March 9, 2018
Pending home sales fell 4.7% in January compared with December, the lowest point in nearly four years. Low supply of affordable housing levels and the sudden increase in mortgage rates are the two contributing factors according to the NAR.
Pending home sales in the Northeast fell 9% for the month and were down 12.1% compared with a year ago. In the Midwest, sales fell 6.6% monthly and 4.1% annually. In the South, sales declined 3.9% for the month and were 1.1% lower than last January. Sales in the West were down 1.2% monthly and 2.5% annually.
The map below was created by CoreLogic to show the 5-year appreciation from December 2012 – December 2017 by state.
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES). The most recent projection shows that home prices are expected to increase by 18.2% over the next five years. The bulls of the group predict home prices to rise by 27.4%, while the more cautious bears predict an appreciation of 8.3%.
When consumers’ age 50-80 were asked about their use of technology to stay independent as they age, 91% said they wanted to live in their own home or apartment, including age-eligible home and communities. However, 33% perceive that it is too costly to remodel or upgrade their home and 42% said it was too expensive to upgrade their home with in-house technology.
Their most important factors for the home were a low-maintenance exterior (58%), master bedrooms and baths on the first floor (54%), effective lighting throughout the house (54%) and bathroom handrails (48%).
The most popular familiar technologies were high-speed internet (63%), security system (53%), automated thermostats (50%), and WiFi (49%). The most desired practical technologies to help them remain independent are stovetops/ovens that automatically shuto¬ff (58%), single remote control to manage everything in the home (46%) and driverless car (41%).
Certainty Home Loans offers reverse mortgage programs that can provide financial assistance to homeowners who wish to remodel or upgrade their home with features that will allow them to age in place or to purchase a home with these features. Contact me if you are interested to learn more about these programs.
Rather than view training new Realtors as training your competition, mentoring can help to expand your professional network, learn and retain more of your expertise and position you as a thought leader and industry expert.
Share with your mentee tips and strategies that can improve one particular part of their business. For example, a tip to get more listings would be to offer ten free home valuations per week.
To get started mentoring, start with a friend or an office trainee. For a less hand-on approach, create a YouTube channel with training videos where you can share your tips, strategies and systems, or write a blog on the same topics, or do both! Share the content via social media.
NAHB’s Construction Codes and Standards Committee reviewed approximately 3,300 code changes in the previous ICC code cycle. Members and staff participated in the code development process, helping advance pro-industry changes and defeating nearly 92% of code proposals that would add unnecessarily to housing costs.
After the development process was complete, NAHB created a 2018 I-Codes Adoption Kit, which is available to members on NAHB.org/codes. The adoption kit includes a list of the significant changes to the 2018 I-Codes; the cost impact of adopting the newest edition of the International Residential Code; and a list of suggested amendments to share with state and local officials to keep costs down while building safer homes.
Here are the results of a recent NAHB poll that asked prospective first-time and second-time+ home buyers which features they considered essential in their next home. More than 40% of first-time home buyers think the list in blue below is essential. The list of essential items is slightly longer among second-time+ buyers.