Author: Brad Beckett

The National Association of Realtors is reporting that pending home sales were down 1% in July, 2022.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 89.8.  The NAR once again predicts home sales should start to rise by early 2023.  Indeed… “Home prices are still rising by double-digit percentages year-over-year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023…With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”  Said…

The U.S. Government is reporting that sales of new single-family houses in July, 2022 were at a seasonally adjusted annual rate of 511k, which is 12.6% lower than June’s revised rate and is 29.6% lower than one year ago.  The median sales price of new houses sold in September was $439,400k with an average sales price of $546,800.  There were an estimated 464k new houses for sale at the end of March representing a 10.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

According to a recent infographic from The National Association of Realtors, the average First-time Home Buyer is 33 years old (an all-time high) and has a household income of $86,500 as well as other data points taken from their most recent Profile of Home Buyers and Sellers.  Stay safe and have a Happy Friday!!! Hat tip to the National Association of Realtors.

A recent report on HousingWire says a combination of rising home values and the fact that nearly two-thirds of borrowers with at least some home equity have mortgage rates below 4% (with no benefit from a refinance) is helping to propel a resurgent market for home-equity lines of credit (aka HELOCs).  Citing data from the The Federal Reserve Bank of New York’s Q2 2022 Household Debt and Credit Report they say limits on HELOCs jumped by $18 billion this year – which is the first substantial increase in HELOC limits since 2011.  A home-equity line of credit (HELOC) allows a…

In mid-August Airbnb announced that they introducing new “anti-party tools” in the US and Canada to help identify potentially high-risk reservations and prevent those users from taking advantage of their platform. The new Airbnb system system looks at several factors such as the history of positive reviews (or lack of them), length of time the guest has been on Airbnb, length of the trip, distance to the listing, weekend vs. weekday, among many others. Their primary objective is to reduce the ability of bad actors to throw unauthorized parties which negatively impact their Hosts, neighbors, and the communities they serve.…

On a recent episode of the Rent Perfect podcast David Pickron says understanding the law surrounding support and assistive animals is crucial when being an effective and law abiding landlord.  Listen as David Pickron and Mark Zinman, attorney with Zona Law, discuss some of the specifics you must adhere to when it comes to these situations. Rent Perfect is the solution rental property owners & managers have been crying out for! Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement, electronically & securely. They offer the most accurate & thorough credit & background screening available.…

The NAHB’s Eye on Housing says Single-family built-for-rent (SFBFR) construction surged during Q2, 2022 as higher mortgage rates caused homebuying affordability to decline.  According to analyzed Census data, there were approximately 21k single-family built-for-rent (SFBFR) starts during the second quarter of 2022 –  a 91% gain over Q2, 2021. “The SFBFR market is a means to add inventory amid challenges over housing affordability and downpayment requirements in the for-sale market, particularly during a period when a growing number of people want more space and a single-family structure. Single-family built-for-rent construction differs in terms of structural characteristics compared to other newly-built…

A recent article on Bankrate says while the concept of investing might make you think of buying and selling stocks & bonds,  you can also invest by purchasing an investment property to rent out or fix it up to sell for a quick profit.  They point out that Census data show about 70% of rental properties are owned by individual investors, according to Census estimates.  Indeed… “While plenty of headlines have focused on corporations buying houses, the vast majority of real estate investors are much smaller operations, says Charles Tassell, chief operating officer of the National Real Estate Investors Association.…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer August, 2022 In July the US economy finally regained the same level of jobs that existed before the pandemic. It’s in this modest context that we have to view recent economic gains. Sure, things are better, but… Gross domestic product, adjusted for inflation, is now three percent higher than before the pandemic. But it decreased in the last two quarters, even if only slightly. Population…

The National Association of Realtors is reporting that existing home sales were down 5.9% in July to a seasonally-adjusted annual rate of 4.81 million (down 20.2% year over year).  Total housing inventory at the end of July was 1,310,000 units, up 4.8% from June and unchanged from one year ago.  Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 14 days.  The median existing-home price for all housing types in July was $403,800, up 10.8% from one year ago.  Once again, the NAR says this marks 125 consecutive months…