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Most recent articles

The End

Oh boy, now I did it.

It feels like change is in the air – just ask any agent who is paying attention.  But most want to shrug it off, and pray they make enough money before the SHTF.

I applaud Notorious Rob for furthering the discussion – my comments are towards the end of his post:

http://www.notorious-rob.com/2017/09/please-stop-fighting-the-last-war/

These days, I feel more like Captain Willard than Hunter S. Thompson:

Save

Posted by on Sep 22, 2017 in About the author, Jim's Take on the Market, The Future | 1 comment

Hurricane Flippers

Hat tip to Richard for sending this in:

LINK

An excerpt:

Addressing a real estate conference in flood-ravaged Houston this month, longtime investor Ray Sasser detailed his strategy: buy up to 50 flooded homes at deep discounts, then fix and flip them for a hefty profit.

Sasser first followed that game plan after Tropical Storm Allison flooded the city in 2001. He bought homes for 30 to 40 percent of their pre-storm value, spent another 15 percent on repairs, and sold many a year later – at full value.

The quick recovery surprised him, he said.

“This can’t be true,” he recalled thinking at the time.

The bet that home prices in hard-hit Houston neighborhoods will fully recover after Hurricane Harvey could be riskier, Sasser and local economists said. But a rush of investors eager to snap up flooded homes reflects broader confidence in the resilience of Houston’s unique metropolitan economy.

While the region’s unchecked development has come under fire for exacerbating flooding, it also reflects its core strength: A rare combination of rich job opportunities and low cost of living, driving explosive population growth in America’s energy capital.

The surging demand has sustained home prices through four major floods since 2001 and a historic oil price crash starting in 2014. Though Harvey caused far more damage than previous storms, investors such as Sasser see plenty of opportunity in the region’s estimated 268,000 flooded homes.

Tara Waggoner, the Houston market manager for brokerage and online listings firm Redfin, said the firm’s local agents were getting about four times the number of calls they usually get from investors. They ranged from individuals looking to buy one flooded house to groups of ten or more pooling their money for a home-buying spree, she said.

“You have people with millions of dollars to work with,” she said in an interview days after the storm. “They want to go in, pay cash, get the discount and fix it up to sell.”

Read full article here:

LINK

Posted by on Sep 22, 2017 in Flips, Frenzy, Jim's Take on the Market, Real Estate Investing | 3 comments

Softer in the Off-Season

The C.A.R. released the latest sales data for August, including the graph above.

The sales-price-to-list-price ratio has been dipping in the off-season lately, and we can probably expect that streak to continue this year!

Buyers expect to have more negotiating power, and the fixers are the ones that get punished.  Sellers will be smart to do more improvements to their home before hitting the open market!

Posted by on Sep 21, 2017 in Jim's Take on the Market, Sales and Price Check | 6 comments

The Band

The Band was a Canadian-American roots rock group formed in Toronto, Ontario in 1968 by Rick Danko (bass guitar, vocals), Garth Hudson (keyboards, saxophone), Richard Manuel (keyboards, vocals), Robbie Robertson (guitar), and Levon Helm (drums, vocals). The members of the Band first came together as they joined the rockabilly singer Ronnie Hawkins’s backing group, the Hawks, one by one between 1958 and 1963.

In 1964, they separated from Hawkins, after which they toured and released a few singles as Levon and the Hawks and the Canadian Squires. The next year, Bob Dylan hired them for his U.S. tour in 1965 and world tour in 1966.[1] Following the 1966 tour, the group moved with Dylan to Saugerties, New York, where they made the informal 1967 recordings that became The Basement Tapes, the basis for their 1968 debut album, Music from Big Pink. Because they were always “the band” to various frontmen, Helm said the name “The Band” worked well when the group came into its own.[2][a] The group began performing as the Band in 1968 and went on to release ten studio albums. Dylan continued to collaborate with the Band over the course of their career, including a joint 1974 tour.

https://en.wikipedia.org/wiki/The_Band

Posted by on Sep 20, 2017 in Wednesday Rock Blogging | 1 comment

Surge in 65+ Population

A surge in the 65+ population will probably prolong the market conditions we’ve seen lately – those are the people who got in first, and are probably settled enough that they won’t be moving.

But those who are relying on pensions might get a surprise, and it would take an unusual monetary need like that to cause them to sell their house – or get a reverse mortgage. An interesting note – the number of HUD reverse mortgages funded in the 2017 fiscal year was the lowest since 2005.

Read full article here – thanks JB!

https://www.realestateconsulting.com/correcting-demographic-misperceptions/

Posted by on Sep 20, 2017 in Boomer Liquidations, Boomers, Jim's Take on the Market | 1 comment