Housing News You Can Use
In this week’s Redefy Roundup of real estate news, the numbers are looking good for sellers, buyers should beware what’s being “left behind” and one homeowner gets an A for effort.
Home price index soars to highest level since 2012
The S&P/Case-Shiller U.S. National Home Price Index rose 1.05 percent to reach 178.69, the highest level since February 2012. The index, a composite of single-family indices, “measures changes in the total value of all existing single-family housing stock”.
”The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5% or greater annual rate for six consecutive months,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook. One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession. Currently, seven cities – Denver, Dallas, Portland, San Francisco, Seattle, Charlotte, and Boston – are setting new highs.”
Source: S&P Dow Jones
You’re taking that with you, right?
When you’re buying a house, make sure you know what’s staying and what’s going. And make sure it’s in the contract. You could be left with a gargantuan piece of furniture, unwanted mementos… or a live turtle.
These are the stories of home buyers who “inherited” unwanted items from sellers who left possessions behind. Some people had to pay money to get rid of things, some were stuck with what was there and others actually scored with nice “gifts”. And the turtle? Lucy was adopted by the buyer’s agent, Kiono Thomas, who still has her 12 years later.
Source: Joanne Kaufman, New York Times
Stats of the week
International purchasers of US property:
The best summer for the housing market
Following a strong spring, the summer housing market will be the best in a decade, says Jonathan Smoke, chief economist for realtor.com. Despite low inventory and tight lending, sales are up 6 percent over last year, which was the best since 2007.
“For at least the next 15 years, the two largest generations in history, millennials and baby boomers, will be making critical decisions about where and how they want to live,” said Smoke in a recent commentary . “Millennials are entering their prime household formation and buying years. They already dominate the home buyer pool, and the ranks of millennial home buyers will only grow from here. Meanwhile more than 3.5 million baby boomers turn 65 this year. Those numbers grow as well, reaching 4.5 million a year in a decade.”
Would you live in a shipping container?
Entrepreneurs Mat Kastis and Jonathan Sanders built a luxury San Diego home out of recycled materials. The basis of the home were steel shipping containers purchased for about $3,000 each. The total cost of construction was $280,000 (not including the lot). The result? A modern, luxurious 3bed/3bath home with views (courtesy of a rooftop deck) of Point Loma and Coronado Island.
While it’s being hailed for innovative design, local real estate experts wonders if consumers can get past the “manufactured home” stigma. The modern marvel at 2590 Island Avenue went on the market recently for $799,000. We’ll see who’s right.
Source: Phillip Molinar, San Diego Union-Tribune via LA Times
Show your parents you “have it together”
Listing descriptions often sound the same home after home. But Birmingham, Ala. homeowner Mitchell Hastings wasn’t going for the run-of-the-mill itemization of “updated” features in this unique description of his home. He starts by letting you know this 2bed/2bath home “is the perfect starter home to show your parents and friends that you have it together” (he assumes you are a basement-dwelling freeloader).
Hastings continues by telling you that you can “avoid your guests in the master bedroom” (the aforementioned parents?) and “text your friends that ‘they are welcome to come use your basement’ when James Spann [local meteorologist] interrupts your regularly scheduled TV programming to tell you about weather and respect the polygon [tornado warning] from the comfort of the [unfinished] basement.” Sounds inviting!
He’s also got some lifestyle advice in his 691-word homily on the house: “If you hate working out, just buy bigger clothes at one of the many shops in downtown Homewood. Worried about your soul? Walk to church at Dawson Baptist or Trinity Methodist depending on the age you were baptized.” The house at 1617 28th Ave. S. is currently on the market for $219,999. Good luck with that, Mitch.
Redefy Roundup is our way of keeping you up-to-date on the housing market and maybe starting your week of with a laugh. Buying or selling a house can be stressful; let Redefy Real Estate help you actually enjoy the process. And save thousands vs. commissions by listing for a flat fee! #flatfeefullservice