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How to use digital marketing to sell your home!

Alt: Different words that describe how to use digital marketing to sell your home, circled with a red marker.

With the COVID-19 global outbreak seriously hindering the real estate industry, people all over the world are looking for effective ways to advertise and sell their homes. One of the best strategies for now proved to be digital marketing. With that in mind, let’s see how to use digital marketing to sell your home!

Hiring a real estate agent

You must be asking what a real estate agent has to do with digital marketing. Well, they are using websites, right? Advertising your home online is the best way of finding a buyer. And, with mortgage rates going down, buyers will look to hire real estate agents.

Building your own website

A more personal way of using digital marketing to sell your home is to build your own website. Today, you can quickly set up a webpage at affordable prices, and this is a fantastic way to offer potential buyers more personal information. You can attach videos of online house tours, add photos, write notes about the place, and have a 1-on-1 conversation with a potential buyer.

Caption: By using a website and social media platforms, you are easily getting connected with people all around the world.

Alt: A girl standing and holding a laptop, surrounded with icons of different social media platforms.

Even though this website option might seem like too much of an effort for selling a place, there are other advantages to it.

Running a blog

If you start a blog on a real estate topic and post quality content, you will soon get readers. And, if you have well-written articles, the numbers will only go up. Articles are a fantastic way to advertise, and you never know if a reader might be a potential buyer.

Social media campaign

It is a fact that social media changed the world forever. Be it for the better or for worse, that is yet to be decided. Nevertheless, many people run businesses solely on social media. At Cofe Winchester site we will get different blogs to view business marketing tips. Simply, click here for business related useful information.

Since it has a wide reach, you can use various profiles to post ads about selling your place.

Ways that realtors use digital marketing to sell homes

Besides trying to sell a home on your own, which is an admirable feat, by far the best way to sell a home is through hiring a real estate agent. They use many digital marketing strategies to quickly sell a place, so let’s see what is their approach.

Pay-Per-Click advertising

Many professionals use Pay-Per-Click advertising to generate new leads. Many people earn money by clicking on ads, and this is a proven strategy to find potential buyers.

Getting in touch with a real estate agent is the best way to quickly get in touch with a lot of buyers.

Webinars for buyers

Many real estate agents host webinars about real estate. Both buyers and sellers attend these webinars to learn more about the industry and get in touch with potential clients.

You can even search for similar events in a nearby area and attend it. It might just happen you will meet the next owner of your house!

E-mail campaigns

E-mail campaigns are another strong tool that can help you sell your place. If we look at any real estate agency, they have thousands of clients, both looking to sell or buy. Each client has specific needs, but they can be grouped depending on different categories.

For example, all single people will look for smaller apartments, while families with children often look for a house.

Real estate agents can start e-mail campaigns where they can inform targeted groups of buyers if a new home that fits their requirements popped up on the market.

Stages of a digital marketing campaign for selling a home

Now that you familiarized yourself with different digital marketing channels you can use to sell your home, let’s talk about the structural composition of a digital marketing campaign.

Caption: Understanding how digital marketing works will help you to sell your home faster.

Alt: A poster saying INTERNET MARKETING in the middle, surrounded with words that represent various digital marketing components.

If we follow examples of professional digital marketing companies like Digital Dot New York, we can see a pattern of success. The main components of a digital marketing campaign are:

  • identifying your targeted group of clients
  • setting clear goals
  • working only with trusted partners
  • always value the quality of the service over the quantity

Identifying targeted groups of buyers

In order to create a successful digital marketing campaign to sell your home, first identify your potential buyers.

What kind of home do you have? How many rooms? Is it a house, or an apartment? Does it have a garage? If it is in a building, is there an elevator?

There are so many questions you can ask yourself, and each of these questions is important in identifying who your buyers are. As an example, if you live in a building and there is no elevator, you should not target families with babies.

Once you know who your customers are, you can find ways to advertise your place.

Set clear goals

While the main goal is to sell your home, you should think outside of the box when it comes to setting goals. If you have a simplified approach you might lose a lot of buyers.

The real estate market is huge, and there is a lot of competition. If you wish to sell your place quickly, you must find a way to make your home stand out in the crowd. And that’s what your goal should be!

Caption: Have a clearly set structure of goals in front of you, that is the best way to create a good digital advertisement for selling your home.

Alt: A structural tree showing various components of digital marketing.

Outline all the good elements of your place, but do it from a distance. Do not be too pushy, or you might drive clients away.

Work with people you trust

There are many real estate agencies on the market. However, not everyone will create a good offer for you. With that in mind, always look for recommendations and read reviews.

The same applies when looking for professionals to help you start a digital marketing campaign. If you apply this strategy, you will show that you are focusing on the quality and experience, instead of just looking for a cheaper agent.

That’s how to use digital marketing to sell your home As you can see, there are many different approaches if you wish to use digital marketing to sell your home. In the end, it all depends on what strategy will show as the most efficient one. Nevertheless, there is no reason why you should not try multiple strategies at the same time. Only by combining these elements you can find the right buyer quickly, and make a good deal. Good luck!

Hudson Gateway Association of Realtors news

Dear HGAR Members:
Here are today’s Daily Updates – May 8, 2020:
NEW YORK STATE NEWS
Cuomo Says, ‘We Have the Beast on the Run.’Bolstered by continued statewide data that shows a decline in overall hospitalizations, intubations, new cases and deaths, Gov. Andrew Cuomo told reporters today at his daily COVID-19 briefing that the state is now in control of its own destiny in dealing with the Coronavirus.
He said that for the first time he believes the state is ahead of the virus. “We have the beast on the run,” Cuomo said.
However, the governor seemed to confirm what many observers have believed, that the re-opening of the downstate economy will not begin once his “New York on Pause” COVID-19 restrictions expire on May 15.
The governor told reporters that it is very likely that he will begin his multi-phased re-opening plan in areas upstate with the construction and manufacturing industries after May 15 and said that the current downstate data does not support the lifting of any restrictions here. A total of 216 people died from COVID-19 in New York State on Thursday, May 7, down from 232 fatalities a day earlier. See Bloomberg News story.
New York State Seeking $60B in Next Fed. Coronavirus Aid PackageNew York officials said on Thursday that the state requires at least an additional $60 billion in direct federal funding along with millions of dollars more from Medicaid and FEMA formula changes in the next Coronavirus aid package.
The state’s request, which is part of the National Governors Association’s bid for $500 billion for all states and territories, would be spread over three fiscal years and could be used for revenue shortfalls, according to the association. See Newsday story.
Senators Propose Bill to Help Local GovernmentsU.S. Senate Democratic Leader Charles E. Schumer, U.S. Senator Kirsten Gillibrand, U.S. Congressman Antonio Delgado, and U.S. Congressman Lee Zeldin announced new legislation, the “Direct Support for Communities Act,” which provides local governments with direct federal relief that can be used to pay for essential services and offset lost revenues and increased costs from the COVID-19 emergency. The local assistance would complement critical relief that states also require in this crisis, which the representatives are simultaneously aggressively pursuing.
The unspecified funding under the Direct Support for Communities Act would be a critical part of a larger state and local relief package to be considered by Congress.
“Under our proposal, counties, cities, towns, and villages of all sizes could count on direct, guaranteed financial relief, instead of having to layoff vital workers, cut important services, or raise taxes and fees at absolutely the worst time,” Sen. Schumer said. “Local governments deserve nothing less than our strongest federal support, and I am doing everything I can to get significant and flexible federal aid to our states and local governments included in the next legislative package Congress considers.” See announcement at schumer.senate.gov.
NATIONAL NEWS
How are Offices Preparing for the Return of Workers?Offices are preparing their spaces for a post-pandemic world. Companies are bringing in thermal cameras, HVAC systems that can fight bad germs, contactless coffee machines, and more as employees prepare to return to company offices in some areas of the country.
“What’s important about the COVID world is that people still feel comfortable and it feels warm and inviting when they enter the building, especially after being on the trains and buses and walking in their masks,” Craig Deitelzweig, CEO of Marx Realty, told The Real Deal. “Everyone wants a hospitality feel but now they will work together, six feet apart.” See Realtor Magazine story.
Suburban Office Markets Could Get Stronger Post PandemicMoody’s Analytics in a recently released report indicates that suburban office properties may make some gains over their rival central business district spaces post Coronavirus.
The analysis says businesses may be prompted to consider factors expected to affect ensuing demand on office space, particularly with concerns over COVID-19 and communication systems that allow employees to work from home, according to a report at Globest.com
“For many years, suburban office space fell out of favor because of the resurgence of U.S. cities,” said Ryan Severino, chief economist at Jones Lang LaSalle. “Is this COVID-19 crisis going to spur renewed interest in suburban markets, as households and employers move out of cities? Time will tell.” See story at GlobeSt.com. See full report at Moodys.com .
NAR NEWS
VIRTUAL REALTORS® LEGISLATIVE MEETINGS WEEK of MAY 11-15thDon’t miss this great opportunity to attend these Live Streamed Events. Click Here for Live Streamed Events Schedule.Full Details on all meetings and to Pre-Register go to https://www.legislative.realtor/.
NYSAR UPDATES
Go to the NYSAR FAQ’s which were updated on May 7th with regards to:How does the COVID-19 pandemic impact Fair Housing? Can I ask a client/customer/consumer if they have been exposed to COVID-19?Can I go to a property where nobody is present (meaning if individuals reside there, everyone has left the property) to view it or take photographs for a listing? (updated 5/7/20)


Please continue to check for updates on HGAR.com COVID-19 Resources.

Stay safe and stay well.
Sincerely,
Richard Haggerty, HGAR CEO

Italy cancelling mortgage bills | Bedford Real Estate

Homeowners in Italy are seeing many of their bills suspended – including mortgages – as the country deals with the coronavirus pandemic, and now other European nations are considering similar moves.

Is a “mortgage holiday” coming to America?

The short answer is: probably not. Most American mortgages are packaged into bonds with legal terms that dictate what the servicers who handle the billing can and can’t do. There are ways servicers can offer forbearance – an agreement to let borrowers either pay at a lower interest rate or suspend payments temporarily because of a hardship. But it’s on a case-by-case basis.

“Somebody owns those bonds,” said Mark Vitner, a senior economist with Wells Fargo. “Who is going to make those interest payments?”

Any missed or reduced payments typically have to be repaid, with interest. Sometimes, that means the loan will be re-amortized, so whatever you don’t pay now, you’ll be paying off over the remaining years of your loan, with interest.

America’s mortgage market is much bigger than Italy’s $423 billion of outstanding home-loan debt. The U.S. has about $11 trillion of mortgages on one- to four-family homes, according to Federal Reserve data. More than half of that is contained in bonds compiled and backed by Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency, which oversees those government-controlled mortgage securitizers, issued a directive last week urging servicers to offer help to people who fall behind on mortgage payments because of the coronavirus pandemic.

“To meet the needs of borrowers who may be impacted by the coronavirus, last week Fannie Mae and FreddieMac reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” said FHFA Director Mark Calabria. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer.”

In addition, regulators such as the Federal Reserve on Tuesday urged U.S. banks such as Wells Fargo and JPMorgan Chase to work “constructively” with borrowers affected by the coronavirus outbreak, promising they won’t get dinged by examiners as long as the measures show good judgment.

Italy has been the nation with the biggest outbreak of COVID-19, the disease caused by the new coronavirus, outside of China. Italy has more than 15,000 cases, and more than 1,000 people have died, according to Johns Hopkins University.

While Italy is the only government to introduce a plan to suspend mortgage payments for people affected by the lockdown – and so far it’s only for the worst-hit areas of the nation – other European countries may follow suit, according to an S&P report.

“New monetary and fiscal stimulus measures are currently being launched daily and the Italian government is contemplating broadening the mortgage payment suspension scheme nationwide,” S&P said.

“Some banks and governments in other countries, including France, Spain, and the U.K., have mooted similar measures, although the potential scale of eligibility and level of uptake among borrowers could vary widely and are not yet known,” the report said.

read more…

https://www.housingwire.com/articles/italy-is-cancelling-mortgage-bills-can-the-us-do-that/?utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=84728945&_hsenc=p2ANqtz-9H_nrzf-uiV1aOWhCJwpN8dYmpipToCyv5hGb01P88GlRZuz2PvFf_R2xLryqDdGq4AHs_zQ5ER_AYv34nhlPBG0BSzg&_hsmi=84728945

Robert Paul 1960 Year of the Rat 2020

The Rat is the first of all zodiac animals. According to one myth, the Jade Emperor said the order would be decided by the order in which they arrived to his party. The Rat tricked the Ox into giving him a ride. Then, just as they arrived at the finish line, Rat jumped down and landed ahead of Ox, becoming first.

The Rat is also associated with the Earthly Branch (地支—dì zhī) Zi (子) and the midnight hours. In the terms of yin and yang (阴阳—yīn yáng), the Rat is yang and represents the beginning of a new day.

In Chinese culture, rats were seen as a sign of wealth and surplus. Because of their reproduction rate, married couples also prayed to them for children.

Rats are clever, quick thinkers; successful, but content with living a quiet and peaceful life.

Recent years of the Rat are: 1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008, 2020.

Paired with the Celestial Stems (天干—Tiān gān), there is a 60-year calendrical cycle. Although zi is associated with water, the years also cycle through the five elements of nature (五行—wǔ xíng).

See the table below for the full details of each year.

YEARZODIACEARTHLY BRANCHCELESTIAL STEMELEMENTYIN YANG
1924RatzijiǎWoodYang
1936RatzibǐngFireYang
1948RatziwùEarthYang
1960RatzigēngMetalYang
1972RatzirénWaterYang
1984RatzijiǎWoodYang
1996RatzibǐngFireYang
2008RatziwùEarthYang
2020RatzigēngMetalYang

Personality and characteristics

Optimistic and energetic, people born in the Rat year are likable by all. They are sensitive to other’s emotions but are stubborn with your opinion. Their personality is kind, but due to weak communication skills, their words may seem impolite and rude.

On the financial side, they like saving and can be stingy. However, their love for hoarding will sometimes cause them to waste money on unnecessary things.

ELEMENTYEARFORTUNE
Metal1960, 2020These Rats tend to be reliable and live a stable life. They may hold some power and are able to turn unlucky events into fortune.
Water1972, 2032These Rats encounter hardships in the early days. They become successful during their middle ages and create a happy family. However, relatives and close friends may weigh them down.
Wood1924, 1984These Rats are multi-talented. They are strong-willed and always finish what they begin.
Fire1936, 1996These Rats have high IQs and EQs. They are average during youth, develop well in the middle ages and have great fortune later in life.
Metal1948, 2008These Rats are good speakers. They’re the mood makers of a group, but can be slightly possessive. They face difficulties in their youth, but are generally able to withstand them.

Men born in the Rat year are clever and adapt quickly to new environments. They are creative great at taking advantage of opportunities. However, they sometimes lack the courage to do so. Although they have great ideas, they might not be suitable for leadership positions.

Women born in the Rat year are the traditional women. They love keeping things organized and place great value on the family. Everything is taken care of by them and there is no need for their husband to worry. Outside of home, they’re also someone with a sense of responsibility and ability.

Compatibility

Most compatible with Rat: Ox, Dragon, Monkey

Rat’s fixed Earthly Branch is water, while Ox is earth. They complement and help one another in both work and life.

Couples that are formed from Rat and Dragon will be able to understand each other well, and enjoy success together.

Similar to Dragons, Monkeys get along great with Rats, and tend to live happily ever after like a fairytale.

Least compatible with Rat: Horse, Goat and Rabbit

The Earthly Branches of Rat and Horse clash strongly. No matter what a Rat does, it won’t be enough for the Horse.

Goats are attracted to Rat’s wealth and hope to control it, making it a rocky relationship.

The Rabbit will either purposely or unintentionally go against the Rat’s wishes, while the Rat can only keep silent.

Lucky things for Rats

  • Colors: blue, gold, green
  • Numbers: 2, 3
  • Flowers: lily, African violet, valley lily
  • Directions of auspiciousness: southeast, northeast
  • Directions of wealth: southeast, east
  • Directions of love: west

Unlucky things

  • Colors: yellow, brown
  • Numbers: 5, 9

Careers fit for Rats

Because of their independence and imagination, they are suitable for creative jobs. These include authors, editors and artists. However, if they join a team, their creative outlet may be blocked.

Rats also pay attention to fine detail. They are fit for technical work, such as engineering and architecture.

They are alert, but have a lack of courage. This makes them unsuitable as police officers, entrepreneurs or other leadership and political positions. Although Rats make good financial decisions, they should be careful not to invest with a close friend. It will not only cause money problems, but also affect the friendship.

Health and lifestyle

Since childhood, Rats have frail health. They have energetic personalities, but tire quickly. They catch colds often, but thankfully do not have serious illnesses.

They are sensitive to change in temperature. Not only is cold weather unbearable for them, they also can’t stand hot weather. But despite seeming weak and not being able to perform hard physical work, they enjoy longevity.

Rats can eat anything, whether they are delicacies or plain food. However, they should pay attention to their diet. Many times, they will get too into work and forget to eat. Going long periods without food and suddenly bingeing cause problems in their digestive system. Enemies of their health also include smoking and drinking habits.

For a healthy life, Rats must remember to eat breakfast, do moderate exercise and remain cheerful.

Horoscope

2020 2019

Rats in the Year of the Rat (2020)

Although a zodiac’s year is traditionally the most unfortunate, laden with bad omens and mishaps, 2020 will perform reasonably well for the Rat. Success will come in the form of career; celebrate the fact that your efforts will be rewarded and seen. On the other hand, your health and relationships will prove to be a struggle. Visit your doctor at the first sign of illness, and work toward creating a loving, open environment for all of your relationships. The year will have its issues, but the positive factors can turn it around.

Career

Even though the year will be a challenge in many areas, the Rat’s career will not be among them. Success will flourish in the workplace, yielding benefits of all kinds. Hard work will be rewarded; your clever skills, quick-thinking, and optimism will drive you forward. Exclusive bonuses will come to those born in the first half of the year. Rats born in the following months will have to push a bit harder for their goals.

Finances will be booming for the entirety of the year! Your income might even double. It would do you well to save and invest your hard-earned money. Try to avoid spending it all on luxurious items and vacations. Instead, splurge on little experiences here and there. Take your family to a theme park or your husband on a dinner date. Your girlfriend might enjoy a trip to the fair.

Lucky Months: March, September, and November.

Unlucky Months: April, July, and October.

Education

The Rat will maintain a decent academic standing in their educational studies. Hard work will be valued and necessary. With the right amount of focus on your studies, you will surely meet your goals. Be wary of your well-being; stress over your course schedule might get you down and even cause illness. Avoid sickness by pairing vitamins with at least seven to eight hours of sleep and proper nutrition. Although you might want to enjoy a full social calendar, it would be better to take some downtime to recuperate.

Health

Vulnerable to sicknesses, like colds and fatigue, the Rat will have to be extra careful in 2020. At the first sign of symptoms, head to your general practitioner immediately. The faster you get medicine and the treatment you need, the quicker you will heal. To stay healthy, do your body a favor and eat more proteins and vegetables; boost your immune system by adding vitamins to your diet as well. As a general rule, proper diet, exercise, and sleep keep one healthy.

Relationships

Luck is also not in your favor this year for love. Romance will be hard to come by for married couples and singles alike. You will face many struggles throughout the year; however, your innate positivity will help you push through hard times. If you’re single, it is best to avoid longing for a partner this year. The likelihood of finding someone long-term is very low. Instead, have fun and enjoy the freedom of not being tied down romantically. Enjoy light conversation, some partying (but not too much) and meet new people. Take this bad news and look for the bright side!

The same misfortune goes for married couples; be on the lookout for challenges in your relationship. Petty arguments, financial battles, or suspicions might plague your love-life. When these issues surface, don’t let them fester. Deal with everything head on to experience a better year. Focus on the love you have for your partner; this person is your home, your safe zone, and your beloved. Keep yourself grounded in love.

Lifestyle

Rats will experience both successes and failures in the Year of the Rat. Success will show itself in the workplace and education, while relationships and health will be the areas that suffer. Overall, the year has a far better outlook than one’s typical zodiac year suggests. Rats should rejoice in their good fortune. Their natural ability to create success is a gift, a gift that will prove itself in financial gain. If you are feeling nervous about the year ahead, protect yourself with a Buddha statue. And have hope for good times to come amidst misfortune.

Lower rates will fuel housing in 2020 | South Salem Real Estate

Housing could fuel economic growth for the first part of 2020, a new economic outlook from Fannie Mae shows.

Fannie Mae upgraded its economic outlook to a gross domestic product growth of 1.9% in 2020, according to its latest commentary from the Economic and Strategic Research Group. This is due to expected easing trade tensions, stimulative fiscal policies and continued consumer spending

This year, the third quarter added to GDP growth for the first time in more than 1.5 years, Fannie Mae’s data shows. And this growth is expected to continue into the second quarter of 2020.

Fannie Mae explained housing should also continue to function as a positive contributor to growth in the near term, as indicated by both new and existing single-family home sales advancing in the third quarter, as well as pending home sales, permits, and starts. However, persistent supply and affordability constraints continue to hold back household formation, inhibiting housing market activity.

“As we forecasted, housing supported the larger economy in the third quarter, and we expect it to continue to play a productive role through the first half of 2020,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “Positive contributions from single-family housing construction, home improvements, and brokers fees pushed residential fixed investment growth to a robust 5.1% annualized pace this past quarter, and we forecast continued but moderating strength as construction activity and home sales growth continue at a slower pace.”

“With mortgage rates normalizing, we expect a decline in refinance activity in 2020, with the refinance share of originations dropping from a projected 37% in 2019 to 31%,” Duncan said. “Of course, the housing market as a whole remains constrained by the persistent supply and affordability issues, which is particularly unfortunate given the current strength of consumer demand for reasonably priced homes.”

Housing is contributing to growth, but consumer spending is expected to remain the primary driver of economic growth for the forecast horizon, and business fixed investment will benefit as additional corporate expenditures work to meet consumer demand.

“Even as global uncertainties mount, we continue to expect the domestic economy to produce solid, if not spectacular, growth,” Duncan said. “A stronger-than-expected third quarter contributed to the downward revision to our fourth-quarter forecast, as some of the previously expected weakness in trade and inventories appears likely to have been pushed back into this quarter. Still, consumer spending is likely to continue driving the expansion forward, and with the passage of the budget act and a reprieve in trade tensions we’ve revised upward our forecast for full-year 2020 growth.”

But risks still remain on the horizon. For example, trade talks between the U.S. and China continue to pose negative risks to economic growth. And because of this uncertainty, Fannie Mae predicts we could see one last rate cut from the Federal Reserve in early 2029 before pausing for the rest of the year.

“We also continue to expect the Fed to cut interest rates only one more time in the foreseeable future, in early 2020, as a hedge against the sizeable downside risks and to counteract muted inflation,” Duncan said.

read more…

Fannie Mae: Housing to help fuel economic growth in 2020

California nears statewide rent control | Pound Ridge Real Estate

In the pipeline apartments

California is one step away from enacting statewide rent control after the state’s two legislative bodies both approved the measure.

The bill will cap annual rent increases by 5%, including the rate of inflation. In addition to the rent cap, a bill known as AB-1482, the Tenant Protection Act of 2019, will allow “just cause” eviction policies to qualified housing in California. 

The bill was approved this week by the California State Senate and the California State Assembly. 

The bill now moves to the desk of California Gov. Gavin Newsom, who is expected to sign the bill into law.

When Newsom signs the bill, the bill would make the state one of the few in the nation with statewide rent control. 

California, one of the nation’s priciest housing markets, is following Oregon’s footsteps in enacting rent control. In March, Oregon approved a law placing an annual limit on rent increases of 7% plus inflation.

The bill appears to have Newsom’s support, as the governor tweeted that “The rent is too damn high — so we’re damn sure doing something about it” and “Because there should be a cap on how much you pay for rent…Because your landlord shouldn’t be able to evict you for no reason.” 

Gavin Newsom✔@GavinNewsom

CA is about to enact the strongest renter protections in the NATION.

Because there should be a cap on how much you pay for rent.

Because your landlord shouldn’t be able to evict you for no reason.

It’s about time.3,6634:04 PM – Sep 12, 2019Twitter Ads info and privacy948 people are talking about this

“In this year’s State of the State address, I asked the Legislature to send me a strong renter protection package. Today, they sent me the strongest package in America,” Newsom said in a statement after the Assembly passed the bill. “These anti-gouging and eviction protections will help families afford to keep a roof over their heads, and they will provide California with important new tools to combat our state’s broader housing and affordability crisis. I would like to thank Assembly Speaker Rendon, Senate President pro Tempore Atkins, Assembly member Chiu and the bill’s co-authors for passing this legislation, as well as the broad coalition of stakeholders whose persistence allowed this bill to move forward.”

The move is a reversal from what happened in the state nearly a year ago. In the November 2018 election, California voters shot down a previous rent control initiative, Proposition 10. The proposal would have to capped annual rent increases to prevent unjust evictions. 

Proposition 10 was aimed to repeal the Costa-Hawkins Rental Housing Act. In 1995, California passed the Costa-Hawkins Rental Housing Act, limiting the use of rent control and prohibiting local governments from imposing caps on single-family homes and condos. 

According to the California Secretary of State, 61.7% of voters were against repealing the Costa-Hawkins Rental Housing Act, while a mere 38.3% voted for it.

read more…

California nears statewide rent control

NYS ranks 48th worst state for taxes | Thank you Govornor Cuomo

As the tax deadline nears, residents of some states are bearing the brunt of it more than others.

Alaska, Delaware, Montana, Wyoming, and Nevada are the best five states in the U.S. when it comes to taxes, according to an analysis by WalletHub, while Illinois, Connecticut, Pennsylvania, New York, and Nebraska are the worst.

A 2018 study by Kiplinger placed Alaska, Wyoming, and Nevada in its top five states for taxpayers, with Illinois and New York in the bottom five.

Alaska is the best state for American taxpayers. (Graphic: David Foster/Yahoo Finance)
Alaska is the best state for American taxpayers. (Graphic: David Foster/Yahoo Finance)

Best and worst states for a variety of reasons

WalletHub looked at four different types of taxation: Real-Estate Tax, Vehicle Property Tax, Income Tax, and Sales & Excise Tax.

Here’s a breakdown of each, based on WalletHub’s data:

Being a homeowner in New Jersey isn’t cheap at all — in fact, NJ residents see the highest effective real-estate tax (otherwise known as property tax) rate in the country, at 8.13%. Trailing behind are Illinois (7.71%), New Hampshire (7.33%), Connecticut (6.89%), and Wisconsin (6.47%). WalletHub calculated these rates by dividing the effective median real estate tax in that state to the median income.

Gas also taxes play a role. Alaska pays the lowest per gallon, followed by Missouri, Mississippi, New Mexico, and Arizona. Pennsylvania pays the highest amount, with coastal states California, Washington, Hawaii, and New York not far behind.

And if property taxes are an issue, note that Hawaii has the lowest rate at 0.90%. Alabama, Louisiana, D.C., and Colorado aren’t far behind, all under 2%.

In this Tuesday, March 26, 2019 photo, Eddie Cartwright finishes gassing up a pick-up in South Mills, N.C. Gas stations have evolved dramatically since the country's first drive-in service station opened in Pennsylvania in 1913, according to the Smithsonian Institution. For most, the decline in service was all about economics. Let people pump their own gas, except in New Jersey, the only state that won't allow it and get their car serviced somewhere else. (Stephen M. Katz/The Virginian-Pilot via AP)
Alaska has the lowest gas taxes, while Pennsylvania has the highest. (Photo: Stephen M. Katz/The Virginian-Pilot via AP)

In terms of taxing residents income states like Alaska, Florida, South Dakota, Texas, Washington, and Wyoming all have a 0% rate. Yet, in Kentucky, residents pay a 5.01% tax on their income. Maryland, Oregon, and Pennsylvania are pricey too, with tax rates above 4% on their residents.

Sales and excise tax (also known as consumption tax) rates vary across the country, as well. Oregon, Montana, New Hampshire, Delaware, and Alaska are all well below 2%. However, Washington and South Dakota’s rates are significantly higher at 8.65%. Louisiana, Texas, and Arkansas are also above 6%.

Mortgage rates drop to 4.06% | Cross River Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the average 30-year fixed-rate mortgage dropped 22 basis points.

Sam Khater, Freddie Mac’s chief economist, says, “The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.06 percent with an average 0.5 point for the week ending March 28, 2019, down from last week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent. 
  • 15-year FRM this week averaged 3.57 percent with an average 0.4 point, down from last week when it averaged 3.71 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent with an average 0.3 point, down from last week when it averaged 3.84 percent. A year ago at this time, the 5-year ARM averaged 3.66 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

More buyers priced out of the market with higher rates | North Salem Real Estate

By Na Zhao, Ph.DNAHB Economics and Housing Policy GroupReport available to the public as a courtesy of HousingEconomics.com

This article announces NAHB’s “priced out estimates” for 2019, showing how higher home prices and interest rates affect housing affordability. The 2019 U.S. estimates indicate that a $1,000 increase in the median new home price would price 127,560 U.S. households out of the market. In other words, 127,560 households would qualify for the new home mortgage before the change, but not afterwards. Similarly, 25 basis points added to the current mortgage rate would price out around 1 million households. The article also includes priced out estimates for individual states and more than 300 metropolitan areas.

The Priced Out Methodology and Data

The NAHB Priced Out model uses the ability to qualify a mortgage to measure housing affordability, because most home buyers finance their new home purchase with conventional loans, [1] and because convenient underwriting standards for these loans exist. The standard NAHB adopts for its priced-out estimates is that the sum of the mortgage payment (including the principal amount, loan interest, property tax, homeowners’ property and private mortgage insurance premiums (PITI), is no more than 28 percent of monthly gross household income.

As a result the number of households that qualify for mortgages for a certain priced home depends on the household income distribution in an area and the mortgage interest rate at that time. The most recent detailed household income distributions for all states and metro areas are from the 2017 American Community Survey (ACS). NAHB adjusts the income distributions to reflect the income and population changes that may happen from 2017 to 2019. The income distribution is adjusted for inflation using the 2018 median family income published by the Department of Housing and Urban Development (HUD) for all states and metro areas, and then extrapolated it into 2019. The number of households in 2019 is projected by the growth rate of households from 2016 to 2017.

The assumptions of the priced out calculation include a 10% s down payment and a 30-year fixed rate mortgage, at an interest rate of 4.85%. For a loan with this down payment, private mortgage insurance is required by lenders and also included as part of PITI. The typical private mortgage insurance annual premium is 73 basis points[2], based on the standard assumption of national median credit score of 738[3] and 10% down payment and 30-year fixed mortgage rate. Effective local property tax rates are calculated using data from the 2017 American Community Survey (ACS) summary files. Homeowner’s insurance rates are constructed from the 2016 ACS Public Use Microdata Sample (PUMS).[4] According to Brisbane property valuers, for the U.S. as a whole, the property tax is $12 per $1,000 of property value and the homeowner insurance is $4 per $1,000 property value.

Under these assumptions, 32.7 million of the 122.5 million U.S. households could afford to buy a new median priced home at $355,183 in 2019. A $1,000 home price increase thus would price 127,560 households out of the market for this home. These are the households that can qualify for a mortgage before a $1,000 increase but not afterwards, as shown in Table 1 below.

Table 1. US Households Priced Out of the Market by Increases in House Prices, 2019

State and Local Estimates

The number of priced out households varies across both states and metropolitan areas, largely affected by the sizes of local population and the affordability of new homes. The 2019 priced-out estimates for all states and the District of Columbia are shown in Table 2 (available in the Additional Resources box), which presents the projected 2019 median new home price and the amount of income needed to qualify the mortgage, and the number of households could be priced out if price goes up by $1,000. Among all the states, Texas registered the largest number of households priced out of the market by a $1,000 increase in the median-priced home in the state (11,152), followed by California (9,897), and Ohio (7,341).

Table 3, which is available in the Additional Resources box, shows the 2019 priced-out estimates for 382 metropolitan statistical areas. The metropolitan area with the largest priced out effect, in terms of absolute numbers, is Chicago-Naperville-Elgin, IL-IN-WI, where 4,499 households are squeezed out of the market for a new median-priced home if price increases by $1,000. This is largely because Chicago is a populous metropolitan area with a large number of households; and, compared to the largest metropolitan areas on the East and West costs, the median priced home is more affordable to begin with. Around 27% of households there are capable of buying new median-priced homes. For similar reasons, Houston-The Woodlands-Sugar Land, TX metro area, where nearly 33% of households can afford median-priced new homes.to begin with, registered the second largest number of priced out households (3,546), where nearly 33% of households can afford median-priced new homes. In New York-Newark-Jersey City, NY-NJ-PA, 3,531 households are squeezed out of the housing market for a new median-priced home if price increases by $1,000. Compared to Chicago or Houston, the median-priced new home is affordable to a smaller share of the households in New York, but New York is the largest metro area by population size with over 7 million households.

Interest Rates

The NAHB 2019 priced-out estimates also present how interest rates affect the number of households would be priced out of the new home market. If the mortgage interest rate goes up, the monthly mortgage payments will increase as well and therefore higher household income thresholds to qualify a mortgage loan. Table 4 shows the number of households priced out of the market for a new median priced home at $355,183 by each 25 basis-point increase in interest rate from 2.85% to 10.85%. When interest rates goes up from 2.85% to 3.10%, around 1.26 million households could no longer afford buying median-priced new homes. An increase from 4.85% to 5.10% could price approximately one million households out of the market. However, about 423,000 households would be squeezed out of the market if interest rate goes up to 10.85% from 10.6%. This diminishing effects happen because only a few households at the thinner end of household income distribution will be affected. On the contrary, when interest rates are relatively low, 25 basis-point increase would affect a larger number of households at the thicker part of income distribution.

Table 4. US Households Priced Out of the Market by an Increase in Interest Rates, 2019

Footnotes[1]According to the 2017 American Housing Survey (funded by HUD and conducted by the Census Bureau), 74 percent of the home buyers who moved into their homes in 2016 or 2017 had a regular primary mortgage on the home.[2]Private mortgage insurance premium (PMI) is obtained from the PMI Cost Calculator( https://www.hsh.com/calc-pmionly.html)[3]Median credit score information is shown in the article “Four ways today’s high home prices affect the larger economy” October 2018 Urban Institute https://www.urban.org/urban-wire/four-ways-todays-high-home-prices-affect-larger-economy[4]Producing metro level estimates from the ACS PUMS involves aggregating Public Use Microdata Area (PUMA) level data according to the latest definitions of metropolitan areas. Due to complexity of these procedures and since metro level insurance rates tend to remain stable over time, NAHB revises these estimates only periodically.

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