Colorado Vacation Towns Now Calling it a Housing “Crisis”
Employees of resorts and other tourist-support businesses are having a hard time finding housing in Colorado’s vacation towns, according to a new report by the ski industry. Property managers are even seeing potential renters offer higher than the monthly rent just to compete for the limited housing on the market.
Home owners’ use of websites like AirBnB and Homeaway may be a major contributing factor. The vacation towns of Breckenridge and Durango are already responding with new policy and regulations.
Read the full housing article here.
Forms are Good News for Buyers, but N.A.R. Says Add 15 Days to House Contracts…
The 2 new “Know Before You Owe” federal mortgage forms replace 4 existing forms, and their use will be required starting October 3. Experts across both the real estate and mortgage industry agree that these forms provide additional clarity on the mortgage terms, which should help protect home owners from surprise charges.
Though actually a simplification and reduction of current mortgage application forms, the change over will likely cause a delay for many home purchase closings (at least temporarily). N.A.R. recommends real estate professionals add 15 days to contracts to accommodate for the delay.
See the Fed’s official comparison of the old forms and the new “Know Before You Owe” forms here: http://www.consumerfinance.gov/knowbeforeyouowe/compare/
So Goes All U.S. Real Estate? Not Quite.
The ever-popular “Home in the Hamptons” just got cheaper. A lot cheaper, because a 7% discount off a $1.6 million house isn’t pennies. Real estate in the Hamptons, NY dropped a steep 7% in value in Q2 2015, and the transaction volume plummeted by a whopping 16%.
Is this the beginning of the end for the U.S. housing recovering and boom? Is this the first of many bubbles to pop? The media and elite who traipse through Hamptons parties each summer would have you believing so, but they have also historically over-emphasized the importance of celebrity real estate moves in this exclusive market.
Real estate lifestyles of the rich and famous are more media market perception than actual market indicators, so this may just be “market bubble-popping” talk over popping the bubbly.
Read the full real estate market article here.
25% of All Jobs Created in Orange County, CA!
Contributing to new economic growth across the U.S., jobs related to the real estate industry are also a major factor in the recovery of local economies.
New jobs data shows a whopping 1 in 4 of all new jobs created in the past 5 years in Orange County, CA were in the real estate trades. This includes jobs created in real estate firms, as well as construction, lending, building services, architecture and engineering.
Read the full article on Orange County’s real estate jobs impact here.
What’s the Best Title for This Wacky Listing? Yes, it’s actually on wheels.
Submit your suggested title in the Comments below. The funniest title gets a $25 Amazon gift card!
Funniest title to be selected by the Z57 Marketing team.
Learn from Brand Experts and the Stars of HGTV’s “Selling New York”
Solid advice on defining what your real estate brand has to offer, the specific home buyers and sellers you’re trying to reach, and then of course it’s all about the relationships. Following the example of Kleier Residential, stars of “Selling New York”, learn 6 great brand building tips that will help you focus on the right parts of your real estate business.
Read the full real estate brand building article here.
Mortgage Rates Back Up, and Purchases are up 32% from 1 Year Ago!
Good news for the real estate market from last week’s mortgage rate data, as reported by the Mortgage Bankers Association. Not only did mortgage application volume bounce right back after rates dipped, but applications for new purchases are actually up 32% compared to 1 year ago!
Read the full mortgage news article here.
The Homes Are Actually Free, but It’s 3 Stories of Reno
Everyone wants a free vacation, and a free vacation home… What could be better? The Italian mountain village of Gangi is giving away hundreds of homes for absolutely free, with 1 catch: These fixer uppers must be renovated to be livable within 4 years. And there may be some century-old animal smells lingering; the first and second stories of these 3 story farm houses (called pagglialore) were traditionally occupied by donkeys and chickens.
Good thing “rustic” is in, as this may be the perfect time to get your own authentic, rustic vacation home in Italy.
Read the full article on this real estate fun here.
Focus Mainly on Building Higher End Homes
Even with new construction picking up new home builders haven’t returned to constructing homes at a balanced variety of purchase points. They’re focusing on the higher end of the market with larger custom homes, since many entry level home buyers still face economic and credit challenges.
But according to real estate economists, builders may not be making the smartest bet. The new condo market in particular is being under-served, and the demand for entry level housing is increasing.
Read the full real estate market article here.
New Construction Sales Up 20% Over May 2014
Even with the real estate market picking up steam in the last year, the very low volume of new home sales was cited as a concern by many economic experts. Federal Reserve Chairman Alan Greenspan said the U.S. economy has historically only recovered with the return of solid new construction numbers. And now we have them.
New home sales were up 2.2% in May over April, and up a whopping 19.5% over May 2014, as stated in a report issued today by the U.S. Dept of Commerce.
Read the full article here or see the U.S. Commerce Department’s report here.