Freddie Mac says the U.S. needs at least 3.3 million more homes

  Posted in Residential on

  by admin

https://realtybiznews.com/freddie-mac-says-the-u-s-needs-at-least-3-3-million-more-homes/98757859/

Home buyers are struggling to find an ideal property to buy due to a shortage of inventory across the nation, and things will likely get worse before they improve, according to a new study by Freddie Mac.

Freddie
Mac’s study reveals that there is a shortage of 3.3 million homes
in the U.S. It puts the blame on “years of underbuilding”, and
says the shortfall is most pronounced in states with stronger
economies that can entice people to move there for work.

“Simply
put, new housing supply is not keeping up with rising demand,” said
Sam Khater, Freddie Mac’s chief economist. “More than half of all
states have a housing shortage, and the shortage is no longer
concentrated in coastal markets but is spreading to the middle of the
country, in more affordable states like Texas and Minnesota,”
Khater adds.

Indeed,
the report says the housing shortage is rising by about 300,000 units
a year.

Interior
states are feeling the crunch amid a need to build more housing units
to accommodate areas where the population is rising, Freddie Mac
said.

“Domestic
migration is worsening the housing shortage issue in some states,”
the report noted. “In pursuit of new opportunities in states with
stronger economies, people have migrated from states with surplus
housing like West Virginia, Alabama, and North Dakota, to states with
housing deficits, putting pressure on high-growth states.”

Altogether,
29 U.S states face a housing supply deficit, with the shortfall being
the main reason behind increasing prices. Freddie Mac said Oregon,
California, Minnesota, Florida, Colorado and Texas are the states
with the most pronounced housing inventory deficits.

“We
are in the midst of a demographic tailwind, and we expect home
purchase demand will remain strong well into the next decade as the
peak cohorts of millennials turn thirty years of age in 2020 and
beyond,” Khater said.

The
report goes on to say the housing shortages will likely get worse, as
millennials and Generation Z’ers enter the housing markets to form
their own households over this decade. That will prompt home prices
to continue to rise, the report notes.

The post Freddie Mac says the U.S. needs at least 3.3 million more homes appeared first on RealtyBizNews: Real Estate News.

Freddie Mac says the U.S. needs at least 3.3 million more homes

  Posted in Residential on

  by admin

https://realtybiznews.com/freddie-mac-says-the-u-s-needs-at-least-3-3-million-more-homes/98757859/

Home buyers are struggling to find an ideal property to buy due to a shortage of inventory across the nation, and things will likely get worse before they improve, according to a new study by Freddie Mac.

Freddie
Mac’s study reveals that there is a shortage of 3.3 million homes
in the U.S. It puts the blame on “years of underbuilding”, and
says the shortfall is most pronounced in states with stronger
economies that can entice people to move there for work.

“Simply
put, new housing supply is not keeping up with rising demand,” said
Sam Khater, Freddie Mac’s chief economist. “More than half of all
states have a housing shortage, and the shortage is no longer
concentrated in coastal markets but is spreading to the middle of the
country, in more affordable states like Texas and Minnesota,”
Khater adds.

Indeed,
the report says the housing shortage is rising by about 300,000 units
a year.

Interior
states are feeling the crunch amid a need to build more housing units
to accommodate areas where the population is rising, Freddie Mac
said.

“Domestic
migration is worsening the housing shortage issue in some states,”
the report noted. “In pursuit of new opportunities in states with
stronger economies, people have migrated from states with surplus
housing like West Virginia, Alabama, and North Dakota, to states with
housing deficits, putting pressure on high-growth states.”

Altogether,
29 U.S states face a housing supply deficit, with the shortfall being
the main reason behind increasing prices. Freddie Mac said Oregon,
California, Minnesota, Florida, Colorado and Texas are the states
with the most pronounced housing inventory deficits.

“We
are in the midst of a demographic tailwind, and we expect home
purchase demand will remain strong well into the next decade as the
peak cohorts of millennials turn thirty years of age in 2020 and
beyond,” Khater said.

The
report goes on to say the housing shortages will likely get worse, as
millennials and Generation Z’ers enter the housing markets to form
their own households over this decade. That will prompt home prices
to continue to rise, the report notes.

The post Freddie Mac says the U.S. needs at least 3.3 million more homes appeared first on RealtyBizNews: Real Estate News.

loving the page

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  by admin

The flagship offering will be the New York State Real Estate Salesperson course, which is the first step required to earn licensing as a real estate agent …

Coronavirus and the Housing Market

  Posted in Residential on

  by admin

https://www.redfin.com/blog/coronavirus-housing-market-advice/

This past week, the new coronavirus caused a big drop in financial markets, spurring the Federal Reserve to drop interest rates by half a percentage point and leaving many Redfin customers wondering about the impact an outbreak would have on the economy and the real estate market.

As a behavioral economist, I counsel people to avoid making rash decisions based on fear and uncertainty. Instead, make decisions based on your financial situation.

What’s going on with the housing market right now? 

Before the coronavirus concerns started in the United States, the housing market was strong, with our agents reporting intense competition among homebuyers. Put simply, there haven’t been enough homes to keep up with demand. January home prices were up 7% year over year, and home sales were up 7% as well. Historically, January has been a reliable predictor of the strength of the housing market for the entire year.

The stock market has been trending downward as it often does with uncertainty, which has had a negative impact on some buyers’ stock portfolios. At the same time, low mortgage rates have made homebuying more affordable. Freddie Mac reported the rate for a typical 30-year fixed mortgage fell to an all-time low. A buyer who has a $50,000 down payment and can afford to spend about $3,000 on her mortgage payment each month could afford a home around $540,000 if she got this week’s rate of 3.29%. She increased her purchasing power by about $20,000 compared to the start of the year when rates were at 3.72% and by about $50,000 since this time last March, when rates were at 4.41%. This drop in mortgage rates may be a boon to home sales if more buyers are motivated to complete deals and lock their mortgage rates.

That said, we’ve seen early signs that the coronavirus is giving pause to some buyers and sellers. But in this low inventory environment, even as some buyers drop out of the market, there are others who remain eager to get a home under contract while rates are so low.

Is now a good time to sell my home?

It’s still a seller’s market given the low rate and low inventory environment. I expect home prices and home sales to continue to rise because of strong domestic demand, even as we face lower demand from foreign investors.

If you’re ready to list but concerned about the spread of the coronavirus, speak to your agent about what can be done to market your home online and encourage virtual tours. For every home Redfin is hired to sell, we create a 3D tour that let’s buyers virtually walk through the home online. This makes it possible to skip the open house and easier to limit in person tours to only the most serious buyers. The CDC recommends everyday preventive actions, including disinfecting frequently touched objects and surfaces such as doorknobs and counters. Redfin is working to get disinfecting spray and sanitizing wipes for each listing.

What is your advice to buyers? 

Don’t try to time your decision based on speculation about home prices. Consider your personal financial situation and your job security. If you want to buy a home and feel confident in your financial position, don’t hold out for lower home prices. Even in the event of a recession, I expect home prices to remain fairly stable.

If you feel that this year is the right time for you to buy, I think there is an advantage to moving quickly. Mortgage rates may not stay this low for long, and there is a good chance competition and prices will heat up this summer, which is the typical time home prices peak each year.

Conveniently, you can conduct much of your home search from the comfort of your own home on Redfin.com. And if you’re concerned about touring homes in person, work with your Redfin agent to arrange a video tour. We’re now making it easy to request a video tour when you book a tour with a Redfin agent through our Book It Now feature.

Could the coronavirus cause a recession?

It’s too early to predict what will happen. We already know the outbreak in China has caused shortages and delays in supply of consumer goods and reductions in global travel. As the disease spreads, the economic impact will be amplified. If people stay home due to self-imposed or government-mandated quarantine, we’ll see significantly lower consumer spending, which will hurt the economy.

Will housing prices drop if the coronavirus causes a recession?

Historically, the housing market is relatively stable during a recession. Since 1980, there have been five official recessions in the United States. In all but the 2008 financial crisis, inflation-adjusted home prices only declined an average of 2.7 percent from the month before the recession began to the final month of the recession, according to our analysis of home price index data from Robert Shiller. In the 2008 recession, which started with a housing market crash prices fell 17%; in the 2001 recession home prices actually increased 4%.

Even though the last recession and foreclosure crisis is fresh in our minds, that particular recession was unusual because it started in the housing sector. It isn’t a standard for how most recessions occur. The fundamentals of the economy remain strong with high employment. If the virus is contained and fear subsides, even if we do see a recession, it will likely be short-lived.

How much money should you reserve in case a recession happens?

My general advice, which applies to every homeowner or buyer, is to have a financial cushion in place. Six months of income set aside is a safe amount, because that’s a reasonable length of time to find a new job if you lose it. This emergency fund could save you from missing mortgage payments or selling at a loss.

The post Coronavirus and the Housing Market appeared first on Redfin Blog.

Important Info !

  Posted in Residential on

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Important Info !

8 Tips To Make Your Listing Picture Perfect

Buyers get their first impression of a home from property photos, so stage for the shoot.

Freddie Mac says the U.S. needs at least 3.3 million more homes

  Posted in Residential on

  by admin

https://realtybiznews.com/freddie-mac-says-the-u-s-needs-at-least-3-3-million-more-homes/98757859/

Home buyers are struggling to find an ideal property to buy due to a shortage of inventory across the nation, and things will likely get worse before they improve, according to a new study by Freddie Mac.

Freddie
Mac’s study reveals that there is a shortage of 3.3 million homes
in the U.S. It puts the blame on “years of underbuilding”, and
says the shortfall is most pronounced in states with stronger
economies that can entice people to move there for work.

“Simply
put, new housing supply is not keeping up with rising demand,” said
Sam Khater, Freddie Mac’s chief economist. “More than half of all
states have a housing shortage, and the shortage is no longer
concentrated in coastal markets but is spreading to the middle of the
country, in more affordable states like Texas and Minnesota,”
Khater adds.

Indeed,
the report says the housing shortage is rising by about 300,000 units
a year.

Interior
states are feeling the crunch amid a need to build more housing units
to accommodate areas where the population is rising, Freddie Mac
said.

“Domestic
migration is worsening the housing shortage issue in some states,”
the report noted. “In pursuit of new opportunities in states with
stronger economies, people have migrated from states with surplus
housing like West Virginia, Alabama, and North Dakota, to states with
housing deficits, putting pressure on high-growth states.”

Altogether,
29 U.S states face a housing supply deficit, with the shortfall being
the main reason behind increasing prices. Freddie Mac said Oregon,
California, Minnesota, Florida, Colorado and Texas are the states
with the most pronounced housing inventory deficits.

“We
are in the midst of a demographic tailwind, and we expect home
purchase demand will remain strong well into the next decade as the
peak cohorts of millennials turn thirty years of age in 2020 and
beyond,” Khater said.

The
report goes on to say the housing shortages will likely get worse, as
millennials and Generation Z’ers enter the housing markets to form
their own households over this decade. That will prompt home prices
to continue to rise, the report notes.

The post Freddie Mac says the U.S. needs at least 3.3 million more homes appeared first on RealtyBizNews: Real Estate News.

Moving Truck Companies Nearby

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Moving Truck Companies Nearby

https://realtybiznews.com/moving-truck-rentals/98757891/

Finding and Hiring Moving Truck Companies Near Me

Are you looking to rent a moving truck? When moving from one house to another, you have a choice between hiring movers or renting a truck to move and doing it yourself. Both options have their benefits with truck rental, offering more flexibility and lower cost. When you search for moving truck rental companies nearby, there are many things you need to consider to make sure you make the best choice for your situation.

What Size Truck Should I Rent?

Your options when looking for moving truck rentals near me will ultimately be restricted to the sizes of trucks available from the company. Generally speaking, they will have three or four options to choose from. This can include:

Small truck (10 ft, one bedroom apartment)Medium truck (15 – 17 ft, two bedroom apartment)Large truck (26 ft, three bedroom house)

You need to take into consideration the weight of your possessions as well as the distance you need to travel. If you are only moving a short distance, you will be able to make more journeys and, therefore, you can rent a smaller truck.

The above information is just an estimate and can vary from one residence to another. What one person has in their house could be much different than another. It will be prudent to think about how big your furniture is, how much other stuff you have and how far you plan to travel.

If you are making a long-distance journey, you will undoubtedly want to make a single trip. If, however, you’re going to be moving across town, it will probably make more sense to rent a less expensive, smaller truck and make multiple trips.

This will certainly be the case if you are going to and from a storage unit near your location. One of the significant mistakes many people make is bringing things with them they don’t really use anymore. Many are natural packrats who just can’t stand the thought of throwing things away. One beneficial option that many people never think about is the opportunity to donate to help out those who are in need.

There are companies that will come to make a donation pick up for free to remove the furniture and other possessions you don’t want. If you are in any doubt about which size truck you need, the moving truck company should be able to advise you.

One Way Moves

If you are moving a long distance, you will want to return the truck to a different location. The larger moving truck companies will let you return the vehicle to a business location that is near your destination.

With this sort of move, you need to make sure you book the right sized truck. Since you won’t be able to make multiple journeys and anything which won’t fit will have to be left behind. Moving truck companies frequently offer extra services like a car carrier or towing dolly so that you can easily bring your car with you.

How Much Will The Truck Rental Cost?

There are many things that will change the price you pay for your truck rental. The size of the truck, where you are picking up the vehicle, and if you are going to return it to a different location, as well as the date of your move, are all factors that will come into play.

Truck rental will be more expensive during the peak moving season. This is between April and September when you will find the prices are higher. Since there is more demand for moving trucks in that period, you will need to book well in advance. The day of the week you choose to move also affects the price you will pay, with weekends being more expensive.

Gas Mileage Of A Moving Truck

The larger the truck, the more you will end up spending refilling the tank before returning it to the truck company. They don’t get very good gas mileage – typically between 10 and 12 miles per gallon – and you will be expected to return the truck with the same level of gas as when you picked it up.

The weather and how fast you drive, as well as how heavy your furniture is will also affect the gas you use.

Rental Truck Insurance

Your car insurance more than likely isn’t going to cover you when you rent a truck. You should check with them beforehand to see if you are covered under your current policy. The rental business will have options available to you to make sure you have the right level of coverage. They will offer cargo insurance, car towing protection, liability insurance, and damage waivers. You will need to carefully consider what level of coverage suits your situation.

You could forego the damage waiver, which is fine as long as you aren’t in an accident. But if the worst happens, you will be facing a hefty bill.

Driving Tips For Rental Trucks

If you aren’t used to driving a truck of the size you are hiring, you should take some precautions.

Firstly, make sure you are familiar with where all the controls are and set the mirrors to the right position. Practice driving in an empty lot if possible, so that you get a feel for the size of the truck.

When making turns, be aware that you need more room on the inside so that you don’t bump the curb or sideswipe another vehicle. The truck will be higher as well as wider than the car you are more used to driving. It can be very easy to forget this on a long journey, but you will remember it with a bang if you try to operate under a low bridge.

Remember to drive more carefully unless you want your possessions thrown around in the back. If you stick to wider main roads and highways, you shouldn’t have a difficult time. Then before you know it, you will be at your new home ready to unload.

Other Valuable Moving Resources Worth Reading

In the process of buying or selling a home, the move is usually one of the most stressful parts. Planning and education about the process can potentially alleviate some of the common problems that can pop up.

Make sure you have a look at these helpful resources.

What should you tip a mover – lots of people wonder whether or not it is customary to tip a mover. Just like any other service industry, it makes sense to tip a moving company if they do an outstanding job. In the article at Maximum Real Estate Exposure, get a better understanding of how much to tip a mover.What to know about 1-800-got-junk – When selling a home, one of the best things you can do to get top dollar is to minimize the clutter to enhance the presentation of the property. Lots of people do this by hiring a junk removal company before listing for sale. In the article at Realty Times, see what you need to know.Renting a PODS moving container – another option when moving to either declutter your home or provide a temporary onsite storage solution is to rent a PODS storage unit. See what you should know about PODS in this excellent resource.Things to know about moving – if you want to learn even more about the moving process, have a look at all the tips and advice found in this helpful publication.

All of the above resources are loaded with outstanding advice. Before your next move get caught up to speed on the vital information provided.

The post Moving Truck Companies Nearby appeared first on RealtyBizNews: Real Estate News.

Freddie Mac says the U.S. needs at least 3.3 million more homes

  Posted in Residential on

  by admin

https://realtybiznews.com/freddie-mac-says-the-u-s-needs-at-least-3-3-million-more-homes/98757859/

Home buyers are struggling to find an ideal property to buy due to a shortage of inventory across the nation, and things will likely get worse before they improve, according to a new study by Freddie Mac.

Freddie
Mac’s study reveals that there is a shortage of 3.3 million homes
in the U.S. It puts the blame on “years of underbuilding”, and
says the shortfall is most pronounced in states with stronger
economies that can entice people to move there for work.

“Simply
put, new housing supply is not keeping up with rising demand,” said
Sam Khater, Freddie Mac’s chief economist. “More than half of all
states have a housing shortage, and the shortage is no longer
concentrated in coastal markets but is spreading to the middle of the
country, in more affordable states like Texas and Minnesota,”
Khater adds.

Indeed,
the report says the housing shortage is rising by about 300,000 units
a year.

Interior
states are feeling the crunch amid a need to build more housing units
to accommodate areas where the population is rising, Freddie Mac
said.

“Domestic
migration is worsening the housing shortage issue in some states,”
the report noted. “In pursuit of new opportunities in states with
stronger economies, people have migrated from states with surplus
housing like West Virginia, Alabama, and North Dakota, to states with
housing deficits, putting pressure on high-growth states.”

Altogether,
29 U.S states face a housing supply deficit, with the shortfall being
the main reason behind increasing prices. Freddie Mac said Oregon,
California, Minnesota, Florida, Colorado and Texas are the states
with the most pronounced housing inventory deficits.

“We
are in the midst of a demographic tailwind, and we expect home
purchase demand will remain strong well into the next decade as the
peak cohorts of millennials turn thirty years of age in 2020 and
beyond,” Khater said.

The
report goes on to say the housing shortages will likely get worse, as
millennials and Generation Z’ers enter the housing markets to form
their own households over this decade. That will prompt home prices
to continue to rise, the report notes.

The post Freddie Mac says the U.S. needs at least 3.3 million more homes appeared first on RealtyBizNews: Real Estate News.

How to Introduce a Dog to a New Home

  Posted in Residential on

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https://www.redfin.com/blog/introducing-your-dog-to-a-new-home/

Moving to a new home ranks right up there among life’s super-stressful events. This also holds true for your dog. New rooms, unfamiliar smells, a new yard, and a neighborhood of new people and pets. introducing your dog to a new home can all be very exciting — but also overwhelming. While you may have the option of chilling out with a glass of red wine or venting to a friend about your stress, your beloved dog, unfortunately, doesn’t have those options.

Here are some tips for introducing your dog to a new home:

Pack up gradually

Try your best to remain calm during the weeks that you’re packing up your home. From gathering packing materials to organizing your moving boxes, there are tons of things to get done. If you’re super-stressed your dog will pick up on your emotions and feel uneasy as well. If you can stay organized and collected and pack up over time, your dog will feel more at ease during this transition.  

Find a new vet 

Your hometown vet may have recommendations for an alternative in your new town. Or, if you’re relocating to a new city, like New York, for work, check with your new employer. Their HR department may have referral services. If your chosen vet’s office isn’t open 24/7, also find an emergency vet in your new area who’s available at all hours. Add the vet’s phone number and address to your phone, and learn how to find your way there. 

Get new collar tags before you move

You should also get a new ID tag for your dog, and put it on before you move; many dogs get anxious and may try to run away in the first days in a new home. With many new smells and sounds, if your dog does run away during the first few days at your new home they may have less of an idea of where to come back to, which is why having these news tags is so important. 

Check the house for pet hazards

Before you move in, carefully scan the house for potential pet hazards. Look high and low. Stoop down to your dog’s level to look for hazards on the floor, and also look to levels where your dog may be able to climb or jump. Even if your dog isn’t a climber, a new environment may cause stress and lead to unusual behavior.

Be especially careful to look for:

Possible poisons: Household cleaners, antifreeze, paint, pesticides, medications (prescription and over-the-counter, including vitamins), and houseplants. Medications are by far the leading cause of calls to the Animal Poison Control Center.
Choking hazards: Give your house a clean sweep before moving in and look for buttons, needles, Legos and other tiny toys or game pieces that may have been left on the floor. Make sure window blinds and shades are well out of reach.
Electrical or heat sources: Small appliances, furnaces, fireplaces, and electrical cords.
Escape routes: Make sure fences and gates are closed and look for loose or missing window screens.

Make the introduction fun

If at all possible, place your dog’s bed and toys, as well as their water and food dishes, in your new home before arriving. This will let the dog know that this is their space now and it will be comforting to have familiar items and smells. When you first arrive with your dog after moving to your new home, take them to the backyard to relieve themself in the area you prefer. Showing your dog where the proper place to use the bathroom is located. Next, walk through the house and let your dog sniff around to their heart’s content. Try not to leave them alone during the first day in the new home, they may be nervous and you are what they are most familiar with. 

Keep old routines consistent 

Make each day’s routine consistent. Many people want to get all new stuff after a move, but it is advised to use your dog’s familiar leash, dog dish, food, and bed to help them feel more at home. Also, keep the rules the same. Don’t change the rules just because you feel bad that your dog is having to adjust to your new home. The more secure your dog feels, the smoother the transition will be. If your dog is anxious, using a crate can be a good option to help minimize anxiety.

Be patient 

Be patient and let your dog adjust on his or her own time. Some dogs will be perfectly comfortable within a few days, but others may take a few weeks or months to finally feel at home and settle in. No matter how long it takes your dog to adjust, your patience is more likely to speed up the process and make your dog feel more comfortable.

Bring your dog along to meet your neighbors

When you begin to explore the new neighborhood and meet your neighbors you should bring your dog with you. They’ll begin to familiarize themselves with the new area and smells as well as what the surrounding area of your home is like. You can also find out which neighbors have friendly dogs that may want to meet yours. And, if your dogs hit it off, book a date for the nearest dog park! 

Watch for territorial or unexpected behavior

After introducing your dog to your new home, some dogs may bark incessantly, become destructive, or become extra protective over you and your family. It is important to get these new behaviors figured out sooner rather than later. Don’t hesitate to contact your veterinarian for advice, or even a trainer or dog behaviorist if needed. 

Shower your dog with love

As hectic as the move is, be sure to take the time to shower your dog with lots and lots of extra love and attention. Spending some quality one-on-one time will help make you both feel better, and show your dog that this new home is a happy and safe place.

The post How to Introduce a Dog to a New Home appeared first on Redfin Blog.

More info on real estate please like if you agree

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Lower interest rates are arguably the most important indicator of higher real estate values, all else equal. But interest rates aren't alone in their decline.