Author: Brad Beckett

Black Knight Financial Services recently released their February, 2017 Home Price Index (HPI) reporting that U.S. home prices were up 5.7% year over year in February and up .08% for the month.  The HPI value for February was $268k – a new post-crisis peak!  In addition, home prices in six of the nation’s 20 largest states (Massachusetts, New York, North Carolina, Tennessee, Texas and Washington) and nine of the 14 largest metros hit new peaks (Austin, TX; Boston, MA; Charlotte, NC; Columbus, OH; Dallas, TX; Denver, CO; Houston, TX; Kansas City, MO; Nashville, TN; Portland, OR; San Antonio, TX; San…

CNBC’s Diana Olick is reporting that this Spring’s housing market is the “strongest seller’s market ever.”  She says that, nationwide, as more homes come on the market they’re “flying off fast.”  As we’ve posted over the past couple weeks, home prices are at new peaks and inventory levels are at record lows. “In order to compete, buyers are coming in with cash and dropping contingencies. That is because in such a hot market, homes are appraising well below the sale price. That makes it even harder for first-time, mortgage-dependent buyers to succeed.” Click here to read the full story.

A new report form the U.S. Census Bureau confirms what many of us have long suspected;  more young adults aged 18-34 are living at home with their parents versus on their own with a spouse.  Furthermore, of those young people living in their parent’s basement (home), 1 in 4 are idle (neither working or going to school) – which represent about 2.2 million 25-34 year-olds.  Data also show that while young people are delaying marriage, 8 out of 10 do finally get married by the age of 30.  This report used two Census Bureau surveys to look at the demographic…

A recent article in the Washington Post poses an interesting question that they say, traditionally, has had an easy answer;  Do single-family detached homes appreciate faster than condominiums?  Using new data provided by Trulia, they suggest that old assumptions might be giving way to changing market trends.  According to the data, between February 2012 and February 2017, median condo values rose 38.4% while single family detached homes only rose 27.9%. In other words, condos are (or seem to be) appreciating faster.  Predictably, the Post also reports that the National Association of Realtors and the National Association of Home Builders disagree…

According to new data released by the National Association of Realtors, existing home sales in March were at their highest pace in a decade, with the average price coming in at $236,400 – up 6.8% from one year ago!  March’s gains also mark the 61st consecutive month of year-over-year increases.  Total existing-home sales (completed transactions of single-family homes, townhomes, condominiums and co-ops), climbed 4.4% to a seasonally adjusted annual rate of 5.71 million in March. March’s sales pace was 5.9% above a year ago.  March also saw the strongest month of sales since February, 2007.  Total housing inventory at the…

If you’ve read anything about short-term rentals and New York City you’ve discovered that the Big Apple is probably not the friendliest place (regulatory-wise) to begin your Airbnb foray.  However, a recent New York Times article digs deeper into this growing segment of the sharing-economy to show how, for some hosts, it has been profitable enough to replace their income. “Airbnb helps thousands of New Yorkers get by in an increasingly expensive city,” he said. “Unfortunately, the current law groups responsible New Yorkers, who occasionally share their own home, with illegal hotels that remove permanent housing from the market.”  Said…

We’ve said it before; Drones are hot…and they’re not the radio-controlled toys you might remember from your childhood.  A recent item on FOX News says that drones are taking the real estate industry to new heights.   What investor hasn’t used Google Earth or Maps to check out the nuances from above? Watch the latest video at video.foxnews.com “Whether you’re buying or selling, drones provide not only a unique view of the property, but they also allow the buyer to view the surrounding area and gain a bit of perspective on how the property fits into the landscape,”  said Tom England,…

So, earlier this week we posted that vacation home sales were down 21% in 2016.  Today’s infographic from the National Association of Realtors takes a look at just who is buying those investment & vacation homes, their location, and what size & how much.  Happy Friday! Click here to read more.

A dilapidated house in Oakland, CA dating from 1905, with rotting wood, peeling paint and, oh by the way, just happens to be located in an up-and-coming trendy neighborhood, just sold for $755k – over a quarter million dollars over its asking price!  According to the SFGate, people were lined up out the door during the open house for this one-bedroom, two-bath bungalow.  Apparently the owner purchased the home in the 70’s but hasn’t lived there in decades.  Investors, take note…. “At least 200 people came through,” Juskys said. “There was a little boy down the street who opened up…

Apartment data provider Axiometrics predicts that annual effective rent growth in 2017 will match the long-term average, however they say performance will strengthen in 2018 & 2019.  Their latest forecast estimates an average rent growth of 2.3% this year, equaling the average rate from 1995-2016 and actually 10 basis points (bps) higher than their previous forecast.  This slight increase also comes in the wake of a predicted fall in the job-growth rate to 1.4%, with 2.01 million jobs added to the workforce in 2017. Their key takeaways: While average effective rent growth will hit a recent low of 2.3% this…