Author: Brad Beckett

Back in August we posted about Airbnb’s plans to roll out 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.  Now, fast-forward to mid-November and they have launched a new platform called Airbnb Setup, which they say is an “all-new easy way to Airbnb your home.” Basically, they’re expanding their current Airbnb Cover program for hosts by adding the following upgraded features & enhancements: Guest identity verification Reservation screening technology $3M damage protection Auto & boat protection  Art & valuables protection Easier to file a…

Rentcafe says over the last two years, apartment conversions have jumped by 25% compared to the two years prior, bringing a total of 28k new rentals in 2020-2021.  In addition, they point out that adaptive reuse has picked up speed in America’s largest cities.  Indeed… “The residential market needs significantly more density in the areas of the largest cities, where the demand is greatest and where the tallest office buildings are located…Larger office buildings in abandoned central business districts are better suited to conversion than the often-smaller office complexes distributed around the suburbs.”  Said Doug Ressler, manager of business intelligence…

The U.S. government is reporting that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1425,000, which is 2.4% lower than September’s revised number and 8.8% lower than one year ago.  October’s rate for units in buildings with five units or more was 556k.  Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,526,000, which is 2.4% below September’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 633k in October. Click here to read the full report at the…

The National Association of Realtors is reporting that existing home sales were down 5.9% in October to a seasonally-adjusted annual rate of 4.43 million (down 28.4% year over year).  Total housing inventory at the end of October was 1.22 million units, down 0.8% from September and down 0.8% from one year ago.  Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 21 days.  The median existing-home price for all housing types in October was $379,100, up 6.6% from one year ago.  The NAR pointed out that October marks 128…

We’ve had many posts about how real estate is the best chosen investment, time and time again.  Today’s infographic from Keeping Current Matters reminds us that homeownership is in fact a form of building wealth.  They point out that not only does growing equity increase your wealth, prices have appreciated by 290.2% since 1991.  Indeed….  Stay safe and have a Happy Friday! Hat tip to Keeping Current Matters.

The venerable AAA says it’s time to “buckle-up” this Thanksgiving as they say over 55 million people will be traveling – up 1.5% from 2021.  They expect this year to be the third busiest for Thanksgiving travel since AAA started tracking this data in 2000. “Families and friends are eager to spend time together this Thanksgiving, one of the busiest for travel in the past two decades…Plan ahead and pack your patience, whether you’re driving or flying.”  Said Paula Twidale, AAA’s Senior Vice President of Travel. Click here to read the full report at the AAA.

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer November, 2022 Recent data about more jobs and an improving Gross Domestic Product suggest an economy that’s doing well and that will do even better once inflation comes down. But a closer look at other statistics gives a less upbeat picture. Productivity, the output per worker, which reached a high level during the pandemic when many people worked from home, fell sharply as offices and businesses…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,727 in October, up $3 from September.  Yardi says The Fed’s recent actions have roiled the housing market, which is sure to impact multifamily demand, property values and investment strategies. Indeed… “…much of the attention in the industry has been taken over by the rapid growth in interest rates and the impact on demand and property values. The Federal Reserve last week increased short-term borrowing rates another 75 basis points, bringing the target range from 3.75% to 4%, the highest level since 2008. Just as important,…

The National Association of Realtors say an overwhelming majority of metro markets (98%) saw home price gains in Q3 2022 despite rising mortgage and declining sales.   In fact, they report that 46% of the tracked metro areas saw double-digit price increases, which was down from 80% in Q2, 2022.  The national median single-family existing-home price was $398,500, up 8.6% from one year ago. “Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising…The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than…

The CEO of Real estate mega-portal Redfin announced in early November that it was tightening its focus and laying off 13% of its workforce – including closing their home-flipping business, RedfinNOW.  The announcement was made through a company-wide email entitled “All-Hands Email on November Layoff” sent out by CEO Glenn Kelman. RedfinNOW offered potential homesellers a “hassle-free way” to sell their homes.  They were given an all-cash offer within days that that promised “no repairs, staging, or open houses so you can stick to your work and life schedules.”  Apparently the promotion became a too much of a financial burden…