Guardian Residential Lending Industry News, April 25 – May 2, 2019

Guardian Residential Lending Industry News, April 18-25, 2019
April 25, 2019
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May 9, 2019
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In the Know: A Roundup of This Week’s Local and National Real Estate Stories 

Returns on home staging; Rent reaches an all-time high; The US economy continues to grow and more…

Blue skies ahead, or is the housing market falling off a cliff? (HW, April 30)

People who track the housing market got a dose of data whiplash this week.

At 9 a.m. on Tuesday the S&P CoreLogic Case-Shiller index showed the housing market cooling for the 11th straight month. An hour later, the National Association of Realtors released its pending home sales report showing a spike in signed contracts.

So, which is it?

Economists say go with pending home sales, considered a “leading indicator,” because Case-Shiller tracks prices as a rolling average over three months, making it a “lagging indicator.” The home-price data S&P released this week reflects the market as it existed in December, January and February, when the housing market was in a slump.

“Pending home sales are a real-time barometer of the market, and what that report shows is a housing market that’s on the mend at a key time,”…

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How much can home staging boost your sale price? (HW, May 1)

One quarter of agents say it bumps price by 10%

About 47% of agents who represent buyers said living rooms are the most important area to stage, 42% put master bedrooms next on the list, and 35% cited kitchens in third place.

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Welcome to Oregon’s Largest-Ever Planned Community (Portland Monthly, April 23)

Hillsboro’s Reed’s Crossing will be a 4,000-home insta-neighborhood.

Once complete, the 463-acre development designed by San Diego–based Newland Communities will comprise 4,000 homes, from $300K townhouses to $700K single-family homes.

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U.S. economy grew 3.2 percent in early 2019, smashing expectations (The Washington Post, April 26)

Better-than-expected growth, the ongoing strength in the job market and fresh stock market highs this week are allaying fears that a recession or severe downturn is on the horizon. The slowdown in Europe and China appears to have had little effect on the United States so far.

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Median Rent Reaches an All-Time High (HW, April 26)

Median asking rent has reached an all-time high, rising to a record $1,006 in the first quarter of 2019, according to recent data from the U.S. Census Bureau.

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The Housing Market is in Flux Heading into Prime Buying Season (Curbed, April 25)

Price cuts in Salem jumped 108.3%; while price cuts in Portland increased 27.7%

But the market is changing. Because prices have risen faster than wages, the unaffordability of homes is taking a toll on sales. The threat of higher interest rates have also kept some prospective buyers out of the market. As a result, more homes are now on the market; they’re staying on the market for longer and price cuts are on the rise.

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Average home seller saw a 31% return on their investment (HW, April 25)

Those who sold in Q1 pocketed an average of $57,500

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Housing inequality mirrors income inequality, says study (Curbed, April 25)

Cost increases much higher for low-income renters than high-income homeowners, exacerbating income divide

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Flipped Home Market Share Surpasses 2006 Levels, But Things Are Different This Time (Mortgage Daily News, April 25)

Flippers are tending to hold on to property longer, and to add value rather than relying only on rates of appreciation.

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U.S. Homeowner Vacancy Rate: It’s back to the 90s (HW, April 25)

Rate of 1.4% is the lowest since 1994

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NAR: This is where millennials want to live (HW, April 25)

Seattle, WA; Madison, WI; Grand Rapids, MI; Durham, NC; Omaha, NE

A recent report from the National Association of Realtors reveals that Millennial homeownership migration is primarily motivated by market affordability and strong job prospects.

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House of the Week

Flawless 1907 home in Portland asks $1.8M

Wait until you see the wine cellar

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Thanks for reading!

-Emily