National Housing Market Experiencing More Price Cuts

Home value growth is slowing in almost half of the 35 largest U.S. metros

By Jeff Sorg, OnlineEd Blog

(August 16, 2018)

(SEATTLE) Zillow®/PRNewswire – The share of home listings with a price cut is greater now than a year ago in two-thirds of the nation’s largest housing markets, according to a new Zillow® analysis. The share of listings with a price cut increased the most in markets along with West Coast, with the median amount of the price cut remaining steady across the U.S. for the past several years, at about 3 percent.

In San Diego, 20 percent of all listings had a price cut in June 2018, up from 12 percent a year ago. In Seattle, still one of the nation’s fastest appreciating housing markets despite a recent slowdown, 12 percent of all listings had a price cut in June, the greatest share since October 2014. Portland, Sacramento, Calif. and Riverside, Calif. also experienced an increase in the share of listings with a price cut compared to a year ago.

The share of listings with a price cut is on the rise across the U.S., as well. About 14 percent of all listings had a price cut in June, up from a recent low of 11.7 percent at the end of 2016. Since the beginning of the year, the share of listings with a price cut increased 1.2 percentage points, the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year.

Nationally, price cuts are more common among higher-priced listings. The share of higher-priced listings with a price cut rose 0.9 percentage points since the beginning of the year, to 16.2 percent, while the share of lower-priced listings with a price cut fell 0.1 percentage points, to 11.2 percent. Higher-priced listings have seen a disproportionately large increase in price cuts in 23 of the 35 largest metros since the beginning of the year.

U.S. home values rose 8.3 percent over the past year to a median home value of $217,300. While home value growth isn’t slowing down nationally, it is slowing in some of the nation’s hottest housing markets. In almost half of the 35 largest markets, home value growth is appreciating more slowly now than at the beginning of the year. The median home value in Seattle rose 11.4 percent over the past year, but the annual growth rate was close to 14 percent at the beginning of the year.

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” said Zillow senior economist Aaron Terrazas. “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years. It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”

There are fewer listings with a price cut in some of the nation’s more affordable housing markets. San Antonio, Phoenix, Philadelphia and Houston reported fewer listings with a price cut in June than a year ago. In San Antonio, where the median home value is $185,000, 17.8 percent of all listings had a price cut in June, down from about 20 percent of listings a year ago.

Zillow forecasts home value growth across the U.S. to slow to a 6.6 percent annual appreciation rate over the next year. Among the 35 largest metros, home value growth in San Jose, Calif., Indianapolis and Charlotte, N.C. are forecasted to slow the most.

Metropolitan Area Share of
Listings with a
Price Cut –
January 2018
Share of
Listings
with a Price
Cut  – June
2018
Share of
Listings
with a
Price Cut –
June 2017
Median
Percent of
Price
Reduction
– June
2018
YoY
Home
Value
Growth –
January
2018
YoY
Home
Value
Growth
– June
2018
Home
Value
Growth
Forecast
Over the
Next Year
United States 13.0% 14.2% 13.4% 2.9% 7.7% 8.3% 6.6%
New York, NY 12.0% 13.3% 11.2% 3.6% 7.6% 6.7% 6.8%
Los Angeles-Long

Beach-Anaheim, CA

11.1% 14.1% 11.5% 2.6% 7.7% 7.6% 12.1%
Chicago, IL 15.9% 19.4% 16.5% 2.7% 5.9% 5.8% 7.1%
Dallas-Fort Worth,
TX
15.1% 18.8% 15.3% 2.3% 11.0% 11.6% 7.8%
Philadelphia, PA 17.2% 16.2% 17.9% 3.1% 7.3% 5.9% 6.6%
Houston, TX 16.3% 17.9% 19.0% 2.6% 4.1% 5.8% 1.5%
Washington, DC 13.9% 15.4% 16.0% 2.5% 3.9% 4.2% 3.8%
Miami-Fort

Lauderdale, FL

13.7% 14.9% 13.4% 2.9% 7.2% 7.7% 5.4%
Atlanta, GA 11.0% 13.9% 13.2% 2.4% 8.9% 11.6% 6.9%
Boston, MA 11.7% 13.3% 11.6% 3.0% 7.3% 7.2% 8.1%
San Francisco, CA 6.5% 7.7% 7.6% 4.2% 9.3% 11.0% 7.5%
Detroit, MI 13.9% 16.2% 15.1% 3.5% 9.4% 9.7% 9.0%
Riverside, CA 12.4% 16.4% 11.9% 2.2% 8.3% 7.4% 1.7%
Phoenix, AZ 17.3% 17.8% 19.9% 1.6% 7.6% 8.0% 3.7%
Seattle, WA 6.9% 12.0% 6.9% 3.1% 13.6% 11.4% 7.1%
Minneapolis-St Paul,

MN

11.3% 13.6% 13.7% 2.9% 7.7% 7.6% 6.1%
San Diego, CA 12.3% 20.0% 12.0% 2.3% 7.9% 6.6% 4.7%
St. Louis, MO 15.3% 15.3% 14.5% 3.1% 5.7% 5.5% 4.9%
Tampa, FL 18.6% 22.2% 20.2% 2.4% 10.8% 10.9% 7.5%
Baltimore, MD 16.3% 18.2% 18.7% 2.8% 3.6% 5.0% 4.8%
Denver, CO 10.9% 15.1% 15.2% 2.2% 7.7% 7.4% 5.1%
Pittsburgh, PA 15.2% 14.7% 15.4% 3.7% 6.6% 7.9% 4.6%
Portland, OR 12.8% 17.4% 12.7% 2.6% 5.7% 5.9% 2.7%
Charlotte, NC 11.9% 15.4% 11.2% 2.4% 9.7% 11.0% 3.3%
Sacramento, CA 12.3% 16.7% 12.2% 2.4% 8.7% 6.4% 4.9%
San Antonio, TX 18.4% 17.8% 20.2% 2.1% 6.5% 5.6% 2.7%
Orlando, FL 14.8% 19.2% 18.8% 2.3% 10.0% 9.7% 6.5%
Cincinnati, OH

(Source: Zillow Press Release)

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Zillow is a registered trademark of Zillow, Inc.

OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Buyers Are Paying a Smaller Premium for Waterfront Living

Waterfront home price premium drops 18% since 2012

By Jeff Sorg, OnlineEd Blog

(July 20, 2018)

(SEATTLE) PRNewswire- The premium for living on the water isn’t as high it used to be. Homes along the water sold for a 36 percent premium in the first quarter of 2018, according to a new Zillow® analysis. The extra cost for waterfront living is at its lowest level since the second quarter of 2002, and below the average premium since 1996 of 41 percent.

Across the country, waterfront homes tend to have higher prices than similar homes in the same area, but the gap has closed over the past several years. The typical U.S. home has more than recovered from the recession, but waterfront homes have not.

Zillow defines waterfront homes as those where the homeowner can get to the water’s edge, whether it is a lake, river, or ocean, without leaving their property. This analysis compares sale prices for waterfront homes with homes in the same metro that have similar physical features, but do not have waterfront access.

“Buyers are willing to pay extra for features that add a unique benefit to a home, and being right on the water’s edge is one of them,” said Zillow Senior Economist Aaron Terrazas. “These homes are relatively rare, making up only a small portion of the housing market, and that scarcity keeps prices high. With inventory as low as it is, buyers are spending more just to get into the market, which has narrowed the gap somewhat between waterfront homes and inland homes. Still, having waterfront access is incredibly appealing for many buyers, and even as environmental risk factors like rising sea levels and storm surges gain more attention and make some buyers more cautious in the homes they consider, the premium for waterfront homes is likely to endure.”

Markets with the Highest Premium for Waterfront Living

Metro Median Value of a
Waterfront Home
Average Sales Premium
for Waterfront Homes
Since 1996
Share of Homes that
are Waterfront
Homes
Jacksonville, Fla. $ 633,700 72% 0.27%
Cleveland, Ohio $ 463,100 68% 0.12%
Denver, Colo. $ 843,100 52% 0.04%
Baltimore, Md. $ 361,300 52% 0.04%
Milwaukee, Wisc. $ 569,800 50% 0.32%

Waterfront properties are most valuable in Los Angeles, where the typical home on the water is worth $2,018,200. In three other West Coast markets – San Francisco, Seattle, and San Diego – the median value of a waterfront home is also above $1 million.

Buyers looking for a waterfront home will have the most options in Miami, where 5.9 percent of all homes offer waterfront living.

Metropolitan Area Median Value of
Waterfront Home
Average Sales Premium
for Waterfront Homes
Sold Since 1996 (%)
Share of Homes
That Are
Waterfront Homes
United States $ 426,300 41 0.47%
Atlanta $ 644,800 34 0.08%
Austin $ 572,500 42 0.16%
Baltimore $ 361,300 52 0.04%
Boston $ 463,700 11 0.06%
Charlotte $ 697,600 41 1.03%
Chicago $ 279,000 21 0.21%
Cincinnati $ 166,600 5 0.04%
Cleveland $ 463,100 68 0.12%
Columbus $ 372,300 41 0.10%
Dallas-Fort Worth $ 410,300 41 0.08%
Denver $ 843,100 52 0.04%
Houston $ 364,000 35 0.30%
Indianapolis $ 493,000 42 0.16%
Jacksonville $ 633,700 72 0.27%
Kansas City $ 379,000 31 0.09%
Los Angeles-Long Beach-
Anaheim
$ 2,018,200 14 0.05%
Memphis $ 398,300 6 0.08%
Miami-Fort Lauderdale $ 369,300 38 5.86%
Milwaukee $ 569,800 50 0.32%
Minneapolis-St. Paul $ 483,500 32 0.13%
Nashville $ 381,300 22 0.08%
New York / Northern New
Jersey
$ 665,700 26 0.18%
Orlando $ 357,600 27 0.70%
Philadelphia $ 185,400 9 0.03%
Phoenix $ 413,600 29 0.11%
Pittsburgh $ 153,300 -11 0.04%
Portland $ 625,900 24 0.22%
Riverside $ 446,200 25 0.38%
Sacramento $ 763,100 47 0.35%
San Diego $ 1,014,800 27 0.72%
San Francisco $ 1,175,000 8 0.48%
Seattle $ 1,024,300 47 0.66%
Tampa $ 496,200 39 3.31%
Virginia Beach $ 487,700 36 0.97%
Washington, D.C. $ 469,500 30 0.13%

Zillow is a registered trademark of Zillow, Inc.

 

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Housing Starts Plummet 12%

Housing Starts Collapse in June

By Jeff Sorg, OnlineEd Blog

(July 18, 2018)

(Washington, D.C.) US Department of HUD – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2018. Here’s how they stack up:

Building Permits
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,273,000. This is 2.2 percent (±1.2 percent) below the revised May rate of 1,301,000 and is 3.0 percent (±1.1 percent) below the June 2017 rate of 1,312,000. Single-family authorizations in June were at a rate of 850,000; this is 0.8 percent (±1.5 percent)* above the revised May figure of 843,000. Authorizations of units in buildings with five units or more were at a rate of 387,000 in June.

Housing Starts
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000. This is 12.3 percent (±8.3 percent) below the revised May estimate of 1,337,000 and is 4.2 percent (±10.2 percent)* below the June 2017 rate of 1,225,000. Single-family housing starts in June were at a rate of 858,000; this is 9.1 percent (±8.8 percent) below the revised May figure of 944,000. The June rate for units in buildings with five units or more was 304,000.

Housing Completions
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,261,000. This is 0.0 percent (±11.3 percent)* below the revised May estimate of 1,261,000, but is 2.2 percent (±14.5 percent)* above the June 2017 rate of 1,234,000. Single-family housing completions in June were at a rate of 862,000; this is 2.3 percent (±8.4 percent)* below the revised May rate of 882,000. The June rate for units in buildings with five units or more was 393,000.

[View the complete report.]

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Oregon Construction Contractors Board Conducts Sting Operation

Oregon CCB investigators turn up 32 alleged violations along Oregon’s North Coast.

By Jeff Sorg, OnlineEd Blog

(June 28, 2018)

(Portland, Ore.) OnlineEd – The Oregon Construction Contractor Board (CCB) reported in a recent release that it had joined in a 10-state sweep to find unlicensed contractors and other alleged violations of contracting regulations. The National Association of State Contractor Licensing Agencies (NASCLA) coordinated the sweep.

The Oregon CCB has reported it found more than a dozen unlicensed contractors during its surprise visits to 157 job sites located along the northern Oregon Coast from Newport to Astoria. Oregon reported a total of 32 alleged violations, with the largest number involving individuals who were working on home improvement projects without a CCB contractor license, including contractors that hired unlicensed subcontractors or worked on homes built before 1978 without the required Lead-Based Paint Renovation license. The CCB says it is in the process of sending Notices of Intent to issue civil penalties to the suspected violators. Also, the CCB has notified the state revenue and employment departments of employers who are suspected of paying employees “under the table” for their work.

“These concentrated enforcement efforts highlight the work our individual field investigators do every day to protect consumers from unlicensed contractors and to level the playing field for legitimate contractors,” Lead Investigator Eric McLauchlin said.

“Contractor licensing qualifying education is very affordable,” says Jeff Sorg of OnlineEd, a CCB approved online contractor pre-licensing course provider. “It takes just 16-clock hours of study to meet the educational requirement to sit for the CCB licensing exam, so it doesn’t make a lot of sense to risk getting those hefty civil penalties for not having a license,” he added.

 

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed. For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Licensed Personal Assistants for Oregon Real Estate Brokers

Only a principal broker can hire a licensed personal assistant

By Jeff Sorg, OnlineEd Blog

(June 11, 2018)

(PORTLAND, OR) Jeff Sorg, OnlineEd – A licensed personal assistant can carry out the same activities as the employing principal broker.

The principal broker should enter into a written agreement with the assistant defining the direct supervision and control that the principal broker will have over the assistant.

The compensation program for a licensed personal assistant can be a salary, commission, or a combination of both, just so long as the agreement has authorized the method. The company is also required to have a written office policy for the supervision and control of a licensed personal assistant, and to enter into written agreements with all principal brokers who employ licensed personal assistants.

The written agreement between an employing principal broker and a licensed personal assistant should include the following:

  • The name of the real estate business;
  • The parties to the agreement;
  • The duration of the agreement and a provision for its termination;
  • The employment status of the licensed personal assistant;
  • The name of the principal real estate broker(s) with whom the licensed personal assistant is associated, along with reference to written office policies and agreements establishing supervision and control of the licensed personal assistant;
  • The duties and responsibilities of the licensed personal assistant, including any limitations on their ability to represent clients on behalf of the principal broker;
  • The manner and means by which the licensed personal assistant is to be compensated, including reference to any principal broker authorization; and if necessary
  • A provision that a licensed personal assistant shall in all instances have the same agency relationships with clients as the principal broker.

Only a principal broker can hire a licensed personal assistant.

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Registering Your Business Name with the Oregon Real Estate Agency

Before a business can begin operating as a real estate business, a principal broker licensee must register the business with the Oregon Real Estate Agency

By Jeff Sorg, OnlineEd Blog

(May 27, 2018)

(PORTLAND, OR) Jeff Sorg, OnlineEd- Before a business can begin operating as a real estate business, a principal broker licensee must register the business with the Oregon Real Estate Agency to operate under the principal broker’s license; only a principal broker can operate a real estate business. A principal broker can engage in real estate activity as an individual or act as a supervisor of other principal brokers, brokers, and property managers whose licenses are associated with the principal broker.

To earn a principal broker license, a broker must have three years real estate experience as a broker and complete a required minimum 40-hour educational course called Brokerage Administration and Sales Supervision (BASS) that is provided by a Real Estate Agency Approved Provider. Also, the licensee must pass a state Principal Broker licensing examination administered by PSI Exam Services.

Once the requirements for becoming a principal broker have been met, the applicant can apply for the appropriate real estate license to operate a business. Oregon law requires that if the applicant is going to conduct a real estate business in a name other than the applicant’s legal name, the applicant must register the name with the Oregon Business Registry. The registration can take any of the organizational forms previously discussed. To comply with REA name registration requirements, the applicant must provide the real estate commissioner with the following:

  • The business name under which the licensee wishes to conduct business.
  • The written authority by which the licensee is authorized to use the business name (example: a copy of a corporate certificate, a copy of an ABN registration, etc.).
  • A statement by the Oregon Secretary of State that if an ABN is used, the name is not the same or deceptively similar to the name of any other real estate business in Oregon.
  • Once registered, the REA will place the business name on the license of the principal broker.

The REA requires the annual renewal of registered business names. The Agency has developed administrative rules for the business name renewal process. These rules are found in Oregon Administrative Rules, Chapter 863, Division 14, Sections 0095 and 0097 as they apply to principal real estate brokers, and Chapter 863, Division 24, Section 0095 as they apply to property managers. The next section is a review of these rules.

The statutory requirements the Agency is to use to develop the renewal rules are outlined in the added language of Senate Bill 67 in ORS 696.026, Section 5, (3), (4) and (5), and say the renewal system must establish:

  • the form and content of the renewal application;
  • the schedule for annual renewals of registered business names; including the date of the registered business name expiration; and
  • the procedures for renewing a registered business name.

Failure to renew a registered business name and pay the required fees by the expiration of the registration will result in:

  • the expiration of the registered business name;
  • the inactivation of all associated licensees; and
  • the inactivation of all associated branch offices.

When registering a registered business name, the licensee must provide the name of the principal broker or the property manager who is responsible for:

  • maintaining the registered business name;
  • registering branch offices;
  • notifying the Agency of opening and closing clients’ trust accounts;
  • renewing the registered business name; and
    updating addresses.

The Real Estate Commissioner may by rule provide an opportunity for the late renewal of an expired registered business name.

Note: When the form of business organization is a corporation, the corporation must have at least one principal broker. When the organizational form is a limited liability company, all of its owners must be licensed.

Note: When a nonlicensed person or a broker licensee has an ownership interest in a real estate business, the business must register with the REA under the name of a principal broker. The principal broker cannot allow a non-licensed or licensed broker-owner to control or supervise the professional real estate activity of any affiliated licensees.

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Finding an Affordable Home Can Feel Increasingly Out of Reach

A single homebuyer would need to save for nearly 11 years to reach a 20 percent down payment on the typical U.S. home

By Jeff Sorg, OnlineEd Blog

(February 17, 2018)

SEATTLE /PRNewswire/ — In today’s highly competitive housing market, finding an affordable home can feel increasingly out of reach, especially for singles.

A single homebuyer would need to save for nearly 11 years to reach a 20 percent down payment on the typical U.S. home, according to a new Zillow® analysis. However, for married or partnered couples, it would take less than five years. In San Jose, California, a single buyer would need more than 30 years to save for a down payment – longer than the lifespan of a typical home loan.

Zillow’s analysis combined home values and income data from Census to estimate how long it would take for both an individual and couple to save for a 20 percent down payment on the median-priced home, assuming they saved 10 percent of their income every year.

Single buyers typically have a smaller budget than couples, which leaves them with fewer homes to choose from and limits them to the most in-demand portion of the housing stock. The number of homes for sale is limited across the country, down nearly 11 percent over the past year, and nearly 18 percent for the least expensive homes. A single person could afford to buy less than half (45 percent) of the U.S. housing stock, compared to a married or partnered couple, who could afford 82 percent of all homes.

“Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach,” said Zillow senior economist Aaron Terrazas. “Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher priced tiers where competition is not as stiff.”

The difference between what a single person could afford compared to a couple is greatest in Portland, Oregon, and Sacramento, California. In Portland, 73 percent of homes are affordable to a couple, but only 6 percent are affordable to a single buyer. For Sacramento buyers, a couple could afford 75 percent of homes while a single homebuyer could afford 8 percent of homes.

Single buyers will have it easiest in Indianapolis, where saving for a down payment takes less than eight years, and they can afford the highest share of homes among the largest American housing markets.

Years to Save for a
Down Payment

Percent of Housing
Stock Affordable

Maximum Value of
Affordable Home

Median Household
Income

Metropolitan Area

 Married /
Partnered

 Single

 Married /
Partnered

 Single

 Married /
Partnered

 Single

 Married /
Partnered

 Single

United States

4.6

10.8

82

45

$412,736

$176,098

$80,800

$34,500

New York-Northern New Jersey

7.5

18.8

64

10

$521,518

$208,055

$ 103,000

$41,200

Los Angeles-Long Beach-Anaheim, CA

13.4

26.8

24

2

$438,458

$222,589

$86,000

$42,800

Chicago, IL

4.2

10.2

91

48

$486,310

$197,020

$95,000

$39,000

Dallas-Fort Worth, TX

4.4

9.6

90

54

$440,698

$205,047

$87,800

$40,000

Philadelphia, PA

4.2

10.9

92

44

$491,885

$193,877

$99,000

$38,000

Houston, TX

4.0

8.8

91

58

$438,272

$197,571

$85,000

$39,000

Washington, DC

5.8

12.4

82

34

$652,892

$303,901

$ 129,000

$60,000

Miami-Fort Lauderdale, FL

6.6

13.9

73

31

$361,991

$172,508

$71,000

$33,700

Atlanta, GA

3.8

8.3

90

60

$440,196

$205,081

$87,000

$40,000

Boston, MA

6.8

17.6

74

10

$587,535

$228,239

$ 116,000

$45,200

San Francisco, CA

12.6

27.8

33

2

$656,277

$286,329

$ 128,000

$58,000

Detroit, MI

3.0

8.0

96

60

$453,958

$164,167

$87,400

$32,300

Riverside, CA

8.6

17.5

65

11

$367,681

$177,581

$72,300

$35,300

Phoenix, AZ

5.7

11.7

84

38

$393,648

$194,090

$77,500

$38,000

Seattle, WA

7.6

17.1

68

12

$529,317

$234,656

$ 103,200

$46,000

Minneapolis-St Paul, MN

4.6

11.1

93

39

$512,526

$209,175

$ 100,000

$41,000

San Diego, CA

11.0

22.2

40

3

$471,840

$234,123

$93,000

$46,100

St. Louis, MO

3.3

8.1

95

63

$443,217

$179,537

$88,000

$35,300

Tampa, FL

4.7

10.5

87

45

$360,353

$163,258

$71,000

$32,200

Baltimore, MD

4.6

11.2

91

42

$562,327

$229,242

$ 110,000

$45,000

Denver, CO

7.0

14.5

79

17

$495,133

$238,822

$98,000

$47,000

Pittsburgh, PA

3.1

8.1

96

63

$429,967

$162,840

$83,650

$32,000

Portland, OR

7.6

16.8

73

6

$456,201

$204,963

$89,700

$40,400

Charlotte, NC

4.0

9.5

89

51

$402,000

$172,054

$80,000

$34,000

Sacramento, CA

7.5

17.0

75

8

$459,278

$201,205

$90,000

$40,000

San Antonio, TX

4.0

8.4

93

63

$394,830

$184,231

$76,000

$36,300

Orlando, FL

5.4

10.8

87

43

$350,919

$177,219

$70,000

$35,000

Cincinnati, OH

3.3

8.5

96

61

$443,360

$171,656

$87,000

$33,600

Cleveland, OH

3.1

8.0

96

66

$403,868

$164,204

$81,300

$32,000

Kansas City, MO

3.4

8.2

96

65

$443,150

$187,805

$87,000

$36,650

Las Vegas, NV

5.5

11.4

88

38

$372,010

$182,161

$74,000

$35,800

Columbus, OH

3.6

8.3

95

62

$440,449

$192,054

$85,000

$37,440

Indianapolis, IN

3.1

7.5

96

71

$425,609

$176,828

$83,800

$35,000

San Jose, CA

14.0

30.7

22

1

$693,211

$369,555

$ 136,200

$62,200

Austin, TX

5.1

11.1

87

42

$497,165

$233,188

$99,000

$45,600

[Souce: Zillow®]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

How to Sign Up for Your Free CAR Member Continuing Education with OnlineEd

How to redeem your California Association of REALTORS® free continuing education in five easy steps!

By Jeff Sorg, OnlineEd Blog

(February 12, 2018)

cropped-Logo_O_512_512.jpg(OnlineEd) – California Association of REALTORS® ( C.A.R.) members in good standing may be eligible for a free 45-hour continuing education package delivered online by arrangement with OnlineEd®, a real estate industry premiere pre-license, continuing education, and professional development course provider offering online continuing education to the real estate industry since 1998. To redeem their member benefit, members will first need to log into their C.A.R. account to verify their membership and then follow the links to enroll in the free courses or simply follow this step-by-step guide: How to Sign up For Free CE in 5 easy steps

The California Bureau of Real Estate requires licensees to take 45 hours of continuing education every four years.  The offered C.A.R. member benefit includes course packages for broker and salesperson first and subsequent renewals.

Non-Members who would like to join C.A.R. should visit their website at www.CAR.org. Members who need assistance claiming their education benefit should also visit www.CAR.org and then click the link, Your C.A.R.

Sign up for your FREE CE here: How to Sign up For Free CE in 5 easy steps

OnlineEd is California Bureau of Real Estate Course Sp0nsor Number 4056

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Housing Sentiment at New Survey High

Share of consumers say it’s a good time to sell – buyer sentiment weakens

By Jeff Sorg, OnlineEd Blog

(January 9, 2018)

canstockphoto367977sold(WASHINGTON, DC) Fannie Mae – The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 3.7 points in January to 89.5, reversing the decrease seen last month and reaching a new all-time survey high. The increase can be attributed to increases in five of the six HPSI components. The net share of respondents who said now is a good time to buy a home increased 3 percentage points compared to December. Additionally, the net share who reported that now is a good time to sell a home increased 4 percentage points and is now up 23 percentage points year over year. The net share who said home prices will go up in the next 12 months increased 8 percentage points in January, while Americans also expressed a greater sense of job security, with the net share who say they are not concerned about losing their job increasing 5 percentage points. Finally, the net share of consumers who said mortgage rates will go down over the next 12 months increased 2 percentage points in January, while the net share reporting that their income is significantly higher than it was 12 months ago remained flat.

“HPSI rebounded from last month’s dip to a new survey high in January, in large part due to the spike in consumers’ net expectations that home prices will increase over the next year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Results may continue to fluctuate over the coming months as consumers sort out the implications of the newly passed tax legislation on their household finances. Over the past year, continued home price growth has helped spur a sizable increase in the net share of consumers who say it’s a good time to sell a home but also a modest weakening in the net share who say it is a good time to buy. At the start of 2018, it is still too early to determine the overall effect of the new tax legislation on housing, and we will need to see whether positive impacts on both housing demand and supply materialize in the coming months.”

HOME PURCHASE SENTIMENT INDEX – COMPONENT HIGHLIGHTS

Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) increased in January by 3.7 points to 89.5. The HPSI is up 6.8 points compared with the same time last year.

  • The net share of Americans who say it is a good time to buy a home rose 3 percentage points to 27%, reversing some of last month’s decline.
  • The net share of those who say it is a good time to sell rose 4 percentage points to 38%. The share who said it is a good time to sell reached a new survey high of 65%.
  • The net share of Americans who say home prices will go up rose 8 percentage points to 52% in January, reaching a new survey high. The percentage who said home prices will go up reached a new survey high of 58%.
  • The net share of those who say mortgage rates will go down over the next 12 months rose 2 percentage points to -50%.
  • The net share of Americans who say they are not concerned about losing their job rose by 5 percentage points to 73%.
  • The net share of Americans who say their household income is significantly higher than it was 12 months ago remained at 16% from last month.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

HUD Announces $1.5 Billion to Puerto Rico for Hurricane Relief

Disaster recovery funds to help repair damaged housing and businesses

By Jeff Sorg, OnlineEd Blog

(February 2, 2018)

Washington, D.C. (HUD) – The U.S. Department of Housing and Urban Development (HUD) announced that it has granted more than $1.5 billion to help Puerto Rico to recover from Hurricanes Irma and Maria. HUD’s Deputy Secretary Pamela Hughes Patenaude announced the disaster recovery grants with Governor Ricardo Rosselló during her third visit to the island since Hurricanes Irma and Maria. The funds are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and will support long-term recovery of seriously damaged housing and local businesses in Puerto Rico.

“On behalf of the many thousands of survivors here in Puerto Rico, I want to express our appreciation to the Administration and HUD for recognizing the tremendous needs that remain in so many of our neighborhoods. This grant will make a huge difference in repairing damaged homes and businesses and facilitating the social and economic recovery here in the island,” said Governor Rosselló

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

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