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High rents slamming college grads

May 19, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Rental

Data from the National Association of Collects and Employers shows that the average starting salary for college grads in 2020 was approximately $55,000, an increase of 14 percent from 2010. Not bad.

Meanwhile, Apartment List reports that apartment rents have risen 16 percent in the last year alone and 28 percent since 2017. Not good.

Many college grads are taking on roommates to help defray the cost.

With competition for affordable units very high, many property owners are requiring cash savings and stable work histories which recent graduates often can’t supply.

Filed Under: Rentals Tagged With: college grads and rentals

Pets & Real Estate

May 16, 2022 By Geoffrey Disch Leave a Comment

Family with dog

Pet adoption has increased since the start of the pandemic and these family creatures are influencing home choices. According to the National Association of Realtors, 43 percent of pet owners will move to better meet their pet’s needs while 68 percent said they will pass on an otherwise ideal home if it isn’t suitable for their pets.

In general, pet owners are looking for a backyard that is fenced in, an outdoor play area, trails and sidewalks in the neighborhood, adequate indoor space ad durable flooring.

Filed Under: Real Estate Tagged With: pets

Home improvement projects continuing

May 12, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Remodel

Despite high inflation and seemingly never-ending bottlenecks with the supply chain, 71 percent of homeowners said in a recent survey that they plan to go on with their home remodeling projects. Most are interested in preparing the general wear-and-tear or outdated aspects of their homes while others are looking at making their home more enjoyable.

Many are looking at creative ways to combat the higher prices, from locking in with a contractor at the expense of delaying the project for up to three months to storing project materials on the property to prevent future cost increases.

on way of another, most are intent on seeing the projects to completion.

Filed Under: Real Estate Tagged With: home improvement, home remodeling

Home price growth expected to slow

May 9, 2022 By Geoffrey Disch Leave a Comment

As mortgage rates continue to climb – some analysts predict 5.5 percent or even 6 percent by the end of the year – many would-be home buyers find themselves priced out of the housing market. This, of course, means that there is less competition for those who are still in the market which should translate to a slower price escalation and less need to bid over the asking price.

According to the Mortgage Data Association, mortgage applications were down 11.1 percent for the week ending April 29.

Filed Under: Real Estate Tagged With: home price growth

New California program to help first-time buyers

May 5, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Real Estate Market News

A new program to help first=time home buyers in California – the Forgivable Equity Builder Loan – will allow qualified, first-time buyers to borrow up to 10 percent of the purchase price and have the debt forgiven if the home is lived in for five years.

the loans are for middle-income families making less than 80 percent of their county’s median income or approximately $120,000 per year. California has earmarked $100 million for the program.

Filed Under: Real Estate Tagged With: Forgivable Equity Builder Loan

Home prices are declining in …

May 2, 2022 By Geoffrey Disch Leave a Comment

  1. Toledo, OH
  2. Rochester, NY
  3. Detroit, MI
  4. Pittsburgh, PA
  5. Springfield, MA
  6. Tulsa, OK
  7. Los Angeles, CA
  8. Memphis, TN
  9. Chicago, IL
  10. Richmond, VA

Filed Under: Real Estate Tagged With: Home price declining

Buyers’ fatigue is real

April 28, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Real Estate News

As interest rates continue to rise, more would-be homebuyers are dropping out of the competition saying they don’t want – or can’t – engage in bidding wars.

Moreover, realtors selling homes for under $1 million are reporting that more of these homes are selling closer to the asking price.

Homes priced at $2 million and over are not as adversely affected by the rise in mortgage rates, according to analysts.

Filed Under: Real Estate Tagged With: buyers fatigue

Highter rates and the housing market

April 25, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Real Estate Market News

The current (rapid) rise in mortgage rates – an average of 5 percent last week, the highest in a decade – will undoubtedly give pause to those would-be sellers who are currently paying less than 3 percent.

On the other hand, analysts point out that higher rates will also limit demand, which means homes will stay on the market longer, giving buyers more options from which to choose.

Already effects are being seen: some sellers are reducing their asking prices while mortgage purchase applications declined 6 percent compared to last year.

Filed Under: Real Estate Tagged With: higher mortgage rates

More buyers being priced out

April 21, 2022 By Geoffrey Disch Leave a Comment

As mortgage rates continue to rise quite rapidly, more would-be buyers are being priced out of the housing market which should ease demand, according to many analysts. Already, mortgage applications are down 6 percent.

Of course, the other side of slowing demand is that asking prices will have to be more realistic, and bidding wars may not ensue at the pace of recent years. This may cause some to decide not to sell.

Given all of the above, the National Association of Realtors is predicting a 10 percent drop in home sales in 2022.

Filed Under: Real Estate Tagged With: Home sales 2022

Looking for cheap rent?

April 14, 2022 By Geoffrey Disch Leave a Comment

Green Escrow | Rental

These cities currently have the cheapest rent in the United States.

  1. Odessa, TX
  2. Lake Charles, LA
  3. Davenport, IA
  4. Cleveland, OH
  5. St. Cloud, MN
  6. South Bend, IN
  7. Grand Forks, ND
  8. Whchita, KS
  9. Little Rock, AR
  10. Greenville, NC

Filed Under: Rentals Tagged With: Cheap rent in US cities

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