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.

New home construction rises in 2017, closes year on positive note

On Thursday, the Census Bureau and HUD provided a look at the December data on new home construction, and the report shows that building permits, housing starts, and housing completions all increased in 2017. That’s 8.2% below the revised November estimate of 1,299,000 and is 6% below the December 2016 rate of 1,268,000. But despite December 2017 being a weaker month than the previous month or the same time period in 2016, housing starts for the year will still up over 2016. The report shows that there were an estimated 1,202,100 housing units started in 2017. That’s up 2.4% from the 2016 figure of 1,173,800. Privately owned housing completions in December came in at a seasonally adjusted annual rate of 1,177,000, which is 2.2% above the revised November estimate of 1,152,000 and 7.4% above the December 2016 rate of 1,096,000. According to the report, there were an estimated 1,152,300 housing units completed in 2017, which is up 8.7% from the 2016 total of 1,059,700. The report shows that privately owned housing units authorized by building permits in December came in at a seasonally adjusted annual rate of 1,302,000. For the year, there were an estimated 1,263,400 housing units authorized by building permits in 2017. That’s up 4.7% from the 2016 figure of 1,206,600.

3 Times in My Real Estate Career When Failing Was a Success

Below are 3 investment stories when failing was a real estate success. While the asking price was under $1,000 to purchase this 3-bedroom mobile home, I told the seller that I would be very happy to purchase this property the next day, Monday. Still I would first need to speak with the manager and walk through the last two bedrooms before we would be able to purchase the home. Lesson Learned: I was almost pressured into not following proper due diligence by skipping a thorough walk-through of the entire mobile home and also not getting approved at the park first. One of the properties was a 3-bedroom and the other a 2-bedroom. The last time I followed up with the seller, the mother informed me they had sold their mobile homes to another buyer. This was a turning point in how I treat and love myself. The Real Estate Failure Before I started investing in mobile homes, I spent my small life savings mailing single family home sellers, hanging signs, knocking on house doors, making offers with real estate agents, and making offers to sellers with absolutely no deals to show for it. From that first mobile home investment there would be many more to come. As an active real estate investor, you will continue to learn, grow, and evolve in your real estate investing business.

How the Dire Future of the Retail Market Could Solve the Housing Affordability Crisis

What does the future hold for retail real estate in America? The way businesses operate is changing. The need for different types of real estate is changing. While we will definitely need more of certain types of property in the near future, there just won’t be as much demand for many properties in the way they have been configured for use up until now. The Great Retail Apocalypse 2017 set the record for retail store closures. Still, hundreds are the result of major retail companies going bankrupt. Related: Why I’m Investing in Affordable Housing for the Long Haul Some may have even noticed Starbucks locations closing in their neighborhoods. Amazon recently made a very high profile acquisition of Whole Foods. This will also impact the many commercial businesses and properties which have supported retail stores. On the bright side, as discussed in this article on BiggerPockets, all this will create more opportunities for investors to acquire these properties at a discount and transform them.

The Best Paint Colors For An Enduring Look In Your Home

Garden Stone, Clark+Kensington When it comes to gray, we might be at the end of the widespread trend. But certain shades of gray are classics and "go-to's" for designers - and they'll be around long after the next trend is here and gone. "This shade is a favorite." Repose Gray, Sherwin Williams Greige is not too gray, not too beige. Manchester Tan, Benjamin Moore Described as a warm neutral, this hue drinks in the sun but also changes slightly depending on the amount of light and shade in the room, adding interest you don't always find in a paint color from the beige family. Super White, Benjamin Moore You would think it would be easy to pick a shade of white, but…no. I thought I bought white! "It reflects light in such a pretty way and doesn't have any cool tones that would it go blue or warm tones that would make it yellow." Stiffkey Blue, Farrow & Ball This moody blue brings some drama to a living space without creating a cave-like feel, and is also a good choice for the kitchen, according to Brian Paquette of Brian Paquette Interiors. "My go-to's for paint colors are Decorators White by Benjamin Moore and Shaded White by Farrow & Ball for that European look.

The Most Expensive Homes For Sale In America’s Most Expensive ZIP Codes 2017

Also, see our story highlighting some of the top cities and how we crunch the numbers, and the full list of 500 ZIP codes here. Then check out this gallery of homes in the top 25 ZIPs and this one of the top 10. The supply of homes for sale is down across the country. Last quarter premium home inventory dove 5.9%, the largest drop in over four years, according to home search site Trulia. Check out the homes with the highest list prices in America’s 10 most expensive ZIP codes. Manalapan, Fla. | 33462 This home: $165 million Once the most expensive listing in America, this 15-acre compound has five structures with 30 bedrooms. Los Altos Hills, Calif. | 94022 This home: $68 million This property brags an indoor pool with a retractable roof and a standalone office. Sagaponack, N.Y. | 11962 This home: $59.9 million This 15-acres assemblage includes plans for a three structures: a main home, a guest house and a recreational facility. For more, see our story highlighting some of the top citiesand how we crunch the numbers and the full list of 500 ZIP codes here. Then check out thisgallery of homes in the top 25 ZIPs and this one of the top 10.

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.

HUD awards $2 billion to homeless assistance programs

The U.S. Department of Housing and Urban Development announced Thursday it awarded a record $2 billion to homeless assistance programs across the nation. The money, awarded by the department amid budget cuts, will be divided among 7,300 local homeless assistance programs under HUD’s Continuum of Care program, which grants support to local programs serving individuals and families experiencing homelessness. “HUD stands with our local partners who are working each and every day to house and serve our most vulnerable neighbors,” HUD Secretary Ben Carson said. “We know how to end homelessness and it starts with embracing a housing-first approach that relies upon proven strategies that offer permanent housing solutions to those who may otherwise be living in our shelters and on our streets.” HUD continues to challenge state and local Continuums of Care to support their highest performing local programs that have proven most effective in meeting the needs of persons experiencing homelessness in their communities. HUD announced many of these planners also embraced it’s call to shift funds from existing underperforming projects to create new ones that are based on best practices that will further their efforts to prevent and end homelessness. “Continuums of Care are critical leaders in the work to end homelessness nationwide,” said Matthew Doherty, U.S. Interagency Council on Homelessness executive director. “When communities marshal these, and other local, state, private, and philanthropic resources, behind the strongest housing-first practices, we see important progress in our collective goal to end homelessness in America.” HUD Continuum of Care grant funding supports an array of interventions designed to assist individuals and families experiencing homelessness, particularly those living in places not meant for habitation, located in sheltering programs, or at imminent risk of becoming homeless. In HUD’s 2017 Annual Homeless Assessment Report to Congress, the department found 553,742 people experienced homelessness on a single night in 2017. This is up .7% from the year before. But now, HUD hopes to reverse that trajectory with this new funding and other efforts it made throughout its first year under the new administration.

Diversify Your Portfolio And Invest In Real Estate

For most real estate investors, these investments are characterized as income-generating properties that see revenue from rent earned and capital appreciation from the increase in market value. Unlike residential homes that get their value from comparable sales, income-generating real estate value is calculated as the annual NOI multiplied by an industry standard rate of return, called the capitalization rate. Since NOI is calculated after expenses and both property value and return on investment are depended on NOI, it is important to maximize income and minimize expense. There is very little that an investor can do to mitigate the risk of market increase or decrease. Since Section 8 units are in demand, these rent amounts are a safe low-end income value for your property. A low investment amount and high revenue make for a good return on investment. Bank-owned and government-owned homes often offer properties at amounts under market value. These properties are generally in disrepair, so rehabilitation costs should be factored into the price equations. Important Correlations As an alternative investment, real estate is historically poorly correlated to the stock market, making it a good investment to diversify a portfolio. Real estate is positively correlated to inflation, meaning that it generally increases in value as inflation increases.

10 ways to generate more real estate business

Looking for more ways to get real estate business and build your client database? Real estate author Ryan Snow shared 10 of the top ways to bring in business and boost sales on a recent podcast with Pat Hiban. Read on to discover what Snow recommends to real estate agents who need new real estate clients. To hear more of Ryan’s money-making ideas, including a way to generate $50,000 passively, listen to the podcast interview below. https://traffic.libsyn.com/hibandigital/Ryan_Snow2.mp3 The best ways to get real estate business Sphere of influence (SOI) SOI is one of the best sources of real estate business, especially for new agents. Be sure to add friends and family members to your database if you haven’t already. Just-sold scripts Selling homes is great for generating more business. Prospecting is so much easier when you’ve just sold a highly visible home in the area. Vender networks Creating relationships with local vendors is a good way to get ...

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Ready For Staging: 4 Repairs You Need Before Selling Your Home

Selling your home is a complex process that may take weeks to complete. This is partially because your house may need to be updated or renovated before it can go on the market. Update the Exterior The first thing that you will want to do is make sure that the home's exterior is in good condition. Check the Air Conditioning If you have a central air conditioning unit in your home, make sure that it works properly. However, inspecting it and making repairs prior to selling your home should be considered mandatory. It may also be a good idea to check the furnace and clean the ducts before you show the home to buyers. Make Sure the Floors Are Adequate Whether your home has wood floors or carpet, make sure that they are in good condition. Check the Plumbing and Electrical Systems Buyers aren't going to want to put an offer on a home that has poor water pressure. If the fixes to either system are relatively minor, you can do them yourself. Meghan finds happiness in researching new topics that help to expand her horizons.