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Most recent articles

Home Sales to Foreigners Rise

Foreign purchases of U.S. residential real estate surged to the highest level ever in terms of number of homes sold and dollar volume.

Foreign buyers closed on $153 billion worth of U.S. residential properties between April 2016 and March 2017, a 49 percent jump from the period a year earlier, according to the National Association of Realtors. That surpasses the previous high, set in 2015.

The jump follows a year-earlier retreat and comes as a surprise, given the current strength of the U.S. dollar against most foreign currencies, which makes U.S. housing even more expensive. Apparently, the value of a financial safe-haven is outweighing the rising costs.

Foreign sales accounted for 10 percent of all existing home sales by dollar volume and 5 percent by number of properties. In total, foreign buyers purchased 284,455 homes, up 32 percent from the previous year.

Half of all foreign sales were in just three states: Florida, California and Texas.

Chinese buyers led the pack for the fourth straight year, followed by buyers from Canada, the United Kingdom, Mexico and India. Russian buyers made up barely 1 percent of the purchases.

Read full article here:

http://www.cnbc.com/2017/07/18/foreigners-snap-up-record-number-of-us-homes.html

Posted by on Jul 18, 2017 in Jim's Take on the Market, Market Conditions | 3 comments

Frank Lloyd Wright – Wisconsin Tour

A fascinating blog post of a tour of FLW’s work in Wisconsin:

I was contacted by Travel Wisconsin, and invited to come out to their beautiful state to spend a week on the Frank Lloyd Wright Heritage Trail, to celebrate Mr. Wright’s 150th Birthday. Wright is from Wisconsin, of course, and many of his most iconic works are located there. It was an offer that was to good to pass up. I’ve travelled around the world, but I’ve never been to Wisconsin. And while I had been in some FLW homes and buildings, getting a chance to see mythical places like Taliesin and the Johnson Wax Factory in person was a dream come true. It was also a chance for me to take a fresh look at an iconic architect I thought I already knew well. It was one of the best weeks I’ve every spent – a truly once-in-a-lifetime experience.

Read full article – with many photos – here:

http://modernistarchitecture.blogspot.com/2017/06/rediscovering-frank-lloyd-wright-in.html#more

Posted by on Jul 18, 2017 in Interesting Houses, Jim's Take on the Market | 0 comments

Dumbing Down of Real Estate

It’s not just Redfin, most other agent teams are known to have newer realtors on the front lines these days.  Another start-up gives the lockbox code to buyers so they can take their own look around.  A recent survey showed that 1/3 of buyers are making offers on houses they haven’t seen in person!

Experienced agents are doing less and less, and in some cases, they aren’t involved at all.  We are being told that it’s good for the consumer too, because now they get to interact with ‘specialists’ for each phase.

But it appears that consumers may not care that much about getting good help!

Hat tip to GW and MF who both sent this in:

http://www.cnbc.com/2017/07/14/almost-half-of-americans-have-buyers-remorse-about-their-house.html

Of those surveyed, 42% of buyers regret the size of home they bought – but only 15% wish they had more information?!?!?!  You have to be kidding!!

Are consumers watching a few HGTV real estate shows and then wandering into their real estate experience thinking they know enough?  It appears so!

Good or lousy help costs the same – but the other prices you pay could be huge!

Posted by on Jul 17, 2017 in Jim's Take on the Market, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim | 0 comments

Inventory Watch

We had a surge of new listings this week, and the new pendings were slow to follow – but the same thing happened last year:

Week
2016 New Listings/Pend
2017 New Listings/Pend
1st week of June
91/68
100/71
2nd week
104/58
98/71
3rd week
111/62
81/60
4th week
109/69
86/48
1st week of July
99/59
88/65
2nd week
73/43
80/55
3rd week
119/61
109/64
Totals
706/420
642/434

We’re still doing better than last year, which was a good year.

Read More

Posted by on Jul 17, 2017 in Inventory, Jim's Take on the Market | 0 comments

Australian Deals Under $2M

SQUALID dumps including completely unliveable houses are up for sale as the real estate market prepares for a “Super Saturday” of auctions.

The number of houses advertised for sale in Sydney is on a three-year high, reflecting a boom of 13 per cent since this time last year.

The larger selection of properties means buyers are “less likely to be blown out of the water by whopping great bids”, the Daily Telegraph reported.

And there is less competition for complete “fixer uppers”, crumbling, derelict old houses ready to be snapped up by brave renovators.

Real Estate Institute of NSW president John Cunningham said buyers could compete for homes this weekend with the pressure easing off a previously crowded field for a handful of homes.

Investors had begun to withdraw from purchases as banks restricted investment loans.  This put ordinary buyers in a stronger position to negotiate deals for houses with defects.


More deals here:

LINK

Posted by on Jul 16, 2017 in Jim's Take on the Market, Real Estate Investing | 1 comment