Real Estate

Prepare Global Buyers for Nuances in U.S. Transactions

NAR Daily News Magazine - November 7, 2019 - 1:00am

The homebuying process in America differs from other countries. Here’s how you can better guide international clients.

From the REALTORS® Conference & Expo, Nov. 8-11, San Francisco

Categories: Real Estate

Housing Market Sees Re-Acceleration in Home Prices

NAR Daily News Magazine - November 7, 2019 - 1:00am

The national median price for existing single-family homes in the third quarter was $280,200, a 5.1% increase from a year ago, NAR reports.

Categories: Real Estate

FTC Cracks Down on Real Estate Seminar Scams

NAR Daily News Magazine - November 7, 2019 - 1:00am

The Federal Trade Commission is going after companies that are touting get-rich real estate seminars that try to get attendees to pay thousands of dollars for special training packages.

Categories: Real Estate

Airbnb Vows to Verify All Listings Posted at Its Site

NAR Daily News Magazine - November 7, 2019 - 1:00am

The change in policy comes days after five people were killed at a party in an Airbnb rental home in Northern California.

Categories: Real Estate

Owners Likely Need to Budget More for Home Insurance

NAR Daily News Magazine - November 7, 2019 - 1:00am

Home insurance rates are climbing due to a rising number of natural disasters. Find out which areas are facing the steepest costs.

Categories: Real Estate

Is Your Family Safe From Tipping Furniture?

Daily Real Estate News - November 6, 2019 - 3:36pm

While many of us think about safety in our vehicles, safety at home is often less front and center, especially when it comes to furniture safety. Lawmakers recently introduced the Stop Tip-Overs of Unstable, Risky Dressers on Youth Act (STURDY) that would direct the U.S. Consumer Product Safety Commission (CPSC) to adopt a stronger, mandatory stability standard for household furniture.

According to lawmakers, furniture or items on top of them like TVs have caused at least 363 deaths between 2000 and 2011 from children being trapped or crushed by unstable products.

Sadly, more than eight of every 10 victims were under the age of eight.

The American Academy of Pediatrics’ HealthyChildren.org agrees that dressers seem to be especially dangerous, as kids can pull out a drawer to use as an unstable step to get to the TV. A study this group cites found:

Most of the overturned TVs fell off a dresser or armoire (46 percent), an entertainment center or TV stand (31 percent) or a table or nightstand (8.8 percent).

Kids under age five represented 64 percent of all injured patients; boys accounted for 61 percent.

The most common injuries were lacerations (37 percent) and soft tissue injuries (35 percent). The injuries most often affected the head and neck region (63 percent).

SafeKids.org offers these important suggestions to prevent tipping injuries:

Secure TVs. Mount flat-panel TVs to the wall and place older, box-style TVs (CRTs) on low, stable furniture that can hold the weight.

Attach furniture to the wall using anti-tip brackets, braces or wall straps, and install stops on dresser drawers to keep them from being pulled all the way out.

Rearrange household items. Store heavy objects on lower shelves or in lower drawers.

Recycle old TVs. To find a location that safely and easily recycles unwanted TVs, go to www.GreenerGadgets.org.

The Consumer Product Safety Commission also reminds parents and caregivers to remove anything that might tempt kids to climb, such as toys and remote controls, from the top of the TV and furniture.

John Voket is a contributing editor to RISMedia.

The post Is Your Family Safe From Tipping Furniture? appeared first on RISMedia.

Categories: Real Estate

Study: Down Payment Assistance Buyers No More Likely to Default

NAR Daily News Magazine - November 6, 2019 - 1:00am

A new study debunks previous research that had cast doubts on the default risk of purchasers who receive down payment assistance.

Categories: Real Estate

Landlords Find Rents Are Stalling

NAR Daily News Magazine - November 6, 2019 - 1:00am

Rents have remained essentially flat since June, a new study shows.

Categories: Real Estate

Savings From Solar Largely Depend on Where You Live

NAR Daily News Magazine - November 6, 2019 - 1:00am

It’s not just how sunny a place you live in—how the state pays you back for solar-generated power also has a big financial effect, a new study says.

Categories: Real Estate

FHA: No Conflict of Interest for Brokers Receiving Commissions on HUD REO Homes

NAR Daily News Magazine - November 6, 2019 - 1:00am

The National Association of REALTORS® says the FHA’s response to its recent advocacy efforts is a big win for members who have an ownership interest in HUD real estate-owned homes.

Categories: Real Estate

What’s on the Wish List of First-Time Buyers?

NAR Daily News Magazine - November 6, 2019 - 1:00am

Millennials tend to have higher expectations than older homeowners about their ideal starter home.

Categories: Real Estate

For Boomers Reframing Aging, Age-Proofing a Home Won’t Come Cheap

Daily Real Estate News - November 5, 2019 - 4:03pm

(TNS)—Chris and Dennis Cavner, in their early 70s, are preparing to move less than two blocks away into a 2,720-square-foot, ranch-style house they bought this year. But first a renovation is underway, taking the 45-year-old property all the way back to its studs. When the work is completed, these baby boomers are confident the move will land them in their forever home.

“We wanted to find a house that we could live in literally for the rest of our lives,” he said. “We were looking specifically for a one-story house—and one that had a flat lot, to age in place.”

Aging in place is a major financial commitment, one that may be at odds with retirees’ plans to downsize their lives and budgets and squirrel away cash in anticipation of rising health care costs. The Cavners are rebuilding this house—assessed at $700,000 around the time of the sale—from a shell. The updates will easily cost $300,000 in the hot Austin market.

Leaving nothing to chance, the Cavners are making a number of modifications they might never need. For instance, neither uses a wheelchair, but contractors are making all doorways three-feet wide for accessibility throughout—just in case. The master bath roll-in shower, flat and rimless, will provide room to maneuver and the master bath vanity is also at wheelchair-accessible height. Kitchen drawers, rather than cabinets, will allow easy access in a wheelchair. The Cavners are closely watching details of the renovation, but it wasn’t a hard decision.

For some seniors, aging in place might amount to simple home modifications, such as adding shower grab bars and handrails or replacing a standard toilet with one that sits taller. But many seniors anticipate a financial crunch as they try to plan for their future on a fixed income, uncertain their savings and retirement funds will last.

With an average 10,000 people a day turning 65, according to the U.S. Census Bureau, the 65-and-older segment of the population is the nation’s fastest-growing: By 2050, almost one-quarter of Americans will be at least 65. A host of surveys conducted over the past decade show that older adults overwhelmingly want to age in their homes. Two in five U.S. homeowners are baby boomers, according to a 2018 report released from Fannie Mae.

But for many people, aging at home isn’t in the cards. Abbe Will, associate project director of the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, said that many houses aren’t suited to “aging in place.”

“Currently, a lot do not have single-floor living—especially in certain parts of the country. There are lots of stairs and multistory homes when land is more valuable,” she said, and “many households and homeowners don’t necessarily have the funds to do aging in place.”

Home modifications and costs vary widely, starting with those simple safety features in the bathroom or lever doorknobs throughout the house, to more extensive changes, such as widening doorways to accommodate wheelchairs, replacing kitchen cabinets with drawers or lowering light switches to wheelchair height. Will said simple retrofits, such as grab bars and railings, “could be several hundred dollars,” but a “whole bathroom remodel would be in the thousands or tens of thousands.”

And a lot of people won’t have the money for extensive modifications. A new survey of 1,000 people age 65 and older by the California-based nonprofit SCAN (formerly the Senior Care Action Network) found 80 percent of respondents were concerned about their ability to age in place. The driver appears to be financial: About 60 percent said they have less than $10,000 in savings (including investments and retirement plans), while 28 percent reported minimal or no retirement savings.

A study in the journal Health Affairs published this spring illustrates the shaky situation for middle-class aging adults who can’t afford modifications to stay at home but who have too much money to qualify for federal housing assistance. Over the next decade, the researchers expect the number of middle-income seniors 75 and older to more than double to over 14 million. And, of that group, more than half (54 percent) won’t have the assets they will need to cover the projected average yearly cost of $60,000 for assisted living and other out-of-pocket medical costs.

“We don’t know what’s coming down the pipeline as we age,” said sociologist Deborah Thorne of the University of Idaho in Moscow, Idaho, lead author of a study that found skyrocketing bankruptcy rates among those 65 and older.

The research, to be published in the journal Sociological Inquiry, finds the share of older Americans filing for bankruptcy has never been higher, with a filing rate increase of more than 200 percent from 1991 to 2016 among those 65 and older. “And bankrupt households are more likely than ever to be headed by a senior—the percentage of older bankrupt filers has increased almost 500 percent since 1991,” the study found.

James Gaines, an economist with the Real Estate Center at Texas A&M University, attributes the increase “to the labor market and employment downsizing and letting older people go first. It can force them into retirement whether they’re ready for it or not. Retirement income may not be enough to carry their debts, and they don’t have enough savings.”

“The leading edge of baby boomers has not hit 75 yet,” said Jennifer Molinsky, whose work at the Joint Center for Housing Studies of Harvard University focuses on housing for older adults. “When you think about the next five, 10 or 15 years when they’re in their 80s, you’re really going to see the needs shift.”

Because disability rates will rise with chronic illnesses and conditions, requiring more assistance, Molinsky said, communities need to think more about transportation for seniors, as well as “different kinds of housing than we have now.”

Don and Lynn Dille, both 75, built their Austin home with the intention of staying there for a long time. After living in California, Virginia and elsewhere in Texas, they moved to Austin in 2012 and, within a year, began drawing plans with an architect for an energy-efficient home to age in place. Their home was featured this summer in Austin’s annual Cool House Tour for its design making the most of natural light, cross-ventilation and solar panels, as well as wider-than-normal doorways and level floors for a wheelchair.

One key feature of the construction acknowledges that they might need live-in help down the road to avoid long-term nursing care. Just as the Cavners may convert a bedroom and bath on the opposite side of their new home into caregiver quarters, the Dilles constructed a second floor above their detached garage that could easily convert into living space.

“We think having a separate apartment where we could have a caretaker or part-time help to maintain our property makes us able to stay where we’d like to be and be independent,” said Don Dille, who retired from the federal government.

But, as adults consider whether to plunge ahead with simple modifications or undertake more extensive renovations, there are always unknowns.

Cavner, an investment adviser and co-founder of a new health care startup, said he believes what they’re spending to renovate the house for the years ahead will prove a sound investment. “The modifications we’re making are not going to make it less desirable. It will feel more spacious.”

©2019 Kaiser Health News
Visit Kaiser Health News at
www.khn.org
Distributed by Tribune Content Agency, LLC

The post For Boomers Reframing Aging, Age-Proofing a Home Won’t Come Cheap appeared first on RISMedia.

Categories: Real Estate

Overbuilding Fears Brewing in Student Housing Sector

NAR Daily News Magazine - November 5, 2019 - 1:00am

Developers continue to build tens of thousands new living units annually for students, but they’re having difficulty filling them.

Categories: Real Estate

Help Sellers Avoid This Mistake When Open House Prepping

NAR Daily News Magazine - November 5, 2019 - 1:00am

Some visitors may be tempted to steal. Make sure your clients take these precautions.

Categories: Real Estate

Markets Where You’d Likely Have a Million-Dollar Listing

NAR Daily News Magazine - November 5, 2019 - 1:00am

Only 5.86% of the nation’s existing homes are valued at $1 million or more. See the cities with the highest percentage of luxury-priced homes.

Categories: Real Estate

Apple Announces $2.5B Plan to Aid Housing Crisis

NAR Daily News Magazine - November 5, 2019 - 1:00am

The tech giant says the allocated funds will go toward expanding new housing production, establishing a first-time home buyer fund, and programs to reduce homelessness.

Categories: Real Estate

Study: High-End Showers Are Key in Home Remodels

NAR Daily News Magazine - November 5, 2019 - 1:00am

Homeowners’ substantial improvements to their master bathrooms include making space for fancier and roomier showers.

Categories: Real Estate

Report: Home Equity Gains Strongest in the West

NAR Daily News Magazine - November 4, 2019 - 1:00am

Escalating home prices over the past eight years have propelled equity to record highs nationally, CoreLogic reports.

Categories: Real Estate

Newer Cybersecurity Advice Shuns Complicated Passwords

NAR Daily News Magazine - November 4, 2019 - 1:00am

Experts no longer recommend adding random characters to passwords to make them stronger. Here’s what you should do instead.

Categories: Real Estate

7 Cities Where Retiring Early Is Most Feasible

NAR Daily News Magazine - November 4, 2019 - 1:00am

In these areas, investment in real estate can go a long way to helping consumers retire in their 30s or 40s.

Categories: Real Estate
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