Monday, January 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its income on housing ...
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Friday, January 17, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
It wasn't pirates, but it might as well have been. The market is currently at the lowest it's been since 2017 for homes available for sale, and it doesn't look like 2020 will be much better.
One good thing is that mortgage rates remain at historic lows also. But the big challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report which stated:
“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter ...
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Wednesday, January 15, 2020 / by Vanessa Saunders
Five critical disadvantages most people face in selling a home themselves.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Rising home prices coupled with the current inventory in today’s market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers.
Here are the top 5 disadvantages owner face when selling their home on their own:
1. Online Strategy for Prospective Purchasers
Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
According to NAR, here’s where buyers looked for the homes they actually purchased:
55% on the Internet
28% from a Real Estate Agent
10% Other
6% from a Yar ...
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Wednesday, January 15, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
As median home prices continue to surge and the shortage of homes for sale grinds on in the Hudson Valley real estate market, buyers are taking a second look at alternative housing options. Not surprisingly, modular and pre-manufactured homes are an option for some. Unlike pre-fab homes from the past, Singapore manufacturer Nestron makes mini-homes that are both inexpensive, and smart in style and technology.
Nestron recently showcased four different prefab options which come with a built-in artificial intelligence assistant named Canny that controls lighting, heating and security.
Prices start at $19,000 for the baseline Cube model to $59,000 for the top-of-the-line Legend. All four models include one bedroom, one bathroom, a kitchen and living space, all fully furnished with custom dining table, sofa, TV, built-in bed rack, wardrobe, washing machine, and a water heater.
All four models ...
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Tuesday, January 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical.
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%.
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”
According to Packes, buil ...
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