Author: Brad Beckett

A recent article on Redfin reminds us that everything is becoming virtual nowadays – from artwork, to concerts, to marketing, to meetups, virtual tools have entered most people’s daily routine.  However, it goes without saying that real estate, too, has entered this digital world in the form of something called the “metaverse.”  Redfin attempts to unravel what this thing is all about and explain what’s behind all of the hype & mystique.  Some of the concepts are, quite frankly, hard to grasp and it is clear that the metaverse isn’t for everyone.  However, say what you will, it is certainly…

According to the ATTOM Data’s Q3 2022 Vacant Property and Zombie Foreclosure Report, there were 1.3 million (1,277,162) residential properties in the United States sitting vacant, representing 1.3%, or one in 78 homes, across the nation.  The report also reveals that 270,470 residential properties in the U.S. are in the process of foreclosure in Q3 of this year, up 4.4% from Q2, 2022 and up 25.5% from Q3 of 2021. ATTOM says this latest increase marks the 4th straight quarter that pre-foreclosure properties have increased since a nationwide moratorium on lenders pursuing delinquent homeowners was lifted at the end of…

FOX Business is reporting that Orange County, Florida voters (home to Orlando & Disney World) will go to the polls this Fall and vote on a ballot initiative that would implement rent control for one-year in one of America’s fastest growing metros.  However, according to the report, Florida state law already prohibits the practice, except in the city of Miami Beach, which imposed rent control measures before the Florida law limiting them was passed.  The Florida Apartment Association and the Florida Association of Realtors recently filed a lawsuit in an attempt to invalidate the initiative.  The measure calls for limits…

Where are this year’s hottest zip codes with the fastest selling homes?  Realtor.com says affordability drives high buyer demand and fast selling homes.  They say today’s buyers are “on the prowl” for communities where they can still afford to become homeowners and it’s leading them to smaller markets that they may never have give second thought to before.  To get their list, Realtor.com analyzed over 16k zip codes based on time on the market and searches by zip code on realtor.com.  Interestingly, most of them are in the Northeast.  Indeed… Click here to read the full story at Realtor.com.

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.…