RealtyCheck’s Diana Olick reports that higher costs, shrinking profits and lower demand are causing some home flippers to flee the markets in certain areas. She cites data from ATTOM Data Solutions showing that flipping volume has been falling annually by double-digit percentages for at least three months as well as gross flipping returns falling to their lowest level in nearly seven years. It is also takes much longer to sell a flipped home, now averaging 186 days. Click here to read the full story at CNBC’s RealtyCheck.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
This past election it was not only about “renters vs. owners” as California’s Proposition 10 (expanding rent control) went down in flames but, as Kathy Fettke reports, it was a big win for the real estate industry as realtor-supported candidates across the nation won at all levels of government. In a recent episode of Real Estate News for Investors, she discusses the election results, potential impact and what the future might hold. “Renters may become a powerful force at the ballot box. They are typically less motivated than homeowners to cast their votes, but with so many issues connected to…
Earlier this year we posted about Zillow getting into the home flipping business in Las Vegas, Orlando and Phoenix. A recent article in the Houston Chronicle reports that they will soon begin buying & selling homes in Houston, Texas through their Zillow Offers program. The program pays cash to buy houses from qualified sellers. After the sale is complete (the seller gets to choose a closing date) the home will then be relisted. Zillow bills the program by appealing to sellers’ motivation status when they say “skip the hassle…sell to Zillow.” Indeed… Click here to read the full story at the…
After failing to secure more funding, real estate crowdfunding platform RealtyShares will soon be laying off staff and, as reported by The Real Deal, faces an uncertain future. According to the report, RealtyShares’ last-ditch efforts to find a buyer for the company were unsuccessful and they will ensure that customers who invested in real estate projects through its platform will get their money back. The company was founded in 2013 and raised over $870 million that was invested over 1,160 projects. “Over the past six months, RealtyShares aggressively pursued a number of financing options to continue growing the business,” RealtyShares…
Realtor.com says there are actually neighborhoods in the country’s biggest cities where home buyers have the upper hand. They identified the top 10 places where prices are affordable, there are plenty of homes for sale, a relatively low crime rate, and a reasonable work commute. To get this list, they analyzed zip codes in the nation’s 10 largest cities. Then they looked at items such as median price, days on market, and the share of homes for sale. To keep things enticing, they eliminated neighborhoods where commuting takes more than an hour (in rush hour) and they took out places with…
In 1918, on the 11th day, of the 11th month, at the 11th hour, the guns fell silent. This year’s Veterans Day (11/11/18) marks the 100th anniversary of the end of the First World War. National REIA salutes all of those who have had the honor & privilege of wearing this country’s uniform (over 18 million men and women). Here is a little history about this important day; In 1918, the armistice of the First World War officially took effect on the 11th day, of the 11th month, at the 11th hour. The following year President Woodrow Wilson declared November…
According to the latest ATTOM Data Solutions U.S. Home Sales Report, single family homes & condos sold for a median price of $256k in Q3, up 1% from the previous quarter and up 4.8% from one year ago. They note, however that this is the slowest pace of annual home price appreciation since early 2016 and blame it partly on overall home affordability. Interestingly, the report noted that homeowners who sold in Q3 2018 owned their homes a record average of 8.23 years, up from an average of 7.97 years in Q2 2018 and up from 7.98 years in Q3…
A closely watched ballot initiative in California was defeated in November’s election. Proposition 10 would have allowed cities to expand rent control by allowing local governments to set rent control policies for their cities, contrary to current law – which was upheld by the failure of Proposition 10. According to the SF Chronicle, the measure was placed on the ballot by tenant advocates who had failed for years to persuade the CA state legislature to curb rising rent. Indeed….How restricting supply and hamstringing landlords would lower rent prices is beyond our comprehension abilities. Then again this is California, and sometimes…
Get ’em while they’re hot…The good folks over at Realtor.com, like everyone else, have been watching shrinking inventory drive up home prices all across the country. To that they, they crunched the numbers and took a “deep dive” into their listings to find those housing markets where home prices are growing at the fastest clip. To come up with their list, they analyzed the increase in median list prices on realtor.com from 9/17 to 9/18 in the largest 300 metros. Then they ranked the places that saw the biggest percentage change in home prices during that span and limited it…
Rental information site Zumper recently released their National Rent Report for November showing that the median national rent for 1-bedroom apartment was $1,203 and the median two-bedroom rent was $1,432. Year over year, both one and two bedroom prices are up 2.3% and 2.9%, respectively. Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the…
