The Impact of Immigration on the Housing Market: INTERACTIVE

multiculturalism-thumbCollectively, immigrants have added $3.7 trillion to U.S. housing wealth, helping stabilize communities across the United States. The map below, the result of research by AS/COA and Partnership for a New American Economy, shows the net change in a county’s immigrant population from 2000–2010 and the corresponding effect on median home value. Learn more about how immigrants boost U.S. economic vitality through the housing market and view methodology.

Click on the map, you’ll be able to scroll over a county or type in a zip code in the bottom right to see the impact of immigration on average home values.

immigration mapsource: http://www.as-coa.org/interactive-impact-immigration-housing-market

We Some Don’t Think There Is A Housing Bubble [INFOGRAPHIC]

Housing Bubble

source: KCM

Home Prices Soar: Case-Shiller Index

This basically needs no explanation. Home prices are soaring.

On a year-over-year basis, Case-Shiller home prices surged by over 12.05%.

More impressive, the single-month gain of 1.7% was the strongest one-month gain in the history of the entire index.

S&P home prices JUNE 2013
Read more: http://www.businessinsider.com/chart-of-the-day-may-case-shiller-2013-6#ixzz2XMShoXtC

June 2013 Real Estate Housing Market Report [Video]

National MMarket-Reportarket Report Video.

[pb_vidembed title=”” caption=”” url=”http://www.youtube.com/watch?v=C1U-MCtt7bQ” type=”yt” w=”680″ h=”385″]

12 Turnaround Housing Markets: Seattle # 7

orange-county-housing-market.jpgKiplinger Personal Finance recently singled out 12 metro areas’ housing markets as faring the best in 2012. Kiplinger attributed strengthening economies, below-average unemployment rates, and increasing buyer confidence as turning these metros into seller’s markets. 

The 12 metros are:

  1. Phoenix
  2. Provo, Utah
  3. Cape Coral-Ft. Myers, Fla.
  4. Minneapolis
  5. Akron, Ohio
  6. Youngstown, Ohio
  7. Seattle, Wash.
  8. Salt Lake City, Utah
  9. Boise, Idaho
  10. San Jose, Calif.
  11. Washington, D.C.
  12. Tucson, Ariz.

“I was really surprised to see some of the cities that ended up on the list,” says Pat Esswein, associate editor for Kiplinger’s Personal Finance Magazine. “Provo, Utah, and Salt Lake City surprised me, but these are cities that had very little boom or bust. They plugged along, their economies are growing and their populations are rising. They also have relatively low rates of unemployment.”

Source: “Rising Home Prices: Coming Soon to Your Town?” RISMedia

Healthiest Cities

After a large, large slump, the housing market is on the rebound. House prices are finally rising and a few markets appear to be headed in a strong and healthy direction for 2013. We are finally moving in a positive direction!

Today’s infographic profiles ten all-star cities, that are sitting pretty in the 2013 housing market. By analyzing median house and rent prices in cities with strong job markets and low vacancy rates, a solid list of cities emerge. This list is a great reference, with valuable information about each city and and plenty of financials to boot.

The list includes Seattle. I you are planning a move here, give today’s infographic a quick read! [Via]

healthy living

6 Ways a Home May Turn Off Buyers

anoyed home buyerBankrate.com recently featured a list of the top ways buyers back away from a home listed for sale. Its list includes these items, among others: 

1. Dirt: “The No. 1 biggest mistake is not getting the home in the best possible condition. That’s huge,” says Chad Goldwasser of Goldwasser Real Estate in Austin, Texas. “I won’t even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they’ve ever had it in.” Goldwasser suggests also steam-cleaning tile and grout and carpets and replacing carpets if necessary.

2. Odors: “Odors are a big one, especially kitchen odors,” says Julie Dana, co-author of The Complete Idiot’s Guide to Staging Your Home to Sell. “I advise my clients not to cook fried food, fish, or greasy food while the house is on the market. … Interestingly, next to the kitchen, the smelliest room in the house is actually the living room. That’s typically the room that has the most fabric, so that is where odors get absorbed.” She recommends having curtains and upholstery cleaned, particularly if someone in the home is a smoker, and taking steps to eliminate any pet odors.

3. Old fixtures: “You need to change out old fixtures in your house,” Goldwasser says, adding outdated ceiling fans and light fixtures should be replaced prior to listing a home. “New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference.”

4. Wallpaper: When buyers see wallpaper, they think of another thing to add to their to-do list, says Dana.  “Wallpaper is extremely personalized. You’ve spent hours looking over books to pick out the wallpaper you want,” she says. “What are the odds that the person walking in the door will also like that wallpaper that you picked out?”

5. Popcorn acoustic ceilings: These ceiling were popular in the 1960s and 1970s but now can date a home. Still, it can be a mess and costly to remove, so real estate professionals say sellers may need to be prepared to credit a buyer in certain markets if they decide to keep the popcorn ceiling when selling a home.

6. Too many personal items: Cluttered homes make it difficult for buyers to see past the home owner’s belongings and start envisioning themselves there. “Anything that makes your house scream ‘you’ is what you don’t want,” Dana says. “I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we’re decorating to sell.”

Source: “10 Ways to Turn Off a Would-Be Homebuyer,” Bankrate.com

Top Reasons Renters Say They Want to Own

home ownershipA recent study by mortgage giant Fannie Mae showed that 90 percent of renters aspire to be home owners one day, and the top reason behind that desire is for the sense of gaining greater control over their living arrangements. 

The survey revealed the following top reasons why renters want to own:

  • “Control over what you do with your living space”: 84% of renters said this was their main desire for owning;
  • “Having a sense of privacy and security”: 80%
  • “Having the best investment plan”: 78%
  • “Having a good place for family or to raise your children”: 78%
  • “Living in a nicer home”: 71%
  • “Building wealth”: 70%
  • “Saving for retirement”: 69%

In the survey, renters identified the following reasons for why they are renting:

  • “Living within your budget”: 57%
  • “Having less stress”: 52%
  • “Making the best decision given the current economic climate”: 50%

Source: “Why It’s True: You Should Own, Not Rent,” TheStreet.com

Seattle Amongst The Most Competitive Housing Markets for Buyers

bigstockphoto_seattle_skylineIn some markets, home buyers are facing steep competition for the home they want to buy. For example, in May, nearly 70 percent of the offers written by Redfin real estate agents faced multiple offers. However, that is down slightly from 73.3 percent of offers with multiple bids in April, according to the real estate brokerage’s May 2013 Bidding War Report, which compiled stats from 2,000 offers written by its agents. As the number of home sales increases in many markets, competition is easing somewhat in many markets, according to the report. 

California continues to hold some of the most competitive housing markets, with buyers most often facing multiple bid situations.

According to the Redfin report, the following markets were the most competitive in May:

1. San Francisco
Percent of offers that faced competition: 87.9%
Percent of offers that were over the asking price: 96.8%

2. Los Angeles 
Percent of offers that faced competition: 86.1%
Percent of offers that were over the asking price: 25%

3. Orange County 
Percent of offers that faced competition: 83.9%
Percent of offers that were over the asking price: 58.1%

4. San Diego
Percent of offers that faced competition: 72.6%
Percent of offers that were over the asking price: 60.9%

5. Boston 
Percent of offers that faced competition: 68.1%
Percent of offers that were over the asking price: 56.5%

6. Seattle
Percent of offers that faced competition: 67.4%
Percent of offers that were over the asking price: 60.6%

7. Washington, D.C.
Percent of offers that faced competition: 66.8%
Percent of offers that were over the asking price: 36.1%

Source: Redfin