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Schools Ripe for Student Housing Investors

NAR Daily News Magazine - May 1, 2018 - 12:00am

Real estate investors have long sought properties near top universities, but developers are eyeing these colleges in hopes of the best returns.

Categories: Real Estate

Modify Your Approach to Luxury Clients

NAR Daily News Magazine - May 1, 2018 - 12:00am

Buyers and sellers in the high-end market require you to have a more nuanced way of providing service. Use these four tips to better help this...

Categories: Real Estate

Where Property Taxes Are Most Burdensome

NAR Daily News Magazine - May 1, 2018 - 12:00am

A new SmartAsset study locates the cities with property taxes that are costing the most in housing expenses.

Categories: Real Estate

5 Challenging Markets for Millennials

RisMedia Consumer News - April 30, 2018 - 4:27pm

Across the country, buyers are competing in what has been called the “harshest market yet“—but for millennials, the competition is fiercest in higher-income metros, according to an analysis by realtor.com®:

  1. San Jose, Calif.
    List Price (Median): $1,244,000
    Millennial Income: $109,800
    Millennial Population: 14.3 percent
  1. Seattle, Wash.
    List Price (Median): $553,000
    Millennial Income: $78,300
    Millennial Population: 15.4 percent
  1. Salt Lake City, Utah
    List Price (Median): $394,000
    Millennial Income: $67,800
    Millennial Population: 15.5 percent
  1. Minneapolis, Minn.
    List Price (Median): $283,000
    Millennial Income: $73,600
    Millennial Population: 13.8 percent
  1. Omaha, Neb.
    List Price (Median): $283,000
    Millennial Income: $63,500
    Millennial Population: 13.8 percent

Across the five markets, the economies are flourishing, and Gen Y is raking in more than the average millennial, who earns $59,800 yearly.

The issue?

“Millennials want to buy, but record-low inventory is making it extremely difficult,” says Danielle Hale, chief economist for realtor.com. “Our analysis shows millennials are facing challenges in both established markets such as San Jose and Seattle, as well as more recently popular areas like Omaha and Salt Lake City.”

The dearth of inventory is a nationwide problem, but intensified in the markets ranked. According to the analysis, there are 8 percent fewer listings nationally year-over-year, but across the five markets, there are 9 percent less—and though the age of inventory nationally is down 7 percent, in the five markets, age of inventory is down by double, roughly: 13 percent.

The paradox is pronounced in San Jose and Seattle, in that there are blinding-bright employment prospects, but severely short supply. In both cities, the demand from the influx of residents, including younger workers, is exceeding what the market has to offer. Both have above-average pay, but earnings are failing to keep pace with prices—and the challenges in the top two are manifesting in Minneapolis, Omaha and Salt Lake City, where burgeoning demand is impacting inventory.

According to Hale, however, millennials are undeterred.

“Despite the difficulties, first-timers are optimistic and more than willing to weather the challenges this spring has to offer,” Hale says.

For more information, please visit www.realtor.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post 5 Challenging Markets for Millennials appeared first on RISMedia.

Categories: Real Estate

CFPB Fixes ‘Black Hole’ in Mortgage Rules

NAR Daily News Magazine - April 30, 2018 - 12:00am

The agency has issued an amendment to the Know Before You Owe rules, attempting to provide greater clarity to borrowers when it comes to...

Categories: Real Estate

Fewer Commercial Deals Will Need Appraisals

NAR Daily News Magazine - April 30, 2018 - 12:00am

Under a new federal provision, commercial property sales of $500,000 or less are exempt from the appraisal requirement.

Categories: Real Estate

Despite Buyer Demand, Contract Signings Flat

NAR Daily News Magazine - April 30, 2018 - 12:00am

Healthy economic conditions may be sparking demand for home purchases, but lack of inventory is keeping buyers from being able to sign sales...

Categories: Real Estate

3 Ways to Beat Your Competition

NAR Daily News Magazine - April 30, 2018 - 12:00am

With a tight market this spring, competition for listings and buyers will be fiercer among real estate professionals. So how can you show clients...

Categories: Real Estate

Affordable Cities Luring the Most Millennials

NAR Daily News Magazine - April 30, 2018 - 12:00am

Millennials accounted for the highest share of home purchases last year compared to any other age group. Find out the places they’re calling...

Categories: Real Estate

Job Growth Strongest in West, South

NAR Daily News Magazine - April 30, 2018 - 12:00am

Employment numbers help to buoy housing markets, and in these regions, single-family home construction is increasing as well. 

Categories: Real Estate

Calif. Dethroned as Hottest Housing Market

NAR Daily News Magazine - April 27, 2018 - 12:00am

The Golden State does not dominate realtor.com®’s hottest housing markets list for this month—the first time in years. Find out...

Categories: Real Estate

Mortgage Rates Surge to 4-Year High

NAR Daily News Magazine - April 27, 2018 - 12:00am

Borrowers faced even higher numbers this week, as financing costs continue to climb.

Categories: Real Estate

More Americans Are Homeowners in 2018

NAR Daily News Magazine - April 27, 2018 - 12:00am

Over the last year, more home shoppers became owners as the number of renters continued to decrease, according to the latest Census data.

Categories: Real Estate

Freddie Expands 3% Down Loans for New Buyers

NAR Daily News Magazine - April 27, 2018 - 12:00am

The mortgage financing giant is debuting a new 3 percent down payment option for qualified first-time buyers that could put it in direct...

Categories: Real Estate

Afraid of Public Speaking? Use These 5 Tips

NAR Daily News Magazine - April 27, 2018 - 12:00am

Don’t let your nerves get the best of you. Keep your cool and captivate your audience with these presentation practices.

Categories: Real Estate

Gmail Redesign: The Changes for Your Business

NAR Daily News Magazine - April 27, 2018 - 12:00am

The world’s most popular email service underwent a big overhaul this week. Check out some of the changes that could apply to your business...

Categories: Real Estate

Study: May Is Luckiest Month for Sellers

NAR Daily News Magazine - April 26, 2018 - 12:00am

Home sellers appear to be most successful in the fifth month of the year, but what’s the best day to sell a home?

Categories: Real Estate

Mandarin-Speaking Robots Could Assist Foreign Buyers

NAR Daily News Magazine - April 26, 2018 - 12:00am

A Chinese real estate firm is partnering with a technology company to bring the artificial intelligence to the market.

Categories: Real Estate

Agents in Florida, Canada Build Global Referral Network

NAR Daily News Magazine - April 26, 2018 - 12:00am

The Florida REALTORS® and the Canada Real Estate Association have entered into a cross-border cooperation agreement to exchange information...

Categories: Real Estate

Owners Earn Big Monthly Income on Airbnb

NAR Daily News Magazine - April 26, 2018 - 12:00am

When it comes to the gig economy, offering short-term rentals is the most lucrative type of side gig today.

Categories: Real Estate

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