1. West Virginia
    Median Lis price: $154,900
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $693
  1. Ohio
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $704
  1. Arkansas
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $757
  1. Indiana
    Median list price: $167,000
    Estimated time to save for a down payment: 2.7 years
    Monthly mortgage payment: $757
  1. Iowa
    Median list price: $169,000
    Estimated time to save for a down payment: 2.8 years
    Monthly mortgage payment: $766

Top 5 Most Expensive States

  1. Hawaii
    Median list price: $599,000
    Estimated time to save for a down payment: 9.8 years
    Monthly mortgage payment: $2,584
  1. California
    Median list price: $499,950
    Estimated time to save for a down payment: 8.2 years
    Monthly mortgage payment: $2,168
  1. Massachusetts
    Median list price: $419,900
    Estimated time to save for a down payment: 6.9 years
    Monthly mortgage payment: $1,833
  1. Colorado
    Median list price: $408,068
    Estimated time to save for a down payment: 6.7 years
    Monthly mortgage payment: $1,780
  1. Oregon
    Median list price: $352,000
    Estimated time to save for a down payment: 5.8 years
    Monthly mortgage payment: $1,551

For more details, read the entire GOBankingRates report.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Best and Worst Places for Millennial Home-Buying appeared first on RISMedia.

Categories: Real Estate

How FCC Plan to End Net Neutrality Hurts You

NAR Daily News Magazine - November 21, 2017 - 12:00am

NAR says that without a “neutral online playing field,” real estate companies, multiple listing services, and...

Categories: Real Estate

Where Owners Forget to Lock Their Doors

NAR Daily News Magazine - November 21, 2017 - 12:00am

These regions are more prone to burglaries, considering the amount of homeowners who forget to lock their doors.

Categories: Real Estate

Home Sales Are Rising Despite Supply Woes

NAR Daily News Magazine - November 21, 2017 - 12:00am

Existing-home sales in October rose to the strongest pace since earlier this summer.

Categories: Real Estate

How to Handle Internet Trolls

NAR Daily News Magazine - November 21, 2017 - 12:00am

Respond to rude comments online or angry customer complaints with these four tips that will help salvage a sale, relationship, or your name...

Categories: Real Estate

Know Your Home’s Earthquake Risk

NAR Daily News Magazine - November 21, 2017 - 12:00am

Half of the world’s population lives near active earthquake faults, and some may not even know it.

Categories: Real Estate

Equity-Rich Properties Surge Nationwide

NAR Daily News Magazine - November 21, 2017 - 12:00am

Continued home price appreciation is helping to grow the number of equity-rich homeowners across the country.

Categories: Real Estate

6 Outdated Features in Your Clients’ Homes

NAR Daily News Magazine - November 20, 2017 - 12:00am

Home buyers say they want the latest design trends in their next property—but 70 percent admit to having items in their current house that...

Categories: Real Estate

Yelp: You Can’t Ask Customers for Reviews

NAR Daily News Magazine - November 20, 2017 - 12:00am

The popular business review site says you must get feedback more organically or risk being demoted in its search results.

Categories: Real Estate

Lift in Housing Starts Indicates Inventory Relief

NAR Daily News Magazine - November 20, 2017 - 12:00am

As they near their postrecession high, experts say new single-family and multifamily projects will help meet consumer demand.

Categories: Real Estate

Homeowners, Appraisers Getting On Same Page

NAR Daily News Magazine - November 20, 2017 - 12:00am

Their views on home values are gradually aligning after rapid run-ups in prices caused their opinions to become misaligned in recent years.

Categories: Real Estate

Freddie Rejoins Low-Income Housing Program

NAR Daily News Magazine - November 20, 2017 - 12:00am

The mortgage giant has announced it will restart its efforts to invest in a program that incentivizes investors to support affordable housing.

Categories: Real Estate

The Most Affordable Ski Towns

NAR Daily News Magazine - November 20, 2017 - 12:00am

Home buyers who want a home in a wintertime resort can find budget-friendly options in these locales.

Categories: Real Estate

House Hunters Get in the Black Friday Mentality With Holiday Home-Buying

RisMedia Consumer News - November 19, 2017 - 12:07pm

The holiday season is here, and with it the mass amounts of consumer shopping tied to gift-giving, or just personal spending at a discounted price. While terms like Black Friday and Cyber Monday are synonymous with post-Thanksgiving consumer spending sparked by widespread sales, real estate shoppers are no strangers to home-buying during the holiday season, regardless of their location.

With seasonal real estate transactions come serious buyers and sellers who are ultra-motivated to spend their money and close quickly.

“Many times, when you have clients who are looking during the holidays, they are really serious buyers. After all, most people are out shopping or preparing for the family feast,” says Nancy Lulejian Starczyk, president of the Southland Regional Association of REALTORS® in Van Nuys, Calif. “Additionally, the buyer may need to buy before the year is out, or they want to be in their new home to bring in the new year.”

Sarah Gustafson, president of the REALTOR® Association of Central Massachusetts, agrees with motivation being the underlying factor for those who stick around in a winter market.

“You have less inventory, but the inventory that you have is more motivated,” says Gustafson. “With snow and muddy boots coming through a home, sellers won’t put their home on the market unless they are motivated. And the same goes for buyers—if they are out at this time of year, they are very motivated.”

Often, the motivation stems from buyers who just want to get into a home before Thanksgiving, Hanukkah, Christmas or other holidays. And sellers want it done and closed by end of year, which is especially true for luxury or distressed properties, according to Bruce Elliot, president of the Orlando Regional REALTOR® Association.

In some instances, the added motivation of sellers and buyers leads to smoother and faster closings during the holiday season.

“Sellers who are willing to be in ‘show condition’ during the holidays are just as serious as the buyers who are looking. It’s a great time for both parties to be open to negotiating a mutually acceptable and timely sale,” says Lulejian Starczyk.

During this time of year, many markets are also dealing with tight inventory, which adds a competitive twist for buyers that have to deal with multiple offer situations. The impetus for selling can also be heightened in states that experience a noticeable drop in temperature during the winter months.

“The one thing that is really driving the market is the lack of inventory,” says Matt Akers, owner and managing broker of Rainbow Realty and president of the Lafayette Regional Association of REALTORS® in Indiana. “I think the people that are going ahead and putting their homes on the market [are] trying to get through the winter.”

Holiday homebuyers, just like the swarms of Black Friday midnight shoppers, tend to be part of the younger generations, although sources say all types of homebuyers are looking for similar things, regardless of time of year.

“Millennials now outnumber the baby boomers. And interestingly enough, they are both looking for the same features in the home. Both are looking for walkability to shopping, entertainment, restaurants, transit and medical facilities,” says Lulejian Starczyk.

Of course, this can differ by location. In Florida, for instance, the baby boomer generation is flocking toward warmer weather during the winter months in search of retirement properties.

“In some areas outside of Orlando, it’s a seasonal spike in the retirement areas. The snowbirds are coming down and their activity is picking up. Seasonal rent literally doubles,” says Elliot.

Holiday home-buying also puts consumers in a different state of mind. Akers believes reverse psychology comes into play, stating that winter buyers come up with opposing views of summer buyers to find reasons to buy and tough it out in a slow market.

Since the home-buying and -selling is happening during such a sale-centric time of year, both sides are looking for a good deal. And according to real estate professionals, that doesn’t always mean the best price.

“A great deal is when you walk away from closing and you’re thrilled,” says Akers, clarifying that today’s buyers and sellers have more than enough information to determine whether they are getting a fair deal because of the available technology and internet sources. “There are a lot of educated buyers and sellers out there. They know more than they’ve ever have,” he adds.

Lulejian Starczyk, on the other hand, says being aware of comps and working with an agent is essential to getting a good deal.

“Knowing the market and paying a ‘fair market value’ is always advisable,” she says, emphasizing that hiring a REALTOR® is the only way to ensure that consumers have the data necessary for making an informed purchasing or selling decision.

Meanwhile, Elliot believes a good deal is tied to a positive emotional response. “The emotion and the excitement is long forgotten when buying the wrong home. [Real estate] is an emotional process, and as long as it’s the right home for the client, and meets the family’s needs, there is no perfect everything.”

While homes don’t necessarily have reduced price tags on them during the holidays like electronics do on Black Friday or Cyber Monday, there is a heightened sense of urgency and an impact on a transaction’s dynamics when buying or selling during this time of year. Many agents look forward to the holiday season because of the opportunities afforded by less inventory and the added drive.

“It’s my favorite time of the year to do business because everyone is so motivated,” says Gustafson.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post House Hunters Get in the Black Friday Mentality With Holiday Home-Buying appeared first on RISMedia.

Categories: Real Estate

4 Steps to Regain Some Savings Self-Control

RisMedia - November 17, 2017 - 11:00pm

(TNS)—Opening a savings account is easy, but committing to savings? Now that can be hard.

From struggling to find places where you can reduce spending to falling into the temptation of instant retail gratification, saving money can be really challenging.

“You really have to know yourself and discipline yourself if you’re going to be an effective saver,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

Learning to live on less may feel difficult initially, but it will pay off in the future.

Here are four steps to start exercising savings self-control today.

Pay your account out of your paycheck.
Automate your savings by having money moved to your savings account regularly, either through elections with your direct deposit if you receive a regular paycheck or by setting up a recurring transfer to your savings account.

Moving money directly to your savings account is a crucial first step in building a nest egg, McBride says.

“Paying yourself first clears the biggest hurdle for saving, which is simply not being in the habit of saving,” McBride says. “It takes care of saving money before you have a chance to spend it.”

Similar to putting money in your 401(k), the idea is that if it never touches your hand, you won’t miss it.

Avoid the temptation of transfers.
Moving money into your savings does you little good if you constantly raid the account.

To effectively grow a savings account, you have to restrict yourself from the temptation to transfer those funds to your checking account.

“If you’re going to build your savings, your deposits have to outnumber your withdrawals, not just in number but also in magnitude,” McBride says.

Do what it takes to control yourself. Perhaps the solution is as easy as naming that account based on a goal—”house down payment” or “Christmas money”—to make the connection of immediate gratification robbing your ultimate goal.

If that isn’t enough to stop you, put some distance between your checking and your savings. While there are often advantages of having your money at one institution, opening up a savings account a different bank might be what you need to stop you from spending money that is supposed to be away.

Once you’ve hit your emergency fund savings goal, you ought to consider a CD or even a CD ladder to pick up some yield and keep you from spending your money.

Put banking technology to work.
Banks and financial technology companies are obsessed right now with helping you save money, and each product seems to have its own bent.

There are ones that let you set rules, like adding $10 to your savings every time you buy a latte. Finn, the new mobile-only account Chase Bank is piloting in St. Louis for iOS users, is offering such features. The bank says it expects to launch it in additional cities and for Android users next year.

Others, like Simple and Moven, help you save for a specific goal or multiple goals at a time.

There are also some, like Digit, Chime and Acorns, that focus on moving small amounts of money into an account for you. This is similar to Bank of America’s popular Keep The Change Savings program, which puts the difference between your purchases and the nearest dollar in a savings account—$10.75 for lunch, 25 cents for savings, for example.

MoneyLion, another FinTech app, launched a virtual reality feature on the augmented reality platform of Apple’s iOS 11 release. MoneyLion customers with iPhones 6S and newer can now visualize their money as stacks on the phone. The rationale is that if you can see your money pile increasing, you’re less likely to spend it.

Suffice to say, there are a lot of savings options out there right now and you ought to do your research before committing to one. Ultimately, their effectiveness is dependent on your ability to not frivolously spend the money you’ve worked hard to save.

Save for the long term.
While you may want to enjoy the here and now, short-term spending can cost big time down the road.

“If you’re going to be a saver, it’s going to require some tough decisions,” McBride says. “It means passing up consumption today so that you can instead save for consumption in the future.”

McBride highlights that saving is not simply geared toward building up money to use in the event of emergencies.

“Americans are woefully under-saved for retirement,” McBride says.

McBride points to the increasing number of seniors who are unable to retire and the overwhelming amount of outstanding student debt as a reminder that consumers must save for long-term goals.

“You can build an emergency savings fund while building a retirement fund or a college fund at the same time,” McBride says. “You have to attack both at the same time in the same way by automating your contributions.”

©2017 Bankrate.com

Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post 4 Steps to Regain Some Savings Self-Control appeared first on RISMedia.

Categories: Real Estate

Puerto Rican Refugees Further Strain Housing

NAR Daily News Magazine - November 17, 2017 - 12:00am

Tens of thousands are fleeing the storm-ravaged island and heading for Florida—where inventory is already severely crunched—and real...

Categories: Real Estate