Tag Archives: new home

Buildable land in the most desirable areas is in short supply

The sky may be infinite, and the oceans are vast. But land is finite, and there is a shortage of it to build homes on, accord to a recent NAHB/Wells Fargo Housing Market Index report.

The survey asked a panel of single-family builders to categorize the supply of lots in their market areas as “very high,” “high,” “normal,” “low,” or “very low,” as well as giving them an option to say they didn’t know or were not sure. NAHB’s Paul Emrath says, “In response, 58 percent of builders said the supply of lots was low (40 percent) or very low (18 percent). This is down somewhat from the all-time peak of 65 percent in September of 2018, but higher than it had been at any time before 2013 (NAHB has been asking the same lot supply questions on its HMI survey periodically since 1997).”

Housing starts, after averaging 1.5 million from 1960-2007 and hitting a peak of 2 million in 2005, has recovered only to about 1.2 million a year. If you compare the boom period in August of 2005, the share of builders characterizing lot supply as low or very low was 53 percent — 5 percentage points below the latest number.

According to Emrath’s article, in September of 2019, the lot shortages tended to be especially acute in the most desirable locations — not a surprise. That shortage tends to increase lot prices and reduce lot sizes. Visit any new subdivision in a desirable area, and the most affordable homes are increasingly on smaller lots. Census data show that the median size of new home lots remains near a record low, while the median price of new home lots is at a record high. All of this is a huge reason for the lack of affordable housing. And no one we know is creating more buildable land.

Source TWS Group

My House is Worth Money, Time for a Divorce

Photo credit: http://www.lolriot.com/
Photo credit: http://www.lolriot.com/

“So many couples have been living together and biding their time,” says Leigh Sigman, an Orlando lawyer. “I know many people who have coasted for years and touched base with me periodically — until they got equity in their homes.”

During the housing market crash, home prices fell dramatically in some areas, causing the home in a marriage to become one asset that no one wanted in a divorce because of the large amount of mortgage debt it carried, says Sigman.

But some metros are seeing that as home values rise, divorce rates are too.

“I have seen many of the deals we’re doing have involved a divorce — selling a house because of it or buying because of it,” says Robert Tenaglia, a real estate professional in Orlando. “When people don’t have equity and don’t have money, it dissuades them from going through the final step.”

Many couples may need the equity from the house sale to cover the costs of starting a new life and for a down payment on a new home or an apartment deposit, Tenaglia says.

Source: “Divorce and Home Values: Till Equity Do Us Part,” RISMedia (Sept. 6, 2013)

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Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
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DRE#00669941

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Women Need To Be Listened To

httpv://vimeo.com/66753575

“Don’t try to fix it. I just need you to listen.” Every man has heard these words. And they are the law of the land. No matter what, a woman wants you to listen.

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I can sell or help you buy your new home or land
John J. O’Dell Realtor® GRI O’Dell Realty

(530) 263-1091

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Incredible Speed Flying Mont Blanc

httpv://vimeo.com/36398302

The above video was shot twice, the morning video had to be scrubbed because one of the speedriders crashed into the mountain in the morning.

Speedriding or SpeedFlying, what ever you want to call it, looks impressive and thrilling to say the least!

Speed flying is a unique hybrid sport that has combined elements of paragliding, parachuting, and even skiing to create a new sport. Like paragliding, Speed flying is done by launching from a slope with the wing overhead, already inflated by the incoming air. The main difference between speed flying and paragliding, is that speed flying is meant to create a fast, thrilling ride close to the slope, while the point of paragliding is usually to maintain a longer, gentler flight. The fast landing technique for Speed wings is similar to that used in parachuting. However, parachuting or skydiving is done from a plane or fixed object (BASE jumping), and the wing is designed to arrest the free fall. Newer designs of hybrid-wings (also called mini-wings) are now being produced to allow a high speed “hike and fly” from mountainous areas. They can be soared in strong laminar winds and thermalled similar to paragliders, and may also be trimmed for a more traditional Speed flying descent.

Because of the fast flight speed (30–145 km/h or 20-90 mph), and close proximity to the slope and obstacles, injury and death are considerable risks in this sport. Over 25 pilots have already suffered fatal injuries worldwide since 2006. Also, because of its small size and high wing loading, the wing responds quickly to little pilot input which makes professional instruction very important. However, the high velocities help the glider remain pressurized and resistant to collapse even in turbulent conditions. Proper equipment such as helmets, padded harnesses, and reserve parachutes can help reduce injuries. Advanced wing and ski training, and thorough knowledge of site conditions and hazards are imperative to practicing this sport safely.

Even if provoked, a collapse would open fast without much disturbance. So if you start and land on skis, stay away from the terrain during the flight and work a bit on your landing technique, then you could try one of  these mini-wings with a relatively low risk (but still with great fun!)
The problems only begin when you go from Speedflying (staying above the ground) to Speedriding (Touch and Go’s with your skis) as very good judgment is needed how your glide path will come out, wether you will make it over that rock or tree or wether you might hit the ground in a curve etc.  Great caution and discipline is necessary: you should learn to know your wing step-by-step, before you start to touch the ground more often.

Anyhow, good luck, I don’t think I want to start speedriding, what do you think?
Please help out to keep this blog going
Let me sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

DRE#00669941

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If You Are A Home Buyer, You’ve Missed The Boat on Low Interest Rates

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Mortgage rates and home prices are on the rise, and some home buyers who were waiting around for the housing market to reach bottom are realizing now they may have missed the boat.

Mortgage rates are inching up, with the 30-year fixed-rate mortgage averaging 3.91 percent last week — up from 3.3 percent in early May, according to mortgage giant Freddie Mac.

“It’s unlikely that rates will ever be that low again,” says Doug Duncan, Fannie Mae’s chief economist.

The Fed has been keeping interest rates at record lows by buying up to $85 billion a month in Treasury bonds and mortgage-backed securities, which has helped bolster the housing market.

“Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities and Treasury bonds late in 2013, but that time frame appears to have moved to September, possibly sooner,” says Keith Gumbinger, vice president of HSH.com, a mortgage information company.

As the economy continues to gain traction, interest rates are expected to continue to increase, Gumbinger says, since low rates often are associated with a distressed economy.

But even if mortgage rates move up a percentage point or two, housing experts note that mortgage rates will still be low by historical standards.

“The 30-year [mortgage rate] hit a 37-year low in 2003 at 5.23 percent,” Gumbinger says. “That was the previous low-watermark prior to this financial crisis, and it’s likely we will move closer to that mark as we grind forward.”

Source: “Why You Missed the Boat On Record-Low Mortgage Rates,” CNNMoney (June 6, 2013)

Please help out to keep this blog going
Let me sell or help you buy your new home or land

Please help out to keep this blog going
Let me sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

DRE#00669941

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Why It’s a Great Time to Buy a Home

By John J. O’Dell

You hear from real estate agents that this is the housing buying opportunity of a lifetime.  I’m not sure if it’s explained fully why it’s a buying opportunity.  Since I’m a real estate broker and a general contractor, I can offer my reasons why I think it’s a buy of a life time now.

To begin with land prices in Nevada County have not dropped in proportion to housing prices. A good building site is still in the upper $100,000’s.  In building a new home, you have to buy land, have plans drawn up and apply for a building permit.  The permit fees and mitigation fees can be  between $15 to $30 a square foot, depending if you are in the county or city limits. Then of course there are utilities hookup fees to pay for, the actual construction costs, and finally landscaping. When you are all through, with land, utilities, construction and landscaping you are at least $300 a square foot or more for construction of a new home.

Now houses are selling in the $75 to $150 a square foot price ranges. Houses are selling for less than you can reproduce them. Buying an existing home means you get land,  utilities are in, permits are paid for, in most cases landscaping is complete and you have no construction costs.

Having been in business for a long time, I remember well the saying (I think I made this one up), when times are good, people think it’s going to be good forever. When times are bad, people think it’s going to be bad forever. Times get bad and they get good.  Anyhow, that’s why I think it’s a great time to buy a home, investors think it’s a great time to buy a home, what do you think?

John J. O’Dell
Real Estate Broker
General Contractor
Here to help you to buy or sell real estate