Technology is changing so quickly that it’s difficult to imagine what the world will look like in 15, 10, or even 5 years from now. See what the folks at REAL Trends, a leader in market data and industry insights, have to say. Read more.
The REALTOR® Association of Pioneer Valley (RAPV) has taken advantage of NAR’s Placemaking Grant and in the past 3 years was involved in 4 placemaking projects to help enhance their communities by creating new public spaces for residents. When plans got underway for a new Promenade Park in Easthampton (MA), the association decided to pitch in. “We heard about a sculpture project and thought this would be something to make a reality,” said Peter Davies, an RAPV Director. In another project, REALTORS® helped to bring a symbol of change to a Springfield (MA) neighborhood with a new community garden. Read more.
The share of households believing the economy is improving soared to its highest level since NAR launched its quarterly Housing Opportunity and Market Experience (HOME) survey last year. Almost two-thirds of households say the economy is getting better, up from about half last quarter.
On March 1, 2017, the current economic expansion entered its 93rd month, making it the third longest in U.S. history. Before that, the title went to the 92 month long, 1982-1990 Morning-in-America recovery. The longest was the 1991-2001 10-year Tech Boom recovery. If this recovery makes it to April 18th, it will become the second longest, surpassing the 106 month 1961-1969 recovery. Three of the longest six recoveries have occurred since 1990.
Elliot F. Eisenberg, Ph.D
On January 31st, the Consumer Financial Protection Bureau fined a mortgage lender, two real estate brokerages, and a mortgage servicing company for referral arrangements the companies had entered into that CFPB says are prohibited under the Real Estate Settlement Procedures Act (RESPA). Read more.
The Trump Administration’s suspension of reduced FHA mortgage insurance premiums is the top story in the latest Voice for Real Estate news video from NAR. As many as 40,000 households could be priced out of home buying if the suspension remains in place, NAR says. Other segments look at the 10-year high in home sales in 2016, what’s happening with the Ben Carson nomination for HUD secretary, and how clients can use a reverse mortgage to buy a home. video link.
After peaking at 40.8 million in 2007, the number of tax returns claiming the mortgage interest deduction has steadily fallen, and as of 2013, the latest year from which data is available, stands at just 33.3 million. Not surprisingly, the amount of mortgage interest paid also peaked in 2007 at $491 billion and is now $296 billion, while the average amount of MID claimed/filer has fallen from $12,052 to $8,900.
As part of the “Get Realtor” advertising campaign, NAR has partnered with Sports Illustrated to create a short video with professional golf coach Sean Foley, who has worked with some of the top professional golfers in the world. In this video, Sean Foley shares his inside philosophy on how having an expert by your side can help you in every facet of life, including when it comes to buying and selling a home.
Placid Percentage – The August jobs report showed just 151,000 net new jobs, slowing hourly earnings growth of 0.1%, the loss of 6,000 construction jobs, and a slight reduction in the average hours worked per week. This has reduced the probability of a Fed rate rise of 25 basis points (0.25%) at the September meeting to 0.20%. But, with the economy continuing to slowly improve, the data-dependent Fed will, barring a disaster, raise rates in December.
MAR successfully advocated against mandatory home energy audits and labeling. Legislators removed this language before releasing an updated version of the bill on July 31.
MA Realtors will continue to promote Mass Save and work on ways to encourage all homeowners to make energy efficient investments in their home.
Thank you to the 189 RAPV members who responded to the Call for Action and others who emailed and made personal calls to state legislators.
Yesterday’s Fed statement suggesting that “near-term risks to the economic outlook have diminished” that “job gains were strong” and “household spending has been growing strongly” indicates a Fed that’s again taking steps to prepare the market for a rate rise, probably in December. But, if July and August employment and inflation numbers are strong, a September rate rise is certainly possible. Listen for more clues during Fed Chairman Janet Yellen’s talk on 8/26/16.
In a Feb. 4 release News Corp CEO Robert Thomson showered praise on the “rapid growth” of Realtor.com. “The company is, by most measures, the world’s largest player in digital real estate, a position certainly enhanced by the rapid growth in the U.S. of Realtor.com”, Thomson said. According to News Corp, Realtor.com’s average monthly unique users on web and mobile sites for the quarter that ended Dec. 31, 2015 grew 37% year-over-year to approximately 39 million. News Corp said that the growth was driven by 57% growth in mobile users. Realtor.com announced 34% growth in traffic in January. News Corp acquired Move Inc., which operates Realtor.com for NAR in November 2014. Read more here.
The WordPress.com stats helper monkeys prepared a 2015 annual report for this blog.
Here’s an excerpt:
A San Francisco cable car holds 60 people. This blog was viewed about 2,800 times in 2015. If it were a cable car, it would take about 47 trips to carry that many people.
Sales in the Pioneer Valley (68 communities in W. MA)
Separate reports are available for Franklin, Hampden and Hampshire counties. County reports vary.
View the entire report which includes inventory, supply at current rate of sale, days on market and pending sales. A condo report is included.
According to the U.S. Census Bureau, millennials number 83.1M – more than one quarter of the nation’s population. Millennials are a powerful buying force and their preferences will greatly impact the economy and shape of the residential real estate market. They are the most racially diverse and educated generation. The infographic in this article shows various characteristics of millennials and what they value in the homebuying and selling experience. It also highlights their untapped demand for homeownership, which brings great opportunities in real estate for those who are positioned to serve them.