Today we continue the Market Report with an in-depth look at the housing market. What happened in 2019? What are the stories that will shape the housing market in 2020? What changes are taking place in the home reselling industry. The news segment today will bring you up to date with the latest in the housing market and in the second half of the show I’m going to share with you my top Ten real estate stories of 2019.
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- We normally meet every Wednesday and Thursday but we are done for the holidays. No meetings in December.
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Real Estate Wins in Government Spending Bills
Home Flipping Is Losing Fans https://magazine.realtor/daily-news/2019/12/17/home-flipping-is-losing-fans
Home Flipping Activity in U.S. Drops 13 Percent in Q3
Housing is in the middle of an inventory crisis. Here’s why
House Federal Funding Legislation Brings Certainty, Stability to Housing Market https://www.nar.realtor/newsroom/house-federal-funding-legislation-brings-certainty-stability-to-housing-market
Topic: Market Report: Housing
America’s housing market is coming back to life just in time to boost the 2020 economy
US housing starts rise more than expected, with permits at a 12-1/2-year high
Homebuilder confidence jumps to highest level in 20 years
The Big Housing Stories in 2019
- SALT deduction above 10k affects sales of expensive properties
- Luxury market already losing speed – getting back to normal.
- Sub-luxury still hot. Lack of inventory, strong resales.
- Chronic shortage of new housing starts, especially in starter home category.
- iBuyers make a splash.
- Class-Action Suit against the NAR. (the story that wasn’t. Almost no impact in brokers’ daily lives)
- Rent controls. Oregon and California. U.S. next?
- Government interference to solve a government-caused problem. Why are rents so high? A central driver of higher home prices in some communities is the heavy regulation of housing markets by localities. This includes “overly restrictive zoning and growth management controls; rent controls; cumbersome building and rehabilitation codes; excessive energy and water efficiency mandates; unreasonable maximum-density allowances; historic preservation requirements; overly burdensome wetland or environmental regulations; outdated manufactured-housing regulations and restrictions; undue parking requirements; cumbersome and time-consuming permitting and review procedures; tax policies that discourage investment or reinvestment; overly complex labor requirements; and inordinate impact or developer fees.”
- Based on an assumption that investors will act in a manner detrimental to their own self-interest. As long as there are greener pastures and easier places to do business investors will go there. This creates shortages in the places they leave behind.
- Creates advantages for those presently in place.
- Creates shortages and disadvantage for everyone else.
- LA has had rent controls (1978) – and 60,000 homeless.
- Washington DC has rent controls (1985) and the largest per capita homeless rate on the east coast.
- House Flipping at an all time high in 2018 (10% of all homes sold). Back down to around 5% in 2019. House Flipping profits are at a 10 year low.
- Zillow is about to become the Google of real estate. If they ever turn an actual profit, watch out!
- Ad sales
- Buyer program
- Agent referrals
- Mortgage company
- Other services (title company, moving services)..
- Smart home technology comes of age.
- Many options
- Affordable – thanks to competition
Motivational Thoughts for the day
- “Love and success, always in that order. It’s that simple AND that difficult.” -Mr. Rogers
Expected Air Date: Thurs 12/26/19