Real Estate

Real estate economist: Home prices are increasing twice as fast as income growth

Real Estate CNBC - March 13, 2018 - 9:20am
Lack of supply is driving home prices higher and hurting homebuyers with stagnated wages, Mike Fratantoni says.
Categories: Real Estate

Lack of inventory main headwind in housing market, says pro

Real Estate CNBC - March 13, 2018 - 7:18am
Mike Fratantoni, Mortgage Bankers Association, provides insight to rising interest rates and what it means for the overall housing market. The major constraint to the market right now is the lack of supply, says Fratantoni.
Categories: Real Estate

Where to get the best bang for your renovation buck

Real Estate CNBC - March 13, 2018 - 7:14am
CNBC's Diana Olick takes a look at home remodeling projects that will deliver the greatest returns.
Categories: Real Estate

The Most Craved Perk in Offices

NAR Daily News Magazine - March 13, 2018 - 12:00am

A new survey reveals what employees want in office space, the biggest drain on productivity, and the most annoying personality types they interact...

Categories: Real Estate

Celebrities Bolster Teen Real Estate Program

NAR Daily News Magazine - March 13, 2018 - 12:00am

A new program that sets out to spark an early interest in real estate among inner-city teens is getting some star power from Alex Rodriquez and...

Categories: Real Estate

The Most Common Contract Contingencies

NAR Daily News Magazine - March 13, 2018 - 12:00am

Find out what your fellow real estate professionals are seeing most often in contracts and what’s most likely to delay settlements.

Categories: Real Estate

NAR: Banking Reform May Boost Real Estate

NAR Daily News Magazine - March 13, 2018 - 12:00am

The association says the bill Congress is debating could open up more lending to households aspiring to become homeowners. 

Categories: Real Estate

Ad Shows Children’s Connection to Homes

NAR Daily News Magazine - March 13, 2018 - 12:00am

Moving can be stressful, especially for children. A new advertisement from Coldwell Banker is a heartfelt depiction of the joy that can...

Categories: Real Estate

When helping your kids with a downpayment on a house is a bad idea

Real Estate CNBC - March 12, 2018 - 2:56pm
Although you may want to help your adult child, there are some circumstances when they are not the best investment, USA Today reports.
Categories: Real Estate

The Wing: Redefining co-working office space

Real Estate CNBC - March 12, 2018 - 7:50am
Audrey Gelman, The Wing co-founder and CEO, talks about the rising popularity of co-working spaces for women.
Categories: Real Estate

Why Are Some Owners Stuck in Place?

NAR Daily News Magazine - March 12, 2018 - 12:00am

Some economists are pointing to homeowners who are staying put as a reason for the lack of inventory in many markets. Find out why they aren't...

Categories: Real Estate

Where the Nation’s Happiest Residents Live

NAR Daily News Magazine - March 12, 2018 - 12:00am

Want to find your happy place? A new analysis shows where you should look. 

Categories: Real Estate

3-D Printed Homes Are Becoming a Reality

NAR Daily News Magazine - March 12, 2018 - 12:00am

A 350-square-foot home in Austin, Texas, was produced by a 3-D printer. Could this be a model to follow for the housing industry?

Categories: Real Estate

Markets With the Most Rapid Home Sales

NAR Daily News Magazine - March 12, 2018 - 12:00am

Some metros have houses selling at record speeds—sellers aren’t having to wait long for a Sold sign to go up. 

Categories: Real Estate

5 Great Cities for Millennial Homebuyers

RisMedia Consumer News - March 11, 2018 - 1:02pm

(TNS)—For millennials who are ready to become homeowners, finding an affordable house in a great community can be challenging. With housing inventory historically low, real estate in major metro areas is at a premium. It’s no surprise, then, that young buyers are moving to the suburbs, according to the 2017 Home Buyer and Seller Generational Trends Report by the National Association of REALTORS®.

Among millennials surveyed, 57 percent bought a house in the suburbs, spending an average of $205,000. Meanwhile, only 12 percent bought in an urban or central city. Affordability, convenience to work and neighborhood quality were among the top requirements for these buyers.

Using this information, we identified five cities that offer some combination of affordable housing, economic growth, job opportunities, proximity to major metro areas and recreational activities.

Great cities for millennial homebuyers:

  • Lancaster, Pa.
  • Columbus, Ohio
  • Garner, N.C.
  • St. Petersburg, Fla.
  • West Des Moines, Iowa.

Lancaster, Pa.
Population: 59,218
Median value of housing: $109,300

One of the oldest inland cities in the country, Lancaster boasts unique features, such as the country’s oldest continuously running farmers market. It’s also home to an established arts community and a network of independently owned businesses.

There are a number of homes available in Lancaster, including new construction. There were 200 new housing units built in Lancaster in 2017. This year, the city is on track to add 125 more, according to Marshall Snively, president of Lancaster City Alliance.

“In the last 10 years, we’ve had more than $1.5 billion in public and private investment, including residential development, and more is on the table,” Snively says.

Nestled between Harrisburg and Philadelphia, Lancaster is a good option for people who want to work in one of these larger cities but own in a more affordable location. Residents can take a train to Harrisburg in less than 35 minutes, and trains into New York City take about two-and-a-half hours.

Local businesses abound, so many residents don’t have to look beyond the city for jobs. Medical center Lancaster General Health has a network of 300 physicians and more than 3,600 employees. Fulton Bank, one of the region’s most prominent financial institutions, is headquartered in Lancaster.

The city has a strong arts culture, which supports a variety of vintage and antique stores, as well as outdoor markets and performing arts. Gallery Row downtown consists of three blocks of galleries, restaurants and retail.

Columbus, Ohio
Population: 860,090
Median value of housing: $131,800

You can own a home in Columbus without breaking the bank. Even in some of the more expensive neighborhoods, like Harrison West, you can find three-bedroom, two-bath homes for under $250,000.

Columbus supports many industries, including healthcare, education, finance, manufacturing, retail and technology. Columbus’ largest employer, the Ohio State University, has more than 30,000 full-time workers. Nationwide Insurance is also headquartered here, with about 13,000 full-time employees.

Columbus offers amenities for just about everyone. Kayakers can enjoy Columbus’ waterways, like Big Darby Creek, Griggs Reservoir and the Scioto River. There are also miles of bike trails and thousands of acres of parkland to hike.

Nightlife includes comedy clubs and live music venues, as well as hundreds of restaurants. Additionally, there are many large-scale attractions, like the Center of Science and Industry as well as the Columbus Zoo and Aquarium.

Garner, N.C.
Population: 28,776
Median value of housing: $164,800

This small town is about six miles south of Raleigh and is also near the Research Triangle, which includes Duke University, North Carolina State University and the University of North Carolina at Chapel Hill.

For people who work in any of these areas, Garner offers more affordable housing than some of the other nearby communities.

Garner’s business landscape is a mixture of information, utilities, retail and public administration. Companies like Butterball and Direct Distributors are headquartered in Garner. The median household income in Garner is $59,812, above the national median of $57,617, according to Census data.

Outdoor enthusiasts will appreciate Garner’s 1,200 acres of parkland and open space. White Deer Park offers bikers, runners and walkers two miles of paved trails, playgrounds, an arboretum and a 2,500-square-foot nature center.

Garner also has a mix of chain stores, shopping plazas and locally owned businesses. Local watering holes, like The Beerded Lady, offer a place for residents to see live music.

St. Petersburg, Fla.
Population: 260,999
Median value of housing: $154,800

St. Petersburg has rejuvenated its downtown, which is home to a mixture of business offices, residential property, restaurants and entertainment.

The Gulf Coast city boasts more than a dozen companies that employ over 1,000 people, including HSN, Raymond James Financial and Jabil Circuit, in addition to many other mid- and small-sized companies.

Mayor Rick Kriseman, who was just recently awarded the 2018 Small Business Advocate award by the U.S. Conference of Mayors for his commitment to small businesses, said that creating opportunities for young people is a top priority for St. Petersburg. The city’s Grow Smarter initiative developed by the city and the Chamber of Commerce to assess, develop and create programs to grow the local economy is an example of that focus.

“We are working hard to ensure we are an inclusive and welcoming city where people of all ages can grow and thrive,” Kriseman says. “We are specifically aiming to bolster and support our population of young professionals, as their skills and interest align well with our Grow Smarter economic development strategy.”

St. Petersburg is home to world-class museums, such as the Salvador Dali Museum and the Fine Arts Museum, as well as chefs honored with James Beard awards, including Lauren Macellaro of The Reading Room.

The city hosts events like the Firestone Grand Prix and is home to the Tampa Bay Rays baseball team.

West Des Moines, Iowa
Population: 64,560
Median value of housing: $195,500

West Des Moines borders Des Moines to the west, about eight miles from Des Moines International Airport. This small city reaps the benefits of the booming financial and publishing industries in Des Moines while retaining a grass-roots community.

“What we’re seeing is that a lot of young people are buying in our older neighborhoods,” says Clyde Evans, director of Economic Development for West Des Moines. “They’re fixing up houses from the ’60s, ’70s and ’80s. It’s affordable for them to do that here.”

Finance and insurance companies, including Wells Fargo, Farm Bureau and Athene, are located in West Des Moines. Small businesses also make up a large part of West Des Moines’ economy, adding to the 2,800 businesses in the city, according to the West Des Moines Chamber of Commerce. West Des Moines is only 11 miles east of Waukee, the future home of Apple’s $1.375 billion data center announced last year.

West Des Moines has a variety of restaurants and shopping destinations, including Jordan Creek Town Center and Valley West Mall. There are also microbreweries for beer connoisseurs, like locally owned Twisted Vine.

The 632-acre Raccoon River State Park offers an array of activities like fishing, boating and even swimming along the 500-foot beach, which is part of Blue Heron Lake. There’s also an extensive network of almost 50 miles of greenway trails, park trails and side paths.

Distributed by Tribune Content Agency, LLC

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Categories: Real Estate

Why Buyers May Lose If They Don’t Act Now

NAR Daily News Magazine - March 11, 2018 - 1:00am

“Every time the interest rates go up, you eliminate a group of people who can no longer afford to buy a house,” says one mortgage...

Categories: Real Estate

‘Greenwashing’ Raises Questions About Sustainable Homes

NAR Daily News Magazine - March 11, 2018 - 1:00am

Some homes may be marketed as energy-efficient when, in reality, they have few such features. Prepare your environmentally conscious clients to do...

Categories: Real Estate

Renovations Homeowners Are Eyeing This Year

NAR Daily News Magazine - March 11, 2018 - 1:00am

Fifty-eight percent of homeowners plan to spend money on home improvement projects this year, according to a new survey. These are the remodels...

Categories: Real Estate

Most Markets Near Peak; No Signs of Bubble

NAR Daily News Magazine - March 11, 2018 - 1:00am

Throughout the country, home prices have been rising steadily since 2012, and there are signs the runup may be starting to slow. But a repeat...

Categories: Real Estate

3 Smart Strategies for Investors

NAR Daily News Magazine - March 11, 2018 - 1:00am

Investors can see big returns on real estate, but the most successful tend to have a strong understanding of how to evaluate their options before...

Categories: Real Estate