Late summer is the Goldilocks season for buying a home.
During winter, the real estate market can get a little like cold porridge. It’s harder to predict open house weather, and there are fewer houses being shown. Gardens go dormant, and home sale activity chills. So inventory can be limited in the cold months of winter.
During spring, and through the early summer months, the market can get too hot! Spring brings out the buyers with pent-up demand. More buyer competition will always make real estate pricier.
And that’s why August and September could be… just right.
Today, we are announcing a new DoNotPay product to fight institutional racism, by removing racist language from millions of original housing deeds and HOA documents…
Joshua Browder is founder and CEO of DoNotPay, the “robot lawyer” company putting computers to work for consumer rights. DoNotPay is urging Californians to have discriminatory language removed from their property deeds and homeowners’ association documents. And it’s automating the process.
Some home sellers had to reduce their asking prices this summer — even in areas that were last season’s sizzling hot markets. By May, said Redfin.com, home buying competition was “plateauing.” And by June, according to data from Realtor.com®, there were sure signs of a market returning to Earth.
About a third of sellers with Austin homes listed on Realtor.com® websites cut back their asking prices. A pattern was forming. Similar cuts showed up in Reno and Boise.
What’s going on? With some homebuyers balking at rising mortgage rates, houses aren’t moving quite so fast these days. And sellers can’t call all the shots any more. Hopeful buyers should find this interesting, so let’s take a look.
Mark Masih is a Philadelphia real estate agent and an investor. Masih has been an agent for some time with Compass Realty, selling homes in Philadelphia.
Recently, Masih bought a West Philly property, then nicely renovated it. When Masih listed it, the home was described as containing a unique and special “fixture” — a closet cryptocurrency miner. A miner is a piece of computer equipment that generates cryptocurrency. And there it was, waiting for a buyer willing to pay $240,000 for a newly spruced-up house in the Belmont section of West Philly, where the average home sells for just under $100K.
A good deal? Masih called it an investment within an investment.
The U.S. Department of Justice (DOJ) has just settled an unprecedented lawsuit against a mortgage-only lender, Trident Mortgage Company. The DOJ is targeting “modern-day redlining” — practices which put mortgages off-limits to minority applicants. Trident admitted no wrongdoing.
The subsidiary of Chester County, Pennsylvania-based Berkshire Hathaway HomeServices Fox & Roach did agree to set aside more than $20 million for home loans in underserved communities.
The suit and the settlement show the DOJ is serious about targeting banks and mortgage lenders found neglecting or avoiding minority borrowers. The settlement was announced on Jul. 27, 2022.
Jobs around Lake Placid and Saranac Lake are plentiful these days. There’s just one hitch. Prospective takers can’t find accessibly priced housing. Around these scenic Adirondack towns in northern New York, affordable units are few and far between. In Lake Placid, the Mohawk Valley Land Bank is working to remedy the situation by offering reliable workforce housing.
And other land banks are on the rise just about everywhere. Let’s take a look.
In El Salvador, people can use bitcoin to buy houses — or most anything that’s sold in the streets, shops, and malls. President Nayib Bukele’s quest to make bitcoin the nation’s legal tender means it’s gradually being phased into the economy through a suite of incentives.
The plan is bold. For a nation tethered to the U.S. dollar and U.S. economic planning, the bitcoin quest is freeing. But the value of bitcoin dropped from around 69K in November 2021 to around 19K a few months later. No surprise, then, that Nayib Bukele — quite popular on other scores — has received plenty of criticism over bitcoin.
Lawmakers in North Carolina hope to provide financial protection for hundreds of thousands of people in medical debt. Medical debt is not only the leading cause of bankruptcy, it turns out. It can actually lead to the loss of homes.
How can patients’ financial safety be guarded? A bipartisan bill in North Carolina called the Medical Debt De-Weaponization Act aims to do it. If it passes, it will make the state a leader in dealing with medical debt practices.