Charles Rutenberg Realty/Prema Parameswar

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08/05/2018

3D Homes: Will Your Next Property Be Printed?
Posted on Jul 30 2018 - 12:00pm by Liz Dominguez
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Move over tiny homes, you've got some competition. What's the latest trend rounding the innovation corner of the housing industry? 3D printed homes.

According to REALTOR® Magazine, the first livable 3D printed home—a four-bedroom, 1,022-square-foot property—was recently constructed in France for about $230,000, reportedly 20 percent more affordable than a similar home constructed with traditional procedures and materials.

3d homes

Source: BBC

Additionally, the Eindhoven University of Technology in the Netherlands has a five-year plan to build a community of 3D printed homes that will be available for rent, reports HuffPost. These will range from single-story bungalows to multi-level homes in the Meerhoven region of Eindhoven. The first home is set to be completed in mid-2019.

3d homes

Source: HuffPost

While various countries overseas are already taking advantage of the relatively affordable technology, 3D printed homes are well on their way to the U.S., and could have a significant impact on the nation's real estate industry.

In the U.S., construction company Sunconomy partnered with Russian 3D printer company Apis Cor. in 2016 to build homes in just a day, according to 3Dprint.com. Additionally, an Austin-based startup called ICON also builds homes (with a maximum of 800 square feet) in 24 hours, with only a $4,000 price tag for the home's structure, according to Wired. The Census Bureau reports that a home in the U.S. takes, on average, six-and-a-half months to build.

3d homes

Source: ICON

Other benefits? As 3D printers become more popular, the cost of using these machines will drop lower. According to Statista, the projected size of the global market for 3D printing, materials and any associated services in 2025 is $49.1 billion, compared to just $5.9 billion in 2015. 3D homes could also offer a more affordable price tag, as labor and materials required for traditional properties can be costly.

Lower construction costs and a much shorter time frame? 3D printed homes could be the solution the real estate market has been seeking. These 3D homes could prove beneficial in areas facing a housing crisis, filling the increasing demand for new-construction homes in entry-level price points. ICON is looking to partner with FEMA and Fannie Mae to print homes for disadvantaged families and to alleviate the housing crisis. Sunconomy is also looking to help those who face housing challenges.

Would you live in a 3D printed home?

07/24/2018

Existing-Home Sales Slip, but Inventory Stirs
By RISMedia Staff

Existing-Home Sales Slip, but Inventory Stirs
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Barely budging against imbalanced inventory, existing-home sales slipped at the start of summer, the National Association of REALTORS® (NAR) reports. Activity in June declined 0.6 percent to 5.38 million, down 2.2 percent from the prior year; however, inventory increased 4.3 percent to 1.95 million, and is 0.5 percent higher than the prior year—the first increase year-over-year since June 2015.

NAR_Existing_June_2018

“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels,” says Lawrence Yun, chief economist at NAR. “Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new-home construction is failing to keep up.

“There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining,” Yun says. “The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast, and, in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”

Currently, inventory is at a 4.3-month supply. In June, existing homes averaged 26 days on market, two days less than the prior year. All told, 58 percent of homes sold were on the market for less than one month.

In June, the metropolitan areas with the fewest days on market and the most realtor.com® views, according to realtor.com’s Market Hotness Index, were Midland, Texas; Columbus, Ohio; Boston-Cambridge-Newton, Mass.; Fort Wayne, Ind.; and Boise City, Idaho.

The median existing-home price for all house types (single-family, condo, co-op and townhome) was $276,900, a 5.2 percent increase from the prior year. The median price of an existing single-family home was $279,300, while the median price for an existing condo was $258,100.

Existing-home sales in the single-family space came in at 4.76 million in June, a 0.6 percent decrease from the 4.79 million in May, and a 2.3 percent decrease from the 4.87 million the prior year. Existing-condo and -co-op sales came in at 620,000, no different from May, but a 1.6 percent decrease from the prior year.

Twenty-two percent of existing-home sales in June were all-cash, with 13 percent by individual investors. Three percent were distressed.

Two of the four major regions in the U.S. experienced higher sales: the Midwest, increasing 0.8 percent to 1.27 million, at a median $218,800; and the Northeast, increasing 5.9 percent to 720,000, at a median $305,900. There were no gains in the South and the West, with sales in the South down 2.2 percent to 2.25 million, at a median $237,500, and sales in the West down 2.6 percent to 1.14 million, at a median $417,400.

Additionally, first-time homebuyers comprised 31 percent of existing-home sales, no different from May.

“REALTORS® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market,” says Yun. “Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”

“The modest uptick in new listings last month is perhaps good news for would-be buyers who are still in the market after a highly competitive spring buying season,” says NAR President Elizabeth Mendenhall. “As summer winds down, the number of home shoppers begins to decrease. Listings are still scarce—especially for entry-level homes—but patience may yield a positive result for those looking to buy in the months ahead.”

07/23/2018

What Is a Jumbo Mortgage and When Do You Need One?
By Natalie Campisi

What Is a Jumbo Mortgage and When Do You Need One?
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(TNS)—Home prices have shot up in some areas of the U.S., to the point where buyers need jumbo loans to finance them. In mortgage-speak, jumbo refers to loans that exceed the limits set by the government-sponsored enterprises (GSEs) that buy most home loans and package them for investors.

Jumbo mortgages, or jumbo loans, are those that exceed the dollar amount loan-servicing limits put in place by GSEs Freddie Mac and Fannie Mae. This makes them non-conforming loans.

As of 2018, these limits are $453,100 in all states except for Alaska, Guam, Hawaii and the U.S. Virgin Islands, where the limit is $679,650. The conforming limit is higher in counties with higher home prices, so be sure to check your area’s loan limits.

The maximum loan amount varies by lender. Borrowers can get fixed- or adjustable-rate jumbo mortgages with various term options. The mortgages can be used for primary homes, as well as for investment properties and vacation homes.

How to Qualify for a Jumbo Mortgage
Jumbo lenders usually have stricter underwriting guidelines. The main reason for this is that they’re not backed by Fannie or Freddie, so they’re riskier loans. On the flip side, lenders have more to gain since the dollar value is higher and they can offer additional services to these wealthier customers.

The three common hurdles borrowers must clear to get jumbo loan approval are larger income, higher credit scores and greater reserves, says Robert Cohan, president of Carlyle Financial in San Francisco.

“To consider a jumbo loan the FICO scores have to be higher. The average is around 740, although I have seen some as low as 660,” Cohan says.

Borrowers whose scores fall beneath the normal requirements usually have to offset it with a low debt-to-income ratio.

“If you’re high-leveraged and you have a low credit score, it’s going to be hard to get a jumbo loan,” Cohan says.

Borrowers should be prepared to show enough reserves, or assets, to cover between six and 12 months’ worth of mortgage payments. The down payment on jumbo loans is, on average, between 10 and 20 percent.

“Anything lower than a 10 percent down payment and you’re probably going to pay for it in higher rates,” Cohan says.

What Are the Benefits of a Jumbo Mortgage?
The main benefit for borrowers is that a jumbo mortgage allows them to go outside of Fannie and Freddie limitations. You can still get a competitive interest rate and finance the home of your choice without being restricted by the dollar limit on conforming mortgages.

The rates on jumbo mortgages fluctuate and may be higher or lower than the conforming mortgage rate. Recently, a 30-year jumbo rate was 4.62 percent, eight basis points lower than a conventional 30-year fixed rate of 4.71 percent.

Jumbo loans are a convenient way to finance property. Instead of getting two conforming loans to finance a home, the jumbo option eliminates that need. Some borrowers prefer to finance more of the home’s cost rather than tying up cash, making the jumbo mortgages a helpful financial tool.

07/12/2018

Infrastructure Improvement Means Real Estate ActivityPosted in Transportation, by Robert Freedman on March 22, 2018
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When the Trump administration released its $1.5 trillion infrastructure plan last month, it set in motion a multi-year process that could eventually lead to considerable investment in communities. Of course, Congress must pass legislation to make much of it happen. Although there are some parts that the administration can do on its own, a lot of the plan will require both authorizing and funding legislation, so how close we get to that $1.5 trillion goal is dependent on what lawmakers can agree on in the next year or two.

Regardless, with the country’s roads, bridges, waterways, dams, and other public projects aging, some projects will be getting funds in the years ahead whether or not the plan is all or partly enacted. The question for you is, how will you get involved? Will you get involved upfront, when projects are in the planning stages, or will you get involved after projects get going? Often, bridge replacement means land transactions, because it’s not unusual for a replacement bridge to be built alongside the existing bridge. That means government might have to acquire or condemn nearby property. Or if a road is widened—will that involve acquisition or condemnation of land?

Property values tend to go up after infrastructure improvements are made. In northern Virginia, expansion of the metropolitan subway system had a tremendous impact on property values along the new tracks. Huge condo, apartment, retail, office, and mixed-use projects followed. It triggered a real estate boom.

The administration’s infrastructure plan is featured in the latest Voice for Real Estate news video from NAR. Access that segment now.

The video also looks at why NAR supports the banking reform bill that passed the Senate a couple of weeks ago, why passage of long-term reform of federal flood insurance is just as much about improving communities as it is about continuation of insurance policies, and why Congress needs to make mortgage debt forgiveness relief a permanent part of the tax code. Cyber crime and association health plans are covered, too.

Access and share video.

07/12/2018

Top 10 Threats to Real Estate in 2019
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June 14, 2018
storm cloud near roofline
© imagedepotpro - Getty Images

Rising interest rates and the economy are the top two current issues to watch in real estate, according to the Counselors of Real Estate’s Top Ten Issues Affecting Real Estate 2018-2019, a list of the biggest threats to the housing market. For the first time, CRE broke its annual list down into current and longer-term issues to watch during the industry’s next year.

Top Current Issues to Watch

1. Interest rates and the economy: As interest rates rise, commercial and residential real estate markets are seeing several changes, such as decreasing demand for commercial property and higher home mortgage rates. Rate increases are making homes less affordable and are also limiting the value appreciation for commercial real estate. “Lack of wage growth for all but the wealthiest population segment is dampening housing demand, and limiting consumer spending that the economy needs for growth,” the report notes.

2. Politics and political uncertainty: Tax reform and policies aimed at balancing trade with other countries will have an impact on jobs, incomes, and both commercial and residential property, according to the report. “Congressional action to relax certain bank lending and asset management regulations was also among developing trends that may improve access to capital,” the report notes.

3. Housing affordability: The lack of affordable homes across income brackets, excluding the most wealthy, is being fueled by low wages, rising mortgage rates, and the underproduction of housing for nearly two decades, according to the report.

4. Generational change/demographics: Four distinct generations are exerting influence on commercial and residential real estate, such as in office design, student and elder housing, amenities, and location preferences.

5. E-commerce and logistics: Volatility in the retail sector, such as from the increase of e-commerce, is leading to a growth in warehouses.

Top Longer-Term Issues

1. Infrastructure: Roads, bridges, airports, water and sewer lines, electricity, and public transit are rapidly deteriorating, the report notes. An estimated $4.5 trillion is needed to improve critical infrastructure by 2025, according to the American Society of Civil Engineers. “The lack of serious effort by the U.S. to address its condition and much-needed revitalization leads the list of broader and emerging issues affecting real estate,” the report notes.

2. Disruptive technology: The report highlights advances in robotic manufacturing and warehousing; driverless cars and trucks; the extensive availability and utilization of personal and transactional data (aimed at enhancing business decisions); “smart” building technology that enables efficiency; global connectivity; automated business processes; and information protection through cybersecurity. “Nearly every aspect of real estate is undergoing dramatic change as these types of technology are adopted,” the report notes.

3. Natural disasters and climate change: The ongoing threat of natural disasters and climate change can result in high-priced property and environmental damage. This includes everything from severe storms, wildfires, and floods to earthquakes, volcanic activity, and rising sea levels.

4. Immigration: “If reduced by law, will have a negative impact on new housing starts and home purchases as well as worsen the current skilled labor shortage in the U.S.,” the report cautions.

5. Energy and water: Natural resources that are vital to property and quality of life are being threatened by environmental damage (manmade and from changing climates) as well as “entangling state and local regulations that are complicating development and lack the standardization that national regulations would provide.”

CRE additionally notes several other issues making its “watch list,” including rising construction costs; urbanization/suburbanization (with suburbs adapting citylike development and amenities); tax cuts (which may positively impact commercial properties; legislation is still developing); and societal leadership (social activism among younger Americans that is fueling business and social reform at many levels).

07/12/2018

5 Cities Millennials are Flocking To
Posted on Jun 9 2017 - 3:29pm by Mikkie Mills
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There are several places in the U.S. where millennials can be found due to the high employment rates and beautiful settings. For adults who are in their 20s and 30s, there are several places where it's smart to invest. When you're looking to move, these are a few cities that millennials are flocking to throughout the country.

Salt Lake City, Utah

SLC

The high job growth in Salt Lake City makes it a desirable place for young adults to live as they look to obtain steady employment. The city is affordable to live in and has a median home price of $233,000 with job growth of 2.4 percent. Salt Lake City also has a lower unemployment rate compared to other markets throughout the U.S. with 2.9 percent, which is below the national average by a few points.

Seattle, Wash.

Seattle

Seattle is considered to be a hot spot for millennials, which make up 24.1 percent of the population. Its busy nightlife scene and generous median incomes of $67,000 make it an ideal place to live for younger generations. It also boasts a job growth rate of 10.8 percent. The beautiful views of the water and the long list of activities and attractions in the area are additional reasons that many millennials relocate to the city.

Austin, Texas

Austin

Millennials are drawn to Austin for its real estate market, which includes homes that have a median price of $226,000. The job growth is also 4.2 percent, and it's the second top city in the country for the number of jobs that are becoming available. Some of the top companies that are run out of Austin include Dell, Apple, and Google, making it known as "Silicon Hills." The average median income is also $58,932, which allows many young adults to afford to purchase their first home.

There's also a strong emphasis on environmental sustainability, making the city desirable for millennials who make green practices a priority. Austin is also known for selling more renewable energy than other nations.

Charlotte, N.C.

Charlotte

Charlotte is one of the best places to live in North Carolina with 14 percent of the population between the ages of 25 and 34. Many of the youth are post-college graduates who have relocated to the city to seek employment and purchase a home in a neighborhood that has a suburban family profile. The draw of millennials is also causing many companies to relocate their headquarters to Charlotte in hopes of hiring talented employees.

Dallas, Texas

Dallas

Dallas continues to grow each year and attract young out-of-towners due to its job growth rate of 3.9 percent and median home price of $175,000. The big city boasts plenty of shopping opportunities and attractions for those who want to stay busy without spending a lot to live close to the downtown area. The city hasn't attempted to control ride sharing, and many places are also easy to access by walking. There are also neighboring cities that are affordable to live in for those who don't mind commuting to work.

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04/09/2018

Keys to Buying a Second Home
(TNS)—If you've been thinking about buying a second home, now is a good time to take the leap. Mortgage rates are still historically low....
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04/06/2018

Should I ?

The hashtag has been trending on a number of social platforms...
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