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The trend of low vacancies and rising rents likely will continue. Three and four bedroom homes have the lowest overall vacancy rates. “In general, average rents continue to go up, but not at a rapid pace,” said Ryan McMaken a spokesperson for the Colorado Division of Housing. “With such a low vacancy rate, we’d expect to see more rent growth, but the employment situation is putting some downward pressure on rents.”
To read the full article, click here: Inside Real Estate News
Last week one of my tenants smelled smoke in the basement and the smoke alarm went off. She called 911 and the local Fire Department responded. Fortunately, there was no damage and everything turned out OK. Just to make sure, I followed up with the Fire Department and I had my licensed electrician do a thorough inspection of the property and adjoining properties.
Tenants (and Landlords) should ALWAYS be on the lookout for potential electrical problems:
1. Circuit breakers that frequently “trip” OFF.
2. Electrical plugs / cords that feel warm when you touch them.
3. Damaged wires that are frayed or showing signs of wear.
4. Buzzing or crackling noises when you switch something on or plug something in.
To remedy these situations, ALWAYS use a LICENSED ELECTRICIAN!
1. They don’t even know that something called “Renters Insurance” even exists.
2. They think it will be expensive and they can’t afford it. (This typically is NOT TRUE!)
3. They believe their Landlord carries insurance that protects them and their possessions.
4. They think their possessions are not worth very much.
5. They believe that insurance in general is not worth it.
For yet another week, fixed-rate mortgages reached record lows.
The 30-year fixed-rate mortgage (FRM) averaged 4.36% for the week ending August 26, 2010.
To read the full article, click here: Realty Times
More than a quarter of Americans currently renting houses and apartments have no intention to ever buy a home. According to a survey by real estate search site Trulia.com, 27% of renters do not plan to ever buy a home.
Of those who do hope to become homeowners, two-thirds say they will wait two years or more.
This reluctance to buy could drag out the real estate market’s slump longer than many have predicted.
Among the factors affecting sentiment: Renters are unable to save for a down payment, or they are waiting to get a new job or for mortgage rates to go even lower.
To read the full article, click here: Reuters
With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.
Existing home sales sank 27.2% in July, twice as much as analysts expected. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.
To read the full article, click here: CNN Money
The 20 riskiest markets, along with the probability of further price declines in the next two years:
1. Miami-Miami Beach-Kendall, Fla. (99.9 percent)
2. Las Vegas-Paradise, Nev. (99.9)
3. Ft. Lauderdale-Pompano-Deerfield, Fla. (99.9)
4. Riverside-San Bernardino-Ontario, Calif. (99.9)
5. Tampa-St. Petersburg-Clearwater, Fla. (99.9)
6. Orlando-Kissimmee-Sanford, Fla. (99.9)
7. Jacksonville, Fla. (99.9)
8. Los Angeles-Long Beach-Glendale, Calif. (99.9)
9. Santa Ana-Anaheim-Irvine, Calif. (99.7)
10. Phoenix-Mesa-Glendale, Ariz. (99.4)
11. San Diego-Carlsbad-San Marcos, Calif. (98.8)
12. Detroit-Livonia-Dearborn, Mich. (98.7)
13. Sacramento-Arden-Rovesville, Calif. (98)
14. Newark-Union, N.J.-Penn. (94.7)
15. Edison-New Brunswick, N.J. (94.7)
16. Providence-New Bedford-Fall River, R.I.-Mass. (93.6)
17. Oakland-Fremont-Hayward, Calif. (91.9)
18. Nassau-Suffolk, N.Y. (91.5)
19. New York-White Plains-Wayne N.Y.-N.J. (90.4)
20. San Jose-Sunnyvale-Santa Clara, Calif. (90)
To read the full article, click here: Realtor Mag
Here are the five areas and the median property prices:
• Syracuse, N.Y., $88,000
• Indianapolis, $113,000
• Detroit, $85,000
• Youngstown, Ohio, $74,000
• Buffalo, N.Y., $112,000
To read the full article, click here: Realtor Mag
