As the Supply Chain Saga Continues…
We’re a few weeks into 2022 now. Building materials are still backed up in supply chains. For many home developers, building projects have lagged.
Pauses in processing, followed by delayed production schedules, were among the immediate effects of the pandemic. In 2021, the vast majority of building companies struggled with supply delays. Even though analysts have predicted that the clogs will start to clear in mid-2022, the demand has been building up for a long time.
It’s a hurry-up-and-wait situation for construction firms. Out-of-stock selections can mean having buyers move in before houses are finished. A widely noted piece on new owners having to move into unfinished homes appeared in The Wall Street Journal in January 2022.
Continue reading “Buyers Are Moving Into Unfinished Homes”
Homes are pricey out there, no question. But rentals are pricier still. Recent research shows that buying a median-priced home is often more affordable than renting a comparable home. These findings apply to most markets across the country.
Continue reading “Owning a Home Today Is More Affordable Than Paying Rent”
Know Your Condo Insurance
Condo insurance is a necessity. As a condo buyer, you’ll get a condo insurance policy, and the payments will likely be pulled from the escrow account established for your mortgage account. This way, the value of the real estate (and your lender’s stake in it) asset is covered against damage. Your homeowners’ association (HOA) may require a copy of each unit owner’s insurance to keep on file in the condo office as well.
It’s easy enough to get a standard HO-6 (condo) policy from any major company. Still, it’s good to know what you’re actually getting, and what else is available. Here are some points to consider.
Continue reading “The Master Policy Versus Individual Homeowner’s Coverage”
Amid unexpected challenges, technology has found ways to help us get things done. Some tech advancements, barely imaginable a few years ago, are making themselves indispensable. And while pre-pandemic homebuying was filled with in-person meetings and tours, apps and gadgets are folding much of the process into digital experiences.
For professionals in the field, repetitive tasks are now automated. Even a property appraisal can be carried out virtually. Everything is about to become more integrated. Online home touring is meshing into home shopping. This adaptation process has brought real estate into a new era.
Let’s take a virtual tour of this landscape in 2022.
Continue reading “Today’s Game-Changing Real Estate Tech”
Five Trends and Themes to Watch in 2022
Rental demand is high. It’s expected to keep rising in 2022. If you’re thinking of investing in real estate now, you’re coming in at a propitious time — yet you’ll have a lot on your radar.
Here are five big topics for investor-owners now.
Continue reading “Investing in Real Estate?”
Planning for the Unthinkable
Kindness is magic, it’s said. And one of the most important examples of kindness is demonstrated by the person who backs someone else’s mortgage with no expectation of personal benefit. No one wants to imagine the death of a hero. But it’s important to look ahead and prepare for the most serious difficulties when major financial decisions are made.
Continue reading “When a Co-Signer on the Mortgage Dies”
Avoid Common Real Estate Document Mistakes
Creating a legal document? Congratulations! And don’t hurry. Attention to punctuation, grammar, and formatting can make a serious difference, both in asset ownership and in estate planning. Checking a legal instrument carefully is essential.
Continue reading “Can a Deed’s Punctuation Change How Your Home Is Owned?”
And What’s All This Talk About Rate Hikes?
In a Wall Street Journal article titled Millennials Are Supercharging the Housing Market, millennials — many of whom are just now jumping into the market — account for more than half of all mortgage applications. Super. A good deal of the future demand for homes hinges on millennials (people born in the 1980s and 90s).
But wait. Will rising interest rates put a damper on these young market-movers in 2022?
Continue reading “Are Millennials Really Supercharging the Real Estate Market?”
Do Condo Owners Give Up Freedom of Expression?
Covenants and restrictions keep condominium properties safe, neat and tidy. But sometimes they irritate HOA members or potential buyers. Sometimes they even chill freedom of expression.
The matter of chilling came up for an Amherst, Massachusetts condo property, after the board took note of a nearby case that drew in the American Civil Liberties Union. That previous case resulted in a policy allowing a resident of a condo property ten miles away to display a Black Lives Matter sign.
After receiving a legal analysis from the American Civil Liberties Union, the Hampshire Village Condominium Association voted to amend its own master deed to permit unit owners to post political signs, flags, religious banners and other decorations without prior board approval.
Continue reading “When Condo Associations and Free Speech Rights Collide”
From Habitat for Humanity to Lennar
A Virginia resident has moved into a new, 3D-printed home. It’s a milestone for Habitat for Humanity in the United States.
The company Alquist 3D built April Stringfield’s home on behalf of Habitat for Humanity’s Peninsula and Greater Williamsburg branch. Once the work was complete, in December 2021, Stringfield bought the house as a Habitat Homebuyer. Aspiring Habitat Homebuyers have the options of logging volunteer hours, taking homeownership courses, or working on their building sites before they’re approved as buyers. So, to purchase the home for herself and her teenaged child, Stringfield worked with Habitat for Humanity.
Most people have heard about Habitat for Humanity. Readers who haven’t heard of printed houses yet may have a few technical questions. Such as…
Continue reading “3D Building Trend Ramps Up to Meet Housing Shortage”