Month: August 2021

House Flipping as a Side Hustle

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Lesbian Renovation - Pixabay

It’s hard to miss the cultural movement of home improvement that has swept the nation in the last decade or so. Countless television shows teach beginners how to DIY everything from bathroom cabinets to renovated basements, and the hosts of such programs have become household names. Learning house flipping for beginners is a bit more complicated than you might expect, however.

Still, now is a great time to learn. Thanks in part to stay-at-home orders and the increasing popularity of telecommuting, there’s never been a better opportunity to put your thinking cap on and acquire skills that can help you invest in properties to flip. Equal parts challenging and rewarding, flipping homes as a side hustle can be a lucrative pursuit. It also requires a great deal of effort and planning.

House Flipping Step One: Consider Your Location

Where you live, or where you plan to purchase your first investment property, matters. Southern Living explains that some cities, like Tampa, Florida or Birmingham, Alabama, are good places to buy a home to flip. Coastal Living echoes this sentiment, saying that Tampa is the best city on the coast to flip a home. Consider cost of living, the activity in the housing market, and the purchase price of an investment property before you move forward. 

Don’t be fooled by low property prices. Sometimes, houses are cheap, but you won’t have much luck reselling them once they’re fixed up. Generally speaking, a lower-priced home in a hot real estate market is a good investment opportunity for house flipping. However, it pays to talk to local real estate agents and contracts for more information before taking the plunge.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at The BHGRE Life

Most Overvalued Housing Markets in the United States – Fortune

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overvalued housing markets

They say everything’s bigger in Texas, but when it comes to overvalued housing markets, the Lone Star State doesn’t hold a candle to Idaho.

A new survey from Florida Atlantic University and Florida International University looks at the nation’s most overvalued homes, with Boise, Idaho, topping the list. Homes in the Gem State sell for a stunning 80.64% premium, based on a history of past pricing.

The work-from-home trend is largely responsible for that. As people moved out of big markets during the pandemic, they looked for less dense areas that still offered attractive amenities. In addition to Idaho, Utah has been an especially popular destination for buyers, the study found.

Of the 100 cities looked at in the study, 95 showed some level of overvalue. The rapid price appreciation should serve as a warning to buyers, say the study’s authors. If you plan to move soon, you could find yourself later selling property at a loss.

Full Story From Fortune

Realtor.com Forecasts Slow But Strong Fall US Housing Market

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Fall US Housing Market - Deposit Photos

The forecast for the fall US housing market is lower temperatures—and a cooler real estate market, if only by a few degrees. The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.

But real estate is likely to remain highly competitive, as there will still be many more buyers than homes to go around.

“We’re going to exhaust the pool of buyers who are still sitting on a lot of cash looking to buy their next home,” says Realtor.com® Senior Economist George Ratiu. “The market does not have a magical way of sustaining this pace [of price growth], because you’re going to run out of people who can afford it.”

However, that doesn’t mean that home prices, whose national median hit an all-time high of $385,000 in the week ending Aug. 14, will drop in the fall US housing market. In fact, prices increased 8.6% year over year that week. But that’s significantly less than the 17.2% annual rise in April.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Clare Trapasso
See the Full Story at Realtor.com

Every Real Estate Bubble Bursts Eventually

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Real Estate Bubble - Deposit Photos

One of the benefits of a five-decade tenure in an industry is hindsight. There was a real estate bubble! Yes, it’s always crystal clear!

Unfortunately, looking into the future is a bit murkier. Every January, we are festooned with economic forecasts from scholars. Doubt what I say? Simply tune in for the Chapman, Cal State Fullerton, UCLA, Charles Schwab reviews and others. All will give their opinion on what the blossoming year will have in store for our economy. Predicted will be growth in commerce, changes in consumer confidence, outlook for interest rates, stock market trends, inflationary pressures and the impact of all of the above on real estate pricing.

But it’s August, and you may be thinking, why look forward to January? Well, when you see Christmas decorations next month, you’ll understand. These next four months will fly by!

I’ve consumed several of these Nostradamus events over the years. One of the most meaningful was in February of 2020. Featured was a panel of experts assembled by Northwest Mutual. One gentleman, in particular, gave a brilliant narrative on the forces that cause a downturn. From my notes: “Mentioned during the preamble was a check of five factors that cause bear markets — inflation, recessions, commodity shortages, crazy market valuations and uncertainty.”

Full Story From the Whittier Daily News

Buying Your First Home – The Washington Blade

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Buying Your First Home - Deposit Photos

For 24 seasons, HGTV aired a show called “My First Place.” During that time, I also helped a lot of buyers find theirs.

The D.C. metropolitan region is a very transient one, so buying your first home and living in your first place is often an experience of five years or less before moving up or moving on. Nonetheless, those who graduate from renters to property owners will always remember their first place, with all its perks and quirks.

I bought my first home in Warren, Mich., in 1977, an architecturally insignificant two-story house in a typical, blue-collar neighborhood, where my federal law enforcement uniform and sidearm halted conversations when I got home from work and waved to the neighbors before going inside. 

Newly divorced, I wanted none of the “boys club” that had become my married life, where I would come home from work exhausted, fall asleep on the couch, and wake up to a poker party at the dining room table hosted by my unemployed husband.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Valerie Blake
See the Full Story at The Washington Blade

How To Buy a Home Within Your Real Estate Budget

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real estate budget - keys - pixabay

Navigating the home buying process can be exciting, but also financially intimidating. While some of the societal and legal pressures historically faced by the LGBTQ+ community have improved over time, challenges still remain. Knowing how to prepare to enter the market can make the process more manageable for you. Follow these tips to learn how you can smoothly buy your next home while staying within your real estate budget. 

  1. Determine Your Financial Readiness. 

The first step in shopping for a house is knowing how much house you can afford in your real estate budget. To determine what is within financial reach for you, it is important to know your monthly debt-to-income ratio. A general rule of thumb suggests using the 28%/36% rule, meaning you should spend no more than 28% of your gross monthly income on home-related costs and 36% on total debts, including your mortgage and credit cards. If you are living in a dual-income household, factor both party’s total earnings into your calculation. 

Knowing your creditworthiness is an equally important factor in the home buying process as a good credit score boosts your chances of qualifying for a mortgage. To obtain a free copy of your credit report, check out some personal finance sites such as The Federal Trade Commission. If you find you have a low credit score, buying a home can be challenging, but not impossible. Resources such as FHA loans, which allow you to obtain a mortgage without some of the more stringent financial requirements associated with conventional loans, may be a good option for you to explore. 

Finally, to determine a realistic price range within your real estate budget and avoid overspending, create a wish list, identifying your home buying wants versus needs. Would you prefer a fixer-upper or something turn-key? How many bedrooms would suit your lifestyle? If you determine that location is a priority for you, consider house hunting in affordable cities such as Pittsburgh, Providence, and Virginia Beach. Creating a wish list will help to define the gap between the home of your dreams and the home you can afford. 

  1. Know Your Relationship Rights.

No matter your current relationship status, it is always a good idea to have all the details ironed out before committing to a major financial decision.  

  • Unmarried or Single

Homeownership may be the next big decision in your life! According to the United States Census Bureau, the number of unmarried couples living together has tripled in the last two decades, reaching 17 million in 2019. If you plan to purchase a home with a partner, you will want to clearly outline who will hold the title. The way the title is worded can impact how ownership is transferred as well as your rights to transfer ownership in the future. Some common options to explore include sole ownership, joint tenancy, and tenants in common. If you are a solo homebuyer, you have the advantage of calling all the shots! But, be aware that with one income and one credit profile, it may be a bit trickier to obtain a mortgage loan. 

  • Married 

Whether you are relocating or purchasing your first home, even as a married couple, there are several reasons you may want to purchase a home under the name of only one spouse. These could include protecting the buyer’s interests, planning the estate, saving money, or even to strengthen the chance of qualifying for a mortgage. For example, mortgage lenders often pay attention to the lowest credit score between the two of you, so if your spouse has a credit score that would prevent you from getting the best possible rates, you may consider leaving them off the mortgage. 

  1. Shop Around For a Mortgage.

When buying a home on a tight real estate budget, it is important to explore all your loan options. The Consumer Financial Protection Bureau recommends applying with at least three mortgage lenders to compare their rates. Do not be afraid to negotiate! If Lender A offers a lower rate, but you would feel more comfortable with Lender B, present the competing offer and see if Lender B will match or beat it. The mortgage loan process may be the most confusing part about buying a home, so it is important you feel secure in your decision-making.

Additional insight: Consider hiring a LGBTQ+ friendly realtor. Having a partner to guide you through the lending landscape will help ensure all decisions are truly in your best interest. 

  1. Save, Save, and Save Some More.

If you do not immediately find the perfect home within your price range, or learn that you are not as financially secure as you would like to be, consider waiting and saving. Patience is key and the right home will turn up before long. To come up with extra spending money, consider adjusting your discretionary costs such as canceling unused streaming subscriptions or trading Starbucks runs for fresh coffee brewed at home. 

Buying a home within your real estate budget is a major undertaking that requires the proper planning and preparation, but it is not unattainable. By taking the time to get your finances in order and researching the market thoroughly, buying a new home can be the next exciting step toward your future.  

Jeff Blacker – Palm Springs Gay Realtor

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Jeff Blacker - Palm Springs Gay Realtor

Palm Springs Gay Realtor Who
Knows the PS Market Inside and Out

As a Palm Springs gay Realtor, Jeff offers his clients only the best in the art of sales, negotiations, and marketing while offering consistency, integrity, and unparalleled customer service.

As a full-service Realtor, he has successfully matched hundreds of buyers and sellers throughout the desert, specializing in mid-century and architectural homes The the Coachella Valley is a community of unique micro-markets requiring knowledge and expertise to differentiate each neighborhood.

Whether you are planning on selling or purchasing a primary residence, second home or investment property in the area, nationwide, or globally, you should make your first move to connect with Jeff Blacker.

See Jeff Blacker’s Expanded Listing Here

Palm Springs Gay Realtors and Real Estate Professionals

Red-Hot US Housing Market Shows Signs of Cooling – CNN

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ice house - pixabay

Who would have thought that when the pandemic struck last spring that single-family housing would go on such a stellar run? Not me. But housing has been on a tear. Home sales, homebuilding and especially house prices have surged.

Despite being overvalued, there is no sign the housing market is in a bubble. (A bubble develops when there is speculation, or when buyers purchase homes with the sole intent of selling quickly for a profit, which isn’t happening today.) But stress lines are beginning to appear, and the housing market is set to cool off.

The increase in home prices is stunning. Nationwide, house prices are up double digits over the past year, and this comes after a decade of solid price gains since the housing market bottomed in the aftermath of the financial crisis. Indeed, the median existing home price — half of homes sold for more and half for less — is closing in on $350,000, almost double what it was a decade ago.

But stress lines are beginning to show in the housing market. Home prices have risen so far, so fast, that they have become overvalued. Nationwide, house prices appear overvalued by approximately 10% to 15% when comparing price-to-income or price-to-rent ratios with their long-run historical averages, according to my analysis. Some markets, mostly in the South and West, are seriously overvalued — by more than 20%.

Overvalued housing markets are vulnerable to a meaningful price correction as mortgage rates eventually rise. And they will. The Federal Reserve thinks the economy is set to quickly return to full health and is signaling that it will thus soon begin to normalize interest rates. Moreover, work from anywhere, while likely a fundamental change in the way we live and work, is also sure to partially unwind as companies ask their employees to come back into the office. And the foreclosure moratorium and mortgage and student loan forbearances are set to expire in coming weeks.

Full Story From CNN

Thom Montrois – Jupiter Gay Realtor

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Thom Montrois - Jupiter Gay Realtor

Jupiter Gay Realtor Team in the Palm Beach Area

We are a Jupiter gay Realtor Team, full time since 1996 with dozens of 5 star client reviews on Zillow and our website, covering Palm Beach, Martin & St. Lucie Counties offering you helpful guidance and valuable local area knowledge, accompanied with all the tools and technology necessary for you to make well informed decisions. Here to make your sale or purchase as stress free as possible and NEVER PUSHY!

Jupiter and the cities and towns adjacent are progressive thinking and growing. Our area is long known for it’s temperate climate, turquoise waters, and ideal conditions for boating, sport fishing, snorkeling, and sun worshiping. Just minutes from the Gulf Stream, the crystal blue waters are swarming with prized game fish and less than 60 minutes away are the islands of the Bahamas.

See Thom’s Expanded Listing on Gay Realty Network Here

Jupiter Gay Realtors and Real Estate Professionals

More Weird Real Estate Listings – TheClose.com

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Weird Real Estate - TheClose.com

Since so many people seemed to love our bad listing photos article, we decided to take a break from writing more actionable real estate content to bring you this list of weird real estate listings. But not just any weird houses. We’re talking 15 of the weirdest and most wonderful real estate listings of all time.

So turn your ringer off, tell your broker you’re taking a mini staycation, and get ready to gawk at some of the wildest real estate listings to ever go on the market—oh, and bad puns. There are lots and lots of bad puns in this article, too. We had an insanely long list to work from, but we managed to pare it down to just 15 very weird and very wonderful weird real estate listings.

1. Dick Clark’s Flintstone’s-inspired House in Malibu

Location: Malibu, California
Asking price: $1,777,777
Did it sell?: YES!

More wonderful than weird, radio legend Dick Clark’s Flintstone’s-inspired house in Malibu was a no-brainer for our list. Believe it or not, it wasn’t actually built to look like Fred and Wilma’s beachfront vacation villa. In reality, the architect was tasked with appeasing the local home owner association (HOA), which didn’t want anything “crazy” built on the site. The design he came up with is intended to look like a natural rock formation. They accepted his design, and the rest is history.

Full Story at TheClose.com