U.S. Rental Rates Flatten in Major Cities as Supply Floods Market Real Estate |
- U.S. Rental Rates Flatten in Major Cities as Supply Floods Market
- How do I sell a house to my sister for the remaining loan amount?
- Denver,co to Dallastx
- Rent To Own?
- Feel Like I Got Screwed By Listing Agent Acting As Dual Agent. Am I Nuts?
- How to ask for a security deposit back? [PHILADELPHIA]
- Educate me about aluminum siding and pier beam houses
- Manufactured home mixed with stick built addition... and it gets weirder.
- Interest rates tools and comparisons
- What's the best way to buy a home your buyer's agent is listing?
- Property tax dropped but only by a few dollars after a serious house fire. What?
- Basement level apartment keeps flooding and rental company won’t fix it
- 22 year old with "bad" credit wanting to rent an apartment
- Should i survivorship deed in my situation?
- [WA] Think I borked my rent-back agreement (I'm the buyer)
- Agent listed home as a SFH, but it's actually a condo! Can we negociate or sue seller?
- 26 year old wanting to buy small home
- Local lender vs Big Bank?
- Wet basement not disclosed
- What’s the biggest thing you struggle with in your real estate business?
- What happens when bridge loan term ends but home isn’t sold?
- Looking for unconventional rental clients
- Real estate agent commission split
- What lessons have you learned on your real estate journey?
- First Time Home Buyer, to rehab or not to rehab? (Ferndale, MI)
| U.S. Rental Rates Flatten in Major Cities as Supply Floods Market Posted: 27 Jun 2018 10:43 AM PDT The U.S. apartment market suffered its worst spring since 2010, near the depths of the housing crisis, as a flood of new supply and weakening demand resulted in rising vacancy rates and little or no rent increases in many major cities. Rents rose 2.3% in the second quarter compared with a year earlier, the weakest annual increase since the third quarter of 2010, according to data from RealPage Inc. scheduled to be released on Wednesday. Rental growth was flat in major cities with otherwise strong economies—such as Austin, Portland, Seattle, Dallas and Washington, D.C.—due to large amounts of new supply. While average rents continued to grow, individual landlords cut rents in some markets. In addition, landlords are offering tenants incentives including as many as three months paying no rent, free parking, credit for ridesharing services like Uber and Lyft, and Amazon gift cards for as much as $2,500, according to renters, real-estate brokers and Hotpads, a rental search platform. Joshua Clark, an economist at Hotpads who was looking recently for an apartment in the Capitol Hill area in Seattle, saw the $2,500 Amazon gift card offer. "I had my mouth open for a second. Seriously a lot of my expenses would be covered for the year, which would be fantastic," he said. Landlords have enjoyed a record 32 straight quarters of annual rent growth on average, as the U.S. economy strengthened and millennials delayed homeownership. But the reports of slowing, which began in a few markets in late 2016, have intensified to the point that the balance is shifting towards renters and away from landlords. Greg Willett, chief economist at RealPage, predicted average rents nationwide could flatten if current trends continue. "It's kind of telling as we look at some of these individual markets that are losing momentum because they're important ones," Mr. Willett said. The cause of the slowdown is primarily new supply. Developers responded to escalating rents by building the most new apartments in 30 years, sending a flood of new high-end units to downtown areas across the country. Developers are expected to add 300,000 new units over the next year across the U.S., Mr. Willett said. At the same time as there are signs renter demand is starting to wane because millennials are marrying, having children and buying homes or moving into single-family rentals. The U.S. added 1.3 million owner households in the first quarter over the same period last year and lost 286,000 renter households, according to U.S. Census data released in April. Landlords rely on the warm spring months to fill apartment buildings because renter demand trails off in the colder months of the years. "The second quarter is when you get most of your rent growth for the year," Mr. Willett said. The softening is taking place even in high growth cities. For example, the Dallas metropolitan area has the strongest job growth in the country. But Dallas area rents were essentially flat in the second quarter, down from 3.1% annual rent growth in the second quarter last year and a recent high of more than 6% rent growth in late 2015. Landlords there are offering tenants as much as two months of free rent. The problem in Dallas, landlords said, is simply too much supply. Developers are building about 22,000 apartments right now, compared with a long-term average of less than half that. "That's just too much inventory," said Ric Campo, chairman and chief executive of Camden Property Trust, one of the country's largest apartment owners. "In order to get those apartments absorbed, even with good strong job growth, it's taking the sizzle out of the market." In Seattle, where Amazon has been an economic powerhouse and home-price growth has been the fastest in the country, landlords are also struggling to fill new units. Rents grew just 0.5% in Seattle compared with a year earlier, down from annual rent growth of 5.6% in the second quarter of 2017 and a recent high of 8.6% rent growth a year prior to that. Michael Chotzen, a Seattle property manager, said some buildings near him in the Capitol Hill neighborhood are slashing security deposits, requiring tenants to put down several hundred dollars or nothing at all. But that can be risky. "If a tenant trashes a unit there needs to be funds to cover that," he said. Data released Tuesday from another apartment data provider, Reis Inc. also showed a largely weak rental market across the country in the second quarter. The national vacancy rate ticked up to 4.8% from 4.3% in the second quarter of 2017. The number of additional units that were rented fell to just over 37,000 from nearly 53,000 a year earlier, suggesting demand was weaker. Despite the recent slowdown, apartment owners note that the market is far from crashing and rent growth remains just below historic norms. Little concern has arisen that the softening could have broader economic repercussions for the U.S. financial system. Compared with the last real-estate crash, owners say there are unlikely to be many foreclosures because they are carrying much less debt. Jay Hiemenz, president and chief operating officer of Phoenix-based Alliance Residential, an apartment company, said banks are only giving loans to developers for about 65% of the cost to build a project, compared to 80% or more previously. "Absent some shock that none of us can see, we will have a softer landing," he said. [link] [comments]  |
| How do I sell a house to my sister for the remaining loan amount? Posted: 27 Jun 2018 07:05 AM PDT My sister lost her house (short sale) in the last housing bubble. She cares for my elderly parents. I offered to let her move into a house I had just bought if she continues watching for our parents and she agreed. My wife and I moved back into my wife's house. Fast forward to now. I really don't want this house in my name anymore. I would love it I could just transfer the house to her name - she has great credit and could easily qualify to purchase the house from me. I'm looking to buy a house in the near future and need my credit. However, I don't want to sell it a profit seeing as she cared for our parents and ideally, I'd like to just have her assume the loan. Is this possible? What options do I have? Edit: Denver, CO [link] [comments]  |
| Posted: 27 Jun 2018 08:09 PM PDT Friends, Thru work both wife and I've an opportunity to move from Denver, CO suburb to Dallas suburb in TX. I moved to CO few years ago and enjoyed our stay thus far. I'm really tempted to move but wondering what should I do with my COlorado townhome I purchased three years ago. I've about 35% equity and $1,950 mortgage which includes tax and insurance. I can rent it out and get approx $2,400/month. If I sell, I'd get approx $425k. I really like the townhome as it's close to major highways, malls, toll roads and couple big hospitals. What does reddit think? Rent it out or sell ? [link] [comments]  |
| Posted: 28 Jun 2018 12:58 AM PDT Hi. Hubs and I were initially looking for a place to rent. We came across a house that was listed on Zillow, Trulia, etc for rent but it turned out that it was a rent/lease to own. We are putting down a $1500 downpayment and signing the paperwork tomorrow. Rent will then be $725 a month (tiny town in a rural area, Oak City, NC so prices are awesome. We pay $1400 a month in Richmond, VA currently). I am seriously in love with this house and the fact that it is in the middle of literally nowhere. In researching before making a decision, I checked the BBB for the company's rating and besides a couple of renters who didn't pay rent and lost them, the company seems good and legit so we jumped in. From what I understand, we lease for 3-5 years and once that time is up, we finalize the purchase and hooray! First time homebuyers! I am wondering if anyone else has done this and what your experience was like? (Also, I did hear about a lot of scams and such generated from Craigslist, etc where the too good to be true rule definitely applied and that is why I researched the company and made sure they were legit. Also had the house inspected and it's in great shape, even has a brand new roof and appliances!) [link] [comments]  |
| Feel Like I Got Screwed By Listing Agent Acting As Dual Agent. Am I Nuts? Posted: 27 Jun 2018 04:30 PM PDT So here's the deal. I toured a home yesterday that I totally loved. It was on the market for 3 days with plenty of activity, but no offers yet. I decided to make an offer. I have my own buyers agent, so she typed up our offer (at list price) and we submitted it this morning. We had been informed yesterday evening that there would be a competing offer from someone else. However, come to find out, the other offer came from a buyer that did not have a buyers agent. The offer was written and submitted by the listing agent....to the listing agent. I can't shake the feeling that the listing agent waited until we submitted our offer today, then he and the other buyer crafted their offer slightly higher than ours and submitted it. In this case, the listing agent doesn't share the commission so he comes out better and doesn't have to deal with a buyers agent in negotiations and things. As one would expect, buyers rejected our offer and selected the other one. Am I nuts? I just can't shake this feeling that the listing agent fucked me out of this deal. He's the one who received our offer so he would have known exactly what it was. It's in his best interest to either explicitly tell HIS buyer "hey, you've gotta bid at X dollars or higher"(not sure of the legality of this) or at least nudge him that way. I live in Indiana so dual agency is legal...I still just feel like I got screwed out of a house I really loved. Am I nuts for thinking this? [link] [comments]  |
| How to ask for a security deposit back? [PHILADELPHIA] Posted: 27 Jun 2018 08:04 PM PDT We are about to reach our lease deadline which is in two months (August 2018). We paid a security deposit of one month and the last month's rent. How can I ask my landlord to give our security deposit back? I am thinking to call her and tell that to take our security deposit and include it in the July rent because we have already paid for the August. Is this a good approach? Or should I ask in a different way? [link] [comments]  |
| Educate me about aluminum siding and pier beam houses Posted: 27 Jun 2018 09:47 PM PDT Louisiana I'm a brick person. I'm looking at a duplex that holds my interest, but the siding is aluminium and it's on pier beam. Could someone give me an overview, along with pro/cons, with owning a house that uses an aluminum side and/or pier beam? [link] [comments]  |
| Manufactured home mixed with stick built addition... and it gets weirder. Posted: 27 Jun 2018 04:02 PM PDT I am in love with a 9 acre slice of paradise. I'd buy it just for the land, but they have a property on it so bank can't do it as a land only deal. There is a house on it that is listed as 6 bedroom 3 bathroom. In fact it's a 1989 manufactured 4/2 doublewide.. on top of a 2/1 stick built basement apartment. The whole thing is actually pretty well done, clad in concrete plank, it looks like a regular house. Due diligence has revealed NO PERMITS for the remodel/ finished apartment. Just for an UNFINISHED basement. So it's a 4 bedroom manufactured upstairs And an un permitted finished basement. Is it crazy to make getting it permitted a condition of the sale? Should I make a lower offer and try to get it permitted later? My concern is that the insurance company won't insure the house that way, and then the bank won't do the loan because, must have insurance. I really love this property. In a few years I'll remove that manufactured part and expand the house greatly. Advice, insights, secrets are GREATLY appreciated update. the bot says I need the location. I'm out in the county in the Pacific NW (wa). [link] [comments]  |
| Interest rates tools and comparisons Posted: 27 Jun 2018 05:55 PM PDT Trying to get a handle on interest rates and tools but we are a bit lost. We are in Austin, Texas moving towards our closing date on our home. But it's confusing researching the interest rates. The UFCU Credit Union quoted us 4.625% the CMG lender quoted us 4.750% with 4.923% APR without points. When I shop Bankrate the average is about 4.2%- 4.4% but when going to mortgage news daily it seems to be about 4.6% - 4.7%. Though I realize most of those rates have points factored into them. So why such a huge discrepancy with bankrate and mortgage news daily? [link] [comments]  |
| What's the best way to buy a home your buyer's agent is listing? Posted: 27 Jun 2018 12:30 PM PDT Been looking for a home for quite some time now, and just haven't really found the right one. Our agent told us that he would be listing a home in about a month that seems to be right in the ballpark of what we're looking for, and that he could get us in the door early and maybe even get an offer in before it officially goes on the market. Previously, he indicated that if we were interested in a house that he was listing, he would pass us off to another agent at the brokerage, but this time, he left open the possibility of double ending the sale. I've read very few statements in this sub and elsewhere in support of that practice, so my questions are two-fold:
If this house is a good fit, we really want to make this happen, but we also don't want to find ourselves in a situation that we regret. Thanks y'all! [North Carolina] [link] [comments]  |
| Property tax dropped but only by a few dollars after a serious house fire. What? Posted: 27 Jun 2018 11:12 PM PDT House was valued at about 240k before the fire. After the fire it went down to 204k and stayed there while the house was being rebuilt even though the house was totaled and nearly torn down. Took 75k just to do the tear out and removed the asbestos in the attic insulation (50 yr old house) and another 250k to put it back into livable condition. Took 16 months to get it all finished and the day it was done, property taxes shot up based on a new value of 300k which is fairly accurate. My question is, in a town where lots dont sell for more than 100k, how did they get a valuation of 204k when the house was totaled and there was only a garage left on the yard? How do assessors come up with these numbers anyway? [link] [comments]  |
| Basement level apartment keeps flooding and rental company won’t fix it Posted: 27 Jun 2018 11:11 PM PDT I live in upstate New York and my basement level apartment keeps flooding every time it rains. My apartment is part of a large complex of several buildings and my particular apartment is on the bottom level which is partially underground. My bedroom has flooded twice since I moved in in January. I know for a fact that the flooding is a result of poor drainage from a gutter just outside my room. When it rains the gutter spills water in to a puddle outside my bedroom which then leaks in through the foundation, which requires me to call a wet vacuum technician to remove the water from the area rug in the room. Doing this requires me to remove ALL of the furniture in my bedroom in addition to causing damage to my personal property on the floor. Both the first and second time the flooding occurred I made the rental office aware of the issue. The second time I notified the office the manager assured me the problem would be fixed but it has not as it is currently raining and water is beginning to seep in to my room yet again How do I get my apartment complex to get their act together and actually fix this problem? I would like to warn them with some type of legal reaction but I'm very new to renting and don't know what's in the realm of possibility. I just want to have a bedroom that doesn't get a sopping wet carpet every time there is a rainstorm. TL DR: basement level apartment keeps flooding during rain, and rental management is doing nothing about it despite multiple complaints on my part. [link] [comments]  |
| 22 year old with "bad" credit wanting to rent an apartment Posted: 27 Jun 2018 10:48 PM PDT I don't have too much of a credit history. I've never had a credit card and the only thing that is on my credit report is negative. A 787 medical bill for blood work that is a complete mistake and I refuse to pay because whoever put my insurance information in screwed up. I had been getting monthly blood work done and my co pay was only 20 dollars each time but for some reason one month I got a 787 bill. They will not fix it and I'm not planning on paying this. I recently bought a car and am currently financing. I've been making my payments but it's only been two months so I'm not sure if this will have too much of a positive impact just yet. Now, I will be renting with my boyfriend who, unlike me, has a credit score of 750. He has stable income and works for a great company. Is it possible for me to find a place to rent or will my bad credit hurt our chances? What are some things I can do that could possibly persuade a landlord despite my credit history? My credit score is between 585-680 (depending on where you look) [link] [comments]  |
| Should i survivorship deed in my situation? Posted: 27 Jun 2018 04:19 PM PDT Oklahoma resident. Have a s/o of 8 years. She's pregnant. Oklahoma is a common law state. (According to google). 33m, purchasing home and 3 ac. Was told by the in-law to do a survivorship deed, just in case something were to happen to me. Now when i bring this up to my LO she seems to make it like wrong thing to do, and I should just will it to her. I don't have a will so that intrigues me. I guess this could go to legal advice. Thanks in ahead of responses. [link] [comments]  |
| [WA] Think I borked my rent-back agreement (I'm the buyer) Posted: 27 Jun 2018 10:02 PM PDT Closing on a place on Monday and my offer was picked because I allowed a rent-back of 45 days (nice suburb north of Seattle, pretty spicy market). I'm doing a conventional loan through my lender, but as a first time home buyer I have a concerns about landlord/tenant stuff. I don't see anything on the form 65B that clearly defines tenant vacating. There is the #3 which states the agreement shall terminate on august 15th 2018 and that's it. Am I going to potentially be stuck with a squatter? I've heard stories of renters that took months to evict. [link] [comments]  |
| Agent listed home as a SFH, but it's actually a condo! Can we negociate or sue seller? Posted: 27 Jun 2018 04:00 PM PDT My wife and I are currently in the middle of escrow for a nice, gated home including 2 beds and 2 baths in east Los Angeles county for $450,000. When we went to the open house about a month back, the agent of the seller listed it as a single family home for $428 and even said that it is a single family home when we talked to her. Just today, we received the appraisal of the home and the legal description read that we "own air space and 1/65 common area" since it is a PUD with 65 units within the community and that the unit is a detached condominium, not a single family home. We don't want to purchase just the air of our home since we were under the impression that we were going to own the land. And seller and seller's agent haven't claimed the property correctly; rather we believe they gave false information or that they didn't know it was a condo. What are our options? Can we: 1) negotiate the price? 2) pull out and possibly sue them? Other supplemental information is that we have already put down $10,000 for escrow fees and have contacted our agent, who completely understands our situation. We are currently awaiting on a response from the property manager (member of HOA) and the city to see who owns the actual land. Thanks for the help. [link] [comments]  |
| 26 year old wanting to buy small home Posted: 27 Jun 2018 09:03 PM PDT I've been renting but I want a place of my own. Problem is, I'm only 26, so any of the places I could afford to buy (trailer, etc.) Generally aren't safe areas to live in...which I don't want. Is there some good method or tact to getting a small studio or efficiency in an area that is safe and that won't cost me over $10k? Or am I dreaming...? I'm in the Florida, USA...BUT I'm really open to moving anywhere as long as there's good internet lol. [link] [comments]  |
| Posted: 27 Jun 2018 03:57 PM PDT My wife and I are preparing to buy a home. This will be our first mortgage, although we already own an apartment in NYC flat out. We found a house in Northwest CT that we love and made an offer, but there was another offer as well, and we ended up having to raise our offer to just above asking. The broker has since told us that the competing offer was actually a bit higher than ours, but the seller went with us because our offer included an aggressive schedule for closing in the next couple of weeks. In order to meet this schedule, she recommended I talk to the local lender, which I did and I was offered a 30 year fixed mortgage at 4.625, and she was able to guarantee everything would be done on time. We had previously spoken with Citi bank about pre-approval (before we started looking at houses) and since that was the same rate they had offered, I let Citi know we were going with the local lender. At that point, Citi said they would try to do better, and came back the next day offering 4.375. The broker is now telling me I could lose the house if I don't hit the dates we agreed to in the offer, so I need to quickly decide between the two.
Contractually, I need to have the mortgage locked by July 10th, so with the 4th coming up I am counting the days! Thanks in advance for any insight on this! [link] [comments]  |
| Posted: 27 Jun 2018 07:12 PM PDT My wife and I recently purchased a home in Northeast IA. It was built in the late 50s and the seller listed that the basement has only had water in it once during a really insane flood in our area 20+ years ago. We've owned it for about two months now and lived in it for a week. In that time frame we've had seepage as well as standing puddles twice. It was sold as is but the disclosure was not as is. Can we seek any damages noting that the seller likely lied on the disclosure? [link] [comments]  |
| What’s the biggest thing you struggle with in your real estate business? Posted: 27 Jun 2018 06:45 PM PDT |
| What happens when bridge loan term ends but home isn’t sold? Posted: 27 Jun 2018 06:32 PM PDT My mom recently got a bridge loan. Long story, but it's conceivable her home won't be sold in six months, when the initial term of the loan ends. I'm just curious what typically happens at that point. Will she start accruing higher rates, penalties, etc? I'm sure it's spelled out in her loan, but I'm just wondering the usual scenario(s) since I don't have all the details. Thanks [link] [comments]  |
| Looking for unconventional rental clients Posted: 27 Jun 2018 02:45 PM PDT I own a townhouse in DC metro area. I just ended a lease and am going through the refresh process with paint etc. I am looking at my profit loss etc and deciding on my new pricing for next lease. Then I thought of corporate rentals, homes for airline employees (and other corporate transients), homes for disabled that are Medicaid funded, etc. I think those could result in leases that would last for years. Money would be more reliable too. Anybody else doing this with a residential property? The property is a small 3 bedroom 2.5 bath two story in Northern VA near Dulles airport. Recent lease was $1400/mo but after updates I should be able to get 1600. It's a great time to sell and the property is paid off so it's going to be a nice payout. Close to 150k profit. The other side of me wants to hold my cards and keep collecting the rental income. [link] [comments]  |
| Real estate agent commission split Posted: 27 Jun 2018 02:27 PM PDT What's a typical commission split for agents/brokers? Background: I'm thinking of jumping ship from my broker to earn a 95% commission from another broker but the new broker charges $99/month and a $299 per-transaction fee. Does any other broker offer offer a 95/5 commission split with a low monthly fee? [link] [comments]  |
| What lessons have you learned on your real estate journey? Posted: 27 Jun 2018 05:59 PM PDT Landlords of the USA it's great to hear your success stories, but it would be even better to learn on each other's mistakes. [link] [comments]  |
| First Time Home Buyer, to rehab or not to rehab? (Ferndale, MI) Posted: 27 Jun 2018 09:42 AM PDT Quick Metrics - Location: Ferndale, Royal Oak, Berkley, Pleasant Ridge. Michigan. The Peeps: Male (Attorney) and Female (Finance) 27 years old + Dog (1 1/2 years old, 85 lb malinois, unemployed). Both of us currently live with our parents (Woo millenials!), recently engaged. Timeline: Unknown. Household Income: $130,000 (This will increase to $150,000 in November 2018 + $10 - 15k in bonus in Feb 2019). Savings: $65k (both of us are actively saving so this should increase, hopefully) Hoping that the above metrics are helpful. We are a young couple, recently engaged. Neither of us pay rent and we have no debt. We are lucky. We hope to be living together in a home by the fall of next year. We are not having a wedding so I have not figured in any expenses for that and we are just focusing on the house. We can't rent as my pup seems to exceed most places allowance for size. Questions: Would we be better off purchasing at "ready made" home or purchasing something in January of 2019 with a 203k loan and having it rehabed? What considerations should we be making? How do you pick a contractor, if that's the route we go? What are some common unseen costs? One of the benefits we have is that our parents both live in the area and our mothers would be able to check on the work going on at the house while we are at work. Also, I work at a large firm with real estate team who would probably be willing to help where possible. As I've never purchased real estate before and was a miserable property law student, I'm not even sure what help they could provide, I will ask. If additional information is necessary, please let me know and i'll provide it. Thanks! [link] [comments]  |
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