Month: December 2019

Top 10 U.S. States Where Homebuyers Are Most Likely Thankful They Bought During the Winter

In this special #FiguresFriday post on the eve of Thanksgiving, ATTOM Data Solutions ranks the top 10 U.S. states where homebuyers are most likely thankful they bought during the winter months.

According to ATTOM Data Solutions’ annual analysis of the best time to buy a home issued this week, winter is the best time to buy given the discounts homebuyers are realizing below estimated market value during the winter months.

ATTOM’s new report notes the analysis of more than 23 million single family home and condo sales over the past six years is evidence of the continuation of a hot sellers’ market. The study highlights the three days of the year that offer the most significant discounts below estimated market value — all falling in the month of December.

The data shows that buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market value of any day in the year.

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    Five Tips for Securing Multifamily Financing and Articulating Your Case to Capital Providers

    This about what is your borrower story when trying to secure financing.

    With a possible recession looming, investors seeking to de-risk their portfolios are looking at an increasingly limited menu of stable investment options. Yet one of those options is clearly evident: multifamily remains a popular option for investors and capital providers alike. That’s largely because home affordability issues and changing lifestyle preferences are driving more renters to stay in apartments longer, strengthening demand and, in turn, pushing up rents. In fact, rents in the third quarter of 2019 were up 2.9 percent over the previous year, according to RealPage Inc., a real estate analytics firm.

    Foreign investors alone acquired $16.1 billion of apartment properties in the U.S. between the second quarter of 2018 and the same period this year, according to research firm Real Capital Analytics. This occurred even as those investors pulled back on other asset classes.

    Investors who are trying to increase their presence in the multifamily market don’t have to look far to find lenders to finance an acquisition. There’s plenty of capital to go around. The Mortgage Bankers Association (MBA) projects multifamily lending will grow to $359 billion in 2019, up from last year’s record total of $339 billion.

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      Some Millennials say they plan on renting forever

      Financial struggles are holding this generation back more than ever

      Although Millennials seem to be taking over the housing market, nationally, 12.3% of Millennial renters say they plan to keep renting.

      Last year, 10.7% said they plan to always rent, up over 2%, a study from Apartment List said.

      For most, being able to make a down payment is the biggest struggle when it comes to purchasing a home.

      In fact, nearly half of Millennial renters have no down payment savings, according to the study.

      Another major barrier for this generation? Student debt. Even those who are debt-free are only saving about $100 more a month than those who have the burden of paying off loans.

      Almost half of Millennials with no college degree have $3,221 saved for a down payment, while 50% with a college degree and debt have $8,200 saved for a down payment.

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        Flush with Cash from Target, Startup Attacks Rental Headaches

        Landing is a new membership-based firm that provides short-term furnished rentals in some of the country’s most expensive cities.

        (Bloomberg)—When Bill Smith moved to San Francisco in 2016 to work on his grocery-delivery startup, the most annoying part was finding an apartment.

        Poring through rental listings in an unfamiliar city, calling the gas company, waiting for an internet connection — the entrepreneur had little patience for any of it. So, after Smith sold his company, Shipt, to Target Inc. in 2017 for $550 million, he decided to use some of that cash to do something about it.

        In June, using $15 million of his own money, he started Landing, a membership-based firm that provides short-term furnished rentals in some of the country’s most expensive cities. He’s leasing blocs of apartments from landlords including Related Cos. and AvalonBay Communities Inc., filling the units with furniture and dishware, hooking up cable and internet and renting them out at a markup for as little as 30 days.

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