Tag Archives: Real estate pricing

Country Christmas Faire Coloring Contest

November 6, 2018 jd

Image result for nevada county fair coloring contest pictures

Image courtesy of Nevada County Fairgrounds.

The Nevada County Fairgrounds is offering a coloring contest for children and adults as part of the annual Country Christmas Faire, November 23 – 25, at the Nevada County Fairgrounds.

Coloring sheets are available at the Fairgrounds office on McCourtney Road or they can be downloaded at NevadaCountyFair.com.

There are two drawings to choose from, and it’s free to enter the coloring contest. Simply choose your favorite drawing, fill out the entry form, complete the drawing, and return it to the Nevada County Fairgrounds – either by mail or in person – before November 16. The coloring contest is limited to one entry per person.

The coloring contest is divided into seven categories: five years old and under, 6 – 8 years, 9 – 12 years, 13 – 17 years, 18 – 64 years, 65 and over, and special needs. First, second and third place prizes will be awarded. Winners will receive carnival ride coupons for the 2019 Nevada County Fair.

All entries will be on display in Ponderosa Hall with the gingerbread houses during the Country Christmas Faire. Winners will be announced with ribbons on opening day of the Country Christmas Faire.

The Country Christmas Faire features four exhibit buildings filled with handcrafted gifts and unique crafts. Visitors to the Faire also enjoy strolling musical entertainment, festival foods, wagon rides, a visit with Santa Claus, and a community bonfire. The Country Christmas Faire begins Friday, November 23, and runs through Sunday, November 25. The hours are 10 am – 5 pm on Friday and Saturday; and 10 am – 4 pm on Sunday. Admission is $5 for adults, and free to children 12 and under. Parking is free. On Sunday only, bring a can of food and receive $1 off admission. All food will be collected by the Interfaith Food Ministry and distributed in December to those in need.

For more information, visit Nevada County Fair or call (530) 273-6217.

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Real Estate

Would You Buy A Haunted House?

October 31, 2018 jd

Halloween, Fantasy, Tale, Dark, Night, Creepy, Darkness

Picture courtesy of Pixabay

October 31, 2018

Home buyers may be so anxious to find a home that they aren’t even spooked if it’s rumored to be haunted. A new survey says one in three consumers say they’re willing to take a chance on a haunted home, but there needs to be something to sweeten the deal for them, according to realtor.com®’s annual Haunted Real Estate Report, based on responses from more than 1,000 Americans. However, 18 percent said a home that is haunted wouldn’t affect their purchase decision at all.

“In a competitive market, it’s harder for prospective buyers to be extremely selective,” says Danielle Hale, realtor.com®’s chief economist. “If a house is commensurately priced, or has desirable features, the fact that it may be haunted seems to matter less. This report shows that, for those looking for a good deal, a lower price, better neighborhood, or larger kitchen can balance out a few spooky happenings.”

To Buy or Not?

Realtor.com® researchers asked respondents to decide between purchasing a haunted or non-haunted home. Responses fell within these three categories:

I’ll buy, but sweeten the deal: A third of respondents said they needed an incentive to buy a haunted house. They could be enticed by a lower sales price, larger kitchen, or better neighborhood.
I’ll buy, nothing else required: Eighteen percent of respondents said they’d buy a home believed to be haunted without any additional enticements. Nearly a quarter of consumers between the ages of 35 to 54 said they aren’t spooked by a haunted home.
No way am I buying: Forty-nine percent said there is no price low enough, no kitchen large enough to make them want to buy a haunted house. Older generations appear to be the most reluctant to move into a haunted house, according to the survey. Sixty-one percent of consumers over the age of 55 said they would never buy a haunted house compared to 41 percent of millennials or Gen Xers who said they wouldn’t.

Haunted homes are not uncommon in real estate. Nearly two in five consumers surveyed say they have lived in a haunted—or possibly haunted—house. Forty-four percent of respondents say they either suspected it or were fully aware it was haunted before moving in. What makes a home haunted house? Respondents said hearing strange noises (54%), odd feelings in certain rooms (45%), and erratic pet behavior (34%).

Source: Realtor.com®

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Environment

2.5M Homes to Be Threatened by Tidal Flooding by the Year 2100

June 22, 2018 jd

Photo by Maureen Drennan

Rising sea levels and climate change are putting a significant number of homes at risk of tidal flooding, according to a report released Monday by the Union of Concerned Scientists. The report warns that up to 311,000 coastal homes and about 14,000 commercial properties will be at risk of chronic flooding within the next 30 years. By the end of the century, the UCS says that number will increase to 2.4 million homes—valued at about $912 billion—and 107,000 commercial properties—valued at $152 billion.

The UCS’s study used three sea level rise scenarios to determine how many residential and commercial properties along the entire coastline of the lower 48 are at risk of becoming chronically inundated by high tides (which they defined as flooding an average of 26 times per year or more). The scenarios were in the absence of any major storm.

The state with the most homes at risk by the end of the century was Florida, with about 1 million homes—or more than 10 percent of the state’s current residential properties. New Jersey follows with 250,000 homes at risk, followed by New York with 143,000 homes at risk. These three states were also identified as thse that stand to lose the most in home property values by year 2100: Florida risks $351 billion, New Jersey may lose $108 billion, and New York nearly $100 billion, according to the analysis.

“Not all affected communities will share the same experience,” says Erika Spanger-Siegfried, senior analyst in the Climate and Energy Program at the UCS and a report coauthor. “Some may see sharp adjustments to their housing market in the not-too-distant future; some could see a slow, steady decline in home values; and others could potentially invest in protective measures to keep impacts at bay for a few more decades. In any case, by knowing how much time they have before a significant number of properties will be regularly flooded, communities can start planning and implementing responses now, while they still have a range of options from which to choose.”

Source:

“U.S. Coastal Property at Risk From rising Seas,” Union of Concerned Scientists (June 18, 2018)

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Real Estate

Three California housing issues to watch in 2018

January 2, 2018 jd

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Source: The Los Angeles Times

Rising rents and home prices forced California’s housing crisis to the front of Gov. Jerry Brown’s and lawmakers’ agenda in 2017.

Legislators passed the most comprehensive package of housing bills in recent memory designed to increase spending on low-income development and encourage more construction in general.

But the bills, according to independent analyses, won’t do much to make housing cheaper in the state.Expect more focus on housing issues at the Capitol and on your statewide ballot in 2018.

Here are three to watch.

1. A rent control battle

2. The future of Proposition 13

3. How lawmakers will follow up on this year’s housing efforts.

Read the full story

John J. ODell Broker
ODell Realty
BRE 00669941

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Real Estate

Home Sales Off to a Bumpy Start in 2015

February 25, 2015 jd

Photo courtesy of http://www.funnyautos.com/funny-mobile-home.html

Existing-home sales dropped in January to the lowest rate in nine months, according to the National Association of REALTORS®’ latest housing report. All regions across the country saw declines in sales in January, with the Northeast and West posting the largest losses.

Still, the pace of sales was higher than a year ago – at a 4.82 million seasonally adjusted annual rate remains up 3.2 percent compared to a year ago.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales, despite interest rates remaining near historic lows,” says Lawrence Yun, NAR’s chief economist. “REALTORS® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

5 Stats to Gauge the Market

Here’s a closer look at where the housing market stands, based on NAR’s existing-home sales report for January.

1. Inventory: Total housing inventory at the end of January rose 0.5 percent to 1.87 million existing homes available but sale. Unsold inventory is at a 4.7-month supply at the current sales pace.

2. Home prices: The median existing-home price for all housing types was $199,600 – 6.2 percent above year ago levels. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun notes. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”

3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in January, down 15 percent from a year ago. Broken out, 8 percent of sales in January were from foreclosures and 3 percent were short sales. The average discount that a foreclosure sold at was 15 percent below market value, while short sales were discounted, on average, 12 percent.

4. Days on the market: Properties tended to stay on the market slightly longer in January – 69 days compared to 66 days in December. Short sales remained on the market the longest at a median of 128 days, while foreclosures tended to sell in 63 days. Overall, 30 percent of homes sold in January were on the market for less than a month.

5. Cash sales: All-cash sales made up 27 percent of transactions in January, down from 33 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 17 percent of homes in January, below the 20 percent in January 2014.

Regional Breakdown

Here’s a closer look at existing-home sales in January across the country:

Northeast: existing-home sales dropped 6 percent to an annual rate of 630,000. Sales are 3.3 percent above a year ago. Median price: $247,800, up 2.7 percent from a year ago
Midwest: existing-home sales fell 2.7 percent to an annual level of 1.08 million in January. Sales are still 0.9 percent above January 2014 levels. Median price: $151,300, up 8.2 percent from a year ago
South: existing-home sales dropped 4.6 percent to an annual rate of 2.07 million in January, but are still 5.6 percent above year ago levels. Median price: $171,900, up 7.4 percent from a year ago
West: existing-home sales fell 7.1 percent to an annual rate of 1.04 million in January, but are still 1 percent above a year ago. Median price: $291,800, up 7.2 percent from a year ago

Source: National Association of REALTORS®

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

The Best Seasons to Sell a Home

February 9, 2015 jd

Photo courtesy of http://www.dailymail.co.uk/

Spring is traditionally considered the best season to list a home, but it doesn’t inch out the other seasons by much, according to a new analysis by the real estate brokerage Redfin.

Check out our last report from Redfin’s seasonality study

Redfin’s research team analyzed 7 million homes listed from 2010 through 2014 to gauge how important the season is in listing a home. It examined how many of the homes went under contract within 30 days and how often they sold for more than their list price.

Here’s how the seasons stacked up:

39% of the homes listed in the spring (between March 21 and June 20) in the past five years went under contract within 30 days, and 15 percent sold for more than the list price.
38% of homes listed in the winter (Dec. 21 – March 20) sold within 30 days and 14 percent sold for more than the list price.
36% of homes listed in the summer (June 21 – Sept. 20) were under contract within 30 days and 12 percent sold above the list price.
34% of homes listed in the fall (Sept. 21 – Dec. 20) went under contract within 30 days and 11 percent sold at a premium.

“Just as buyer demand follows a seasonal pattern, so do home prices,” says Nela Richardson, Redfin’s chief economist. “Over the past five years prices have increased by an average of 3 percent month over month in the spring and ticked down by about 1 percent each month during the fall. To get the best of both worlds, sellers need be informed on both local buyer demand and recent sale prices in their neighborhoods before deciding when to list their homes and for what price.”
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Real Estate

Almost Half of States Near Home Appreciation Peaks

June 4, 2014 jd

Photo courtesy of: http://www.funnypica.com/

Home prices are continuing to rise heading into the summer months, according to CoreLogic’s latest Home Price Index, which shows nationwide home prices, including distressed sales, rising 10.5 percent in April compared to year-ago levels.

“The purchase market continues to suffer from a dearth of inventory, which we expect will continue to drive prices up over the year,” says Anand Nallathambi, president and CEO of CoreLogic.

In fact, no states posted drops to their home prices in April, according to CoreLogic’s index. What’s more, several states surpassed their previous home price peaks, including: Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas, and Wyoming.

Twenty-three states as well as the District of Columbia also are at or within 10 percent of their home price appreciation peak, according to CoreLogic.

The five states with the highest home appreciation (including distressed sales) in April year-over-year are:

California: 15.6%
Nevada: 14.8%
Hawaii: 14.1%
Oregon: 11.8%
Michigan: 11.3%

Source: CoreLogic

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Real Estate

I Sold My Home, Now I Have Nowhere to Go

May 22, 2014 jd

Photo Courtesy of http://luxeestatescollection.com/time-laugh/

More home owners say now is a good time to sell, surveys show, but low inventories have them worried about what their next move would be. With fewer homes on the market and quickly rising home prices, sellers are becoming less confident that they will be able to trade up at an affordable price. So where do they go from here?

Glenn Kelman, CEO of Redfin, says he repeatedly hears this concern from sellers: “I’m afraid to sell my house because I can’t find another one.”

Tim Brampedach, a business owner who lives in San Francisco, tells CNNMoney that his home’s value has risen from $1.2 million to $1.6 million in the past three years. He and his wife want to move to a bigger place, but “[we] are effectively locked into the house. We can’t sell because we can’t afford anything else nearby. … It’s people like us, who live in a fully turnkey home, who can’t supply homes because we have nowhere else to go in the city,” Brampedach says.

The competition for the limited number of homes for sale has heated up in some parts of the country, with buyers facing increasing competition from all-cash buyers. All-cash deals reached a record 43 percent of home sales in the first quarter of this year, according to RealtyTrac.

Some real estate professionals are actively looking for home owners who may consider selling, even mailing them letters or knocking on doors to ask them if they considered it.

One home owner, Kathleen Jackson of South Boston, says she and her husband recently received such an unsolicited offer that they felt was too good to pass up. But they worried if they’d be able to find another home. When the buyer agreed to give the couple until October to find a new home, they accepted the offer. Agents say this tactic is becoming more popular, with some sellers making the sale of their home contingent on their ability to find another home to move into.

Source: “‘I’m Too Afraid to Sell My Home,’” CNNMoney (May 20, 2014)
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Real Estate

Better Days Ahead in Housing, Freddie Says

April 11, 2014 jd

Photo courtesy of: http://onepicinspires.blogspot.com/

The housing market is stronger today than at any point since the Great Recession and has made progress in several key areas after hitting bottom in 2009, Freddie Mac reports in a blog post looking at the state of the housing market heading into spring.

Home sales are up 13 percent since their low point, Freddie Mac reports. Frank Notaft, Freddie Mac’s chief economist, predicts that home sales will rise about 3 percent in 2014.

Also, the agency reports that housing starts are up 50 percent since hitting bottom. Freddie Mac is predicting a nearly 20 percent increase in new-housing starts in 2014, “which will begin to help ease tight inventories in many markets.”

Housing prices have also been on the upswing, about 16 percent higher than their bottom in 2009, Freddie Mac reports. They expect home values to continue to rise this year, but at a more moderate 5 percent pace. Also, researchers say many markets are still posting housing values that are below their 2006 peaks.

Freddie Mac is forecasting mortgage rates to remain near their historic lows this year, but rates are expected to rise about a half-percentage point during the year to around a 5 percent average by the end of the year.

Source: “After Winter Chill, Time to Spring Forward,” Freddie Mac (April 10, 2014)
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Freddie Mac: “Fixed Mortgage Rates Tick Down”

Real Estate

Home Prices to Increase Next 12 Months

March 25, 2014 jd

Photo Courtesy of: http://www.pleated-jeans.com/

March 25, 2014

REALTORS® expect home prices to continue to rise over the next 12 months. But they expect them to do so at a moderate pace, given tight credit conditions and the chipping away of home affordability, according to the latest REALTORS® Confidence Index, a monthly survey distributed to more than 50,000 real estate practitioners to gauge expectations over home sales, prices, and market conditions.

Real estate professionals reported a median price expectation of 3.9 percent over the next 12 months.

The states where practitioners are predicting the biggest increases—5 to 7 percent—are in California, Florida, Alaska, and Hawaii. Tight inventories have helped to lift home values in these areas, according to the survey.

“In states with booming economies like Washington, North Dakota, Texas, Michigan, and the D.C.-metro area, the expected price increase is about 3 to 5 percent,” according to the report.

Real estate professionals also expressed several concerns over the housing market holding back some buyers, particularly due to “unreasonably” tight credit conditions.

“Access to credit was often cited as a deterrent to home buying,” according to the report. “About 13 percent of REALTORS® who did not close a sale in February reported having clients who could not obtain financing.”

In those cases, about 6 percent of the professionals said their buyer gave up, while 7 percent said their buyer continued to seek new or other financing. Other transaction hang-ups were lack of agreement on a price (accounting for 11 percent); buyer losing a home to competition (10 percent); and appraisal issues (3 percent).

By REALTOR® Magazine Daily News

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