Author: Brad Beckett

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses a new law in California is building on the ADU movement by allowing homeowners to “sell” their ADUs as condos. The law was one of dozens signed by Governor Gavin Newsom in early October to boost the state’s housing supply. This law could give homeowners an opportunity to create wealth from the sale of the ADU, and buyers the opportunity to own more affordable homes. Click here to listen on Spotify.

Rental information site Zumper recently released their latest monthly National Rent Report for October, 2023.  According to their data, median rent for 1-bedroom apartments was $1,505 (down 0.4% from September) and $1,862 (down 0.2% from September) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “If the current pattern continues, we’ll likely see negative year-over-year growth by the end of winter…Demand remains soft while a record amount of supply is hitting the market, creating a lot of uncertainty and distress throughout the real estate industry—especially for companies and individuals that invested heavily in multifamily…

The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 4.9% in Q3 2023.  That figure is 2.1 percentage points higher than Q2’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.

Recent analysis of new home sales data by the NAHB’s Eye on Housing reveals that the all-cash share of new home sales climbed substantially in Q3 of 2023 while VA-backed sales share fell by nearly half.  In addition, they point out that while cash sales make up a small portion of new home sales, they constitute a larger share of existing home sales, coming in at 29%. Click here to read the full report at the NAHB’s Eye on Housing.

The National Association of Realtors is reporting that pending home sales rose 1.1% in September, 2023.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.6 in September.  The NAR says all four U.S. regions saw year-over-year declines in transactions. “Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years…Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated..”  Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.

The U.S. Government is reporting that sales of new single-family houses in September, 2023 were at a seasonally adjusted annual rate of 759k, which is 12.3% higher than August’s revised rate and is 33.9% higher than one year ago.  The median sales price of new houses sold in September was $418,800 with an average sales price of $503,900.  There were an estimated 435k new houses for sale at the end of September representing a 6.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

With “All Hallows’ Eve” and its subsequent candy begging quickly approaching, a recent graphic from the U.S. Census Bureau identifies places across the nation with SPOOKY-SOUNDING names.  Stay safe, have a Happy Halloween and as always have a Happy Friday! Hat tip to the U.S. Census Bureau.

The pest control & rodent removers over at Orkin say for the 9th year in a row Chicago continues its first-place spot on their Top 50 Rattiest Cities List.  Los Angeles moves up to #2 with New York dropping to #3 position.  Orkin says cities on their Rattiest Cities list are based on the number of new rodent services highlighting demand and efforts that residents & businesses have taken to treat rodent issues. “Because of the threats that rodents pose, it’s important for homeowners and business owners to know how to spot a rat or mouse infestation in order to…

GOBankingRates rightly says that a home is one of the key elements for many Americans, providing a long-term solution to their housing and a real estate investment for their portfolio.  However, as they point out, many have been priced out of the market – especially when home prices translate into a super-high down payment.  They recently crunched the numbers in our current environment to come up with the top 50 places in America there folks can purchase a home for under $250k.  In addition, they included quality of life factors like crime rates, unemployment and livability to aid in their…

The New York Post is reporting that a recent crackdown on Airbnb listings by New York City has led to a black market for rentals that have now gone “underground.”  The new rules (which went into effect in early September) imposed tougher regulations that restrict most short-term stays and limit reservations to only two guests.  In addition, the Post says industry experts said this puts both renters and apartment owners at risk of scammers as Airbnb stopped taking and/or canceling reservations – leaving those who had booked a visit scrambling to riskier options. These non-vacation rental sites, however, are prime…