No Chill on Showing Traffic in November

No Chill on Showing Traffic in November

Counter to seasonal trends, demand for home showings posted a strong increase in November amid steady consumer confidence and low unemployment, according to the ShowingTime Showing Index, which measures buyer demand based on showing appointments. The index showed an 8 percent year-over-year rise in November.

“Although the residential real estate industry has entered its regular seasonal slowdown period, demand continues to be strong relative to the supply of homes,” says Daniil Cherkasskiy, ShowingTime chief analytics officer. “This trend should continue across the board throughout the holiday season with more buyers looking at listed properties compared to last year.”

ShowingTime’s index tracks demand for active listings throughout the country by tracking ShowingTime products, which facilitate more than 4 million showings each month. The index tracks the average number of appointments received on an active listing during the month.

The Midwest saw the highest year-over-year increase in showings at 9 percent, followed by the Northeast (8.6 percent increase). The South posted a 7.3 percent increase and the West saw a 5.5 percent uptick in showing in November compared to a year ago.

Source: ShowingTime

What Buyers Will Give Up for Walkability

What Buyers Will Give Up for Walkability

Living in areas that are close to shops and restaurants is becoming increasingly attractive for both young and older generations, according to the 2017 National Community and Transportation Preference Survey conducted by American Strategies and Meyers Research on behalf of the National Association of REALTORS®. Researchers polled 3,000 adults from across the United States to find out what they are looking for in a community.

Fifty-three percent of Americans say they prefer to live in a community with homes that have smaller yards but are within easy walking distance of the community’s amenities (rather than homes with large yards where residents have to drive to amenities) according to the survey.

Certain generations show even more fondness for living near amenities. Sixty-two percent of millennials and 55 percent of the silent generation (those born before 1944) say they prefer walkable communities and short commutes, even if it means living in an apartment or townhouse. Meanwhile, Generation X members and baby boomers show a strong preference for the suburbs; 55 percent of them told researchers they have no problem with a longer commute and driving to amenities as long as they can live in a single-family, detached house.

“REALTORS® understand that when people buy a home, they are not just looking at the house; they are looking at the neighborhood and the community,” says NAR President Elizabeth Mendenhall. “While the idea of the ‘perfect neighborhood’ is different for every homeowner, more Americans are expressing a desire to live in communities with access to public transit, shorter commutes, and greater walkability. REALTORS® work tirelessly at improving their communities through smart growth initiatives that help transform public spaces into these walkable community centers.”

Women tend to prioritize walkability and public transit more than men, according to the survey. Fifty-four percent of women surveyed said that sidewalks and places to take walks are very important to them when deciding where to live. Thirty-nine percent also said having public transit nearby was important.

Overall, 60 percent of the 3,000 adults surveyed live in a detached, single-family homes. But of those 60 percent, 21 percent said they would rather live in an attached home that offered greater walkability. Sixty percent of those surveyed also said they’d be willing to pay more to live within walking distance of parks, restaurants, and shops. Further, 80 percent of respondents said that sidewalks are a positive factor when purchasing a home.

Source: National Association of REALTORS®

Surprising Cities for Retirement

Surprising Cities for Retirement

Pittsburgh, Boston, and Los Angeles may be surprising cities to top the list of best places for retirees. But a new study by Bankrate.com says the numbers show that these nontraditional retiree havens may make a perfect spot for retirement.

Bankrate.com scored the 50 largest metros on factors like health care quality; tax burdens; crime rates; living costs; weather; public transportation; cultural activities; percentage of the population over the age of 65; and seniors’ well-being as scored by the Gallup-Sharecare Well-Being Index.

The 10 best places to retire in America, according to Bankrate.com, are:

1. Pittsburgh
2. Boston
3. Los Angeles
4. Denver
5. Providence, R.I.
6. Minneapolis
7. Tampa-St. Petersburg, Fla.
8. Phoenix
9. Austin, Texas
10. Dallas

View the full list of top 50 cities ranked at Bankrate.com.

Source: “Which Are the Best Cities for Retirement? Which Are the Worst?” Bankrate.com (2017)

Consumers Have Doubts Despite Strong Economy

Consumers Have Doubts Despite Strong Economy

More households are feeling the strain in their personal financial situations and losing confidence in the housing market, even as the country sees solid job growth and record gains in the stock market, according to the National Association of REALTORS®’ fourth-quarter Housing Opportunities and Market Experience (HOME) survey, based on more than 2,700 respondents.

Tight inventory and weaker affordability conditions are prompting consumers to doubt that now is a good time to buy a home, says NAR Chief Economist Lawrence Yun. “The trifecta of faster economic expansion, robust hiring, and low mortgage rates should be generating a surge in optimism and home sales as 2017 winds down,” Yun says. “Sadly, this is not the case. While overall demand remains high, it is not translating to meaningful sales gains. Too many prospective first-time buyers see few options within their budget and home prices that are rising much faster than their incomes. Until we start seeing a steady increase in new and existing inventory, sales will fail to deliver on their full potential, and many would-be first-time buyers will be forced to continue renting.”

The share of renters who believe now is a good time to buy dropped to 60 percent in the fourth quarter, down from 62 percent in the previous quarter. Still, that’s better than 57 percent a year ago. The consumers most optimistic about buying are current homeowners, households with incomes above $100,000, and those living in traditionally more affordable regions of the Midwest and South.

The share of homeowners who say now is a good time to sell dropped from 80 percent in the third quarter to 76 percent in the fourth quarter. Again, that number is still higher than 62 percent a year ago. Households in the West continue to be the most optimistic about selling a home, but the least optimistic about buying.

“The good news for possible inventory gains heading into 2018 is the fact that a much larger share of homeowners compared to a year ago think it’s a good time to sell,” says Yun. “However, the decline in the latest quarter is worth monitoring. REALTORS® say the lack of new-home construction in their markets is giving many potential trade-up buyers hesitation about putting their home on the market out of fear they won’t find another property to buy. This indecisiveness only exacerbates tight inventory conditions and slows housing turnover.”

Consumers Not Convinced by Economic Strides

Economic confidence is waning, even though the economy has expanded more than 3 percent over the last two quarters, with strong job gains and mortgage rates that remain historically low. Fifty-two percent of respondents to NAR’s survey believe the economy is improving, compared to 57 percent in the previous quarter. According to the HOME Survey’s monthly Personal Financial Outlook Index, household confidence that their financial situation will improve in the next six months fell from a reading of 62 in September to 59.1 in December.

“The significant rise in home values and the stock market at record highs are why a majority of homeowners, as well as those with incomes above $100,000, are more optimistic about the economy than renters and those with lower incomes,” Yun says. “The overall job market and economy are very healthy. If housing supply improves enough next year to boost the nation’s homeownership rate, it’s very likely more households will feel upbeat about their future.”

Source: National Association of REALTORS®

Ways to ‘Fireproof’ a House

Ways to ‘Fireproof’ a House

More than 1,000 structures and 260,000 acres across Southern California have been charred since massive wildfires broke out earlier this month. With the blazes still threatening 25,000 more homes, is there anything homeowners can do to protect their houses from a fire? You may not be able to fireproof a home completely, but building experts say there are several measures homeowners can take to lower the risks of sustaining damage. Realtor.com® offers these tips:

Take extreme caution with eucalyptus trees. The oil in eucalyptus trees—which are common in Southern California—is highly flammable and can cause the trees to explode when on fire, warns Los Angeles real estate developer Tyler Drew. He says homeowners should remove these and other large trees near a home’s structure to help prevent fires from spreading to the house.

Keep your yard clear of brush. Bushes, shrubs, dead branches, and vegetation near a home can be dangerous in a wildfire. “Clear brush away from your home, especially if you live in the hills or mountains,” Drew says. “At least 20 yards of brush clearance is what is recommended by most firefighters.”

Reinforce susceptible materials in a home. A house made of wood is more prone to catching fire than homes made from other materials, such as brick, cement block, stone, and ceramic tile, Drew says. “Stucco can work,” he notes, “but the wood beams behind stucco can still catch on fire if the wildfire burns close enough to your home.”

Replace the roof. Certain roofs are more resistant to falling embers and ash than others. “Tile and composite roofing shingles are a must these days, but some homes still use wooden shingles,” Drew says.

Source: “Exploding Trees? 5 Shockers That Can Make a House Catch Fire,” realtor.com® (Dec. 14, 2017)