NOVA CIPS

03/10/2019

Top 20 zip codes by average adjusted gross income on 2019 Ultimate Zip Codes list

Miami’s Fisher Island took the richest spot again this year with $2.2 million in average annual income. Besides zip code 10007, the top five richest zip codes are largely unchanged from the prior year. Two zip codes in Silicon Valley -- 94027 and 94301 -- ranked No. 2 and No. 3 and Palm Beach, Florida’s 33480, home to President Donald Trump’s weekend retreat Mar-a-Lago, took No. 4.

https://www.bloomberg.com/news/articles/2019-03-04/nyc-s-trendy-neighborhood-leaps-into-top-five-richest-zip-codes

02/28/2019

Fact or Fiction: Millennials are the Rent Generation?

Fiction. Millennials now represent 42 percent of all new home loans, and are buying outside major metro areas. The stereotype that millennials primarily choose to rent homes and live in large metro areas isn’t the reality. Results show millennials’ expansion is more heavily conditioned by affordability than in prior years, so their eyes are set on less traditional secondary markets where homes and jobs are now available and plentiful.

Read more at https://www.realtor.com/homemade/fact-or-fiction-millennials-are-the-rent-generation

08/08/2018

The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years

Market appears to be headed for its broadest slowdown in years.

Affordability is becoming a headache for homebuyers.

They were fed up with Seattle’s home bidding wars. They were only in their late 20s but had already lost two battles and were ready to renew with their landlord. Then, in May, their agent called.

05/08/2018

Untangling the Vines of a Vineyard Purchase

http://realtormag.realtor.org/commercial/feature/article/2018/04/untangling-vines-vineyard-purchase

Investors who want to make money from this type of agricultural endeavor need to be prepared for a complex transaction.

Investors who want to make money from this type of agricultural endeavor need to be prepared for a complex transaction. Help guide them by finding the right experts and appropriate data.

05/02/2018

8374 Idylwood Road | Vienna, VA 22182

Price reduced!
New construction in 2015. LIKE NEW!
Open House: Sunday, May 6, 1-4 PM

CUSTOM HOME w/luxury finishes
3-story house w/open layout
SEPARATE 1-BR IN-LAW SUITE on ground floor
GEOTHERMAL
Large backyard, deck, garage
Walk to metro, school bus, bike trail

Must see inside!

https://www.homesnap.com/VA/Vienna/8374-Idylwood-Road

04/22/2018

04/10/2018

The Real Estate Surprises Every Home Seller Should Be Aware Of

There are many misconceptions when it comes to real estate. Some of the basic myths and fables can sway buyers and sellers without any valid cause. A real estate agent's job is to inform clients and help them understand what is typical of a home transaction and what is simply untrue. Many homeowners are still unaware of things they can do that would help the process run more smoothly, from updating a property to accommodating showings for potential buyers and more.

That’s why nine members of Forbes Real Estate Council share below some of the things that home sellers are constantly surprised by, that they wish there were more common knowledge. Here is what they had to say.

Selling your home could be smooth sailing — if you follow this expert advice.

04/07/2018

Ask a real estate pro: Can I get my neighbor to pay for her tree's damage to my house?

Generally speaking, when a neighbor’s living tree falls on your house, you need to make your own repairs. But if the tree is dead, then your neighbor is on the hook, according to board-certified real estate lawyer Gary M. Singer.

04/06/2018

Homeownership Opportunities and Market Experience Survey

In the first quarter of 2018, 68 percent of people believe that now is a good time to buy a home.

Thirty-eight percent believe that strongly, a decrease from 43 percent in Q4 2017.

Seventy-four percent of people believe that now is a good time to sell a home, up from 71 percent in Q4 2017 and an increase from 56 percent in Q1 2016.

Forty-two percent believe that strongly.

https://www.nar.realtor/research-and-statistics/research-reports/homeownership-opportunities-and-market-experience-survey/2018-q1-homeownership-opportunities-and-market-experience-home-survey

In the first quarter of 2018, 68 percent of people believe that now is a good time to buy a home.

04/03/2018

8374 Idylwood Rd | Vienna, VA 22182

Just reduced! Custom home newly built in 2015. Gorgeous inside! OPEN HOUSE: April 8, 1PM - 4PM.

See 30 photos of this $1,099,000, 5 beds, 5+ baths, home for sale located at 8374 Idylwood Road, Vienna, VA 22182

03/30/2018

Augmented Reality Is Coming for the Real Estate Industry

Augmented reality is allowing buyers and brokers to “virtually stage” a room and fill it with furniture. Real estate brokerage Sotheby’s has launched a new augmented reality app that allows buyers to instantly view the room in different furnished perspectives.

With augmented reality, picture overlays appear on a physical photo of the room, similar to how Pokémon Go works with its surrounding environment. This is different from virtual reality, which creates a new world.

Sotheby’s recently showed off its augmented reality app, “Curate by Sotheby’s International Realty,” for a $7 million New York loft. The unfurnished loft allowed brokers to show buyers what rooms would look like with bedroom, dining room, and home office sets, among other items. Users also can easily test different furnishing styles, such as “modern” versus “traditional.” They can also virtually walk around a room while holding the phone to get a sense of how much space they have.

Sotheby’s says the new app could save on staging costs. “There’s a cost to physical staging,” says John Passerini, global vice president of interactive marketing at Sotheby’s International Realty Affiliates LLC. “And there’s even an environmental impact to it—carting [the furnishings] from one apartment to another. Plus, you can’t do things on the fly. Once you choose a physical staging set, that’s it. So if a client doesn’t like the modern furniture you’ve chosen, too bad.”

Sotheby’s says the app is the first of its kind to be released by a real estate company. However, there are several other similar AR apps on the market from other industries. For example, IKEA has an AR app that allows users to place IKEA furniture into a room. Houzz, Overstock.com, Lowe’s Companies Inc., and Williams-Sonoma, Inc.’s Pottery Barn all have similar apps, too.

Passerini says updates will roll out in the coming months on the Sotheby’s app, such as an update to allow users to break up furniture sets and spread them around the room. The sky’s the limit as technology evolves, Passerini told Bloomberg. “We’re the first real estate company to step into this world. The textures—and ability to do these things—are really here for the first time.”

https://www.bloomberg.com/news/articles/2018-03-27/augmented-reality-is-coming-for-the-real-estate-industry

http://realtormag.realtor.org/daily-news/2018/03/29/sotheby-s-brings-augmented-reality-real-estate

Sotheby’s Curate app aims to dispense with staging.

03/30/2018

Study: ‘Affordability Crisis’ Is Worsening

Housing affordability is worsening nationwide, beyond just the coastal markets. The median home price was not affordable to the average wage earner in 68 percent of counties tracked in the first quarter of 2018, according to a new report by ATTOM Data Solutions.

ATTOM researchers determined affordability for average wage earners by calculating the amount of income needed to make a monthly house payment (including mortgage, property taxes, and insurance) on a median-priced home. Researchers factored in an assumed 3 percent down payment and 28 percent maximum debt-to-income ratio.

“Coastal markets are the epicenter of the U.S. home affordability crisis, but affordability aftershocks are now being felt further inland as housing refugees migrate from the high-cost coastal markets to lower-priced markets in the middle of the country where good jobs are available,” says Daren Blomquist, senior vice president with ATTOM Data Solutions. “That in turn is pushing home prices above historically normal affordability limits in those middle-America markets.”

Forty-one percent of the 446 counties analyzed in the report were less affordable than their historic affordability averages in the first quarter of 2018, up from 24 percent a year ago. Some of the counties where that was most prominent are: Los Angeles, Calif.; Harris County (Houston), Texas; San Diego County, Calif.; Kings County (Brooklyn), N.Y.; and Dallas County, Texas.

On the other hand, 59 percent of the 446 counties analyzed were more affordable than their historic averages, including Cook County (Chicago), Ill.; Maricopa County (Phoenix), Ariz.; Orange County, Calif.; Miami-Dade County, Fla.; and King County (Seattle), Wash.

However, 73 percent of the counties tracked saw a year-over-year decrease in their affordability index. That means home prices are less affordable than a year ago. Home price appreciation is outpacing wage growth in 83 percent of the market, according to ATTOM Data Solutions’ report.

In fact, eight of the top 10 counties with the highest median home prices in the first quarter also saw more residents leaving. For example, Kings County (Brooklyn), N.Y. posted a net migration decrease of 25,484; Santa Clara County (San Jose), Calif., saw a 5,559 net migration decrease; New York County (Manhattan), N.Y., posted a 3,762 net migration decrease.

Finding a home in an affordable price range is getting increasingly difficult across the country, not just in expensive coastal markets.