Category Archives: Real Estate

Moving Out

A combination of the coronavirus pandemic, economic uncertainty, and social unrest is prompting waves of Americans to move from large cities and permanently relocate to more sparsely populated areas. The trend has been accelerated by technology and shifting attitudes that make it easier than ever to work remotely.

Residents of all ages and incomes are moving in record numbers to suburban areas and small towns. A perfect storm of factors makes the decision to leave major cities like New York very obvious. The dense nature of urban living and the lack of proper local government planning led to the coronavirus spreading five times faster in New York than the rest of the country. The city that never sleeps now resembles a ghost town in many areas after thousands of its wealthy and middle-class residents fled early in the pandemic.

Source: Americans leave large cities for suburban areas and rural towns | TheHill

h/t to hardscrabblefarmer

We’re seeing the biggest uptick in sales since 2008. After years of little interest in rural, remote properties, interest has never been higher.

In the cities (Kingman, Lake Havasu, and Bullhead) many properties are selling within a day of being listed. We’re back into bubble territory, but with interest rates being at historical lows, the mini boom looks to continue.

Meanwhile, land prices are finally seeing upward pressure on prices, so now is a good time to get yours before it’s too late. Call now!

 

Invisible House Blends into the Desert

Here’s something different. The Invisible House. Click on the link for the full article. It can be rented!

If you’re looking for an ultra-secluded getaway, why not simply disappear into the Invisible House?

A mirrored modern building, the vanishing dwelling blends in seamlessly with its desert surroundings. The shimmering surface reflects the natural beauty of the land and renders it a part of the landscape.

Located adjacent to Joshua Tree National Park, it’s the sleekest desert getaway we’ve ever seen.

The eye-catching architectural wonder can also be rented out for short-term rentals, special events, and film shoots.

A vision began 14 years ago with desert land purchased by Hanley and his wife, Roberta. The Invisible House is the end result of a six-year project to create an environmentally sustainable and artful living space.

A cantilever system ensures that the structure leaves a minimal footprint on the desert ground. Smart and sustainable, the home includes solar and thermal systems.

Set on 90 acres, this is the largest privately owned parcel of land to abut Joshua Tree National Park, according to the property’s website. It is also just 10 minutes from the shops, hotels, and restaurants of downtown Joshua Tree, and a two-hour drive from Los Angeles.

Source: Follow in the Footsteps of Demi Lovato and Rent the ‘Invisible House’ | realtor.com®

Here’s the drone video:

 

Pending Home Sales Soar 44.3% in May

Contracts to buy U.S. previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around after being hammered by the COVID-19 pandemic along with the rest of the economy.

Other data on Monday showed an improvement in manufacturing activity in Texas in June after three months of record or near-record declines in output. But surging infections of the respiratory illness in many regions, including the densely populated Texas, Florida and California, pose a risk to the nascent recovery. The economy fell into recession in February.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, surged 44.3%, the largest gain since the series started in 2001.

Still, contracts remain 10.6% below their level in February before businesses were shuttered in a bid to slow the spread of coronavirus, almost grounding the economy to a halt.

Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, rebounding 18.9% in May.

Pending home sales fell 5.1% from a year ago. Home resales tumbled to a more than 9-1/2-year low in May. Economists believe the housing market could emerge more quickly from the recession, which started in February, thanks to historic low interest rates.

Source: Pending Home Sales Rebound Record 44.3% as Homebuyers Rush Back Into Market | Newsmax.com

Pointless Virtue Signalling in Real Estate Starts in Houston

The Houston Association of REALTORS® says it will stop permitting the term “master bedroom” or “master bathroom” to be used in MLS descriptions. The decision to remove the term comes after a group of real estate professionals said the term “master” on property description represents a potential stigma.

HAR has updated the phrase to “primary bedroom” and “primary bath” on its MLS and on har.com. The national standards organization for MLSs is reportedly considering a similar change that would make “primary” the new standard nationwide.

“‘Master’ represents a stigma and place in time that we need to move forward from,” Tiffany Curry, a Houston real estate broker and owner of Berkshire Hathaway HomeServices, told the Houston Chronicle. “As a progressive, diverse city, Houston should be reflective of its citizenship.” Some home builders are dropping the term, too. David Weekley Homes now refers to the space as the “owner’s retreat” instead.

The National Association of REALTORS® told the Houston Chronicle that the U.S. Department of Housing and Urban Development has advised the association that the term “master bedroom” is not discriminatory and that its usage does not violate any fair housing laws.

Source: Dispute Arises Over the Term ‘Master Bedroom’ | Realtor Magazine (Bolding mine.)

Stupid is as stupid does. Seeing idiocy like this makes the case for the public to think realtors are just a cut above the old school car salesmen (or worse.) Uh oh, don’t get me started. I’ve been around too long & have seen too much.

I mean really, are you kidding me? Pointless virtue signalling is  demeaning to all true real estate professionals & our public, plain and simple. The public sees right through this ignorance and are equally disgusted. It makes us sound like another bunch of vapid politicians. Worse yet, it signals surrender to the mob that wants to end capitalism & abolish police. What’s next? Maybe we should end private property rights too, ’cause racist or something. I’m sure under the new socialism that commissions will be unfair too. You greedy capitalist realtors!

“Progressive” means let’s play silly word games instead of doing anything truly meaningful. “Progressive” means tear down our history & ignore daily killing in progressive cities while expounding on diversity.  “Progressive” means doxxing, violent riots, and endless calls for more more more from the perpetually aggrieved. It’s a child’s game, played by children. The grownups have forgiven, and moved on. No one can win if the rules change every single day.

Moving to Houston? Stay away from any company silly enough to worry about stuff like this! Haven’t you heard? Get woke, go broke. Dumb, dumb, dumb….

Update: We have a winner! Tiffany Curry is our  “Jackass of the Day” award winner. Congrats Tiffany!

New Construction Sales Up in May

The numbers: Sales of newly-built single-family houses occurred at a seasonally-adjusted annual rate of 676,000 in May, the government reported Tuesday.

That represented a 16.6% increase from the downwardly-revised pace of 580,000 in April. Compared with the previous year, new home sales were up 12.7% in May.

Analysts polled by MarketWatch had forecast new-home sales to occur at a seasonally-adjusted annual rate of 650,000 in May.

The Northeast experienced the most pronounced increase in sales, with a 45.5% jump, followed by the West (up 29%) and the South (up 15.2%). Sales fell by 6.4% in the Midwest.

The median sales price for new homes sold in May was $317,900. At the end of the month, there were 318,000 new homes estimated to be up for sale, which equates to a 5.6-month supply. A 6-month supply of homes is generally considered to be indicative of a balanced market.

Source: New Home Sales Surged in May as Buyers Scrambled to Find Properties for Purchase | realtor.com®

Unique Homes – Las Vegas Home Made Completely in Japan

A home at 38 Hawkeye Lane near Las Vegas is a concept home built like no other. The home measures in at a robust 5,501 square feet and is listed for $7.9 million.

The plot twist? Each piece of the foundation and framing traveled 4,766 nautical miles across the Pacific Ocean in one of 22 shipping containers from Japan. The project was conceived by Sekisui House, which is based in Osaka. The company is one of Japan’s largest homebuilders and purchased the American builder Woodside Homes in 2017.

The company now wants to wow American homebuyers with a touch of its signature style. And if you’re going to gamble on a cool concept, Vegas feels like the right venue.

Source: This Sleek $7.9M Concept Home in Las Vegas Was Made in Japan | realtor.com®

Home Sales Down in May

Sales of previously owned homes fell 9.7 percent in May compared April, the third monthly decline, the National Association of Realtors said Monday.

Existing home sales are counted at the time of closings. So these would have been based on contacts signed in March and April, when most of the country was under instructions to stay at home and real estate showings were off-limits in many areas.

Compared with a year ago, home sales were down 26 percent. Home sales hit an a 13-year high in February but began plunging as the coronavirus discouraged shopping from home, public health officials told Americans to avoid unnecessarily venturing out of their homes, unemployment jumped higher amid mass layoffs, and many states and cities prohibited realtors from showing homes in person.

Previously-owned homes make up most of the housing market, although the sales have a smaller impact on gross domestic product because so much of the work on them has already been completed. Nonetheless, existing home sales can drive sales in appliances, furniture, and home improvement goods. And they remain an important barometer of household confidence and prosperity.

Each of the four major regions of the country witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop, according to the NAR. The decline was worse than the 8.8 percent expected.

Many economists expect that low interest rates and the reopening of the economy will drive up sales in June and in the months to come. Real estate showings are once again permitted in most of the country. Home sales typically peak in mid-summer.

Source: Home Sales Plunged 9.7% in May as Coronavirus Lockdowns Kept Americans Indoors

Vintage Homes This Week

Dating to 1700, the oldest home to hit the market this week was built a mere 80 years after the Pilgrims landed on Plymouth Rock. It sits atop our list of the 10 oldest homes that went up for sale in the past seven days. All built in the 1700s, they’ve weathered the centuries and still stand in fine fettle today. Now these vintage charmers are ready for a new owner to write the next chapter in their long histories.

One of these properties comes with the lovely name of Tree Farm, and is filled with wildflowers to attract butterflies and birds. And then there’s Fleetwood, which comes with its own ancient cemetery.

This week’s oldest homes also include a 68-acre gentleman’s farm, filled with pastures, ponds, and an herb garden and a family compound with a home dating to 1710.

Source: Vintage Charm: The 10 Oldest Homes To Land on the Market This Week | realtor.com®

Click the link for a look at the rest…

Summer Home-Buying Season Heats Up

As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report.

That’s correct: Prices are going up despite this week’s announcement that the U.S. officially entered a recession in February. While that’s below the typical 5% to 6% annual price appreciation this time of year, it’s nearly back to what it was before the coronavirus pandemic.

Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.

The culprit for the increasing prices: a lack of homes for sale and a rush of buyers. The total number of home listings on realtor.com was down 25% in the first week in June compared with the previous year—when there was also a housing shortage. In the first two weeks of March, listings had fallen 16% annually.

Source: What Recession? Summer Home-Buying Season Heats Up as Prices Rise | realtor.com®

Improving Economic News is Strengthening the Real Estate Market

An improving economy is turning up the heat on the summer housing market.

The unemployment rate fell to 13.3% in May as more cities and states reopened and many furloughed employees were called back to work, the U.S. Bureau of Labor Statistics announced on Friday. While unemployment is still high, it’s less than April’s rate of 14.7% and well under the predictions of many economists.

“There are signs that the better-than-expected jobs situation is already having a positive effect on the housing market. We’re seeing more home buyers in the market than we did this time last year,” says realtor.com® Chief Economist Danielle Hale. “It’s shaping up to be a hotter-than-expected summer in the housing market.”

Even before anyone had heard of COVID-19, there was a shortfall of homes for sale. Once the virus reached crisis proportions in the U.S., many sellers responded by pulling their properties off the market or holding off on listing them. This made the situation even worse. However in the past few weeks, things are beginning to shift a little.

Source: The Economy Gets a Boost That Could Lead to Higher Home Prices | realtor.com®

The houses are flying off the page in Mohave County. Time will tell, but it still looks to be a mass exodus from California into Arizona.