Thursday, October 12, 2017

HICKORY AREA REAL ESTATE UPDATE

LOCAL MARKET HAS STRONG 3RD QUARTER

     The Real Estate Market remained strong through the third quarter of this year.  According to data from the Multiple Listing Service of the Catawba Valley , Inc, there were 873 single family homes closed during the period from July 1 - September 30, 2017.  That brings the total number of single family homes closed from January 1 -  September 30, 2017 to 2,449, which is slightly more than the 2,416 homes that closed during the same period in 2016.
     With interest rates still remaining in the 3.25% to 4.25% range, there is optimism that the local market will finish with a strong fourth quarter.
 

More Retirees Carry Mortgage Debt

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 09, 2017
Retiring baby boomers are less likely to be mortgage-free compared to people their age in previous generations, according to Fannie Mae. That could hurt boomers’ financial security and exacerbate the housing affordability crisis.
Slightly less than 50 percent of the oldest baby boomer homeowners in 2015 were mortgage-free, 10 percentage points lower than the number of Silent Generation homeowners who were in the same age group in 2000 and mortgage-free, according to Fannie Mae. “The increasing prevalence of housing debt among older homeowners could compromise financial security in retirement by expanding housing affordability problems, crimping essential non-housing spending, increasing vulnerability to home loss through foreclosure, or limiting the accumulation of housing wealth,” Fannie Mae researcher Patrick Simmons writes on the GSE’s Housing Perspectives blog.
Between 2010 and 2015, when the housing market was recovering from the crash, baby boomers were paying off their mortgages at an accelerated pace. But even if that trend continues, researchers predict, the rate of boomers who own their homes free and clear in retirement is unlikely to keep pace with previous generations.  
“The greater propensity of boomer homeowners to carry housing debt might signal the need to expand consumer outreach and education that helps older mortgagors manage their monthly housing expenses, including ensuring that they have fully exploited opportunities to reduce monthly mortgage payments through refinancing,” Simmons notes. “Educating younger boomers about options for shorter-duration mortgages that accelerate principal pay-down might also increase the likelihood that they enter retirement with little or no housing debt. For older boomer mortgagors who wish to eliminate housing debt, an option worth considering is trading down to less expensive homes.” 
Source: “Baby Boomers Accelerate Their Advance into Free-and-Clear Homeownership,” Fannie Mae’s Housing Insights (Oct. 5, 2017)
 

Big Roadblock for Owners of Tiny Homes

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 09, 2017
Homeowners who have embraced the “tiny home” lifestyle are discovering that it’s not so easy to find a place to put their property. Many tiny houses—usually considered to be between 100 and 400 square feet—are built on trailers with wheels so they can be towed, but zoning regulations in many cities don’t allow for temporary structures such as RVs or other movable homes. These laws also frequently specify a minimum size for a home or lot size, and building codes for residential properties can be problematic for tiny houses built on foundations, The New York Times reports. 
Andrew Morrison, a professional builder, told the Times that he believes “upwards of 90 percent of tiny-house owners are living illegally when it comes to zoning. …  A very small minority live in RV parks, though they usually have a limit on how long you can stay. A friend or family’s backyard, or land in the country, is much more common.”
The tiny home movement has become popular over the last few years, and many municipalities are facing increased pressure to embrace smaller structures as legal residences. Advocates in some cities have made headway in changing ordinances governing accessory dwelling units and backyard cottages. For example, Fresno, Calif., and Nantucket, Mass., now permit tiny houses to share land with existing homes. “It’s a spirit of cooperation,” Morrison told Times. “It’s a simple way to bring in affordable housing that doesn’t cost the municipality anything.”
The tiny home movement won another victory recently when the International Code Council approved a model code for tiny houses to be included in its International Residential Code. The document is the most widely recognized residential building code in the U.S. “There’s a fear that people are going to end up living in shanty shacks,” says Morrison, who helped write the code guidelines. “We don’t want that either. We want people to be safe in their houses and in something they can afford.”
Source: “Where Can You Park a Tiny Home?” The New York Times (Oct. 6, 2017)
 
If you are interested in purchasing or selling Real Estate,  please feel free to contact me.  I would deeply appreciate the opportunity to work with you...   For All Your Real Estate Needs Call Bill Cox 828-381-7449 or email at soldbybillcox@gmail.com

18 comments:

  1. Thank you for some other informative blog. Where else could I get that type of information written in such an ideal means? I have a mission that I’m just now working on, and I have been at the look out for such information. Sweet Group Realty

    ReplyDelete
  2. I would like to say that this blog really convinced me to do it! Thanks, very good post. oakville realtor

    ReplyDelete
  3. This blog is so nice to me. I will continue to come here again and again. Visit my link as well. Good luck
    sudburyrealestateexpert.com
    tyrosresort.com

    ReplyDelete
  4. You completed certain reliable points there. I did a search on the subject and found nearly all persons will agree with your blog. claremont real estate agents

    ReplyDelete
  5. However, if you have patience and look at the long term, your real estate will go up in value more than any other investment. Do not treat real estate as you might treat the stock market, worrying about the ups and down.Can I sell my home in foreclosure

    ReplyDelete
  6. This is a great article with lots of informative resources. I appreciate your work this is really helpful for everyone. Check out our website best real estate agent for more Sale By Home Owner. related info!

    ReplyDelete
  7. Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Big thanks for the useful info. personalirent

    ReplyDelete
  8. Thank you a bunch for sharing this with all of us you actually realize what you are talking about! Bookmarked. Please also seek advice from my site =). We could have a hyperlink change contract between us! Escort directory

    ReplyDelete
  9. I’m a new pertaining to almost all of the articles or blog posts, My spouse and i definitely savored, I'd personally genuinely like additional files with regards to this specific, since it can be okay., Congratulations for the purpose of putting up. Visit real estate closing blog

    ReplyDelete
  10. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Avenue South Residence

    ReplyDelete
  11. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. The Avenir

    ReplyDelete
  12. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. midtown modern condo

    ReplyDelete
  13. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. myra condo

    ReplyDelete
  14. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. One Pearl Bank

    ReplyDelete
  15. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Hyll On Holland

    ReplyDelete
  16. I agree with a lot of the points you made in this article. If you are looking for the Land Capability Assessment Consultants, then visit The 4 Spheres. I appreciate the work you have put into this and hope you continue writing on this subject.

    ReplyDelete
  17. A slow economy is a big challenge for any homeowner needing to sell their home. Many homes for sale are remaining on the market for much longer than expected. Buy your house fast

    ReplyDelete