Real estate market – Josh Adams Realtor http://joshadamsrealtor.com/ Tue, 27 Sep 2022 13:05:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://joshadamsrealtor.com/wp-content/uploads/2021/10/josh.png Real estate market – Josh Adams Realtor http://joshadamsrealtor.com/ 32 32 The Hungarian high-end real estate market is radically changing https://joshadamsrealtor.com/the-hungarian-high-end-real-estate-market-is-radically-changing/ Sat, 24 Sep 2022 15:44:00 +0000 https://joshadamsrealtor.com/the-hungarian-high-end-real-estate-market-is-radically-changing/ The Hungarian premium real estate market is changing: the rate of foreign investors in Budapest is decreasing, but they are still very active around Lake Balaton. Here is the analysis of Duna House, a Hungarian real estate agency. They say that more and more English, Dutch and Belgians would like to buy real estate in […]]]>

The Hungarian premium real estate market is changing: the rate of foreign investors in Budapest is decreasing, but they are still very active around Lake Balaton. Here is the analysis of Duna House, a Hungarian real estate agency. They say that more and more English, Dutch and Belgians would like to buy real estate in Hungary, which is a new trend.

Duna House told MTI, the Hungarian news agency, that demand was growing for houses and apartments with the most modern technical solutions. Meanwhile, fewer people would like to buy a property only in the premium category due to its size but in need of an urgent overhaul. Their analysis indicates that owners of such apartments should consider renting their apartments in a rapidly changing economic environment.

Károly Benedikt, the main analyst and public relations expert of Maison Duna, said that the Hungarian luxury real estate market is moving on a wide palette. There are modern, newly built and modernized apartments less than five years old, equipped with solar panels, state-of-the-art technical solutions and heat pumps. Also, some houses are in the premium category due to their excellent location and size, but they have outdated technical equipment.

Read alsoChanges in the Hungarian real estate market due to the war in Ukraine

Duna House reported growing demand for high-end apartments in Budapest, the suburbs and around Lake Balaton. They expect an increase in supply in this sector. But selling unmodernized apartments will become more difficult, Duna House added.

Some real estate owners in this category decide to rent out their apartments, which can generate an acceptable profit. For example, an apartment worth 250 million HUF can be rented for 1 million HUF/month.

During the pandemic, the number of potential foreign buyers has decreased significantly in Budapest and in the conurbation’s high-end real estate market. Currently, most Hungarians would like to buy apartments in this category. Meanwhile, Lake Balaton remained popular with German, Swiss and increasingly English, Belgian and Dutch shoppers. Around Lake Balaton, the demand for 3-4 room houses and apartments is still high.

Budapest
Read alsoHow much will an apartment in Budapest be worth in a year?

Source: MTI

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Standing on two feet in today’s real estate market https://joshadamsrealtor.com/standing-on-two-feet-in-todays-real-estate-market/ Sat, 24 Sep 2022 13:02:00 +0000 https://joshadamsrealtor.com/standing-on-two-feet-in-todays-real-estate-market/ As I write this, the national average 30-year fixed mortgage rate is 6.33%, with VA and FHA loans hovering around 5.7%. These rates can fluctuate depending on the amount of your down payment, your assets and liabilities, your credit score and the type of home you are buying. A $400,000 mortgage that cost $1,686 per […]]]>

As I write this, the national average 30-year fixed mortgage rate is 6.33%, with VA and FHA loans hovering around 5.7%. These rates can fluctuate depending on the amount of your down payment, your assets and liabilities, your credit score and the type of home you are buying.

A $400,000 mortgage that cost $1,686 per month in 2021 at 3% will now increase your monthly payment by an additional $798. Unfortunately, this can eliminate some of the buyer pool or require postponing a purchase, especially for the first-time buyer.

On the other hand, we’re starting to see increased inventory, longer time to market, periodic price reductions, and even offers to help close and repair items found during a home inspection. home. So where are these homes and what are you getting for your money?

First, let’s define the term “house”.

There are two types of fee simple structures: a detached house and a townhouse (aka suburban townhouse). With a fee simple purchase, you own the land and the building(s) on it.

Another type of home is a condominium, where you own the unit and a corresponding percentage of the land below the building and the common areas inside.

In a co-op apartment, instead of owning the unit and outlying areas, you own shares of the company that owns those things.

Believe it or not, you can still buy property in DC for less than $250,000. It will certainly be a condo or a cooperative. It will likely be a studio or one bedroom, although there are a few two-bedroom units and even four three-bedroom units currently available. If you’re looking for less than $100,000, however, you’ll be sleeping in your own parking space.

Where are these cheap houses hiding? You can find plenty of them in Adams Morgan, Cleveland Park, and Petworth and quite a few east of the river in Congress Heights, Deanwood, Hillcrest, and Randall Heights.

River Park, a popular co-op along the southwest waterfront, offers a 2-bedroom, 2-bathroom unit for just $189,000, if your budget can afford monthly fees of nearly $1,400, including property taxes and utilities.

If you raise your purchase price to $500,000, you can choose from 538 available homes, including dozens of townhouses in Anacostia, Congress Heights, Deanwood, and Lily Ponds, just west of the Freeway. ‘Anacostia.

One-bedroom condos and co-ops also abound in this price range, so check out those in Brightwood, Brookland, Capitol Hill, and even Friendship Heights and Georgetown. For the brand-conscious, there’s even a 1,000-square-foot one-bedroom coop available at Watergate for just $425,000, down from $570,000. Who says you can’t do great business in DC?

In the $500,000-$750,000 range, you can live pretty much anywhere you want choosing from a townhouse or detached home in the Brookland-Woodridge-Michigan Park-Riggs Park enclave or an assortment of condos two-bedroom units in Columbia Heights, Dupont Circle and Logan Circle, and even three-bedroom units in Shaw. Why not? There are 471 houses to choose from.

To hit $1 million, there are 330 homes on the market: beautifully renovated homes in Park View, Petworth, 16th Street Heights, Brookland, Brightwood and Capitol Hill, plus condos in Georgetown and co-ops in Foggy Bottom.

If you can afford the next $1-1.5 million price range, 197 homes are waiting for you. There are attractive three- and four-story townhouses available in Bloomingdale’s, Capitol Hill near the H Street Corridor, and Columbia Heights. You’ll also find condos in the West End, Central Business District, and along the U Street Corridor.

There are 83 homes available in the $1.5-2 million range. Choose from fee simple properties in Upper NW, Capitol Hill, Chevy Chase, and Georgetown, or splurge and choose one of two two-bedroom, 2.5-bathroom condos at the Ritz-Carlton. You will only pay a “small” monthly fee of around $3,100.

For the lucky ones for whom price isn’t an issue, there are 142 homes currently listed from $2-10 million. They are scattered throughout Georgetown, Forest Hills, Logan Circle, Dupont, Kalorama, Wesley Heights, and the Embassy Row neighborhood of Massachusetts Avenue.

Unlike New York or Los Angeles, you won’t find anything in the tens of millions, but there are four homes listed between $10-12 million in Wesley Heights and Massachusetts Avenue Heights, plus an 11-bedroom beauty in Forest. Hills. , with approximately 17,000 finished square feet over four levels – perfect for you and 10-20 of your closest friends.

Valerie M. Blake is a licensed associate broker in DC, Maryland and Virginia with RLAH Real Estate / @properties. Call or text her at 202-246-8602, email her through DCHomeQuest.com or follow her on Facebook at TheRealst8ofAffairs.

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Rising interest rates cool Southern California’s hot real estate market https://joshadamsrealtor.com/rising-interest-rates-cool-southern-californias-hot-real-estate-market/ Wed, 21 Sep 2022 22:06:00 +0000 https://joshadamsrealtor.com/rising-interest-rates-cool-southern-californias-hot-real-estate-market/ With interest rates rising another 0.75%, Southern California’s once hot real estate market has calmed down. “Every time we made an offer, it didn’t go through because someone put in an extra $50,000, an extra $60,000,” owner Ariana Sipavich said. Sipavich finally completed the purchase of his house about four months ago, eventually buying a […]]]>

With interest rates rising another 0.75%, Southern California’s once hot real estate market has calmed down.

“Every time we made an offer, it didn’t go through because someone put in an extra $50,000, an extra $60,000,” owner Ariana Sipavich said.

Sipavich finally completed the purchase of his house about four months ago, eventually buying a repairman.

“Our house was probably the ugliest house in the neighborhood,” she said.

Since then, the Southern California real estate market has taken a drastic turn. Almost at the exact moment Sipavich made the deal, the market plummeted, according to Dr. Richard Green of USC’s Lusk Center for Real Estate.

“We’ve seen a decline over the last four months of about 20% in home sales,” Green said.

Green attributes the market’s decline to attempts by the Federal Reserve to control inflation. One of the strategies the Fed uses to control inflation is to raise interest rates. With inflation hitting 9.1% – its highest level in 40 years, in June – the Fed has started raising interest rates to hopefully dissuade consumers from spending more money.

The latest round of interest rate hikes has pushed 30-year fixed-rate mortgages up to about 6% from about 3% in December.

For example, a loan of $550,000 last year at 3% would equate to a payment of $2,318 on a 30-year mortgage. Now, the same loan at 6% would be $3,297, a jump of 42%.

Estate agent David Smith said he had to make price adjustments to his listing in Woodland Hills after 65 days on the market. He added that sellers have to manage their price expectations while buyers are in charge, making it a buyer’s market now.

“Now there’s a period of positivity because there’s less competition,” Smith said. “I see fewer multiple offers – I still see them but less.”

Green said house prices are unlikely to bottom out like they did during the Great Recession because borrowing standards are much tighter now.

“I don’t know how low they can actually fall from where they are now, but I think it will be low for a while,” he said.

It’s easy to notice price drops on Zillow, but for 32-year-old Joseph De Herrara, logging onto the real estate site is no longer part of his American dream.

“I started about 5 years ago and I think I threw in the towel like earlier this year,” he said.

As home prices fall, fewer homes are entering the market as homeowners with low-interest loans are unwilling to exit.

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How real estate agents coped with the new realities of the real estate market https://joshadamsrealtor.com/how-real-estate-agents-coped-with-the-new-realities-of-the-real-estate-market/ Wed, 21 Sep 2022 00:00:00 +0000 https://joshadamsrealtor.com/how-real-estate-agents-coped-with-the-new-realities-of-the-real-estate-market/ A Savills expert said the market has become increasingly international in outlook. Apart from client demands, real estate agents in Singapore have also had to contend with changes in the real estate industry, including the market being driven more by global challenges such as inflation, rising interest rates of interest and the pandemic. To keep […]]]>

A Savills expert said the market has become increasingly international in outlook.

Apart from client demands, real estate agents in Singapore have also had to contend with changes in the real estate industry, including the market being driven more by global challenges such as inflation, rising interest rates of interest and the pandemic.

To keep up with the new realities, ERA Realty Division Manager Jazreel Lim said she needed to change her mindset and the way she approached her clients.

Lim said she became “a new agent” again and worked to further expand her sphere of influence when she struggled to sell in the first quarter of the year due to historically low inventory.

“In any market, referrals are usually the best source of leads… Simply put, if the fish aren’t biting, I have to go where they are,” she told Singapore Business Review.

According to Lim, she was only able to negotiate at least four houses in Q121, but in Q222 she had none. During the same period, only 1,825 new private homes were sold in Singapore, down 47.8% from the same period last year.

“I was freaking out to see such a stark difference, but I think as estate agents we always have to stay calm. We have to understand that we can’t change the market, so what we can do is is changing our mindset and the way we approach our clients,” said Lim, the youngest among SBR’s most notable real estate agents under 40 for 2022.

When approaching clients, Lim said it’s important for real estate agents to educate their buyers about the market and its conditions.

“As long as we are able to educate buyers and help them with their decision-making, it will help build their confidence. [into buying properties]“, said Lim.

Lim said she educates her buyers by painting them a “correct picture” of what the market looks like, showing them charts and numbers, and even helping them plan properly.

Along with educating shoppers, Lim said it’s also important to understand their needs.

Savills Senior Director, Investment Sales and Capital Markets, Yap Hui Yee, echoed that sentiment, adding that understanding what clients really want and providing tailored services based on their needs is the secret of the company. success in the real estate industry.

“There is no easy sale in the real estate market. The key to a successful sale is a combination of preparation, planning and understanding the market and your client’s needs and wish list”, said Yap, who has been recognized as one of the experts by Singapore Business Review. the most notable real estate agents under 40 for 2022, advised.

“Providing dedicated service with a good old fashioned personal touch,” she added.

For buyers, Lim advised them to “buy on budget and need,” instead of timing the market.

“Inflation, high mortgage rates and record house prices are reducing housing affordability…waiting may not be a viable option as there are unlikely to be any significant price improvements or interest rates. I think trying to predict what might happen in the next year is not the best home buying strategy,” Lim added.

embrace the world

Another reality real estate agents had to deal with, according to Yap, was that the market was becoming increasingly international in its outlook – whether marketing to overseas buyers or acting on behalf of Foreign customers.

“Real estate has always been seen as a local phenomenon…but with the influx of international capital, it’s almost impossible for real estate brokers to live in a vacuum and shield themselves from global influences,” Yap told Singapore Business Review.

That’s why, she said, it’s important that real estate agents “now look beyond the local and embrace this new global reality to ride the waves.”

“That’s not to say local isn’t important – it is and always will be – but factors such as a strong international reputation and political stability have solidified Singapore as a safe harbor for wealthy investors. to navigate rough seas,” added Yap.

Admittedly, she said embracing this new reality and strategizing to expand her reach globally was a challenge – but luckily she had colleagues from different regions who helped her have a more global clientele. extent.

“There’s a saying that while what you know is important, who you know may be more relevant,” she said.

“I have worked closely with Savills counterpart offices and colleagues to expand my regional network. In the various regional offices, we work hand in hand to ensure that we have an in-depth and up-to-date knowledge of capital flows,” she added.

Yap said her broad global reach, coupled with “original thinking,” was what led her to successfully sell the House of Tan Yeok Nee national landmark in the space of three months.

“Thinking outside the box, we started imagining the space and exploring other potential uses, such as a café, private clubhouse or art gallery. Buyers appreciated the research and breadth of knowledge demonstrated through our service, and ultimately they loved what we offered,” she said.

“When I landed the exclusive appointment, I knew that I would leave no stone unturned. I tapped into every possible network to expand my pool of buyers, issuing press releases to Chinese and Hong Kong media in addition to our Singaporean media,” she added.

Yap sold the National Moment to an Indonesian family for around $85 million in March 2022.

Yap hoped Singapore would fully reopen borders and other markets like China and Hong Kong would follow so she could meet face-to-face with customers residing in those areas.

“In today’s increasingly competitive market, this can be a particularly difficult landscape to navigate because global customers are almost always mobile customers. The best way for real estate brokers to do this is to meet the needs of international investors by approaching everything with creativity and careful attention to their needs,” she said.

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Sensational adobe with a rich history adorns the New Mexico real estate market. check it out https://joshadamsrealtor.com/sensational-adobe-with-a-rich-history-adorns-the-new-mexico-real-estate-market-check-it-out/ Sat, 17 Sep 2022 17:00:00 +0000 https://joshadamsrealtor.com/sensational-adobe-with-a-rich-history-adorns-the-new-mexico-real-estate-market-check-it-out/ A jaw-dropping Santa Fe home with a colorful history has landed on the New Mexico real estate market for $14 million. It is known as the De La Pena/Frank Applegate residence, and among its many sought-after attributes, its renovation has also recently won it a prestigious award. “This property won the 2022 Historic Preservation Award […]]]>

A jaw-dropping Santa Fe home with a colorful history has landed on the New Mexico real estate market for $14 million.

It is known as the De La Pena/Frank Applegate residence, and among its many sought-after attributes, its renovation has also recently won it a prestigious award.

“This property won the 2022 Historic Preservation Award for Best Renovation of a Historic Property from the Historic Santa Fe Council,” listing agent Kendra Henington told Realtor.com.

The history of the estate dates back to the mid 1800s when it was purchased by Sergeant of the Spanish Army. Francisco De la Pena, says the list. Its aesthetic appeal was captured by world-renowned photographer Ansel Adams, who photographed the house for a 1930s edition of the Ladies Home Journal when the property was owned by artist Frank Applegate.

“This is truly an incomparable and significant property – a once-in-a-lifetime real estate offering,” Henington told McClatchy News. “A lot of people think this should be a museum because of its historical provenance and architectural features.”

A lot needs to be looked at when faced with a massive renovation of a property with such a historic past, so the owners – who bought the house in 2018 – not only spent millions on its renovation, but also had to skip through hoops to get it. done correctly.

“You have to go before historic design review boards for anything you want to change in this property,” Henington told Realtor. “You had to have an archaeologist on site when something was being dug because of the history of this area.”

The result is a modern, smart hybrid home that has retained its flawless roots.

The property consists of an adobe house with five bedrooms and seven bathrooms, which is the main building, as well as:

  • Bed and breakfast

  • Two garages

  • Clay tennis court

  • Ramadan

  • Private well

  • Multiple courses

  • Gardens

“A Control 4 smart home operating system connects virtually all of the technology in the home,” the listing reads. “Exquisite architectural and artistic details featured throughout the property capture the romance of classic Santa Fe style.”

The listing is owned by Berkshire Hathaway HomeServices.

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Cooling housing market chills home buyers and sellers https://joshadamsrealtor.com/cooling-housing-market-chills-home-buyers-and-sellers/ Sat, 17 Sep 2022 09:54:06 +0000 https://joshadamsrealtor.com/cooling-housing-market-chills-home-buyers-and-sellers/ How does a falling real estate market affect buyers and sellers? A variety of factors, including higher interest rates, rising inflation and rising costs of living, have all played a role in cooling much of Ontario’s housing market. Financial institutions have recently reported that rising interest rates are pushing up the stress test eligibility rate […]]]>

How does a falling real estate market affect buyers and sellers?

A variety of factors, including higher interest rates, rising inflation and rising costs of living, have all played a role in cooling much of Ontario’s housing market.

Financial institutions have recently reported that rising interest rates are pushing up the stress test eligibility rate for a mortgage. The stress test is a calculation that lenders use to determine if a buyer is able to qualify for a certain mortgage, and it automatically includes an interest rate at a higher level. Using a higher rate is used to assess a buyer’s ability to make mortgage payments if the interest rate increases.

Now, with interest rates rising, an even tougher stress test means the number of people eligible for a mortgage and the amount they are approved for will likely shrink.

It is important to point out that property values ​​fluctuate over time, sometimes with sharp increases and decreases. Although economists generally have differing opinions on how long house prices will fall or rise, it is difficult to guarantee projections with certainty, as they can be influenced by many global factors.

If you’re looking to buy a home in Ontario, the conditions leading to lower prices can work in your favour. However, no one knows how far the market could go. Depending on your neighborhood preferences, you may be able to find a property for less than it would have sold just a few months ago. Plus, you may have more opportunities to negotiate terms to your advantage, such as having your home inspected or obtaining financing.

If you are looking to sell your property, however, this may be a less favorable time. Depending on the type of home you own or its location, you may not see competing offers as often as you have in recent years.

It’s understandable if you wonder if now is the right time to go ahead and list your property – or if it would be better to wait for the real estate landscape to change. The short answer is that much will depend on each individual’s personal and financial goals and circumstances.

Here are some questions to consider:

  • What drives your decision to sell? Is it because you bought another house and want to avoid having two mortgages at the same time? Are you looking to move to another city for work or to be closer to your family? Are there other personal reasons behind your decision?
  • Do your finances allow you to keep your property a little longer? Is your schedule flexible?
  • If you move to another property, can you rent out your home and revalue the market in the next few years?
  • Are you looking to make as much equity as possible, or do you have an amount that you will just settle on?

Everyone’s situation is different, so answering these questions can help you make a more informed decision. I also highly recommend consulting a real estate agent who is knowledgeable and experienced in real estate transactions in your area.

If you have a question about the process of buying or selling a home, please email information@reco.on.ca.

Joe Richer is Registrar of the Real Estate Council of Ontario (RECO). This column is for general informational purposes only and is not intended to provide legal or professional advice on real estate transactions. Follow RECO on Twitter: @RECOhelps

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August 2022 real estate market watch bulletin https://joshadamsrealtor.com/august-2022-real-estate-market-watch-bulletin/ Wed, 14 Sep 2022 20:50:24 +0000 https://joshadamsrealtor.com/august-2022-real-estate-market-watch-bulletin/ August 2022 market statistics Berkshire Hathaway HomeServices PenFed Realty provides this monthly review of the real estate market in Sussex County, Delaware. Whether you are buying, selling, or simply interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool when making an offer on a […]]]>

August 2022 market statistics

Berkshire Hathaway HomeServices PenFed Realty provides this monthly review of the real estate market in Sussex County, Delaware. Whether you are buying, selling, or simply interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool when making an offer on a property. Having up-to-date information on the sale prices of comparable properties will allow you to make the smartest offer. As a seller, having the knowledge to determine your property’s listing price can help you get the best selling price possible in the shortest possible time. Contact one of our agents for reliable information on the real estate market.

To download the full Market Watch newsletter, Click here.

The statistics referenced here and in the attached newsletter are based on individual single-family homes, derived from the Bright Multiple Listing Service.

Active Lists/Current Inventory
At the end of August, there were a total of 1,000 homes on the market, down 0.1% from the previous month’s end inventory of 1,001. Of the 1,000 homes on the market at the end of the month, 44% of them are new homes. Homes currently on the market represent just under 3-month inventory, with a current uptake rate of 355 homes sold per month so far in 2022. There have been 434 new single-family home listings placed on the market in August. , with 32% of them under contract at the end of the month.

Closed sales
For the month ending August 2022, year-to-date sales of single-family homes in Sussex County are down 13% from the same period last year, with 2,843 homes sold vs. 3,275 for the month ending August 2021 year to date. All regions saw a decline in the number of homes sold. The area with the biggest decline was the Georgetown area, down 33%.

Over the past 5 years (2017-2021), annual sales have increased from 3,495 in 2017 to 5,034 in 2021, an increase of 44% over 5 years, or almost 9% per year.

house price
The average sale price for single-family homes in Sussex County rose from a year ago through August to $582,345 from $514,420, an increase of 13%. The median sale price also increased from YTD 2021, $469,904 from $390,000, an increase of 20%.

Over the last 5 years (2017-2021), the average sale price has increased from $380,213 in 2017 to $525,687 in 2021, an increase of 38%, or just over 7% per year. The median sale price has increased over the past 5 years from $285,900 in 2017 to $400,000 in 2021, an increase of 40% or 8% per year.

Pending sales
Pending sales for the month ending August 2022 year-to-date are down 23% from the same period last year, with 2,622 homes under contract through August 2022 year-to-date of the year, compared to 3,415 until August 2021 since the beginning of the year.

Days on market
The average days on the market for homes under contract is down 24% for homes closed through August of this year compared to last year. In 2022, the current average days on market for these gated homes is 31 days, up from 41 days through August 2021.

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Experts say the Tampa Bay real estate market is ripe for scammers https://joshadamsrealtor.com/experts-say-the-tampa-bay-real-estate-market-is-ripe-for-scammers/ Mon, 12 Sep 2022 15:05:00 +0000 https://joshadamsrealtor.com/experts-say-the-tampa-bay-real-estate-market-is-ripe-for-scammers/ Renters looking for an affordable home in the greater Tampa Bay area have another hurdle to overcome: Internet scams. Many are of the low-dollar variety, like the one that trapped Dominic Cwiklinsi in June. Cwiklinsi was looking for Zillow in June when he spotted a rental in his monthly budget — a rarity in Tampa […]]]>

Renters looking for an affordable home in the greater Tampa Bay area have another hurdle to overcome: Internet scams.

Many are of the low-dollar variety, like the one that trapped Dominic Cwiklinsi in June.

Cwiklinsi was looking for Zillow in June when he spotted a rental in his monthly budget — a rarity in Tampa Bay’s booming market, he said.

Eager, he applied through a third-party website, electronically paid the $30 fee, and never heard back.

Although the online listing seemed legit, Cwiklinski believes he was the victim of a rental scam created to fish for application fees. He said the property remained listed for more than a month, likely faking hundreds of potential tenants like him.

“They’re trying to get you to send money, or an application fee, to hold the spot,” he said. Sometimes ask for a security deposit or first and last month’s rent. And often request that the fees be paid up front, without visiting the property.

Authorities say such scams are becoming more common in the greater Tampa Bay area. With little inventory and lots of people looking for a home, the housing market is ripe for scammers.

On its website, Zillow warns about this type of foul play, saying it could happen on any website where users can self-post rental listings, including Craigslist, eBay, and Facebook Marketplace.

“This is especially true if you have a tight deadline to find a place, which makes it even more important to be on the lookout for potential fraud,” according to a published advice sheet by the real estate site.

Cwiklinski said filtering out scams adds another frustration for people struggling to find affordable housing.

“I can’t describe the frustration,” Cwiklinski said. “It’s like – you don’t know what to do next. What else should I try? What else box I’m trying?”

Gabrielle Paul

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WUSF Public Media

Dominic Cwiklinski sports an “Athletics” t-shirt at his office, where he oversees his class at Tampa Bay Technical High School.

Better known as “Coach,” Cwiklisnki teaches health and leads the track program at Tampa Bay Technical High School. He hoped to find new accommodation before the start of the school year.

“The last four years I’ve lived in an apartment complex,” he said. “And the rent has almost doubled in two years.”

For now, he lives in a suitcase in a friend’s extra bedroom. Before and after school, during lunch and between classes, Cwiklinski combs through rental ads on half a dozen mobile apps.

Now that he knows what to watch out for, he estimates he’s spotted around 100 fraudulent ads.

By the numbers

Data requested from the FBI’s Internet Crime Complaint Center shows that real estate scams are a persistent problem in the greater Tampa Bay area.

The center, which serves as a clearinghouse for complaints from victims of Internet crimes, defines real estate scams such as loss of funds reported by fraud involving rental or timeshare property, including higher schemes.

Last year, 304 victims reported losing a total of $6.2 million in six Florida counties: Hillsborough, Pinellas, Pasco, Polk, Sarasota and Manatee.

Hillsborough County accounts for nearly half of those reports in the greater Tampa Bay area, with 132 people reporting losses of about $3.5 million in 2021.

Between January and July, the number of complaints and the amounts of losses per month were on an upward trend in Hillsborough, Manatee and Pasco counties compared to 2021. Notably, in Pasco County, losses have more than doubled for real estate scam victims – from almost $790,000 to over $2 million in less than 12 months.

Special Agent Andrew Sekela of the FBI’s Tampa Division predicts that the actual amount of casualties for real estate victims in the Tampa Bay area is two to three times higher than what has been reported. In his former role at the FBI, he led the region’s white-collar crime division and worked closely with financial institutions and the real estate industry.

“Based on my experience here for 10 years, there are a lot of fraudsters in Tampa,” Sekela said.

He said not all real estate scams warrant a response from law enforcement.

Low cost scams usually go uninvestigated

The most common low-cost real estate scam — like the one that ensnared Cwiklinski — is called “adverse possession.”

IMG_9206.PNG

Screenshot from Realtor.com

A legit listing for a New Port Richey home sold in July on Realtor.com.
IMG_0512 (1).jpg

A fraudulent relisting of a property (see above), posted on a social media website in August. Estate agents representing buyers and sellers, Tiffany Prete and Tetiana Gapych, said any current advertisement for the property is a scam.

“It’s when someone takes possession of a property that they don’t rightfully own,” Sekela said.

Traditionally, scammers planted fake “For Rent” signs in the front yards of vacant properties to which they had no right. Sekela said it was a popular program in the early 2000s when there was an equally heightened interest in the housing market.

Since then, real estate fraudsters have moved online. Although the strategy has remained the same: scam an application fee, a security deposit or even start collecting rent before the process is complete.

These days, scammers grab images from legitimate listings and advertise them on websites like Zillow, eBay, Craigslist, and FaceBook Marketplace – impersonating the owner.

Tampa real estate agent Tiffany Prete said she was warned about this type of activity but was still surprised to find one of her own properties chained in a rental fraud scheme .

“It took my breath away,” she said.

In July, Prete sold a house in New Port Richey for nearly $500,000 to out-of-state buyers. In August, buyers put the house up for rent on Zillow and found tenants within days, according to buyer’s agent Tetiana Gapych. About a week later, a fake rental ad surfaced on Facebook advertising the house for $2,500 a month.

More often than not, Sekela said these low-cost scams go uninvestigated.

To justify the involvement of local law enforcement or the FBI’s Internet Crimes Squad, Sekela said the amount of the loss had to exceed a six- or seven-figure threshold, as defined by the district attorney’s office. American.

He warns tenants and real estate agents to beware of these loftier schemes: Some scammers will pretend to offer mortgage refinance services and then pocket payments from borrowers. Others may hijack legitimate business email communications, such as a real estate agent and home buyer, to intercept high-value transactions, such as a down payment on a home.

Sekela’s advice: Trust no one.

“If you get an email or a text, or even a phone call from someone, verify that they are who they independently claim to be,” he said. “Don’t take them at their word for that.”

Tenants must verify the identity and real estate license of their real estate agent on the website for the Florida Department of Business and Professional Regulations. Land ownership must also be verified on the county real estate appraiser’s website.

“It’s hard these days to know exactly what’s good enough because fraudsters…the more they’re engaged in a scheme, the savvier they become.”

Scammers prey on desperate tenants

Rose Burke is all too familiar.

She has already been scammed. So she knows all the telltale signs of rental fraud. And yet, in August, she almost fell for a real estate scam. This time: on a website suggested by her daughter’s social worker.

“I guess there’s no website you can really trust,” she said.

Burke works from his home in Carrollwood as a telesales agent. In her spare time, she combed through rental listings for her daughter, a single mother of five who qualifies for Section 8 housing.

While browsing, Burke said a man messaged him on the Affordable Housing website, which collects rental properties that accept housing vouchers. The post provided an address for a lovely yellow house 15 minutes away and the person who said he was the owner encouraged her to stop by and check it out.

“And so I went. I was looking out into the garden – oh my god – looking out the windows,” she said.

For rent sign

Gabrielle Paul

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WUSF Public Media

A “For Rent” sign is staked in the front yard of a yellow home managed by Calebro & Associates, LLC. After calling the number on the panel, Burke spoke with the owner and legitimate real estate agent, Bert Calebro.

After leaving, she called the number on the “For Rent” sign posted in the front yard and learned that the man she was communicating with was not the landlord.

“I think they’re targeting low-income people, because I think there’s some desperation,” she said.

Burke knows how to verify the identity of real estate agents and double-check property records. But, she says, most people don’t.

Tampa realtor Gary De Pury, who is also an attorney, advises renters, “If it’s too good to be true, it probably isn’t.”

Quite simply, he said, fraud follows booming business. And in an affordable housing crisis, rental scams are a symptom of desperation.

Unlike New York or San Francisco, where average income competes with the cost of housing, De Pury said wages in the greater Tampa Bay area are out of step with “astronomical rent increases.”

“Every few months I seem to get a request from someone who has been abused and they want me to go get the money back,” he said.

But there is rarely a legal route to recoup victims’ losses.

De Pury said the best prevention for tenants moving out amid the affordable housing crisis is more awareness.

“If the Tampa Bay area can be 10% more aware,” he said, “the scammers will move on to another area.”

Resources for avoiding and reporting real estate scams:

Gabriella Paul covers the stories of people living paycheck to paycheck in the greater Tampa Bay area for WUSF. She is also a member of the Report for America body. Here’s how you can share your story with her.

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Cautionary Tales for the U.S. Housing Market https://joshadamsrealtor.com/cautionary-tales-for-the-u-s-housing-market/ Fri, 09 Sep 2022 08:47:20 +0000 https://joshadamsrealtor.com/cautionary-tales-for-the-u-s-housing-market/ Global real estate markets have been in a frenzy during the Covid-19 pandemic. But homebuyer activity has slowed in countries like Canada, New Zealand and Australia. The US real estate market shares some of its problems, and it is a cautionary tale for us. Loading Something is loading. The United States is not the only […]]]>
  • Global real estate markets have been in a frenzy during the Covid-19 pandemic.
  • But homebuyer activity has slowed in countries like Canada, New Zealand and Australia.
  • The US real estate market shares some of its problems, and it is a cautionary tale for us.

The United States is not the only country facing a real estate recession.

In countries around the world, rapidly growing house prices, fueled by lackluster housing supply and robust investor activity, have distorted local housing ecosystems, particularly in Canada, New Zealand and Australia.

According to a research note from multinational investment bank Goldman Sachs, each of these markets is poised to experience “significant declines in house prices” throughout 2023. In Canada, residents face a drop 6% of house values, while the rate is 18% and 13% in New Zealand and Australia, respectively.

Although prices in the United States are only expected to fall by 3%, these countries each have unique housing challenges, all of which serve as a cautionary tale for the freezing US housing market.

Canada lacks significant housing inventory

Canada and the United States share a similar challenge: they don’t have enough homes for everyone who wants to buy.

In both countries, years of underconstruction and rampant investor activity have led to soaring prices and falling demand.

According to Canada’s national housing agency, CMHC, the country needs to build 5.8 million homes by 2030 to ease its affordability crisis. The task can be difficult given that the country – much like the United States – faces a shortage of construction workers and exorbitant home construction costs.

“There are supply issues, labor shortages right now and the cost of financing is going up,” said Aled ab Iorwerth, deputy chief economist at Canada Mortgage and Housing Corporation, at CBC News.

While house sales and prices are now falling in Canada due to rising interest rates — much like what is happening in the United States — the country’s housing shortage remains an obstacle to stabilizing its market. Although Prime Minister Justin Trudeau’s government has tried to boost supply by introducing a two-year ban on home purchases by foreign investors, housing experts say more will have to be done.

“I don’t think prices will drop as a result, although I think it will take away at least some competition in what is the most competitive market in Canadian housing history,” said Simeon Papailias, the founder of real-estate investment firm REC Canada, told Bloomberg, adding that a “two-year band-aid” is unlikely to have any effect on a fundamental lack of homes.

Young buyers are barred from home ownership in New Zealand

The New Zealand housing market is an example of what could happen when a country’s young adults can no longer afford the dream of home ownership.

Home to some of the most expensive property markets in the world, the country’s affordability issues have been exacerbated by inflationary pressures and rising interest rates. Many potential first-time home buyers in New Zealand are overpriced, which has led to a severe housing slump.

It sounds too familiar.

Much like in the United States, house prices in New Zealand soared at the start of the Covid-19 pandemic. As in Canada and the United States, growth was stimulated by the strong activity of real estate investors.

His government attempted to address the issue by introducing several billion-dollar measures, including increasing the amount of loans or grants individual buyers could receive from the government and raising taxes for property investors.

But the provisions have not been enough to address the country’s housing disparities.

As New Zealand’s housing crisis worsens, The Guardian reports that fewer of the country’s young buyers can afford to buy a home. With the median home price at $741,000 in June of this year, it’s no surprise that so many young adults nationwide are now locked out of buying a home. It’s an echo of the US crisis where the median home price is $435,000 and in 2019 it’s estimated that 70% of millennials cannot afford to buy.

The absence of young buyers from the New Zealand market has helped push the country’s homeownership rate to a 70-year low and intensified its housing downturn.

“The housing crisis has implications for all generations,” a 29-year-old told the Guardian. “Under the current model, a lot of people lose and a select few win.”

Economic volatility dampens buyer demand in Australia

Australia has not escaped the housing downturn that is hitting global property markets.

Just like in the United States and New Zealand, the fight against inflation has led to higher mortgage rates, which has led to lower demand and falling house prices. As home buying activity plummets in Australia, economists fear the country is bracing for a property crash.

Data from CoreLogic shows that in August, in all Australian cities except Darwin, house values ​​fell. The company says the combined value of residential property in Australia fell to $9.7 trillion in August, marking the biggest quarterly decline in home values ​​since the 1980s.

“We are seeing housing values ​​falling faster now than we saw during the global financial crisis and also during the recessions of the early 1990s and early 1980s,” said Tim Lawless, research director at Corelogic, at the Guardian.

“With inflation likely to remain stubbornly high, the outlook for interest rates is for further increases through the year and into 2023, adding further downside risk to housing demand,” Lawless said. in a report on housing, adding that the value of the house is going down. in Sydney and Melbourne are “likely to expand to other capital cities and regional markets over the coming months”.

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The real estate market is finally cooling down https://joshadamsrealtor.com/the-real-estate-market-is-finally-cooling-down/ Fri, 09 Sep 2022 03:00:00 +0000 https://joshadamsrealtor.com/the-real-estate-market-is-finally-cooling-down/ AAs list prices fall, fewer potential buyers book viewings and homes sell more slowly, according to industry experts. The once-hot real estate market is finally cooling after hitting record highs earlier this year, they add. The latest data from major real estate companies shows prices are falling and, for the first time in more than […]]]>

AAs list prices fall, fewer potential buyers book viewings and homes sell more slowly, according to industry experts. The once-hot real estate market is finally cooling after hitting record highs earlier this year, they add.

The latest data from major real estate companies shows prices are falling and, for the first time in more than a year and a half, homes are selling on average below their asking price. Companies expect the trend to continue.

“The average home sold for less than its list price for the first time in more than 17 months during the four weeks ending August 28, as the housing market downturn continued,” said real estate site Redfin. reported September 1st. “Each month since March 2021 has seen an average list-to-sale ratio of over 100%, meaning the average home has sold for more than its final asking price, after all the price cuts.”

Similarly, Realtor.com stated in its August data report that “listing prices slowed for the third consecutive month as more sellers paused home listings and homes for sale spent longer on the market than last August.”

The market sell-off comes after average U.S. home prices soared over the past two years as the country emerged from the early shutdowns of the COVID-19 pandemic and the economy shifted to top speed. House prices overcome $440,000 earlier this year, according to federal data, more than $100,000 above pre-pandemic levels.

“In June, housing affordability fell to its lowest level since 1989,” the National Association of Realtors said. said end of August. “Based on a 30-year fixed rate mortgage and a 20% down payment, the monthly mortgage payment for a typical home jumped to $1,944, an increase of 54%, or $679 , compared to a year ago.”

The market chill also comes as the country begins to see some relief from record inflation more broadly. This year, the Federal Reserve has introduced a series of aggressive interest rates hikes in a bid to curb soaring prices on everything from fuel to food and housing. As a result, mortgage rates have also risen, helping to fuel the current housing downturn.

“Despite falling home prices, demand from homebuyers is still cold – mortgage purchase applications and pending sales have both seen sharp declines from a year ago – in large thanks in part to another surge in mortgage rates, which hit 5.66%, their highest level since June,” Redfin said. “Home sellers are also reluctant to enter the market: new listings and total inventory of homes for sale have also seen steep declines.”

Last month, “the monthly mortgage payment on the median asking price was $2,306” at this rate, “up 39% from $1,665 a year earlier, when mortgage rates were 2.87 %,” Redfin said. While still elevated, it is “down from a peak of $2,461” in early June – the same month the Fed approved a rare three-quarters percentage point rate hike as the inflation was rising.

The real estate market showed the first signs that it was start to relax earlier this year after the Fed decided in March to raise interest rates for the first time since 2018. Between February and March, existing home sales fell 2.7%, NAR said.

This figure has continued to decline, says NAR. Its more recent search shows that for the sixth consecutive month, sales of existing homes fell 5.9% between June and July and more than 20% compared to the same period last year.

Meanwhile, pending home sales, which act as a “forward indicator of home sales based on contract signings,” fell 1% in July, NAR said.

“In terms of the current real estate cycle, we could be at or near the bottom of contract signings,” Lawrence Yun, the group’s chief economist, said in a statement. “This month’s very modest decline reflects the recent decline in mortgage rates. Inventory is rising for homes in the upper price ranges, but limited supply at lower prices is hampering transaction activity.”

As sales decline, homes stay on the market longer, the data shows. “Sold homes were on the market for a median of 26 days, down from 21 days a year earlier and the record low of 17 days set in May and early June,” according to Redfin’s August report.

Realtor.com also found that homes took longer to sell. “The typical home spent 42 days on the market in August, five days more than last year and the first month with increased time on market since June 2020, at the start of the pandemic,” the authors wrote. business experts. Still, homes are selling faster than before the pandemic, with homes spending “22 fewer days on the market in August than the typical 2017-2019 schedule.”

Several other signs also point to a drop in interest and activity from homebuyers over the past few weeks. For one thing, fewer people are asking Redfin agents for house calls and related services, the company said. “The seasonally adjusted Redfin homebuyer demand index … rose 15% from the 2022 low in June in the week ending August 28, but was down 16% year on year. on the other,” according to his report.

ShowingTime, a home visitation company, has also seen less activity in recent weeks. Home visits in July fell nearly 17% from the same time last year, according to the company’s Broadcast Index.

“The year-over-year decline in buyer activity follows a general market rebalancing occurring across the country as available inventory increases while fewer buyers are actively buying homes. “, said the company. said August 31. “These two factors have dampened competition compared to last summer’s multiple-offer environment.

“The Northeast again saw the smallest decline in buyer demand in July, registering a 9.9% drop, followed by the Midwest’s 13.5% decline,” the company added. “The South’s 24.2% drop came next, with the West again recording the largest year-over-year decline at 44%.”

Not as many people search online for available homes either. “Fewer people searched for ‘houses for sale’ on Google,” Redfin said, citing the search engine Data. “Searches in the week ending August 27 were down 26% from a year earlier.”

Although home costs are still higher than they were before the pandemic, analysts say this fall will see some long-awaited relief for buyers who can afford higher mortgage rates.

“Home prices continue to rise by double-digit percentages year over year, but annual price appreciation is expected to moderate to the typical rate of 5% by the end of this year and into 2023. “, said Yun, chief economist of the NAR. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should begin to pick up early next year.”

Daryl Fairweather, chief economist at Redfin, said that “although the cooling appears to be waning, there are signs that there is more room for the market to ease.

“The post-Labor Day downturn will likely be a bit more intense this year than in previous years when the market was very tight,” she said in the August data release. “Expect homes to stay on the market, which could lead to a further uptick from sellers lowering their prices. Homebuyers’ budgets are increasingly stretched by rising rates and continued inflation, so sellers must make their homes and price them attractive to attract buyers’ attention during this busy economic period. year,” she added.

According to Realtor.com, as the real estate market becomes less competitive, homebuyers will have more and less expensive options to choose from.

“Although fewer new listings are coming to market, the overall inventory continues to grow, providing more choices for buyers who are still looking for a home. Western markets lead other regions in increasing inventory, reducing prices and slowing price growth,” the company’s economic experts wrote on September 1. will provide leeway for buyers looking for a home during what is generally the best time to buy a home.

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