Wednesday, May 22, 2019 / by Vanessa Saunders
From all the press coverage about dropping home prices in the Hamptons, you'd think the sky was falling. "Home prices are plummeting in the Hamptons," trumpets The New York Times about the infamous vacation playground of New York City's wealthiest residents. The Hamptons, once the favored vacation destination of New York City's wealthy elite is reportedly seeing home prices fall and high-end properties sitting on the market for months, according to the Times.
As it happens, the press stories are not fake news. The median sale price of a Hamptons home has fallen to a seven-year low of just $860,000.
This luxury real-estate slump can be traced, in part, to Donald Trump's 2016 federal tax reform, as the Financial Times' Ben Foldy reported. The new tax laws make it more expensive for homeowners to own luxury homes because they can deduct only $10,000 in state and local taxes from their federal income tax filings.
The most expensive homes for sale in the Hamptons are suffering th ...
Tuesday, May 21, 2019 / by Vanessa Saunders
It took just minutes for Amazon to sell out of this tiny 172 sq. ft. cabin. With housing prices and property taxes continuing to rise, this "Tiny Home" may well be a solution for consumers looking to downsize, live economically and say, "Buggah off!" to high rent or mortgage payments.
The tiny home movement is finding traction in places like America's western mountain towns, where people spend more than 50 percent of their income on housing, which is well above the norm. A recent Sierra Sun article cited a regional housing study that found, “… 76 percent of Lake Tahoe and Truckee NV area residents spend more than one-third of their income on rent, and 26 percent spend more than half of their income on rent.”
Sprout Tiny Homes is developing a PUD (Planned Unit Development) approved community in Salida, Colorado. Sprout’s homes aren’t diminutive, realty-television-ready oddities: The company uses traditional materials and building ...
Monday, May 20, 2019 / by Vanessa Saunders
Home inspections can be a trying time for both the home buyer and seller. For the sellers, having an inspector sniff through every corner of the property they'r trying to sell can raise anxiety levels, even if the seller is confident his property is "perfect." Inspectors have ways of ferreting-out problems sellers didn't know about, or issues with the house the homeowner got used to.
For buyers, watching the inspector take lots of notes and pictures leaves them worrying about just what kind of white elephant they got themselves into.
Finally the buyers get to see a thick report full of disclosures, disclaimers and all the fine print of 50-plus pages of descriptions, photos, subsections and educational primers of each part of the house. Inevitably, there are some problems, maybe small things, maybe some serious things that need discussing. The big question is, do the buyers ask the sellers to make repairs, reduce the price, offer to pay for some or all of the ...
Friday, May 17, 2019 / by Vanessa Saunders
Thinking of selling your home this summer? The top selling days are right around the corner. Contact a Global Property Systems local area expert
for everything you need to successfully sell your home this season.
Thursday, May 16, 2019 / by Vanessa Saunders
Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.
However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.
Here are three examples:
Mark Fleming, Chief Economist of First American
“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”
CoreLogic’s April “Home Price Insights”
“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The ...