Tag: real estate

December 13, 2022

7 Common Mistakes Made By New Real Estate Investors

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Opinions expressed by Entrepreneur contributors are their own.

Real estate is one of the safest ways to create lasting wealth, and it is attracting more and more people each year. Investing in real estate is an exciting and lucrative adventure, provided that you don’t fall into the pitfalls of the sector. The lack of experience of beginner investors can cause them to fall for many tricks. So, here are seven common mistakes to avoid at all costs if you’re a beginner who wants to succeed in the real estate industry:

1. Thinking that you will get rich quickly

One of the major mistakes beginner real estate investors make is that they often think that the results will be tangible quickly. That is the outcome of the internet phenomenon: The public wants everything right away and without making any effort. Many industry gurus focus their communication in this direction, and they do not show that in order to succeed, it is necessary to have a spirit of self-sacrifice and also to work hard. In reality, patience and perseverance are required in this type of investment. Just searching for a profitable property can take several months if you don’t have a keen eye. Moreover, rushing into an investment without checking the property in question is often a bad omen.

2. Not having a strategy

Some real estate investors prefer to take projects one day at a time, without having a precise plan of action. In this case, the risk is to end up with several properties which do not correspond to their profile. These investors embark on all sorts of projects without measuring the consequences, and they often find themselves ruined because of their poor investment choices. Having a well-defined strategy allows you to go in a precise direction. Following a strategy means ensuring that you don’t venture out in all directions and that you move in the right direction.

3. Focusing your research on a specific city

Another major mistake often made by beginner investors is focusing on a specific city — often close to their home or in a particular city because they have been told that its profitability is good. In reality, this way of searching drastically reduces the opportunities since these investors will feel obliged to buy a property in that city, even if the profitability is not there. On the contrary, it is necessary to expand the search in order to not miss any opportunities. It is easy to optimize the profitability of a property that is already profitable beforehand. On the other hand, a property that is not profitable will harm your project, even if you set up some optimization strategies.

4. Omitting the negotiation stage

In real estate, negotiation is a key step that takes place at different levels. In particular, it intervenes at the time of purchase of the property. Many real estate investors forget that a good deal is made at the time of purchase. If they buy at a too high price, that will impact the profitability of their project, whether it is a rental or a resale project. The purchase price constitutes an important variable in a real estate investment project. Keep in mind that if you don’t get a good deal at the time of the purchase, it is very likely that you won’t get a good deal on the resale.

5. Underestimating the cost and the scope of the work

It is important to seek the help of professionals when you are tackling work related to real estate because costs can quickly become overwhelming. Often, beginner investors have no idea of the scope of the work to be done, and therefore they underestimate their costs. They only have a global or a partial vision of what they want to achieve, and they do not realize that the work can be much more consequent.

6. Not checking the condition of the property

Even if virtual visits are at the present time facilitated by technology, seeing the condition of a property in person allows you to check if it corresponds to your expectations. There is no point that can be neglected at this stage. It is particularly necessary to check the state of the common parts as well as the state of the roof, for example, with the help of a drone in order to be more precise. While visiting a property, it is also important to check the condition of the neighborhood. All this is done in order to avoid very high costs of work.

7. Thinking that you can handle everything yourself

In the real estate field, beginner investors tend to think that they can handle everything, either to make a bigger profit or simply because they find it difficult to delegate some of their work. This is a common mistake, as the time spent in the management of a property is valuable time that they can allocate to tasks that are more within their reach, such as searching for other properties or finding some solutions to optimize the profitability of a property they possess. In some cases, delegating this responsibility to professionals is a better solution. But be careful, delegating does not mean not controlling. It is necessary to think of always monitoring the state of the work.

If you’re just getting started in real estate investing, use these tips to avoid common mistakes. Remember this: It takes time to see results, don’t go in without a strategy, don’t limit your search, don’t skip the negotiation stage, don’t underestimate the cost or the work, thoroughly check the condition of the property, and don’t hesitate to delegate the work.

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Xavier PRETERIT

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Hawaiian Tropic Founders’ Beachfront Florida Mansion For Sale

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The beachfront estate of late Hawaiian Tropic founder Ron Rice is on the market for $5.99 million.
The mansion was built to entertain, with three pools, two bars, and unblocked ocean views.
Among the items Rice kept on display in the house was the trash can in which he first mixed his suntan lotion formula.

This story was originally published on Business Insider.

Ron Rice, the late founder of Hawaiian Tropic, built an empire on suntan lotions. The Florida mansion where he hosted celebrity parties is now on the market for $5.99 million.

Ron Rice and models attend Westin Kauai Celebrity Sports Invitational on October 8, 1988, at the Westin Kauai Resort in Kauai, Hawaii. Ron Galella/Ron Galella Collection via Getty Images via BI

Rice bought the 1-acre property in May 1983 for $360,000, property records show.

He lived in the house for almost 40 years until his death in May, listing agent Bill Navarra from Realty Pros Assured told Insider. Rice was 81 when he died, per his New York Times obituary.

“There’s a northern structure that was built in the sixties and he bought both lots,” Navarra said of the property. “And then in 1985, he built the additional main living quarters.”

The estate was completed in 1987, per the listing. This is the first time the house has been on the market.

The exterior of the house. HomeFx via BI

Houses in Ormond Beach have a median listing home price of $440,000, per data from real-estate platform Realtor.com. There are currently 448 single-family homes for sale, with prices ranging from $107,000 to $5.99 million — making Rice’s estate the most expensive listing in the area.

Rice’s estate did not immediately respond to Insider’s request for an interview, sent through the listing agent.

Rice grew up in the Blue Ridge Mountains of North Carolina, far from the sea and the sandy beaches associated with his brand.

The main living area. Rice put all his favorite possessions on display so he could enjoy them every day. HomeFx via BI

After graduating from college, Rice became a high school chemistry teacher, coached football, and worked as a lifeguard on the side, per the New York Times.

It was during one of his lifeguarding shifts that he had the epiphany to create a product that could rival suntan lotion giant Coppertone, per The Washington Post. In a trash can in his garage, Rice mixed up a combination of oils until he nailed the formula that would eventually become Hawaiian Tropic suntan lotion.

By 2006, Hawaiian Tropic became the second-largest sun-care product company in the world with $110 million in sales, per the New York Times. A year later, Rice sold his company for $83 million.

Rice filled his home with life-sized animal sculptures, framed pictures of pageant competitors, and eclectic furniture.

Among the things that Rice kept was the garbage can in which he first created the Hawaiian Tropic suntan lotion formula (bottom right). HomeFx via BI

“He’s traveled all over the world and got a lot of gifts from different people he’s met through his life,” Navarra said. “He wanted to enjoy them every day.”

Among the items Rice kept in his living room was the garbage can that started it all, per the New York Times. Only now, he had it plated in silver.

These items are not included in the sale of the house, Navarra said.

While the interiors of the 12,414-square-foot mansion are primarily made out of wood, the stones on the outside of the house were imported from North Carolina, Navarra said.

The kitchen area. HomeFx via BI

“Rice did the same thing with the Hawaiian Tropic office in Ormand Beach,” Navarra added.

Part of Hawaiian Tropic’s success can be attributed to Rice’s guerilla marketing tactics, which included running beauty pageants, sponsoring race-car drivers, and securing product placements in Hollywood films.

A bar area for entertaining guests. Rice kept framed photos of some of his pageant models around the house. HomeFx via BI

Rice ran the annual Miss Hawaiian Tropic contests from 1983 to 2010, with celebrity judges that included former US president Donald Trump — who met his second wife Marla Maples when she was a contestant, per the New York Times.

Recounting his first pageant, Rice told Knoxville News Sentinel that “it was magic.”

“I had unlimited girls … beautiful girls … wanting to be one of our Hawaiian Tropic models,” Rice said. “I had to choose, and they were just throwing themselves at my feet to be one of our models.”

Rice’s other marketing stunts included plastering the brand on a Porsche 935 that Paul Newman drove at the 1979 Le Mans and on a No. 1 Hawaiian Tropic Oldsmobile that racing driver Donnie Allison famously wrecked at the 1979 Daytona 500.

“We were making money hand over fist,” Rice told Knoxville News Sentinel in 2020. “We didn’t know what to do with it.”

Rice’s mansion was designed for entertaining, and the founder put it to work.

The indoor pool is flanked by two angel statues. It is connected to one of the two outdoor pools. HomeFx via BI

The indoor pool is flanked by two angel statues, and it’s connected to an outdoor pool so guests can swim in and out, Navarra said.

Names on Rice’s party guest list included celebrities and professional athletes of the day, such as O.J. Simpson, Joe Pesci, and Jerry Lee Lewis, per The Daytona Beach News-Journal.

There are four bedrooms in the house. The primary suite has 180-degree views of the ocean.

The master suite has unblocked views of the open sea. HomeFx via BI

“I became friends with him over the years of selling real estate with him,” Navarra said of Rice. “He had such unique styles of doing business.”

There was one occasion when the business mogul had problems getting a local surf shop to carry his products, Navarra said, recounting a story Rice once told him.

“He sent several of his models there, and they all went in and asked for the same product,” Navarra said.

Rice ended up striking a deal with the store owner, Navarra added: “And Ron said, from that point forward, that became one of his top-selling surf shops in Daytona Beach.”

Navarra says this is the first time he’s seen so much buzz about a property.

The primary suite bathroom is covered in mirrored walls and comes with a sauna and a jacuzzi.
HomeFx via BI

“I’ve been doing this for 25 years,” Navarra said. “Newspapers, media — I’ve never seen so much excitement about a house ever before.”

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Amanda Goh

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Discover luxury developments represented by Sotheby’s International Realty around the world

New Development Spotlight: Marble Palace in Helsinki, Finland – Sotheby´s International Realty | Blog

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Showcasing the height of new luxury construction in some of the world’s most sought-after locations, let’s explore an exclusive new development from our worldwide network.

Helsinki, Finland | Snellman Sotheby’s International Realty

Marble Palace (”Marmoripalatsi”) was designed in 1916 and completed in 1918 by one of Finland’s most iconic architects, Eliel Saarinen. Today, this masterpiece from his classical phase has been converted back into its original purpose – a lavish private residence in Helsinki’s beautiful Kaivopuisto park. With housing four spacious new homes, each with their own individual character, it represents luxurious urban living unlike anywhere else in Finland.

While the new apartments retain the palace’s distinguished ambience and stay true to Saarinen’s concept of distinct public and private sections, tremendous upgrades have taken place under the surface. The extensive restoration project by SARC Architects has brought the building into the 21st century, leveraging advanced building automation technology wherever needed to optimize heating, ventilation and cooling. Sustainable LED lighting and underground heat pipes to clear exterior walkways of snow and ice are but some of the contemporary comforts that take living at Marmoripalatsi to the next level.

Varied and attractive outdoor spaces complement Marmoripalatsi’s interiors beautifully. The exquisite loggia, framed by original granite arches, adds Mediterranean charm to dinners under the evening sun. Every apartment enjoys a private patio, roof terrace, or one or more balconies overlooking the park.

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Melissa Couch

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Housing market ‘extremely unaffordable’ right now despite rates falling, says Black Knight’s Walden

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Andy Walden, Black Knight VP of enterprise research, joins ‘The Exchange’ to discuss what’s keeping homebuyers away from purchasing, what pent-up housing demand means for the market next year and more.

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Pane Team | Sotheby’s International Realty – Sherman Oaks Brokerage

Soak in these Four Homes with Relaxing Tubs – Sotheby´s International Realty | Blog

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From Sag Harbor to Southern California, these exceptional homes feature tubs that transform luxurious baths into peaceful personal spas designed for warm, luxurious escapes.

Chic California Contemporary

Combining chic modern style with consummate comfort, this striking light-filled Encino home offers fluid open living and dining spaces as well as a chef’s kitchen with Viking appliances, quartz countertops, wine storage, and walk-in and butler’s pantries. Among the five bedrooms is a primary suite with an expansive closet and a spa-like bath that includes a serene soaking tub set beside a wide window that frames a picturesque view. The property is an idyllic oasis featuring an infinity-edge pool and breathtaking valley vistas.

Sag Harbor Serenity

Beate V. Moore | Sotheby’s International Realty – Bridgehampton Brokerage

On one of the most desirable streets in Sag Harbor, this four-bedroom residence is a charming coastal haven. Light-filled open-plan living, dining, and entertaining spaces are adjoined by an impressive kitchen with a sunroom and access to a dining patio, a heated gunite pool, and enchanting lawns and gardens. Secluded on the upper level, the cheerful owner’s aerie includes a bath with spacious tiled shower and a classic claw-foot tub. The home is less than a half mile from restaurants, shops, and the beach.

Picturesque Palm Beach Oasis

Frances and Todd Peter | Sotheby’s International Realty – Palm Beach Brokerage

Surrounded by mature palm trees, this thoughtfully renovated 2,671-square-foot home brings midcentury flair to Palm Beach. Ideal for entertaining, it appeals with an open-plan living room, dining room, and kitchen; a refreshing pool; a loggia; and an outdoor kitchen. The owner’s suite boasts a well-equipped walk-in closet and a bath with eye-catching tile and a wet room offering a dual-head shower and an artful tub ideal for a relaxing soak. A freestanding apartment includes its own kitchen, living room, driveway, and garage.

Greenwich Gem

Leslie McElwreath | Sotheby’s International Realty – Greenwich Brokerage

Built in 1710, this distinctive residence blends period details with modern appointments and amenities. The 8,077-square-foot floor plan boasts a gourmet kitchen, a family room, a living room with a fireplace, a butler’s pantry with a wet bar and a wine chiller, and a chic dining room with French doors to a wraparound covered porch. The home’s six bedrooms include a primary suite with a fireplace, a view of the verdant grounds, and a regal marble bath with a soothing vintage-inspired soaking tub.

Discover luxury homes for sale and rent around the world on sothebysrealty.com

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Melissa Couch

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December 10, 2022

Heat pumps are an energy upgrade for homeowners that’s becoming a climate and financial winner

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Heat pumps are becoming more popular for residential housing with energy prices increasing and the need to reduce use of fossil fuel heating systems.

Andrew Aitchison | In Pictures | Getty Images

Thinking about a home heat pump? New and expanded government incentives, coupled with sharply rising utility costs, make it more compelling.

Especially when used in connection with clean electricity sources like rooftop or community solar, a heat pump — a single electric appliance that can replace a homeowner’s traditional air conditioner and furnace system — can warm and cool a home with less planetary harm.

These investments are becoming more appealing to consumers, too, given inflation’s heavy hand. A whopping 87% of U.S. homeowners surveyed said they experienced higher prices in at least one household service or utility category over the summer, according to SaveOnEnergy.com. There’s another possible bonus: Incentives being offered through the recently passed Inflation Reduction Act of 2022.

“These incentives are not only saving you money now and in the long run on your utility bills, but they are putting our economy on track to reduce consumption of fossil fuels that contribute to climate change,” said Miranda Leppla, director of the Environmental Law Clinic at Case Western Reserve University School of Law. “It’s a win-win.”

The use of heat pumps will become more common as governments legislate their adoption. Washington State recently mandated that new homes and apartments be constructed with heat pumps. In July, California Governor Gavin Newsom announced a goal of 3 million climate-ready and climate-friendly homes by 2030 and 7 million by 2035, supplemented by 6 million heat pumps by 2030.

Here are four important things to know about upgrading your home to a heat pump system.

Heat pump cost, savings and efficiency considerations

Heat pumps are appropriate for all climates and are three to five times more energy efficient than traditional heating systems, according to Rewiring America, a nonprofit focused on electrifying homes, businesses and communities.

Rather than generating heat, these devices transfer heat from the cool outdoors into the warm indoors and vice versa during warm weather. Heat pumps rely on electricity instead of natural gas or propane, both of which have a higher carbon emission than renewable electricity such as wind or solar, said Jay S. Golden, director of the Dynamic Sustainability Lab at Syracuse University.

With installation, heat pumps can range from around $8,000 to $35,000, depending on factors such as the size of the home and heat pump type, according to Rewiring America, but it estimates the savings could amount to hundreds of dollars per year for an average household. What’s more, it’s a long-term play, since heat pumps that most people will consider installing have an average lifespan of 10 to 15 years, according to Rewiring America.

Electricity costs also tend to be more stable, insulating consumers against gas price volatility, said Joshua Skov, a business and government consultant on sustainability strategy who also serves as an industry mentor and instructor at the University of Oregon.

“While there’s an upfront cost, millions of homeowners would save money with a heat pump over the life of the device,” he said. “You’ll save even more with the federal government covering a chunk of the upfront cost.”

Inflation Reduction Act incentives

The Inflation Reduction Act — an expansive climate-protection effort by the federal government — includes multiple incentives to lower the cost of energy-saving property improvements. These incentives significantly exceed what’s available to homeowners today, said Jono Anzalone, a lecturer at the University of Southern Maine and the executive director of The Climate Initiative, which empowers students to tackle climate change.

For low-income households, the Inflation Reduction Act covers 100% of the cost of a heat pump, up to $8,000. For moderate-income households, it covers 50% of your heat pump costs, up to the same dollar limit. Homeowners can use a calculator — such as the one available from Rewiring America — to determine their eligibility.

If you’re considering multiple green home improvements, keep in mind that the law’s overall threshold for “qualified electrification projects” is up to $14,000 per household.

Federal tax credits for homeowners

For those who exceed the income threshold for a rebate, there’s the option, starting Jan. 1, to take advantage of the nonbusiness energy property credit, commonly referred to as 25C, said Peter Downing, a principal with Marcum LLP who leads the accounting firm’s tax credits and incentives group.

Homeowners can receive a 30% tax credit for home energy efficiency projects such as heat pumps. In a given year, they can get a credit of up to $2,000 for installing certain equipment such as a heat pump. This credit will expire after 2032, according to the Congressional Research Service.

There can be another tax credit to homeowners who purchase a geothermal heat pump, which is a more expensive, but longer-lasting option on average. Homeowners can receive an uncapped 30% tax credit for a geothermal heating installation, according to Rewiring America, which estimates an average geothermal installation costs about $24,000 and lasts twenty to fifty years. That means the average tax credit for this type of pump will be around $7,200, Rewiring America said.

The ventilation system of a geothermal heat pump located in front of a residential building.

Picture Alliance | Picture Alliance | Getty Images

Rulemaking is still underway for the Inflation Reduction Act. But it is possible eligible consumers will be allowed to receive both a rebate and a credit, Downing said. But the math is not likely to be as straightforward, based on previous IRS guidance on energy rebates backed by the federal government. Say a consumer is entitled to a 50% rebate for a heat pump that costs $6,000. For purposes of the tax credit, the remaining $3,000 could be eligible for a 30% tax credit, resulting in a possible credit of $900, he said.

State and local financial support

States, municipalities and local utility companies may provide rebates for certain efficient appliances, including heat pumps. “Check with all of them because there are so many different levels of programs, you really need to hunt around,” said Jon Huntley, a senior economist at the Penn Wharton Budget Model who co-authored an analysis of the Inflation Reduction Act’s potential impact on the economy.

Also be sure to check back frequently to see what new state, local and utility-based incentives may be available because programs are often updated, Golden said. Reputable local contractors should also know about locally available rebates, he said.

Many installers have aggressive financing packages to make heat pump installation more feasible, Anzalone said.

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December 10, 2022

Julius’ Bar, the site of an essential 1960s LGBT protest, is officially a historic landmark | CNN

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CNN
—

Julius’ Bar, one of New York City’s oldest LGBT bars and the location of a crucial 1960s protest, has been officially recognized as a city landmark.

The bar was officially recognized by the New York City Landmarks Preservation Commission on December 6th, according to a news release from the New York City government.

The city called the bar “one of the city’s most significant sites of LGBTQ+ (Lesbian, Gay, Bisexual, Transgender, and Queer) history” in the news release.

Julius’ was the site of the 1966 “Sip-in,” a protest against homophobic discrimination – although at the time, the bar wasn’t an explicitly LGBT space. Four men named Dick Leitsch, Craig Rodwell, John Timmons, and Randy Wicker staged the event to protest the persecution of gay men for drinking in public, according to the National Park Service. Bars and restaurants could be raided for “disorderly” conduct, which included men flirting and kissing, says the service. So bars often refused to serve clients who they knew were gay.

At Julius’, the men announced they were gay – and the bartender refused to serve them, saying it was illegal. The men successfully brought a court case challenging that interpretation of the law. And in 1967, “the courts ruled that indecent behavior had to be more than same-sex ‘cruising’” kissing or touching,” says the National Park Service. “Gays could legally drink in a bar.”

Julius’, located in New York City’s West Village, is a crucial piece of the city’s history: The bar has been open since the 1860s, according to the National Park Service. And today, it openly describes itself as a gay bar on its social media.

“The ‘Sip-In’ at Julius’ was a pivotal moment in our city and our nation’s LGBTQ+ history, and this designation today marks not only that moment but also Julius’ half-century as a home for New York City’s LGBTQ+ community,” said New York City Mayor Eric Adams in the city news release. “Honoring a location where New Yorkers were once denied service solely on account of their sexuality reinforces something that should already be clear: LGBTQ+ New Yorkers are welcome anywhere in our city.”

Council member Erik Botcher thanked the activists who pushed for the landmark designation in the release.

“As a gay man who enjoys countless freedoms that were unimaginable in their time, I owe enormous debt to the activists who made Julius’ Bar the site of their protest.” Bottcher said in the release. “Landmarks should tell the history of all New Yorkers, including those from marginalized communities.”

And the landmark status will help ensure the historical site is preserved for decades.

“The Commission’s designation of the Julius’ Bar Building today recognizes and protects the site of the 1966 ‘Sip-In,’ an important early protest against the persecution of LGBTQ+ people that drew vital attention to unjust laws and practices and paved the way for future milestones in the fight for LGBTQ+ rights,” said Sarah Carroll, the landmarks preservation commission chair, in the release.

“This building represents that history and has remained an important place to commemorate it,” she went on.

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December 10, 2022

As U.S. home prices fall, an alarming number of buyers are underwater

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Surging mortgage rates aren’t just raising the cost of purchasing a new home. An alarming number of recent homebuyers have discovered they already owe more on their property than it’s worth, according to a new analysis.

Some 250,000 people who took out a mortgage this year to buy a home are now underwater, meaning they owe more on their loan than the home is worth, Black Knight, a mortgage software provider, found. Another million have less than 10% equity.

Those unlucky homebuyers got caught in the crunch between historically high housing prices and rapidly rising mortgage rates, which in recent months have caused real estate values to slide.

While the portion of underwater mortgages is still historically low, “a clear bifurcation of risk has emerged between mortgaged homes purchased relatively recently versus those bought early in or before the pandemic,” Black Knight said.

All told, 8% of mortgages taken out this year are underwater — about one in 12 homes purchased in 2022.

The jump in mortgage rates this year has played a part. Rates have more than doubled this year, rising to an average of 6.3% — a multi-decade high — weighing on home sales and prices.

Although it’s not unusual for new homeowners to be underwater for a brief period, especially if they buy during the summer when prices are elevated, “It is much more pronounced this year than it normally is because prices are starting to cool,” said Andy Walden, Black Knight’s president of enterprise research. The portion of underwater borrowers tripled in October, he noted.

The situation is much worse for homebuyers who purchased with government-backed mortgages, with 25% of those buyers this year now underwater, according to the report.

In Colorado Springs and Honolulu, more than 30% of mortgaged homes bought this year are underwater. In Virginia Beach, about 22% are worth less than what is owed. The figure is 20% in the California cities of Bakersfield, Riverside, San Diego and Stockton — cities with a large military presence where many people buy homes with government-backed mortgages.

“It’s not actually markets that are seeing prices come down the most — it’s markets that are using more of this low down payment types of lending” that are most affected, Walden said.

MoneyWatch: U.S. home prices could fall by as much as 20% in 2023

04:12

FHA mortgages, as well as mortgages backed by the Veterans Administration, allow homebuyers to buy property with small down payments — as low as 3% for an FHA loan or none for a VA loan. That helps lower-income purchasers who typically don’t have much money saved for a down payment, but it becomes a liability when home prices fall rapidly, keeping people stuck in their homes.

“Unfortunately the folks who first get hit when home values go down are those who couldn’t put down a lot,” said Selma Hepp, lead economist at CoreLogic.

Being underwater becomes a bigger problem when homeowners have trouble paying their debt — a data point that’s also rising.

“You’re seeing borrowers who took out mortgages in 2022 becoming delinquent earlier,” Walden said. “They’re stretched a little bit more, you see higher debt-to-income ratios, and you’re seeing this increase in early-stage delinquencies. That does become a problem if you’re delinquent,” he said.

While both measures of distress are historically low, Walden says, they’re both on the rise. With mortgage rates likely to keep increasing as the Federal Reserve continues hiking interest rates, Walden is concerned that more people will fall underwater.

“I expect it will get worse,” he said. “As prices continue to soften, the expectation is you could continue to see these underwater properties rise.”

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These are the best 10 metro areas for first-time home buyers — and how to make it more affordable no matter where you’re buying

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The Central Business District of Pittsburgh

J. Altdorfer Photography | Getty Images

After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week.

The real estate site found the “best opportunity” for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale.

“The affordability hurdle is very tough,” said Matt Hackett, manager of operations at Equity Now, a mortgage lender in Mamaroneck, New York, that operates in five states.

One of the biggest challenges has been a sharp increase in interest rates within a short amount of time, explained Erica Davis, producing branch manager at Guild Mortgage in Myrtle Beach, South Carolina.

Mortgage interest rates have more than doubled from early January after a series of hikes from the Federal Reserve to curb inflation in 2022. These rates have recently softened, reaching 6.41% last week.

Meanwhile, median home sales prices are higher year-over-year, reaching $454,900 during the third quarter of 2022, according to the Federal Reserve Bank of St. Louis.

Still, some markets may be more affordable for buyers on a budget, Zillow’s report shows.

10 best markets for first-time home buyers in 2023

These are the best metros for first-time home buyers in 2023 based on mortgage and rent affordability, housing supply and the share of listings with a price cut, according to Zillow.

Wichita, Kansas
Toledo, Ohio
Syracuse, New York
Akron, Ohio
Cleveland
Tulsa, Oklahoma
Detroit
Pittsburgh
St. Louis
Little Rock, Arkansas

First-time buyers may have mortgage ‘knowledge gap’

While affordability may be a concern, experts say first-time home buyers may have more options than they expect.

“First-time homebuyers almost always have that knowledge gap,” said Hackett. “They’re not really sure how much they can afford, and they’re not really sure how much they need for a down payment.”

For example, many first-time home buyers don’t know about mortgages for veterans, which don’t require a down payment, or Federal Housing Administration loans with 3.5% down, he said.

You may also qualify for so-called conventional mortgages, backed by Fannie Mae or Freddie Mac, with down payments as low as 3%.

However, loans with a smaller down payment come with mortgage insurance and higher interest rates, which may be reduced later, experts say. You’ll also have a bigger monthly payment with a larger mortgage.

First-time homebuyers almost always have that knowledge gap.

Matt Hackett

manager of operations at Equity Now

Davis said lower down payment mortgages may also preserve savings for future home expenses. “There’s less stress if they’re able to close and still have some money in their pocket,” she said.

Depending on your income and location, you may also qualify for first-time home buyer grants or programs run by state and local governments to help cover your down payment and closing costs. “It’s definitely a good option,” Hackett said, urging buyers to speak with a local mortgage expert familiar with programs in their area.

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Luxury Real Estate Headlines: Second Week in December 2022 – Sotheby´s International Realty | Blog

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About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

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Melissa Couch

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Americans are flocking to wildfire country

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Over the last decade, there was an influx of Americans into regions where climate change is making wildfires and extreme heat more common, according to an analysis of multiple data sets done at the University of Vermont (UVM).

Broadly speaking, Americans migrated to the cities and suburbs in the Pacific Northwest, parts of the Southwest (in Arizona, Colorado, Nevada, Utah), Texas, Florida, and parts of the Southeast (including Nashville, Atlanta and Washington, D.C.), according to the research.

People moved away from the Midwest, the Great Plains, and from some of the counties that were hardest hit by hurricanes along the Mississippi River, according to the research.

“Our main finding is that people seem to be moving to counties with the highest wildfire risks, and cities and suburbs with relatively hot summers. This is concerning because wildfire and heat are only expected to become more dangerous with climate change,” Mahalia Clark, the lead author of the study, told CNBC.

Areas where more people moved into a region than out are red. Areas where more people moved out of a region than in are in blue.

Chart courtesy University of Vermont

“We hope our study will increase people’s awareness of wildfire and other climate risks when moving or buying a house, since many people might be unaware of these dangers,” Clark told CNBC. “People tend to think of wildfire as something that affects the West, but it also affects large areas of the South and even Midwest.”

For the research, Clark used multiple data sets, including net migration estimates from the U.S. Census Bureau, the gridded surface Meteorological (gridMET) dataset hosted on the Google Earth Engine Data Catalog, and cloud cover data from the National Oceanic and Atmospheric Administration. The study was published on Thursday in the journal Frontiers in Human Dynamics.

Making decisions about where to live may be one of the first times that the ramifications of climate change impact people’s personal lives.

“People also tend to think of climate change as something that will affect our grandchildren, but its effects are already being seen in the form of more frequent and severe heat waves, hurricanes, and wildfires, and it’s important to take these effects into account when we plan for the future, both as individuals and as a society,” Clark told CNBC.

Deciding where to move and what home to buy is a complicated decision, and people have to weigh their own personal decisions based on job, family and culture, but Clark urges people to understand the trade-offs.

“It could be that wildfire-prone areas happen to be very attractive for other reasons (strong economy, pleasant climate, dramatic scenery with opportunities for outdoor recreation), and the perceived risks of wildfire are not sufficient to outweigh these other benefits,” Clark told CNBC. “People moving in from out of state may also be unaware of the risks. On the other hand, sometimes high risk areas are more affordable, creating an unfortunate incentive for people to move there.”

Wildfire probability, heat wave frequency and hurricane frequency across the United States.

Chart courtesy University of Vermont

Local authorities can play a part, too, Clark said.

“Development in wildfire prone areas can actually exacerbate risks, since increased human activity can spark more fires, so one implication of our work is that city planners may need to consider discouraging new development where fires are most likely or are difficult to fight,” Clark told CNBC. “At a minimum, policymakers should work to increase public awareness and preparedness and plan for sufficient fire prevention and response resources in high-risk areas with high population growth.”

The findings out of University of Vermont are “pretty consistent with what we’ve seen for the past 20 years with the two cycles of the census in terms of population growth in the Pacific Northwest” Jesse M. Keenan, a professor of sustainable real estate at Tulane University, told CNBC.

Climate change plays a role in the increased number of forest fires in the Pacific Northwest because the area is getting increasingly arid and dry.

“Basically, when it heats up in the atmosphere, you pull moisture, water out of the atmosphere, and that pulls it out of the biomass. So things basically just get dry, and therefore you have more fuel,” Keenan said.

Insurance companies are wising up to this and are pricing fire risk into the Pacific Northwest in ways that they hadn’t in the past, Keenan said.

But homebuyers also need to be doing their due diligence on the climate risks associated with the location where they are considering buying a new home. Keenan is an advisor to a company called ClimateCheck that helps identify these kinds of risks, but real estate websites now include “climate risk” factors like flood factor, storm risk, drought risk, heat risk and fire risk on listing pages.

These kinds of tools are helpful, but not perfect, Keenan said. Some of it comes down to common sense.

“If you live where there’s a fair amount of tree canopy near you, anywhere in the Pacific Northwest, you are at risk for forest fire,” Keenan said.

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Theodora Kaufmann – Kuper Sotheby’s International Realty

Enhance Your Well-being With the Latest Biohacking Tools – Sotheby´s International Realty | Blog

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Throughout history, people have feverishly pursued perpetual youth, health, and beauty—and today, it looks as though we’ve just about caught it. New tools, technologies, formulas, and facilities are offering science-based ways to not only optimize physical and mental performance, but to maintain it for longer.

Home design and architecture are playing a substantial role in this wellness revolution. The indoor spaces we inhabit, the outdoor settings that immerse us, and the amenities and utilities we invest in can invigorate our minds and bodies in some truly incredible ways. Just look at these four properties to see how luxe homes can have a transformative impact on health.

Nigel Denham and Penny Brown – Sotheby’s International Realty Canada

But the greatest way to give your body a boost is by having facilities in your own home—a trend that has caught on in affluent circles. Hot and cold treatments are particularly in demand, with saunas and plunge pools topping the luxury biohacker’s wishlist. This magnificent mansion, just minutes away from Toronto’s iconic Yonge Street, ticks both those boxes, and also features a private spa and sauna.Work From the Multiverse in Marbella

Futuristic Renovations are On-Trend

The biohacking industry could be worth a trillion dollars within the coming decade, according to McKinsey. And while biohacking consultants, coaches, services, and facilities proliferate the industry, biohacking architecture—spaces that are purposely designed to maximize health and well-being—provides more holistic benefits to those who can afford them.

Theodora Kaufmann – Kuper Sotheby’s International Realty

Today, athletes and celebrities are renovating their homes to create biohacking havens. But Pronay Castle in Nograd is ahead of this trend, having been renovated more than 250 years after it was first constructed in 1750. This historic estate is now the epitome of an environment rebuilt and retrofitted for wellness. Its extensive grounds have three different types of gardens, allowing for natural tranquility and regular exercise, while a state-of-the-art spa— complete with a steam room, a salt room, and a sauna—has been built into the hillside.

Holiday at Home in Your Own Resort

Another benefit of biohacking at home is that it accommodates living blissfully far away from the hustle and bustle of a major city. After all, a peaceful and inspiring setting can be as good for your health as having a longevity guru at your disposal, or a vitamin lounge where you can go for a full-body cleanse. Living in a vacation hotspot can also bring the best of both worlds, with surroundings that nourish your mind and body, and five-star amenities within walking distance.

Andorra Sotheby’s International Realty

That’s what you’ll find in a place like Andorra. The tiny European principality lies nestled amid the sublimity of the eastern Pyrenees, and is beloved by visitors for its exceptional summer and winter resorts. And while this spectacular mountainside villa is in fact steps away from world-class facilities, such as the nearby thermal leisure center, it boasts its very own hammam and salt room on the lower level, and a top-of-the-line hydromassage tub in its ensuite.

Tomorrow’s Amenities are Here Today

With enthusiasm for biohacking at an all-time high, it’s certain to be a competitive differentiator for luxury developments in the future. Imagine how convenient it would be to have an opulent condo in a building that already offers all the health-boosting technologies you could hope for. You could biohack at home without having to purchase a single piece of equipment.

Mary Carmen Paz – Riviera Maya Sotheby’s International Realty

As it turns out, that future is nearly here. When Shark Tower opens in Cancun, its exquisite onsite spa will host dedicated tubs for hot temperature and cryotherapy, which are exactly the types of treatments seasoned biohackers swear by. The owner of this gorgeous, panoramic apartment on the 15th floor will have unlimited access, alongside complimentary memberships to the exclusive beach and golf clubs, and use of the private marina.

Health truly is the key to happiness, and it’s becoming increasingly possible to hack it. When the right technologies are combined with the right residence, it creates the ideal conditions for a long life and an invigorating lifestyle.

Curious about now nature can benefit your wellness? Peruse these inspirational home gardens.

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Melissa Couch

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This Tech is Disrupting Real Estate. Don’t Miss Out

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Opinions expressed by Entrepreneur contributors are their own.

Real estate development and construction have changed since the 1960s: Contractors typically built the container and let the homeowner fill in the rest. However, smart home technology is disrupting the industry, presenting a major market opportunity for designers, builders, entrepreneurs and investors. Recent research from Mordor Intelligence predicts that the smart home market, valued at $79.13 billion in 2020, is expected to grow to $313.95 billion by 2027.

As a result, I expect to see an increase in the term “smart home automation” — referring to Internet-connected devices that monitor and control essential household functions such as lights, cameras, locks and climate. As the industry transforms, it presents a prime opportunity for entrepreneurs, corporations and investors.

Touchless interactions and whole-home automation that drive efficiency and save energy are among the concepts driving consumer interest. Automated heating and cooling will see high demand, with new government efficiency regulations requiring replacing or retrofitting existing systems. In January 2023, all residential central air-source heat pump systems sold in the U.S. must meet new minimum energy efficiency standards.

This trend is about improving the home experience — from programming devices that always behave the same to automating devices that anticipate and understand the homeowner’s needs. As evidence, Grandview Research predicts that smart kitchens will see an impressive compound annual growth rate of 30.5% from 2021 to 2030. Grandview also predicts that security and surveillance technology installations will increase by 31%.

Think keyless door locks that use a PIN or connected doorbells that always know when a guest (or delivery) has arrived. For multi-family developments, AI-powered, public space video cameras that track what’s happening around the community and automated exterior lighting will be in demand.

I see a significant market opportunity because the smart home market has matured over the past five years, poised to move from “do it yourself” to “do it for me.” Buyers will likely look increasingly for pre-built homes with curated technology. According to a Coldwell Banker Real Estate survey, 71% of buyers want a tech-enabled “move-in ready” house, while 61% of millennials favor smart-tech homes; so do 59% of parents with children living in the house.

Making this a reality is new artificial intelligence (AI) technology that learns its residents’ patterns and preferences, then intuitively sets ambiance routines to match. Energy-saving thermal windows add to a home’s efficiency. Every smart device in each home is choreographed to work in concert with each other, connecting to a centralized home management app that is very manageable and simple to use. Such systems are updated regularly via the cloud, and all hardware is housed indiscriminately in a central hub in the home. Technology fully integrates into the structure and blends into the minimalist interior design.

Second-generation, AI-powered smart home technology self-learns, adapting to the routines and preferences; with most software solutions offered via the cloud, it continues to improve over time. In the ideal smart home setup, all devices are synchronized and orchestrated, made accessible through a smartphone or a computer. Call it a smart home with a genius IQ.

Urban density

Growing urban density and awareness of environmental sustainability require designers and builders to think about domestic space in a new way. The new urban home is comfortable and welcoming while using space with greater efficiency, flexibility, and responsiveness compared to houses of the past. Not to be underestimated is the impact of the COVID-19 pandemic, which underscored long-held beliefs that the home can and should contribute to the health and wellness of its inhabitants.

This kind of home — purpose-built to become the foundation of holistic well-being for its residents — must include a versatile modern design, multi-functional use of space and curated, pre-configured technology built-in before the resident occupies the space.

A great example of this trend is in Portland, Oregon. The Portland market is attractive for builders and investors: The city is a rapidly growing urban center that needs high-density housing solutions that move beyond the traditional detached single-family home. Urban residents are progressive, seek balanced lifestyles and welcome innovation that challenges the status quo.

Real estate trends in urban areas

Real estate trends are pointing toward modern designed, open floor plans that offer adaptability. Large windows and courtyard views help residents connect with nature inside the home. A skylight in the stairwell adds natural light. Built-in storage under the staircase for storing shoes and other things keeps clutter minimum; an outside storage area next to the second-floor patio keeps large or seasonal items out of the living space. A community bike storage room within the building is convenient and frees up additional space within the home. There is the efficient placement of lights and sensors. An unassuming, out-of-sight cabinet holds all the technology hardware.

Residents in growing urban centers like Portland typically value a close connection to nature and regularly participate in outdoor activities. Developments such as this one take advantage of materials with an organic feel that creates a sense of connection to nature. Carefully selected oak flooring, Corian kitchen countertops, and cedar fencing bolster the environment. Landscaping with bamboo and trees creates shade and further mitigates sound to maintain quiet inside the homes.

Real estate will see more focus on balancing resident privacy with creating connectedness between members of the community. Smart technology, combined with well-designed common spaces, makes this happen. Modern developments often have courtyards with a balance of quiet space and gathering space for community members.

As the real estate industry evolves, holistic and adaptive urban living will drive the industry. Savvy builders will combine modern design, architecture, and technology into homes that provide are combined into one product — the home — that has been built to provide beauty, comfort and wellness. Startup founders, corporate executives and investors should keep an eye on these trends and be ready to capitalize on opportunities they will create.

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Anis Uzzaman

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Rents will keep rising as mortgage rates make home buying harder, says Patrick Carroll

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Patrick Carroll, Carroll Management Group founder and CEO, joins ‘Power Lunch’ to discuss which way Carroll sees rents trending, if the company’s a builder of homes or an investor and whether there’s a lasting impact from the pandemic on the real estate market.

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This fund beats the S&P 500 by using just 75 of its components. Here’s how it works.

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What worked well during the years-long bull market through 2021 — a focus on growth, regardless of price — has ground to a halt this year. The rebirth of the value style of investing — and modest valuations overall — has taken hold.

The approach taken by the Invesco S&P 500 GARP ETF has paid off through both bull and bear markets.

Let’s begin with a 10-year chart comparing total returns with dividends reinvested for the Invesco S&P 500 GARP ETF
SPGP,
+0.67%
and the SPDR S&P 500 ETF Trust
SPY,
+0.78%,
which tracks the benchmark S&P 500:

FactSet

So far this year, SPGP is down 12%, while SPY is down 16%. But the long-term chart shows significant and consistent outperformance for SPGP, even during the bull market.

The S&P 500 GARP Index

GARP stands for “growth at a reasonable price.” SPGP tracks the S&P 500 GARP Index, which is reconstituted and rebalanced twice a year, on the third Fridays of June and December. The next change occurs Dec. 16.

S&P Dow Jones Indices assigns a growth score to each component of the S&P 500 by averaging the three-year compound annual growth rate (CAGR) for earnings and sales per share.

The top 150 components of the S&P 500 by growth score are eligible for inclusion in the GARP index. Those 150 are ranked by “quality/value composite score,” which is the average of these three ratios:

Financial leverage — total debt to book value.
Return on equity — trailing 12 months’ earnings per share divided by book value per share.
Earnings-to-price — 12 months’ earnings per share divided by the share price.

The top 75 of the 150 by QV rankings are then included in the GARP index and weighted by the growth score, with portfolio weightings ranging from 0.5% to 5%.

There is a weighting limitation of 40% to any one of the 11 S&P sectors.

Addressing concentration risk

The benchmark S&P 500 Index
SPX,
+0.75%
is weighted by market capitalization, which means it is more heavily concentrated than you might expect — success is rewarded, with rising stocks more heavily weighted over time.

That can backfire during a bear market, with Amazon.com Inc.
AMZN,
+2.14%
down 47% and Tesla Inc.
TSLA,
-0.34%
down 51% this year, to name two prominent examples.

Looking at the SPDR S&P 500 ETF Trust
SPY,
+0.78%,
which is the first and largest exchange traded fund and tracks the benchmark index by holding all of its components, six companies (Apple Inc.
AAPL,
+1.21%,
Microsoft Corp.
MSFT,
+1.24%,
Amazon, both common share classes of Alphabet Inc.
GOOGL,
-1.30%

GOOG,
-1.26%
and Berkshire Hathaway Inc.
BRK.B,
+0.06%
) make up 19.2% of the portfolio.

That percentage has come down this year, but a lot of risk remains concentrated in a handful of companies. (Apple alone makes up 6.4% of the SPY portfolio. Tesla is now the ninth-largest holding, making up 1.4% of the portfolio.)

One way to address high concentration in an index fund is to use an equal-weighted approach, which Mark Hulbert recently discussed.

For the Invesco S&P 500 GARP ETF, the underlying index’s selection methodology has resulted in much less portfolio concentration than we see in SPY, with the top five holdings making up 10.9% of the portfolio.

Here are the 10 largest holdings of SPGP:

Company	Ticker	Share of portfolio
Regeneron Pharmaceuticals, Inc.	REGN, +0.15%	2.49%
Cigna Corporation	CI, +0.39%	2.26%
Everest Re Group, Ltd.	RE, +0.24%	2.21%
Vertex Pharmaceuticals Incorporated	VRTX, +1.18%	1.98%
D.R. Horton, Inc.	DHI, -0.39%	1.97%
Expeditors International of Washington, Inc.	EXPD, +0.23%	1.96%
Incyte Corporation	INCY, +0.10%	1.92%
Goldman Sachs Group, Inc.	GS, -0.51%	1.83%
Ebay Inc.	EBAY, +1.67%	1.81%
Pfizer Inc.	PFE, +3.07%	1.73%
Source: FactSet

Click on the tickers for more information about any company, ETF or index in this article.

You should also read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023

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This real estate name could gain 19% as demand grows for single-family home rentals, Goldman Sachs says

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Discover tours of luxury homes for sale around the world on our award-winning YouTube Channel

Video of the Week: World-Class Design in Chicago, Illinois – Sotheby´s International Realty | Blog

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Featuring curated videos from the most sought-after destinations the world over, discover this week’s Video of the Week.

Chicago, Illinois | Tim Salm, Matt Leutheuser, Jameson Sotheby’s International Realty

Uniquely special in every way, this home with a private pool is a stunning example of world-class design. Perched above a gourmet market in Printers Row, a neighborhood with National Register of Historic Places status, the home was developed, designed and constructed by Filoramo Talsma Architecture to afford incredible exposure and sight lines to Dearborn Station.

The exterior finds definition from masonry construction and a steel-and-terra cotta sunscreen by Fabrik that harnesses light and shadow. Inside, the first level features a sleek foyer, a stylish vestibule/mudroom with smart storage and bench seating, and attached access to the home’s heated, oversized two-car garage (can accommodate a lift for additional parking). The main floor is devoted to this home’s spectacular living and entertaining spaces – a double-height living room, a modern kitchen, a dining room that can house an exceptionally long table, a family room, and 2,000 sq ft of private outdoor space.

Accessed via a sliding glass wall system, the terrace features designated dining and lounge spaces, perennial landscaping, and a stainless steel swimming pool by Diamond Spas that can be heated to 900 for year-round use. The striking chef’s kitchen features custom Italian cabinets and Carrara marble/stainless steel countertops by Arclinea, Wolf/Miele/Sub-Zero appliances, a back kitchen for added prep space, and a massive island with bar seating. Luxe residential living just a few steps away from the full tilt of the city’s core commercial and business district, 747 S. Dearborn Street is an elevated, urban dwelling for the homeowner who appreciates cutting-edge architecture and uncompromising comfort.

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Melissa Couch

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December 7, 2022

Mortgage demand falls again even as rates sink further

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A “For Sale” sign in front of a home in Sacramento, California, on Monday, Dec. 5, 2022.

David Paul Morris | Bloomberg | Getty Images

Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers.

Mortgage application volume fell 1.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.41% from 6.49%, with points decreasing to 0.63 from 0.68 (including the origination fee) for loans with a 20% down payment. That is 73 basis points lower than it was a month ago but still more than three full percentage points higher than it was a year ago.

Applications to refinance a home loan rose 5% for the week but were still 86% lower than the same week one year ago. There are still precious few current borrowers who can benefit from a refinance at today’s higher interest rates. The refinance share of mortgage activity increased to 28.7% of total applications from 26.1% the previous week.

Mortgage applications to purchase a home fell 3% for the week and were 40% lower than the same week one year ago.

“Purchase activity slowed last week, with a drop in conventional purchase applications partially offset by an increase in FHA and USDA loan applications,” noted Joel Kan, an MBA economist in a release.

The average loan size for homebuyer applications decreased to $387,300 — its lowest level since January 2021, which is consistent with slightly stronger government applications and a rapidly cooling home-price environment, according to Kan.

Mortgage rates haven’t moved much this week, with no significant economic news making headlines. The next big shift will likely come next week, with the much-anticipated monthly read on inflation.

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