Technology, architecture, and food. Finally, the only barrier between us and owning a yacht has been resolved. The Rustbelt is finding new purpose. Keep Portland Weird or Keep Portland Safe? Meh, you can have both. Darren Stone/flickr/2011 No wonder it’s such a happy place — no mosquitoes! Now you don’t have to travel to Arizona… Continue Reading What We’re Reading: June 18-22
Best practices for extending the closing date in a residential deal on SCR310/300 forms can be read in this article. Because parties sometimes desire to extend the closing date for a variety of reasons and because at the end of that extension when the closing still has not occurred, the parties often argue if the… Continue Reading Extending the Closing Date
The REALTORS® Confidence Index (RCI) survey[1] gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions.[2] This report presents key results about market transactions from May 2018. View and download the full report here. Market Conditions and Expectations The REALTORS® Buyer… Continue Reading REALTORS® Confidence Index Survey: May 2018 Highlights
National Association of Realtors® President Elizabeth Mendenhall released the following statement regarding President Trump’s nomination of Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection: “In addition to working at the Office of Management and Budget alongside Bureau of Consumer Financial Protection Acting Director Mick Mulvaney, Kathy Kraninger has decades of… Continue Reading NAR Statement on Kathy Kraninger Nomination for BCFP Director
The median sales price of all existing homes sold rose to its highest level in May 2018, to $264,800. This peak price exceeds the housing bubble peak of $230,400 in July 2006. The median sales price of existing homes sold has been trending up (on a year-on-year basis) in the past 75 months since March… Continue Reading Median Prices Rose to Highest Level, But Inflation-Adjusted Prices Still Below Bubble Peak
Younger Boomers, buyers aged 53 to 62 years, made up 18 percent of all home buyers in 2017. The median age for this group was 58 years old and they were born between 1955 and 1964. This age group was the most likely to purchase a multi-generational home at 20 percent. Their reasons for purchasing… Continue Reading Younger Boomers: Purchased Multi-Generational Homes
Existing-home sales fell back in May for the second straight month; sales fell 0.4 percent to seasonally adjusted annual rate of 5.43 million in May from a downwardly revised 5.45 million in April. Lawrence Yun, NAR chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has… Continue Reading Existing-Home Sales Backpedal in May
Example: Repair Procedure with 10 business days filled on SCR310 in for buyer inspection date. (Inspection period can be more or less than 10 business days depending on what the buyers and sellers agree upon in SCR310). While some buyers might only order a home inspection to save inspection money, there is a long list… Continue Reading Repar Procedure Due Diligence
By Melissa Dittmann Tracey, REALTOR® Magazine The front porch is making a comeback. And more builders are adding them back into new home designs. The front porch was once a mainstay in home designs in the early 1900s. But over the years it has gotten swapped out for those street-facing garages. Also, homeowners sought more… Continue Reading Make the Front Porch a Selling Point
In a monthly survey of REALTORS®, respondents are asked “In the neighborhood(s) or area(s) where you make the most sales, what are your expectations for residential property prices over the next year?” Among the respondents, the median expected price change is four percent. The chart below shows median expected price change by state based on… Continue Reading REALTORS® Expect Home Prices to Increase by 4% in the Next 12 Months