San Francisco teachers are struggling to afford to rent or own a home in the city. City officials hope to change that. They are earmarking $44 million to construct the first-ever teacher housing development in San Francisco. The housing development will be affordable to public school teachers who work in the area.An area in the city known as Outer Sunset will have existing property bulldozed in order to build 130 to 150 rental units for teacher h
In the first quarter of 2017, new single-family homes continued the trend of decreasing in size, the National Association of Home Builders reports on its Eye on Housing blog.Builders have largely focused on the higher end of the market following the recession, but that is showing some signs of changing.“As the entry-level market expands, including growth for townhomes, typical new home size is expected to decline,” notes Robert Dietz, the NAH
Seventy-two percent of renters “prefer” or “strongly prefer” to own a home rather than rent one, according to the latest SCE Housing Survey conducted by the Federal Reserve Bank of New York.Nearly 56 percent of renters view homeownership as a “good investment,” the survey finds.The majority of renters favor homeownership, despite expressing concerns about their ability to one day afford a home. However, they do believe it’s getting
Kitchen revamps tend to be one of the most popular home remodeling projects. About 10.2 million American households tackled a kitchen remodel or replacement work in 2015, according to a recent report from the National Kitchen & Bath Association. Homeowners tend to want new flooring, countertops, cabinets, sinks, and faucets in their kitchen remodels.Also, "more homeowners are incorporating smart technology using the Amazon Echo or Google Home
Trading up from a starter home to a larger home has proven to be increasingly difficult for a growing group of homeowners across the country. Sure, owners may be able to snag a record-high price for their current home, but high prices and the low inventory are making it tough for them to buy something better in a tight market, realtor.com® notes.“In today’s competitive landscape, moving up from [starter homes] to the white picket fence has b
How to keep your cool when everyone else is losing itKey Takeaways It’s not about you; it’s about your clients and the transaction. Don't react to other people's anger or aggression.Co-written with Lynn Wheeler.Yep, it’s that time of year again: The time when you’re running crazy with your hair on fire and your phone melting in your hands; when you need six more hours in the day to get everything done; when you’re juggling multiple off
Facing the challenges of low inventory, acknowledging the facts and pushing forwardKey Takeaways Some sellers are developing unreasonable expectations in this seller's market. Investors and baby boomers aren't selling as expected, which is contributing to the issue of low inventory.We are in what I call an epic seller’s market, and it is impacting every aspect of business from lead generation to how we use technology.The seller’s market is fu
Many in the real estate market are looking to the townhome market to help fill the demand for greater entry-level homes for buyers. But the wait will be longer.Townhouse construction starts continued to increase on a year-over-year basis, but the growth rate has showed signs of slowing recently, according to an analysis by the National Association of Home Builders.Townhouse starts totaled 98,000 in the fourth quarter of 2016, a 4 percent increase
For the fifth consecutive week, the 30-year fixed-rate mortgage remained around 4 percent."The 30-year mortgage rate fell 3 basis points this week to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “However, this week's survey closed prior to Wednesday's flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey."Freddie Mac reports the following
Mortgage refinance activity may have been the true hidden culprit behind the housing crisis, according to a new report by the Urban Institute written by Laurie Goodman, codirector of UI’s Housing Finance Policy Center.Mortgage refinances were more likely to default than mortgages taken out to purchase a home “mostly because many people were treating their homes as ATMs through cash-out refinances,” Goodman notes.Eighty-four percent of gover
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