Wednesday, February 22, 2017

Return of house flipping eases housing crunch in some states

Source: Chicago Tribune

While house flipping helped fuel the housing crisis a decade ago, industry experts say a current wave of house flipping is helping to ease a shortage of affordable housing in some parts of the country. The resurgence of flipping, or selling a house less than a year after buying it, comes as the construction of affordable single-family houses fails to keep up with demand, as builders concentrate on multi-family housing.
In some states like Florida and Nevada, which have large stocks of cheap, foreclosed houses, flipping is boosting the housing supply for homeowners and for investors who want to rent out the properties. The renovated homes are helping to bring downtrodden neighborhoods back to life, while making homeownership possible for some first-time and low-income buyers.
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Wednesday, February 15, 2017

Before you buy that home, avoid utility bill shock

Source: CNBC
Housing affordability isn't just about your monthly mortgage or rent payment. Utility bills can also add up.
Median spending on utilities is $2,715 per year – or $226 per month – for single-family homes, according to a new analysis from real estate website Trulia. Even when you're comparing homes of similar sizes and prices in the same region, it found, energy costs can vary widely based on factors like the local utility providers' rates, the age of your home and the size of the lot it sits on.
To avoid a surprise, ask about utilities during your hunt. Real estate listings often include estimates, but it's smart to ask for a copy of recent statements to see real numbers.

Wednesday, February 8, 2017

Housing demand picks up steam

Source: DS News
Demand for single-family housing reached its highest level since June 2013, having picked up momentum after Labor Day, according to Redfin’s Housing Demand Index for September 2016.
According to Redfin, buyer demand rose by 13.3 percent over-the-month in September up to a level of 105, its highest level in three-plus years, after nearly 32 percent more potential buyers toured homes and nearly 27 percent more potential buyers made offers.
A reading of higher than 100 for the Redfin Housing Demand Index indicates stronger or higher-than-expected demand, while a reading of lower than 100 indicates weak demand. For September 2015, the reading was 101. This data indicates that there is a healthy pool of buyers ready and willing to purchase a home as long as they find the right one, according to Redfin.
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