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Real Estate

Zillow: 1.9 Million Homes Underwater by Year 2100

RisMedia Consumer News - October 23, 2017 - 4:06pm

Flood damage as a result of rising sea levels over the next 100 years, are expected to impact over $900 billion worth of homes in the U.S. This, according to a recent report by Zillow that analyzes the types of homes that could be underwater by 2100, based on recent climate change estimates.

According to the report, less affluent homeowners stand to lose significantly more if their homes are damaged from flooding when compared to their wealthier neighbors. Zillow predicts that 1.9 million homes will be underwater by 2100 if the oceans rise six feet, and more than a quarter of these homes are in Miami.

While those with more valuable homes will lose out in dollar amount, a third of the homes in the bottom tier of their metros (32 percent) can potentially suffer a $123 billion loss. This could be life altering for the low-income population whose funds mostly go towards mortgage payments and other bills, making preventative measures against flooding an unaffordable expense. In the next 100 years, we can expect rising sea levels to impact $916 billion worth of homes, most of which are low- to medium-value properties.

Top-value homes are at risk in rural and suburban areas, while bottom-value homes are more likely to be impacted in urban areas. Here are the 10 metros that will be hit the hardest:

  1. Miami, Fla.
  2. New York, N.Y.
  3. Tampa, Fla.
  4. Fort Myers, Fla.
  5. Boston, Mass.
  6. Upper Township, N.J.
  7. Salisbury, Md.
  8. Virginia Beach, Va.
  9. Bradenton, Fla.
  10. Naples, Fla.

“We’ve seen the enormous impact flooding can have on a city and its residents,” says Dr. Svenja Gudell, chief economist at Zillow. “It’s harder for us to think about it on a long-term timeline, but the real risks that come with rising sea levels should not be ignored until it’s too late to address them. With organized and committed planning, cities can help protect both current and future residents. Living near the water is incredibly appealing for people around the country, but it also comes with additional considerations for buyers and homeowners. Homes in low-lying areas are also more susceptible to storm flooding and these risks could be realized on a much shorter timeline as we have seen time and time again.”

View more from the report.

For more information, please visit www.zillow.com.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Zillow: 1.9 Million Homes Underwater by Year 2100 appeared first on RISMedia.

Categories: Real Estate

Ghostly Listings: What It Costs to Own a Famous Haunted House

RisMedia Consumer News - October 23, 2017 - 4:02pm

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

After purchasing a house, learning that your new home has a grisly past would be a real-life nightmare for most people. For horror movie fans and those interested in the macabre, these homes are sought out for photos and bragging rights that you actually saw the haunted house.

However, despite drawing the public’s interest, residences that have inspired Stephen King novels or classic scary movies often sit on the market for a long time and fetch far less than the asking price. Below are examples of iconic haunted houses and what they sold for (if they were sold at all).

 

 

 

 

 

 


Image Credit:
Newsday

Amityville Horror House (Long Island, N.Y.) – Sold in 2017 for $605,000

The basis of the book and subsequent film series went on the market last summer for $850,000 and sold earlier this year for more than $200,000 less than the asking price. With other homes in the Amityville neighborhood of Long Island regularly fetching upwards of $1 million, the home’s past is likely to blame for the price drop.

Image Credit: Jezebel

The Old Arnold Estate (Harrisville, R.I.) – Listed in 2015 for $400,000

The owners of this 14-room farmhouse in Rhode Island threatened to sue Warner Bros. following the release of The Conjuring (2013). Their property, which is the basis for the film, was constantly trespassed upon after the film became a hit. It eventually became too much and they listed the house themselves. It has since been taken off the market.

Image Credit: Associated Press

Pet Sematary House (Orrington, Maine) – Listed in 2017 for $255,000

This is the home that Stephen King and his family rented in the late 1970s where he thought of the idea for his novel Pet Sematary. Not only was his daughter’s cat hit by a truck in front of the home, but children in the neighborhood constructed an actual pet cemetery behind the four-bedroom Maine home that is still there today.

 

 

 

 

 

 

Image Credit: StreetEasy

The Dakota (New York, N.Y.) – Sold in 2017 for $21,000,000

Probably most well-known for being the Manhattan co-op in front of which John Lennon was killed, The Dakota has a storied supernatural history. The most famous ghost in the building is the Crying Lady who is said to walk the co-op’s halls. Also, the film Rosemary’s Baby (1968) was set in “The Bramford,” which was actually The Dakota, where most of the movie was filmed. This year, a three-bedroom went for the stunning price of $21 million.

Image Credit: realtor.com®

The Sowden House (Los Angeles, Calif.) – Listed in 2015 for $4.79 million

In 1947, this house was made famous because of the Black Dahlia murder. The home, built in 1927 and designed by Frank Lloyd Wright, was allegedly where local physician Dr. George Hill Hodel dissected the body of Elizabeth Short. Years later, in the early 2000s, Hodel’s son Steve brought a cadaver dog into the home’s basement and claims it detected the scent of decomposed human remains. There have also been reports of people hearing voices and chains being dragged.

Jameson Doris is RISMedia’s blog and social media editor. Email him your real estate news ideas at jdoris@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Ghostly Listings: What It Costs to Own a Famous Haunted House appeared first on RISMedia.

Categories: Real Estate

Top Project for ROI: Refinished Floors

NAR Daily News Magazine - October 22, 2017 - 11:00pm

Recent research suggests this remodeling project will recoup more than its cost at resale.

Categories: Real Estate

10 Cities That Have Changed the Most

NAR Daily News Magazine - October 22, 2017 - 11:00pm

These U.S. metros have seen the most dramatic shifts in housing, incomes, crime rates, and economic foundations in the last decade, according to a...

Categories: Real Estate

Battery-Powered Homes Are Becoming Reality

NAR Daily News Magazine - October 22, 2017 - 11:00pm

Municipalities in many states are revamping their electrical grids and turning to batteries to make them more efficient.

Categories: Real Estate

Empty Nesters Are Lured to Apartment Life

NAR Daily News Magazine - October 22, 2017 - 11:00pm

One of the biggest segments of new renters is seniors ages 55 and up, as multifamily developers reconsider their original focus on millennials.

Categories: Real Estate

Remodeling Activity to Spike Through 2018

NAR Daily News Magazine - October 22, 2017 - 11:00pm

As homeowners gain more equity, they are expected to continue heavily investing in home improvement projects and repairs.

Categories: Real Estate

Survey: Buyers Leery of Online Mortgage Info

NAR Daily News Magazine - October 22, 2017 - 11:00pm

Consumers trust real estate professionals and lenders more than online sources or family and friends to provide reliable guidance on obtaining a...

Categories: Real Estate

10 Cities Scored for Best Infrastructure

NAR Daily News Magazine - October 22, 2017 - 11:00pm

As home buyers increasingly consider the infrastructure around a listing, they are looking at things such as the condition of highways and sewers...

Categories: Real Estate

The Most (and Least) Valuable States in America

RisMedia Consumer News - October 20, 2017 - 10:01pm

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Everyone knows location is the most important part of real estate. You can’t change where your house is (all things being equal). You have to consider school districts, crime rates, commute times—the list goes on and on. It can be much simpler when you’re considering buying a home to compare apples to apples so you can see how the real estate market differs according to location, so HowMuch.net created a new visualization showing land and housing prices at a glance.


The blue dots represent the value of an acre of land, and the red circles indicate the median value of a home. The bigger the blue dot and the larger the red circle, the more expensive it is to become a property owner. Small circles and dots likewise indicate a very low cost of purchasing property. The home values are from the U.S. Census Bureau’s 2015 American Consumer Survey, and the numbers behind the land values come from the Bureau of Economic Analysis.

Several things stand out in the illustration. An acre of land is much more valuable in the Northeast compared to any other part of the country. This is partly because the Eastern seaboard is a very densely populated area with several large cities, most notably New York. New York and Massachusetts have some of the oldest modern structures anywhere in the U.S. In other words, Eastern cities are a lot older than Midwestern cities, so there isn’t a lot of farmland for suburban expansion anymore. In terms of geographic size, these are some of the smallest states in the country. As a matter of fact, the three states where the cost of an acre of land is greater than the median price of a house are all located on the East Coast, and they happen to be some of the smallest states in the Union (Rhode Island, Connecticut, and New Jersey).

Median home values (the red circles) are a different and more complicated story. California has the most expensive houses by far ($449,100). Oregon and Washington boast similarly high housing valuations, as well ($264,100 and $284,000, respectively). It is also expensive to buy a home on the East Coast, with six out of the top 10 states with the most expensive median home values.

There’s a noticeable dip in both housing and land prices in Southern and Midwestern states. Prices slowly rise the further you move from east to west. This highlights unique economic developments over the last several years, including the boom in oil exploration in North Dakota and the growth of Western cities, like Denver, thanks to young people. Snowbirds also tend to move to Florida and Arizona when they retire, which also pushes up housing prices in those places.

Top 5 Most Expensive States to Buy a Home

  1. California
    Value per Acre: $39,092
    Median Home Value: $449,100
  1. Massachusetts
    Value per Acre: $102,214
    Median Home Value: $352,100
  1. New Jersey
    Value per Acre: $196,410
    Median Home Value: $322,600
  1. Maryland
    Value per Acre: $75,429
    Median Home Value: $299,800
  1. New York
    Value per Acre: $41,314
    Median Home Value: $293,500

Top 5 Cheapest States to Buy a Home

  1. West Virginia
    Value per Acre: $10,537
    Median Home Value: $112,100
  1. Mississippi
    Value per Acre: $5,565
    Median Home Value: $112,700
  1. Arkansas
    Value per Acre: $6,739
    Median Home Value: $120,700
  1. Oklahoma
    Value per Acre: $7,364
    Median Home Value: $126,800
  1. Kentucky
    Value per Acre: $7,209
    Median Home Value: $130,000

All this shows that the laws of supply and demand are alive and well in the real estate market. You can easily find cheap acres of land where they are plentiful and un-useful (sorry, Nevada), but owning property is a lot more expensive in smaller places crowded with lots of people. As always: location, location, location.

A version of this article originally appeared on HowMuch.net.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Most (and Least) Valuable States in America appeared first on RISMedia.

Categories: Real Estate

Appraisal Disappointing? Steps to Take

RisMedia - October 20, 2017 - 10:00pm

Appraisal disappointing? You have options, according to the Appraisal Institute.

“Homebuyers and sellers should first understand what an appraisal is and how it’s used,” says Jim Amorin, president and acting CEO of the Appraisal Institute. “Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it.”

In some cases, the appraisal may not match the contract price—but just because an appraisal comes in below (or above) the listing or contract price doesn’t mean it’s flawed, Amorin says. The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.

Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.

Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.

“The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent,” Amorin says. “Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly.”

Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results,” says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.

Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

Homebuyers should take advantage of their right to obtain a copy of the appraisal report,” Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.

Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to “Appraising the Appraisal: The Art of Appraisal Review,” common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).

Amorin suggests consumers ask themselves:

  • Do adjacent homes add or detract from the value of the subject property?
  • Is the subject property equal to or lower in price than surrounding homes?
  • Does the floor plan have any functional problems?
  • Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
  • Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
  • Did the appraiser perform an adequate inspection?

“Most lenders have appraisal appeal procedures, known as ‘Reconsiderations of Value,'” says Amorin. “If you’re aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal.”

Source: Appraisal Institute

For the latest real estate news and trends, bookmark RISMedia.com.

The post Appraisal Disappointing? Steps to Take appeared first on RISMedia.

Categories: Real Estate

Single-Family Rental Yields Are Softening

NAR Daily News Magazine - October 19, 2017 - 11:00pm

The overall health of the single-family rental market is strong, and the top of the market has peaked as home prices return to historic norms...

Categories: Real Estate

Meager Sales Rebound Underscores Tough Market

NAR Daily News Magazine - October 19, 2017 - 11:00pm

Real estate transactions remain near their lowest level of the year, despite buyer interest in most parts of the country, NAR reports.

Categories: Real Estate

How Much Amazon’s HQ2 Will Drive Up Rents

NAR Daily News Magazine - October 19, 2017 - 11:00pm

A “prime markup” is in store for the rental market in the city where the online retailer chooses to base its second headquarters,...

Categories: Real Estate

More Neighborhoods Fall Under HOA Guidance

NAR Daily News Magazine - October 19, 2017 - 11:00pm

There could be as many as 347,000 community associations throughout the country this year, so your clients should be aware of any rules in the...

Categories: Real Estate

Mortgage Rates Ease This Week

NAR Daily News Magazine - October 19, 2017 - 11:00pm

Borrowers may be able to lock in lower interest rates this week, as the 30-year fixed-rate mortgage dips to a 3.88 percent average.

Categories: Real Estate

Can Developers Please Both Boomers and Millennials?

NAR Daily News Magazine - October 19, 2017 - 11:00pm

The two generations don’t always agree on what they want in a home, posing challenges for builders who are striving to meet both groups...

Categories: Real Estate

Where Price Per Square Foot Is Highest, Lowest

NAR Daily News Magazine - October 19, 2017 - 11:00pm

See how vastly different prices per square foot are in various regions of the U.S.

Categories: Real Estate

‘Hottest Zip Codes’: A Tale of Three States

RisMedia Consumer News - October 19, 2017 - 2:46pm

Realtor.com®’s annual Hottest Zip Codes in America ranking reads like a tale of three states: California, Colorado and Michigan.

  1. Watauga, Texas (76148)
  2. Livonia, Mich. (48154)
  3. Kentwood, Mich. (49548)
  4. Medford, Mass. (02155)
  5. Littleton, Colo. (80123)
  6. Castro Valley, Calif. (94546)
  7. Colorado Springs, Colo. (80922)
  8. Overland Park, Kan. (66210)
  9. Mira Mesa (San Diego), Calif. (92126)
  10. Hilliard, Ohio (43026)

California, Colorado and Michigan nabbed six spots in the top 10 (another zip in California, 95758, stopped just shy at No. 11), thanks to three traits: affordability, good-paying jobs and millennials. Of California’s zip codes in the top 10, the median home price ranges from $536,394 (Mira Mesa/San Diego) to $728,267 (Castro Valley); of Colorado’s zip codes in the top 10, the median home price ranges from $273,222 (Colorado Springs) to $533,873 (Littleton); and of Michigan’s zip codes in the top 10, the median home price ranges from $118,833 (Kentwood) to $223,780 (Livonia).

Generally, homes in the top 10 are more affordable than counterparts in their county or metropolitan area, and the markets themselves have higher incomes, low unemployment and more millennials.

“While low inventory is a challenge, millennials are the largest generation in U.S. history and they are flexing their muscle when it comes to the housing market,” says Danielle Hale, chief economist for realtor.com. “Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now the standouts are relatively affordable suburbs with local ‘it’ factors such as hiking trails, great restaurants and nightlife.

“With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come,” Hale says.

Homes in the top 10 sell in an average 21 days, the ranking reveals, and listings located in the top 10 are viewed four times more on realtor.com than those in the rest of the U.S.

For more information, please visit www.realtor.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post ‘Hottest Zip Codes’: A Tale of Three States appeared first on RISMedia.

Categories: Real Estate

Tips From Industry Professionals on Surviving Real Estate During Hurricane Season

RisMedia - October 19, 2017 - 2:34pm

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

While the immediate danger is gone and hurricane season is winding down, individuals in the affected areas are still working through a recovering market. Most residents of hurricane-prone areas expect storms to hit, but the buyer and seller population may not be familiar with the ramifications of a hurricane that disrupts a real estate transaction.

Here’s what Orlando Regional REALTOR® Association President-Elect Lou Nimkoff and RE/MAX 200 Orlando-based REALTOR® Daniel Wilson have to say about navigating the real estate market during hurricane season:

Trust your gut.
Unfortunately, you may come across individuals that try to take advantage of vulnerable homeowners. Following a natural disaster, service “professionals” who are not qualified to perform a job may try to overcharge for a service claiming an increase in demand. If not careful, you can wind up with a botched repair that costs you thousands of dollars.

“My No. 1 piece of advice to buyers and sellers post-hurricanes is to be aware of everyone that you’re dealing with and make sure that they’re a trusted name in their industry. During times of distress, a lot of companies try and profit from those in need. For example, make sure the roofer that comes to your door knocking for business is an actual licensed and insured roofer. Better yet, look up the business and find their customer reviews online,” says Wilson.

“You need to have a home inspector take a look and make sure any work you had done was done properly,” says Nimkoff.

Have patience. 
The market was hit hard and it will take time for everything to settle down. Not all homes are back on the market after sustaining damage during the hurricanes. In a few more weeks, you could be seeing more activity; however, if you do see something you like, it will most likely sell quickly since inventory is low. If a home fits the bill, jump on it before another buyer comes along and claims it.

“I advise buyers to act on the same day the homes get listed if they’re interested, otherwise they will have a very difficult time in getting their offer accepted once there’s been a multiple offer situation. My theory is: the first agent in the door—with the best offer and continued communication with the other agent—wins!” says Wilson.

“Because it is a seller’s market and there is an unusually high number of sellers, buyers want to be able to try and attract them and negotiate with them quickly,” says Nimkoff.

Get back on the market.
If your home was damaged by the hurricanes and you are trying to sell, fix any issues as quickly as possible so you can get your home back on the market. If your home only sustained minor damage, fix any issues without withdrawing your listing. Time off the market can translate into offers that you could be missing out on. Buyers will start to come out of the woodwork after laying low in the weeks following the hurricanes.

“I have a current seller who needed to have a new roof put on because of the hurricane. We went under contract with a buyer, got insurance to approve the new roof and scheduled a professional to place the new roof on the home—all while still on track with the original closing date of just 30 days from contract to close,” says Wilson.

“You need to make sure that your insurance values are up-to-date. If you do have a loss, you can quickly have it repaired and you don’t have to get into a fight with the insurance company. If you suffered some sort of loss, you need to repair it quickly and properly,” says Nimkoff.

Be flexible and keep the end goal in mind.
Do remember that hurricane season can be stressful. Emotions are high for both buyers and sellers. Work together to achieve your goal while avoiding the drama.

“If you’re going to buy a house during hurricane season, talk to your landlord and say, ‘I need an extra month if I can’t move into my new house.’ Or if you’re selling your home, you have the right to delay the home you are selling so you can work out the issue because of a pending hurricane,” says Nimkoff

“It’s an awfully tight market. A thousand people a day are moving in here. Don’t get too focused [on hurricanes] that you forget about the long-term benefits. We have pretty low interest rates right now,” he adds.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Tips From Industry Professionals on Surviving Real Estate During Hurricane Season appeared first on RISMedia.

Categories: Real Estate