Author: Brad Beckett

Quite frankly (especially in light of a recent record low rate of 3.88%)  it’s hard to imagine that the interest rate for a 30-year fixed rate mortgage once hovered close to 20%…..but, it’s true.  To help refresh our memory, the folks over at Keeping Current Matters recently put together a chart illustrating the past 45 years’ worth of interest rates from Freddie Mac for the venerable 30-year fixed rate loan. Putting it all in context: Click here to read the full story on Keeping Current Matters.

Realty Check’s Diana Olick is reporting that two major changes in the mortgage market go into effect this month that, while helping more borrowers qualify for home loans, will also add more risk to the mortgage market.  According to the report, three major credit rating agencies (Equifax, TransUnion and Experian) will drop tax liens and civil judgments from some consumers’ profiles if the information isn’t complete and Fannie Mae & Freddie Mac will allow borrowers to have higher levels of debt and still qualify for a mortgage.  She says these two major lending changes mean it’s “suddenly easier to get…

Across the country, the remodeling business is a big right now, just ask The Home Depot.  Recently, property data provider BuildFax released a study detailing remodeling activity over the last several years as well as identifying potential trends.  They use three unique perspectives;  historical, national, and regional to provide their overview.  Interestingly, they say 2016 saw changes in remodeling’s growth rate and spending that could have a serious impact on the business. Some key takeaways: • Since 2011, home remodeling has increased by an annualized 5% per year on average • Residential remodeling increased 4.3% last year, which is a…

Where are the most affordable places to buy a summer vacation home?  ATTOM Data Solutions (parent of RealtyTrac) recently ranked 100 cities that won’t “break the bank” or leave you shortchanged.  Interestingly, the top 10 summer vacation home bargain markets were found in four states; Tennessee, North Carolina, Florida and Maryland) – all of which have median home prices below $275k.  The number one place?  Crossville, Tennessee….with a median home sales price of $87,500. Click here to read the full report on Realtytrac.com.

Rental information site Zumper recently released their National Rent Report for July showing that the median national rent for 1-bedroom apartment was $1,149 and $1,367 for a 2-bedroom apartment.  San Francisco continues to dominate their National Rent Index of 100 cities at $3,350/$4500 with Toledo, Ohio rounding out the bottom at $450/$560.  Be sure to take look at their entire data set which 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…

What are the best & worst states to make a living?  The folks over at MoneyRates.com ran the numbers and ranked our fifty states based on these five factors;  cost of living, workplace safety, state tax burdens, median wages and unemployment rates.  Happy Friday!!! Hat tip to MoneyRates.com.

Great Photos Help Sell Real Estate by James F. Brown The old saying “a picture is worth a thousand words” is absolutely true. Great photos can help sell properties. But bad ones can drive potential buyers away before they even tour a property. Too many sellers and their agents give short shrift to photos. With just a little care and thought, anyone can take attractive real estate photos that entice buyers.  Here are some tips for taking those photos: Plan your photo shoot. Think about what you want the photos to accomplish, what impression they’ll make on a potential buyer.…

According to the latest CoreLogic Home Price Index Report, home prices across the country rose 6.6% year over year for May and are up 1.2% from April.  In addition, Corelogic predicts that home prices will increase by 5.3% on a year-over-year basis through May 2018. Key takeaways: Price Appreciation Outstripping Income Growth in Many Markets Many Markets Still Lack Adequate Inventory Tight Inventory Impacting Rental Markets “While the market is consistently generating home price growth, sales activity is being hindered by a lack of inventory across many markets. This tight inventory is also impacting the rental market where overall single-family…

The U.S. Census Bureau is reporting that total construction spending in May was estimated at a seasonally adjusted annual rate of $1.2 trillion, which is 4.5% higher than May 2016.  Private residential construction was at a seasonally adjusted annual rate of $509.6 billion in May, 0.6% below April’s number.  Nonresidential private construction was at a seasonally adjusted annual rate of $433.6 billion in May, 0.7% below April’s estimate. Click here to read the full release.

A new report from RealPage and Axiometrics says apartment demand surged to a near-record volume in Q2 2017, saying essentially that occupancy is full and the annual pace of rent growth has stabilized.  The report says apartment occupancy as of mid-year stood at 95% (which they say is essentially full performance).  Rents for new-resident leases rose 1.8% during the second quarter.  Nationally, monthly rent now averages $1,339. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments,” said Greg Willett, chief economist for…