Realtor confronts HOA for trashing open house signs

After the call, Sibbach’s business partner, Phil Sexton, went to Desert Ridge to check on other for-sale properties and found a landscape worker piling open house signs into the back of a pick-up. Sexton filmed his interaction with the worker who said the Desert Ridge HOA hired him to collect the signs that didn’t follow the association’s guidelines. After his conversation with the landscapers, Sexton sent a number of emails to Desert Ridge Community Association residential community manager Carmello Mussara to get clarification about open house sign guidelines. In the first email to Mussara, Sexton attached the two types of signs The Sibbach Team uses and asked if the kinds of A-frames they used were within regulation. Two days later, on December 29, Sexton reached out to Mussara again asking for a list of written rules since he had an open house scheduled for that weekend and didn’t want to risk having his signs confiscated again. This time, Mussara said, “the only signs permitted in Desert Ridge are the angle iron signs as directed by the sign ordinance in accordance with the state statutes.” He also said all signs must list the brokerage’s name and information and cannot say “open house” only. Your email stated they are not allowed to block sidewalks. “In Arizona, they’re [HOA] allowed to make up rules and then you have to follow them,” Sibbach told Inman in frustration According to Arizona law, HOAs must follow these rules regarding signage regulation: HOAs cannot require the usage of open house signs. HOAs cannot restrict the usage of open house signs that follow these requirements: The sign must be commercially produced. You think more demand for the subdivision hurts the value?” “By restricting me, you’re essentially restricting demand,” Sibbach finished.

What Is a Multifamily Home? Owning Many Units Can Lead to a Steady Cash...

Benefits of buying a multifamily home The most attractive part of investing in and renting out a multifamily home is the steady revenue stream you can get from collecting rent. Most people living in a multifamily home are looking to offset mortgage payments by using the income from renting out the other unit, says Lee Kiser, principal and managing broker at Kiser Group in Chicago. How to find multifamily homes Searching for available multifamily homes is simple. They offer more multifamily investment possibilities. If you think you could benefit from an expert's opinion, Carol Greeley, a real estate agent in the greater Boston area, suggests you find a buyer’s agent. Multifamily home as an investment Just like any new home, a multifamily home may be move-in ready, or it might be a serious fixer-upper. Before buying a multifamily home, you should perform due diligence and assess just how much money you'll need to put into sprucing up the units. Susan Haas, a real estate agent at Joyner Fine Properties in Richmond, VA, suggests getting quotes from contractors on any work that’s needed before making an offer on a home. The initial renovation costs are just the beginning; once you have tenants you'll have to deal with maintaining multiple kitchen and bathrooms. So, a multifamily home with three units will cost between $900 and $1,500 annually for regular home improvement tasks.

10 Off-Beat Cities Named Best Places to Retire

Retirees may want to head to Lancaster, Pa. The town earned the top spot in U.S. News & World Report’s list of 2019 Best Places to Retire in the U.S. Lancaster’s housing affordability and its residents' high rank for their happiness, helped it to bump Sarasota, Fla., from the number one position this year. U.S. News & World Report evaluated the country’s 100 largest metro areas to see how well they met retirees’ expectations, such as in housing affordability, desirability, health care, and overall happiness. “Deciding where to retire is a big decision,” says Emily Brandon, senior editor for retirement. “The Best Places to Retire offers a way for future retirees to make a more informed decision based on what matters the most to them. Whether that be housing affordability, access to quality hospitals, or the desirability of a place in general, the rankings offer a comprehensive list that can point people in the best direction for their needs.” This year’s top 10 best places to retire are: Lancaster, Pa. Fort Myers, Fla. Sarasota, Fla. Austin, Texas Pittsburgh Grand Rapids, Mich. Nashville, Tenn. San Antonio Dallas-Fort Worth, Texas Lakeland, Fla.

US home loan originations have dropped to a 4-year low

Weakening mortgage demand caused by rising mortgage rates has slowed loan originations to its lowest level since Q1 2014, according to Attom Data Solutions latest report. Lastly, Home Equity Lines of Credit (HELOCs) dwindled 22 percent quarter-over-quarter and 23 percent year-over-year to 272,852. “Rising mortgage rates are cooling mortgage demand across the board, with overall originations down to their lowest level since 2014 — the last time we saw more than six consecutive months with average 30-year fixed mortgage rates above 4 percent,” said Attom Data Solutions Senior Vice President Daren Blomquist in a statement. “Meanwhile buyers are upping the ante when it comes to down payments, evidenced by the record-high median down payment for homes purchased in the quarter, and an increasing number of buyers are getting help from co-buyers.” The median down payment on single-family homes and condos purchased with financing hit a new record high at $19,900 — up 19 percent from $16,750 in Q1 2018 and up 18 percent from $16,925 in Q2 2017. Furthermore, the median down payment was 7.6 percent of median sales price, a 15-year high. Of the 103 metropolitan statistical areas in the report, San Jose, California ($306,000); San Francisco, California ($220,000); Los Angeles, California ($130,000); Oxnard-Thousand Oaks-Ventura, California ($115,400), and Boulder, Colorado ($107,750), had the highest median down payments. Nationally, 17.6 percent of all single-family home sales involved co-buyers (multiple, non-married buyers listed on the sales deed), a 0.2 percentage point increase from Q1 2018. Co-buyers were able to offer a median down payment $63,117 for a single-family home, which represented 16.3 percent of the median sales price. In Q2, the percentage of FHA-backed residential loans dropped a 0.7 percent quarter-over-quarter and 3.3 percent year-over-year to 10.2 percent — a 10-year low. The percentage of VA-backed residential loans took a hit too, declining 0.7 percent quarter-over-quarter and 0.9 percent year-over-year to 5.5 percent.

U.S. median home value reaches all-time high

The median U.S. home value has risen 6.5 percent year-over-year to an all-time high of $206,300 — a number that is only expected to increase in 2018, thanks to double-digit decreases in inventory. According to Zillow’s December Real Estate Market Report, nationwide inventory has fallen 10 percent year-over-year — the third consecutive year of annual declines. In high-priced and high-demand markets such as San Jose and Las Vegas, for-sale inventory has fallen 41 percent and 27 percent year-over-year, respectively. Simultaneously, in those same markets, home price appreciation has skyrocketed. Median home values in San Jose climbed 21 percent year-over-year to $1,171,800, while Las Vegas home values grew 14 percent to $246,700. “Tax reform will put more money in the pocket of the typical buyer, but will limit some housing-specific deductions. Overall, this should increase demand for the most affordable homes and ease competition somewhat in the priciest market segments.” “On the supply side, the market is starving for new homes, but it won’t be easy for builders struggling with high and rising land, labor and lumber costs,” he added. “Aging millennials and young families may be able to find more affordable new homes for sale this year, but they’ll most likely be in further-flung suburbs with more grueling commutes to urban job centers.” Buyers aren’t the only ones grappling with rising prices — renters are dealing with a 2.6 percent year-over-year rise in median rents ($1,439), the highest rate of appreciation since June 2016. Sacramento knocked Seattle out of the top spot for rent appreciation with an 8 percent year-over-year increase to $1,838. See the full list here.

How to Let Your Mission, Vision, and Goals Drive Your Business

When I first started my wholesaling business, I had no vision, no purpose. For eight years, I conducted business without a clearly defined mission or core values. At this time, I hired a business coach to help me define my company’s vision, core values, and goals. Once you have your mission, vision, and core values in place, the next thing you’ll need to do is set companywide goals. Setting Goals When I hired my business coach, he took me through a book called Scaling Up. If you are setting goals but you aren’t keeping score, how do you know if you’re winning the game? Setting Metrics This business is a numbers game. During our team meetings, at least once a month, I mention the core values just to remind our team. During our team meetings, we also take the time to congratulate team members who are living out our core values. Conclusion My goal with this month’s post is to help you paint the vision of what you want your wholesaling business to be—to help you set goals and break down bigger goals into achievable quarterly, monthly, weekly, and daily goals.

Should You Take Your House Off the Market? 6 Signs It’s Time

Taking your home off the market isn’t an easy decision. Here are six signs it’s time to consider taking your house off the market, and why it might be wise. You’re getting only lowball offers—and you’re not willing to negotiate Hopefully, you listened to your real estate agent’s advice when setting your list price. "If your house is still for sale after a month, buyers are going to assume something’s wrong with it,” says Seth Lejeune, a real estate agent with Berkshire Hathaway in Collegeville, PA. “Luxury homes sometimes take longer to sell, because you need a specific type of buyer, but luxury home sellers are generally not under time pressure to sell,”says Jane Peters, a real estate broker and owner of Home Jane Realty in Los Angeles. You discover a problem in the home that needs to be fixed Many purchase agreements have a home inspection contingency, which gives buyers the ability to walk away from the sale (without forfeiting their earnest money) if they find there are issues with the house that the seller isn’t willing to address. You have to make a home improvement Sometimes, homes just don’t sell because they can’t compete with other comparable homes that are on the market. When there’s a glut of homes for sale and buyers are flooding the market, this creates a buyer’s market. Note: Today, it’s a seller’s market in most major U.S. cities, but there are markets where buyers have the advantage. Taking your house off the market while you look for one, and canceling the listing agreement with your agent, would give you time to find a real estate expert that’s right for you.

How to Build Your Real Estate Portfolio Faster Using “The Stack”

I mean, if you buy one house every few years, saving up enough for the down payment each time, it could take 20 years to get the financial freedom you want. So, if you want to build a portfolio fast, what should you do? How Most People Build Wealth (the Slow Way) They buy a house, then maybe another house, then a few years later another one. Related: The Real Estate Investing Strategy I’d Recommend to Newbies (As a Seasoned Investor) How “The Stack” Can Help You Grow Wealth Exponentially Let’s say you buy one house this year. So, let’s say you wait an entire year and then, after knowing how to buy a single house, you buy two units. Then, the next year, you double again and buy eight units. As your knowledge and experience grow, so does your portfolio. But my favorite strategy and one that works really well with The Stack method we’re talking about today, is known as BRRRR investing. A Call to Action Real estate investing is SO powerful, and I hope this post and video are going to help you accomplish your real estate goals even faster. Would you use this to start building your portfolio faster?

5 Ways Real Estate Wins Big Where Stocks Fall Short

You don’t have options. If you’re buying property to rent out, you control who lives there. And if renting doesn’t work out for you, you can choose to sell the property. Real estate is an excellent way to diversify your portfolio for several reasons: 5 Ways Real Estate Wins Big Where Stocks Fall Short People will always need a place to live. If you abide by the 1% rule (and you should), owning a $200,000 rental property will give you $24,000 of income annually. However… The population is growing, but the earth isn’t. Lots of folks from around the world see value in owning American property. Related: 9 Reasons Why Investing in Real Estate is Awesome (And Better Than Stocks!) Real estate is up to 100% leveragable, using a mortgage to purchase your property. (And if you don’t, what’s your investment of choice—and why?)

Renters Under 50 Want to Buy a Home!

Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing. One of the many questions asked in the housing section of the survey was: Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence? Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below. When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did. Bottom Line Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive. Members: Sign in now to set up your Personalized Posts & start sharing today! Not a Member Yet?


What Investors Should Know About the Home Inspection Process

Should You Do Your Own Inspection? The first thing I have to point out about inspections is that unless you are a licensed and experienced contractor, do not do your own inspection. Yes, you should walk through the property and make sure there are no major red flags before spending the money on an inspector, but your official inspection should be done by a real, licensed property inspector. How to Find an Inspector The easiest way to find a home inspector is by asking your real estate agent who they like to work with. Related: 4 Above-and-Beyond Home Inspections That Could Save You Money The Day of the Inspection If possible, make sure the power, water, and all other utilities for the property are turned on before the inspection. What Does the Inspector Look For? They’ll crawl into the attic and look for issues there, and they’ll hopefully walk up on the roof to check out the shingles and the chimney, if there is one. After the Inspection The report that the inspector provides you several days after the inspection will likely be scary! After all, the inspector’s job is to discover every single possible problem they can about the property, and let’s be honest, no property is perfect! Should You Use Your Contractor as Your Inspector?