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How MLSs can play fair with Upstream, Zillow’s Bridge

Inmannews - Fri, 09/07/2018 - 11:05am
Here are seven guidelines that hit on the major items an MLS might consider for the protection of the MLS value proposition while adopting one or more alternative input and maintenance (AIM) products.
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Anxiety still lingers 10 years after historic financial crisis

Inmannews - Fri, 09/07/2018 - 10:03am
A decade ago, the housing market collapsed and Wall Street sputtered. It was the beginning of a decade of deep anxiety that still lingers today.
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Opendoor is now in Houston, coming soon to Austin and Jacksonville

Inmannews - Fri, 09/07/2018 - 8:08am
The startup is valued at over $2 billion and said it plans to be in 50 markets by 2020. Eighteen down, 32 left to go.
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The Inman Weekender, September 8-9, 2018

Inmannews - Fri, 09/07/2018 - 6:41am
The week's top real estate industry stories, and practical advice to use this weekend.
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Generation Z zones in on housing

Inmannews - Fri, 09/07/2018 - 6:15am
Nearly 85 percent of Generation Z plan to purchase homes in the next five years, suggesting significant competition to millennial homebuyers.
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Agent who ran mortgage fraud scheme gets 6.5 years in prison

Inmannews - Fri, 09/07/2018 - 5:44am
A California real estate agent who sold homes with unpaid mortgages to unsuspecting buyers has been sentenced to more than six years in prison.
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Luxury Connect: Chase Nuttall on using Instagram to break into the high-end market

Inmannews - Fri, 09/07/2018 - 4:13am
What do you do if you’re a millennial agent who wants to break into the luxury real estate market where you live? Chase Nuttall used Instagram.
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WATCH: Brad Inman’s closing remarks at Capital Connect

Inmannews - Fri, 09/07/2018 - 2:50am
Inman founder Brad Inman thanks and encourages his audience as he wraps up Capital Connect at Inman Connect San Francisco 2018.
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5 pro tips for using Instagram and Facebook stories in real estate

Inmannews - Fri, 09/07/2018 - 2:00am
Facebook Stories and Instagram Stories are two emerging opportunities for real estate pros. How can you use them effectively for your business? Here are a few key tips (and mistakes you'll want to avoid).
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How to rope in more seller leads with Mega Agent Pro

Inmannews - Fri, 09/07/2018 - 1:00am
Every real estate agent knows listings are gold; they also know they can be hard to come by. Successful, busy agents don’t like to be bothered with tasks not directly related to grooming prospects and serving clients, in particular cold-calling.
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WATCH: The emerging data that will change your business

Inmannews - Fri, 09/07/2018 - 12:40am
Trent Gardner of ListTrac, Dominik Pogorzelski of restb.ai and Steven Marque of iTour Media offer a look at what is coming next in data and how it can be used to provide a more engaging customer experience.
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WATCH: Have you identified your unique value proposition?

Inmannews - Fri, 09/07/2018 - 12:07am
Thad Wong of @properties, Kendall Butler of FLI Properies and Glenn Sanford of eXp Realty take the stage at Inman Connect San Francisco to help answer the fundamental question, "Why do you exist?"
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San Antonio Board of Realtors boots CEO after three months

Inmannews - Thu, 09/06/2018 - 6:37pm
Johnson became SABOR's CEO on June 18 after the association conducted a six-month nationwide search to fill the position. Johnson was one of two finalist candidates.
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Keller Williams’ AI assistant Kelle is learning Kung-Fu

Inmannews - Thu, 09/06/2018 - 2:23pm
This is the second major upgrade Kelle has gotten since its initial launch in February 2018. In August, Kelle debuted snap, a skill that provides a map-based detailed profile of a neighborhood based on borders gleaned from the homeowner social network, Nextdoor. 
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Coldwell Banker’s CBx Seller Leads: Simple streamlined leads, no mobile app

Inmannews - Thu, 09/06/2018 - 1:51pm
CBx Seller Leads is the data-driven lead provider and management software for Coldwell Banker franchises. From a pure technical solution perspective, it's an effective, minimalist way for brokers to assign, and agents to claim, new clients.
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How realtor.com just got way better at lead conversion

Inmannews - Thu, 09/06/2018 - 1:00pm
News Corp., owner of realtor.com, announced the $210 million acquisition of lead qualification service Opcity. With this acquisition, realtor.com dives deeper into the lead conversion funnel in a major way.
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Don’t blame baby boomers for surging home prices: Trulia

Inmannews - Thu, 09/06/2018 - 12:18pm
Baby boomers have no sway on the affordability of housing in major markets like San Francisco and New York City, according to a new study.
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Affording a home mortgage hasn’t been this difficult since 2009

Inmannews - Thu, 09/06/2018 - 11:49am
And though still well below the historical average of 21.2 percent, the income-to-mortgage ratio has not been this high since 2009, in the wake of the financial crisis (leading up to it, the income-to-mortgage ratio spiked past 20 percent).
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California tenants get more time to respond to housing eviction notices

American Apartment Owners Association - Thu, 09/06/2018 - 11:10am

Tenants facing evictions will have more time to answer eviction proceedings under a bill signed into law by Governor Jerry Brown today.

Assembly Bill 2343 will give tenants three “court days” to pay rent or comply with other terms of the lease and gives them five court days to respond to an eviction lawsuit. Previously, the law allowed weekend and holidays to be counted toward the deadline to respond to an eviction notice or breach-of-lease notice.

“Legal aid attorneys across California have reported incidents in which tenants are presented with a notice on a Friday before a holiday weekend and are essentially barred from correcting a breach of a lease or responding to a court summons because courthouses are closed or they cannot secure legal representation over a long weekend. AB 2343 will restore some fairness to the process and give tenants a chance to stay in their homes,” stated the announcement of the signing from the office of bill author Assemblymember David Chiu, D-San Francisco.

Renter rights advocacy group Tenants Together issued a report in May, “California Evictions are Fast and Frequent.” “Clerk default judgments” entered against tenants occur, the writers stated when tenants fail to respond within five calendar days to their eviction lawsuit or have not filled out the forms correctly. Some defaults are entered by the courts.

In the North Bay, the group cited 2016 data showing there were 1,165 unlawful-detainer lawsuits filed in Sonoma County, and 40 percent had a default judgment — all except seven from the clerk — entered against the tenant.

That compares with 2,128 filings in Solano County with only five total default judgments, 415 lawsuits and 43 percent default judgments in Lake County, and 269 with 22 percent in Napa County. The study cited “database errors.”

The report does not find results for Marin or Mendocino counties.

The new law is set to take effect on Sept. 1, 2019.

 

Source: northbaybusinessjournal.com

The post California tenants get more time to respond to housing eviction notices appeared first on AAOA.

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It’s better to rent than to buy in today’s housing market

American Apartment Owners Association - Thu, 09/06/2018 - 11:06am
  • Fast-rising home prices and higher mortgage rates have made it cheaper to rent a home than buy and own one.
  • The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally, according to Realtor.com. Rents are up just 4 percent.
  • Renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation.

It is easily the question most asked by anyone moving into their first home or downsizing into retirement. Should I buy or should I rent?

For nearly a decade the answer has been buy. The crash in home prices, combined with record-low mortgage rates made buying and owning a home both cheaper than renting one and a better investment.

Now, the tide has turned.

Fast-rising home prices and higher mortgage rates have shifted the calculation to rent. The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally, according to realtor.com. Rents are up just 4 percent. The number of local housing markets where it is cheaper to rent than buy is growing by the day.

“Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing,” said Danielle Hale, chief economist at realtor.com. “Today only 41 percent of people live in a county where the median-income family can afford to buy a home at the median list price, and affordability declined significantly over the past year.”

Home prices fell dramatically after the financial crisis and the subprime mortgage crash. Millions of homes went into foreclosure and were sold off at bargain-basement prices. Home values finally bottomed out in 2012 and then began to take off. In the last three years, the gains accelerated dramatically, and now homes in most of the nation are worth more than they were at the inflated peak of the housing boom in 2006.

“It’s normal,” said Richard Bernstein of Richard Bernstein Advisors on CNBC’s “Squawk Box.” “Housing is an early cycle sector. Interest rates are low, incomes start to grow, so in an early cycle environment you can buy, but in a later cycle, interest rates go up, home prices go up, it’s harder to buy.”

The recent acceleration in home prices has been due to a supply imbalance in the market: too much demand and too little supply. That has shifted the equation back to rent, even though rents have increased a lot in the last few years.

According to July home and rent prices, buying a home was cheaper than renting in just 35 percent of the nation’s counties. That is down sharply from 44 percent just one year ago.

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And it’s not just cheaper to rent, it may also now be a better investment. Renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation, according to new research from Florida Atlantic University and Florida International University faculty. That is the first time renting outperforms buying since 2010.

In 16 of the 23 major metropolitan markets covered in the research, renting is a better investment than buying. These cities include Atlanta, Dallas, Denver, Houston, Los Angeles, Miami, San Francisco, and Seattle. It is still, however, better to buy than rent in much of the Midwest and Northeast, with Chicago and Cleveland showing the best ownership scores.

So what does all this mean for the wealth of average Americans and the health of the housing market?

“Since homeownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long,” Hale said. “Still, even in places where renting is currently more affordable, rising home prices provide a wealth-building opportunity for homebuyers.”

“Since homeownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long.”-Danielle Hale, chief economist at realtor.com

As for home prices, the shift pulling demand away from buying and toward renting will likely cool overheated home prices. In fact, that is already happening. For the first time in several years, in July, the supply of homes for sale was not lower compared with the previous year. It was flat. In addition, while home prices are still rising, they are rising at a slower pace, meaning sellers are starting to see demand fall off a bit, as buyers hit an affordability wall.

Absent some major outlying disaster, home prices are highly unlikely to fall, at least not nationally.

“Interest rates are low and few junk mortgages are out there,” said William Hardin, director of Florida International’s Jerome Bain Real Estate Institute. “Additionally, employment, income and borrower credit ratings are all up. These are all good signs for a smoother transition this time around.”

Source: cnbc.com

The post It’s better to rent than to buy in today’s housing market appeared first on AAOA.

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