Tag Archives: Waccabuc Realtor

Northeast existing home sales fall 13.7% | Waccabuc Real Estate

Key Highlights

  • Existing-home sales decreased for the seventh straight month to a seasonally adjusted annual rate of 4.80 million. Sales tailed off 0.4% from July and 19.9% from the previous year.
  • The median existing-home sales price rose 7.7% from one year ago to $389,500.
  • After five successive monthly increases, the inventory of unsold existing homes dwindled to 1.28 million by the end of August, or the equivalent of 3.2 months at the current monthly sales pace.
EHS Housing Snapshot Infographic 09-21-2022

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WASHINGTON (September 21, 2022) – Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of REALTORS®. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis, however, sales fell in all regions.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, notched a minor contraction of 0.4% from July to a seasonally adjusted annual rate of 4.80 million in August. Year-over-year, sales faded by 19.9% (5.99 million in August 2021).

“The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve’s interest rate policy changes,” said NAR Chief Economist Lawrence Yun. “The softness in home sales reflects this year’s escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.”

Total housing inventory2 registered at the end of August was 1,280,000 units, a decrease of 1.5% from July and unchanged from the previous year. Unsold inventory sits at a 3.2-month supply at the current sales pace – identical to July and up from 2.6 months in August 2021.

“Inventory will remain tight in the coming months and even for the next couple of years,” Yun added. “Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.”

The median existing-home price3 for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer.

Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month.

First-time buyers were responsible for 29% of sales in August, consistent with July 2022 and August 2021. NAR’s 2021 Profile of Home Buyers and Sellers – released in late 20214 – reported that the annual share of first-time buyers was 34%.

All-cash sales accounted for 24% of transactions in August, the same share as in July, but up from 22% in August 2021.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in August, up from 14% in July and 15% in August 2021.

Distressed sales5 – foreclosures and short sales – represented approximately 1% of sales in August, essentially unchanged from July 2022 and August 2021.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage was 5.22% in August, down from 5.41% in July. The average commitment rate across all of 2021 was 2.96%.

Realtor.com®‘s Market Trends Report(link is external) in August shows that the largest year-over-year median list price growth occurred in Miami (+33.4%), Memphis (+25.8%) and Milwaukee (+25.0%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+30.9 percentage points), followed by Austin (+24.8 percentage points) and Las Vegas (+24.4 percentage points).

Single-family and Condo/Co-op Sales

Single-family home sales decreased to a seasonally adjusted annual rate of 4.28 million in August, down 0.9% from 4.32 million in July and down 19.2% from the previous year. The median existing single-family home price was $396,300 in August, up 7.6% from August 2021.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 520,000 units in August, up 4.0% from July and down 24.6% from one year ago. The median existing condo price was $333,700 in August, an annual increase of 7.8%.

“In a sense, we’re seeing a return to normalcy with the homebuying process as it relates to home inspections and appraisal contingencies, as those crazy bidding wars have essentially stopped,” said NAR President Leslie Rouda Smith, a REALTOR® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. “In an ever-changing market, REALTORS® help consumers successfully manage the complexities of buying or selling homes.”

Regional Breakdown

Existing-home sales in the Northeast grew 1.6% from July to an annual rate of 630,000 in August, down 13.7% from August 2021. The median price in the Northeast was $413,200, an increase of 1.5% from the previous year.

Existing-home sales in the Midwest fell 3.3% from the prior month to an annual rate of 1,160,000 in August, retreating 15.9% from August 2021. The median price in the Midwest was $287,900, up 6.6% from the previous year.

At an annual rate of 2,130,000 in August, existing-home sales in the South were identical to July but down 19.3% from one year ago. The median price in the South was $356,000, an increase of 12.4% from August 2021.

Existing-home sales in the West expanded 1.1% compared to last month to an annual rate of 880,000 in August, down 29.0% from this time last year. The median price in the West was $602,900, a 7.1% increase from August 2021.

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Home prices grow at record rate | Waccabuc Real Estate

National home prices grew at an unsustainable pace in December, supported by strong demand and record-low inventory. Home price appreciation is expected to slow in the coming quarters as rising mortgage rates price some homebuyers out of the market.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 16.9% in December, following a 15.1% increase in November. National home prices are now 51.8% higher than their last peak during the housing boom in 2006. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted an 18.8% annual gain in December, the same increase as in November. Home price appreciation (YOY) has slowed since September 2021.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), increased at a seasonally adjusted annual rate of 15.6% in December, following a 15.3% increase in November. On a year-over-year basis, the FHFA Home Price NSA Index rose by 17.7% in December, the same gain as in November.

In addition to tracking national home price changes, S&P CoreLogic reported home price indexes across 20 metro areas in December. All 20 metro areas reported positive home price appreciation and their annual growth rates ranged from 8.6% to 34.4%. Among all 20 metro areas, thirteen metro areas exceeded the national average of 16.9%. San Diego led the way with a 34.4% increase, followed by Seattle with a 27.1% increase and Dallas with a 26.8% increase.

The scatter plot below lists the 20 major U.S. metropolitan areas’ annual growth rates in November and in December. The X-axis presents the annual growth rates in November; the Y-axis presents the annual growth rates in December. Five out of the 20 metro areas had a deceleration in home price growth, including Los Angeles, Miami, Tampa, Las Vegas, and Seattle.

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eyeonhousing.org

Home affordability plummeted in fourth quarter | Waccabuc Real Estate

Homeownership continues to swerve into unaffordable territory, with median-priced single-family homes becoming less affordable in three-quarters of the nation’s market, a report published by ATTOM Data Solutions last week said.

Per the report, between October to December 2021, median home prices in 440 of the 575 counties analyzed by the data vendor saw notable home-price growth. As a result, 77% of counties included in the report have now been labeled as less affordable by ATTOM, up from 39% of counties in the fourth quarter of 2020.

The data vendor also noted that in the third quarter of 2021, 428 counties from the same data set were labeled as less affordable, up from 224 counties in the fourth quarter of 2020.

On average, the median national home price grew by 17% over the past year to $317,500, according to the report.

Todd Teta, chief product officer at ATTOM, said in a statement that the financial comfort zone for homebuyers continues to shrink as home prices rise and mortgage rates tick upwards.

 “Historically low rates and rising wages are still big reasons why workers can meet or come very close to standard lending benchmarks in a majority of counties we analyze,” Teta said. “ But the portion of wages required for major ownership expenses nationwide is getting closer to levels where banks become less likely to offer home loans.”

ATTOM found that ownership costs have risen in the fourth quarter of 2021, with the typical home consuming 25.2% of the average national wage of $65,546. In comparison, the fourth quarter of 2020 saw ownership costs at 21.5%.

However, ATTOM noted that the latest level is still within the 28% standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes.

The report added that house hunters unscathed financially by the pandemic have buoyed housing costs, as they “surged into the market amid a combination of mortgage rates hovering around 3 percent and a desire to trade congested virus-prone areas for the perceived safety of a house and yard, as well as the space for growing work-at-home lifestyles.”

“Amid very uncertain times, with the pandemic again threatening the economy, we will keep watching this key measure of housing market stability,” Teta concluded.

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housingwire.com/articles/

Oregon bans real estate buyer love letters | Waccabuc Real Estate

A real estate firm seeks to block a new Oregon law that bans real estate agents from forwarding “love letters” from homebuyers to sellers.

A lawsuit filed in federal court Friday by the conservative Pacific Legal Foundation on behalf of Total Real Estate Group alleges the state’s ban on these communications violates the First Amendment rights of real estate brokers and their clients.

“This censorship is based on mere speculation that sellers might sometimes rely on information in these letters to discriminate based on a protected class,” according to the lawsuit.

Oregon Attorney General Ellen Rosenblum and Oregon Real Estate Commissioner Steve Strode could not be reached for comment.

Oregon is the first state to ban the practice. Under the law, which is scheduled to take effect in January, real estate agents will not be allowed to pass along personal pitches from buyers that can include details about people’s lives along with photographs and videos. Buyers will still be allowed to communicate directly with home sellers.

In hot markets where multiple bidders jockey for the same house, buyers will do just about anything to get their offer noticed – and that includes writing “love letters” in hopes of making a personal connection with a seller.

Increasingly, the real industry has grown uneasy that “love letters” could violate state and federal fair housing laws by revealing the buyer’s race, color, religion, sex, sexual orientation, national origin, marital status or familial status. Many real estate agents refuse to accept or deliver them.

Democratic Rep. Mark Meek, the state lawmaker who sponsored the legislation, told USA TODAY in August that Oregon is not impeding free speech.

“We are limiting transmission of communications that are not relevant and could potentially be breaking fair housing laws,” he said.

No other state has followed Oregon’s lead.

Daniel Ortner, an attorney with the Pacific Legal Foundation, said the law is “a blatant First Amendment violation.”

“Love letters” can help first-time buyers compete with cash-rich buyers or institutional investors and can help sellers searching for buyers who will care for their homes and be good neighbors, Ortner said. The letters signal genuine interest in a property, he said.

Ortner said the law’s proponents have not produced any examples of fair housing complaints or lawsuits as a result of love letters.

“This is a solution in search of a problem. There is no evidence that it is a real problem that’s really resulting in discrimination,” he said. “And you can’t just go and ban whole types of communication in the fear that some small portion of it might somehow be used by someone.”

The backlash against love letters is part of an industrywide reckoning with its complicity in decades of housing discrimination and segregation that kept Black Americans from homeownership.

In 2019, Newsday published the findings of a three-year undercover investigation that exposed discriminatory home-selling practices by real estate agents that helped keep neighborhoods in Long Island, New York, segregated. Agents treated people of color unequally, especially Black residents, the investigation found.

Efforts to reform racist practices and increase Black homeownership intensified after the murder of George Floyd in Minneapolis.

Last year, the National Association of Realtors warned members love letters were not as harmless as they seemed.

But as stratospheric prices and record low housing inventory fuel bidding wars, love letters are more popular than ever.

Realtors said they don’t want to put their buyers at a disadvantage in competitive situations by refusing to pass them along. Besides, they said, sellers are swayed first and foremost by the offering price and terms.

But the right words can be persuasive. In 2019, the Redfin real estate brokerage studied the most effective strategies to win a bidding war. All-cash offers more than tripled a buyer’s odds. Writing a love letter came in second, increasing a buyer’s chances by 59%.

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This article originally appeared on USA TODAY: Oregon sued over law banning real estate ‘love letters’ in hot market

Housing starts up 27% | Waccabuc Real Estate

Single-family housing starts ended 2020 on a high note, rising 12% in December to a 1.338 million unit pace – the highest pace since 2006, according to the Census Bureau.

That’s up 27.8% from one year ago, a remarkable figure given the economic effects of the COVID-19 pandemic, per industry officials.

“2020 will go down, quite unexpectedly, as one of the best years for home builders in recent memory, and proof that great challenges — and not just those posed by COVID — can be overcome with hard work and creativity,” said Matthew Speakman, Zillow economist. “Demand for homes remains sky high, despite the still-raging pandemic, as people look to take advantage of historically low mortgage rates and find their next home. “

An estimated 1.380 million housing units were started in 2020 – 7% percent above the 2019 figure of 1.29 million

Remarkably, most industry experts believe construction rates will climb even higher in 2021.

“We expect single-family construction to move up 9% in 2021 — a much-needed relief valve for homebuyers,” said Danielle Hale, chief economist at Realtor.com. “While buyer demand has slowed since December, it remains notably higher than one year ago, giving builders a strong incentive to keep building.”

Hale added that builder optimism is higher than it was one year ago, but rising material costs and low land inventory are weighing on builder confidence in the short term.

“Supply-side headwinds will remain in 2021,” added Odeta Kushi, First American deputy chief economist. “Given the underbuilding that took place in the decade following the Great Recession, it will take years for builders to close the deficit.”

Even with the promise of additional relief funding from President Joe Biden’s American Rescue Plan, most homebuyers are still looking for houses with large work-from-home areas — a sign that confidence in the eradication of the virus, and a restart of face-to-face interaction, remains low.

“The past year has also cemented the smooth transition towards touring homes virtually and digitalizing many parts of the mortgage process, making homebuying much safer in light of the ongoing public health situation,” said John Pataky, executive vice president at TIAA Bank.

Privately-owned housing starts in December also jumped from November — a 5.8% rise with a seasonally adjusted annual rate of 1.669 million. That’s also 5.2% above the December 2019 rate of 1.587 million.

Austin Niemiec, Rocket Pro TPO executive vice president, urged brokers to maintain a focus on purchasing and ensuring solid internal processes.

“Brokers should be ready to support clients looking to secure their dream home,” he said. “This will be another strong year for loan officers, and new houses will play an important role in making sure we assist buyers at a high level.”

In authorizations, units in buildings with five units or more were authorized at a rate of 437,000 in December. Privately owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,709,000 — 4.5% above the revised November rate of 1.635 million.

Single-family authorizations in December were at a rate
of 1.226 million, a rise of 7.8% above the November figure of 1.137 million.

Lawrence Yun,  National Association of Realtors chief economist, is optimistic the housing sector will be a major player in the economy’s recovery in 2021.

“More construction also means more local job creation,” he said. “The worst of the housing shortage could soon come to an end.”

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housingwire.com/articles/

Best US mountain towns | Waccabuc Real Estate

Magnificent natural beauty and unbeatable scenery abounds in America’s legendary mountain ranges. But if you’re not into backcountry camping or roughing it, accessing this country’s towering terrain can be puzzling. Lucky for you, there are plenty of mountain towns chock-full of character and class that make visiting some of the United States’ most stunning regions a breeze.

From the obvious to the underrated, these are the best mountain towns in America.

Telluride, Colorado

Credit:Adventure_Photo/iStock

Boasting world-class ski slopes sprawling across more than 2,000 acres, it’s no wonder Telluride and its ski resort top our list of best mountain towns in America. It was also ranked as the number one Best Small Town to Visit according to U.S. News and World Report. The town of roughly 2,500 residents is nestled in a steep valley dominated by the San Juan Mountains. Come in winter and choose from nearly 150 uncrowded ski trails. Visit in summer and the same terrain becomes an epic hiking range. History buffs will enjoy poking around this former gold mining town and visiting the Telluride Historical Museum and even non-skiers will love soaking up the atmospheric Mountain Village.

McCall, Idaho

Credit:knowlesgallery/iStock

Lesser known, but no less enticing, McCall is a perfectly-situated resort town offering a host of activities in every season. Payette Lake, a glassy glacier lake framed by the snow-dusted peaks of the Payette National Forest, booms in the summertime. Brundage Mountain’s mixture of groomed trails and backcountry terrain draws skiers and snowboarders throughout the long winters. Top off a chilly day on the slope with a dip in the Gold Fork Hot Springs, just 30 miles south of town. And if you visit in winter, the renowned McCall Winter Carnival is a must.

Taos, New Mexico

Credit:JacobH/iStock

It’s usually deserts, not mountains, that come to mind when you think of the American Southwest. But you can find the best of both worlds in Taos, a spirited town full of culture and tradition that also happens to be wrapped in the Sangre de Cristo Mountains. Taos is best known for Taos Ski Valley, a rugged and untamed resort with beginner to advanced trails. But the town also houses the only Native American community that’s designated both a UNESCO site and National Historic Landmark. Taos Pueblo showcases 1,000 years of history in its iconic mud and straw dwellings. Combine the slopes and the deep-rooted history with the town’s natural beauty and its appeal becomes undeniably clear.

Helen, Georgia

Credit:SeanPavonePhoto/iStock

Sitting on the cusp of the Blue Ridge Mountains (a segment of the Appalachians) in northeast Georgia, Helen oozes charm. With cobblestone streets, mountain cabins for purchase, and painted buildings, you’ll feel like you stepped out of Georgia and into a European alpine village. Its location makes it a desirable year-round destination. The Chattahoochee National Forest flows right into Helen’s state parks, veiling numerous waterfalls, hundreds of miles of hiking trails, multiple beaches, and countless fishing spots. Designated Georgia’s Outdoor Adventure Destination, Helen also offers tubing in the Chattahoochee River, camping, mountain biking and kayaking. In between adventures, dive into the dozens of specialty shops packed into the town’s two square miles. Helen’s got everything you might want – and more.

Jackson Hole, Wyoming

Credit: gary yim/Shutterstock

Located on the southern border of two heavy-hitting national parks and surrounded by the almighty Teton Mountain Range, Jackson Hole is far from an unknown mountain town. The town’s claim to fame is undoubtedly the world-renowned Jackson Hole Mountain Resort which is more like its own self-operating village. Hotels and restaurants pepper Rendezvous Mountain, but it’s the world-class ski slopes spread over 2,500 acres and the 400 inches of annual snowfall that make the resort a destination in itself. Not being a snow bunny isn’t an excuse to avoid Jackson Hole. There are still plenty of other activities to enjoy, like exploring Grand Teton National Park, catching a show at the historic Jackson Hole Playhouse and taking a dip in the exquisite Granite Hot Springs.

Asheville, North Carolina

Credit:Sean Pavone/iStock

Asheville marches to the beat of its own drum (literally) and offers no apologies. Littered with breweries, hipster hang-outs, and live music venues, Asheville is a quirky mountain town with a ton of flair. Tucked into the Blue Ridge Mountains, Asheville sits a mere 130 miles northeast of our Helen, Georgia but embodies its own drastically-different character. Scenic drives, hiking and picnicking top our list of favorite pastimes in Asheville. When it’s time to let loose, hit up the downtown for a generous helping of live music bars, worldly cuisine, craft breweries and off-beat entertainment options – dinner and a belly dance, anyone?

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https://www.thediscoverer.com/blog/the-best-mountain-towns-in-america/

Mortgage Delinquencies Reach Historic Low | Waccabuc Real Estate

In the fourth quarter of 2019, the delinquency rate for mortgage loans on single-family homes1 decreased to 3.8% of all loans outstanding, according to the latest iteration of the Mortgage Bankers Association’s National Delinquency Survey. This is the lowest it has been since the series started in 1979. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. Additionally, the “seriously delinquent” rate, the percentage of loans that are 90 days or more past due or are in the process of foreclosure decreased to 1.8%, the lowest it has been since 2005.

The above figure shows the serious delinquency rate of all loans and its components, FHA and VA loans, which are government-insured mortgages, and conventional loans. The seriously delinquent rates of FHA and VA loans increased from the previous quarter. For the fourth quarter of 2019, the five states with the lowest seriously delinquent rates were Colorado, California, Washington, Arizona, and Oregon and the five states with the highest seriously delinquent rates were Puerto Rico, New York, Mississippi, Louisiana, and Maine.

Notes:

  1. For simplicity, the term “single-family” is used but denotes one- to four-unit residential properties.

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http://eyeonhousing.org/2020/02/mortgage-delinquencies-reach-historic-low/

Harvard: Remodeling to stall in 2020 | Waccabuc Real Estate

Home renovation spending reached a record high this summer, according to Harvard University’s Joint Center for Housing Studies. Although they expected those numbers to continue to soar through the end of 2019, the JCHS now says it expects a complete stall come 2020.

(Image courtesy of Harvard University’s Joint Center for Housing Studies. Click to enlarge.)

The Leading Indicator of Remodeling Activity released by the Remodeling Futures Program at JCHS said that annual gains in homeowner spending for improvements and repairs will dissipate by the second half of 2020. Know How To Rebuild Your Home After A Flood?

To that point, the LIRA states that the annual home improvement and maintenance expenditures will post a modest decline of 0.3% through the third quarter of 2020.

“Continued weakness in existing home sales and new construction will lead to sluggish remodeling activity next year,” said Chris Herbert, managing director of the JCHS. “Slowdowns in other key indicators of improvement spending—project permitting, sales of building materials, and home prices—also suggest the remodeling market may be reaching a turning point.”

Back in July, JCHS said that it expected remodeling spending to total a record $331 billion for all of 2019.

Now, the furthest projection in the index (the end of Q2 2020) suggests that spending over the prior 12 months will probably total $323 billion.

“At $325 billion, owner improvement and repair spending in the coming year is expected to essentially remain flat compared to market spending of $326 billion over the past four quarters,” says Abbe Will, associate project director in the Remodeling Futures Program at the Center. “However, today’s low mortgage interest rates may help counter some of these headwinds, which could buoy home improvement expenditure over the coming year.”

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Harvard: Remodeling to stall in 2020

Moving out of high tax Democrat blue northeast states | Waccabuc Real Estate

Americans are on the move, but where are they moving to and from?

Interactive Map: To understand inbound and outbound percentages for each state, use the legend. To view reasons for moving and demographic data, select the year and state that you would like to view using the dropdown menus. (If you are using a desktop computer, you can use your mouse to click and select a state.)

Americans are on the move, relocating to western and southern parts of the country. We love moving from Los Angeles to another city as it brings in excitement and also new adventures in life. The results of United Van Lines’ 42nd Annual National Movers Study, which tracks customers’ state-to-state migration patterns over the past year, revealed that more residents moved out of New Jersey than any other state in 2018, with 66.8 percent of New Jersey moves being outbound. The study also found that the state with the highest percentage of inbound migration was Vermont (72.6 percent), with 234 total moves. Oregon, which had 3,346 total moves, experienced the second highest percentage nationally, with 63.8 percent inbound moves. 

States in the Mountain West and Pacific West regions, including Oregon, Idaho (62.4 percent), Nevada (61.8 percent), Washington (58.8 percent) and South Dakota (57 percent) continue to increase in popularity for inbound moves. In tune with this trend, Arizona (60.2 percent) joined the list of top 10 inbound states in 2018.

Several southern states also experienced high percentages of inbound migration, such as South Carolina (59.9 percent, this makes moving to Greenville very popular) and North Carolina (57 percent). United Van Lines determined the top reasons for moving south include job change (46.6 percent) and retirement (22.3 percent).

In the Northeast, however, an outbound moving trend by roping in some great movers continues. New Jersey (66.8 percent), Connecticut (62 percent) and New York (61.5 percent) were included among the top 10 outbound states for the fourth consecutive year. Midwestern states like Illinois (65.9 percent), Kansas (58.7 percent), Ohio (56.5 percent) and Iowa (55.5 percent) saw high outbound relocation as well.

“As the nation’s largest household goods mover, our study allows us to identify the most and least popular states for residential relocation throughout the country, year after year,” said Eily Cummings, director of corporate communications at United Van Lines. “These findings accurately reflect not only where Americans are moving to and from, but also the reasons why.” Consider using a professional moving company for your next move.

The National Movers Study reveals the business data of inbound and outbound moves from 2018. In addition to this study, United Van Lines also conducts a survey to find out more about the reasons behind these moves. A leading motivation behind these migration patterns across all regions is a career change, as the survey showed approximately one out of every two people who moved in the past year moved for a new job or company transfer. Other reasons for the high percentage of moves to the Mountain West in 2018 include retirement (28.1 percent), proximity to family (20.8 percent) and lifestyle change (19.4 percent). Compared to all other states, Idaho saw the largest influx of new residents desiring a lifestyle change (25.95 percent), and more people flocked to New Mexico for retirement than any other state (42.74 percent).

“The data collected by United Van Lines aligns with longer-term migration patterns to southern and western states, trends driven by factors like job growth, lower costs of living, state budgetary challenges and more temperate climates,” said Michael Stoll, economist and professor in the Department of Public Policy at the University of California, Los Angeles. “Unlike a few decades ago, retirees are leaving California, instead choosing other states in the Pacific West and Mountain West. We’re also seeing young professionals migrating to vibrant, metropolitan economies, like Washington, D.C. and Seattle.”

Moving In

The top inbound states of 2018 were:

  1. Vermont
  2. Oregon
  3. Idaho
  4. Nevada
  5. Arizona
  6. South Carolina
  7. Washington
  8. North Carolina
  9. South Dakota
  10. District of Columbia

New to the 2018 top inbound list are Arizona at No. 5 and District of Columbia at No. 10, with 60.2 percent and 56.7 percent inbound moves, respectively.

Moving Out

The top outbound states for 2018 were:

  1. New Jersey
  2. Illinois
  3. Connecticut
  4. New York
  5. Kansas
  6. Ohio
  7. Massachusetts
  8. Iowa
  9. Montana
  10. Michigan

New Jersey (66.8 percent), which has ranked in the top 10 for the past 10 years, moved up one spot on the outbound list to No. 1. New additions to the 2018 top outbound list include Iowa (55.5 percent), Montana (55 percent) and Michigan (55 percent).

Balanced

In several states, the number of residents moving inbound was approximately the same as the number moving outbound. Arkansas and Mississippi are among these “balanced states.”

Since 1977, United Van Lines has annually tracked migration patterns on a state-by-state basis. The 2018 study is based on household moves handled by United within the 48 contiguous states and Washington, D.C. and ranks states based off the inbound and outbound percentages of total moves in each state. United classifies states as “high inbound” if 55 percent or more of the moves are going into a state, “high outbound” if 55 percent or more moves were coming out of a state or “balanced” if the difference between inbound and outbound is negligible.

To view the entire 2018 study, an interactive map and archived press releases from United, visit the United Van Lines website.

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https://www.unitedvanlines.com/contact-united/news/movers-study-2018?fbclid=IwAR0HVg6bo9cn2JN1qEcWGJXwNqRCNTph1nUqeXITL_oQNln56GzHZGqy-UQ

Expats living in Cotacachi Ecuador | Waccabuc Real Estate

Cotacachi, in the Imbabura province, is getting the lion’s share of expat attention these days. Many, especially those of retirement age, are finding their way here to enjoy the perfect weather, beautiful scenery, low cost of living, and especially the tranquil, slow-paced small-town lifestyle.

Like Otavalo and many other villages in this part of Ecuador, Cotacachi (population: about 8,000) is an artisan town. Just 20 minutes northwest of Otavalo, Cotacachi is Ecuador’s famous “leather” town. Artisan shops line the main street and you can buy any type of leather item, from shoes, boots and jackets to coin purses, bags, and suitcases…even upholstered furniture. Prices for all these items are 50% to 75% less than you would pay in the U.S.

Cotacachi has always enjoyed a reputation as a clean, peaceful village, and its plazas are kept neat and tidy. At night the artisan shops close up and only a few restaurants and small mom-and-pop shops are open. On the corners, you may find families congregating around a hot grill, where ears of corn are roasting along with pork and chicken kabobs. The cool, crisp air smells faintly of wood smoke, roasting corn, and eucalyptus. Eucalyptus trees grow abundantly wild, as do palm trees.

Cotacachi has become one of Ecuador’s most active expat communities in recent years, as many foreigners have chosen to locate here—and they enjoy a great lifestyle in Cotacachi. It’s a small, mostly indigenous town with a strong sense of community.

Largely dependent on agriculture, it is the sort of town many of us remember from our childhoods. Fresh raw milk can be bought from local farms, along with eggs laid by free-range chickens. Children still help with the family businesses after school and are well-mannered.

In the quaint downtown, you’ll find a couple of barbers, a small health clinic, and a pavilion for the town band. Ethnic restaurants and cozy cafés make welcoming spots to catch up with friends or just sit and watch life unfold in the Ecuadorian highlands.

Though Cotacachi has a slow and relaxed pace there are constant events and activities to take part in. Every month at least one parade or festival takes place. There are live music events, dances, and even horse processions to be watched and photographed. Seed exchanges, food fairs, and leather expos are all annual events too.

Of course it’s always nice to explore other areas too and there are plenty of great day-trips to choose from. Within two hours you could be at Chachimbiro Hot Springs relaxing in the thermal springs, or enjoying a mud bath at the spa. Lake Cuicocha is just a 15-minute taxi ride from town where you can marvel at the deep blue volcanic crater lake. If you’re up for some physical activity you can take a four-hour hike around the rim, or if you prefer to relax, take the boat tour around the islands in the center of the lake.

The famed market town of Otavalo is nearby, where you can explore the streets filled with craft items, food, and even animals for sale. Ibarra is a larger city just 45 minutes away with shopping malls, dining options, and large parks and plazas to enjoy.

When the sun sets in Cotacachi, the artisan shops close up and only a few restaurants and small mom-and-pop shops are open. That’s all you need, really. After a day of sunshine in the 8,000-foot-elevation, mountain climate, night-time is for sleeping.

Retire in Cotacachi, Ecuador

Retire in CotacachiCotacachi is becoming something of an expat magnet. Estimates are that about 100 expats live full-time in Cotacachi now. It’s a diverse group—not all American. There are Israelis, Cubans, Brits, and more among them, who get together regularly to discuss topics of interest or just to celebrate life. This makes retirement in Cotacachi enjoyable. The expats here are outgoing and relaxed, since there’s not much to worry about. No traffic, no temperature swings, no pesky insects, and certainly no money problems.

The town is also scenic. Two of the most majestic cordilleras of the Andes flank either side of the small village of Cotacachi. And several of Ecuador’s most famous volcanoes can be seen from just about anywhere in town, including Volcan Cotacachi to the west and Imbabura to the east. On a clear day, you can see Volcan Pichincha to the south.

If you want to enjoy good weather, clean air, great scenery, and a rich indigenous culture, but still be within two hours of the international airport in Quito, then retirement in Cotacachi could fit the bill.

Lifestyle in Cotacachi, Ecuador

Lifestyle In CotacachiCotacachi is a fabulous place to improve your health. The moderate climate with little variation throughout the year means that nearly every fruit and vegetable can be grown within a hundred miles. Not only is healthy produce readily available, but it’s also very affordable. With avocados priced at 3 for a dollar, organic leaf lettuce at 25 cents, and 6 plump carrots for 50 cents there is no monetary reason not to eat right.

In addition, the small size of the town makes it perfect for walking. Instead of jumping in your car to run to the grocery store, pay bills, or meet a friend for lunch you can easily accomplish it all with your own two feet. Many folks find that they lose weight without even trying after being in Cotacachi for only a few months. The healthy food choices and extra walking each day help shed excess pounds.

For a small town there are few things lacking. Residents can take advantage of spas, fitness centers, and basic medical needs all within a few blocks of each other. They can also participate in art classes, hiking groups, dance lessons, live musical events, yoga, foreign films, and science courses.

If you’re a social person, Cotacachi is the place for you. There are plenty of other expats to get to know, but the locals are friendly and welcoming too. It’s tough to spend much time in this town without quickly and easily making friends.

Real Estate in Cotacachi, Ecuador

Real Estate in CotacachiThis influx of foreigners has caused something of a building boom in Cotacachi in recent years, and if you come to look for real estate, you’ll be spoiled for choice. Older homes and apartments in need of renovation can be had for the price of a good used car.

Recognizing the trend of foreign baby boomers looking for an unspoiled and inexpensive retirement destination, local builders offer appealing homes and condos with features like large modern kitchens, elegant bathrooms, fireplaces, and more.

Rentals go for as little as $150 a month for a modern, three-bedroom apartment while furnished units with all utilities included go for $600.

Cost of Living in Cotacachi, Ecuador

Cost of Living in CotacachiThe cost of living is low in Ecuador, but especially so in smaller towns like Cotacachi. If you’re living on a budget or just looking to save money, this is a great place to do so.

Sunday is market day, when the villagers bring their wares to sell. Everything from fruits and vegetables to ground spices, woven baskets, and rope made of woven plastic shopping bags—recycling at its best. And then there are the roses…you pay $2 for one dozen, long-stemmed roses that are so fresh they last nearly three weeks.

On Saturdays head to Otavalo—to the largest open-air indigenous market in South America. If you’re a good negotiator, you can buy scarves, woolen socks, and hats for $2 each, or pretty wool and alpaca sweaters for $8 ($4 for kids’ sizes). The 30-minute bus ride from Cotacachi to Otavalo costs 35 cents; a taxi costs $5.

You can hire a maid to clean your condo for $10, and gardeners or landscapers charge around $4 per hour. Furnishing that same condo can be fun and inexpensive as well. There are master carpenters right in town that will build furniture to your specs for 50% to 75% of U.S. costs. Artistic paintings, colorful weavings, and wooden carvings are all easily found in the area and are priced at or below half of what you would pay back home.

Unless you must have imported food items or expensive cuts of meat you’ll save on your grocery bill here. Five dollars at the farmers’ market will get you an extra-large grocery bag filled to the brim with good healthy produce. Bananas, pineapples, mangos, avocados, tomatoes, leafy greens, and dozens of varieties of potatoes are just a few things you’ll find for sale. Whole chickens range from $5 to $8 depending on the size while fresh free-range eggs cost around $1.30 per dozen.

Many restaurants in town serve a menu del dia that consists of a beverage, soup, salad, main course, and dessert. How much? $2.50 each. It’s almost cheaper to eat out than to cook at home.

There are several good doctors in Cotacachi who typically charge $10 for an office visit. An eye exam costs $5 while a dental cleaning and exam will run around $20.

With the lack of severe temperature fluxes you’ll find that heating and air conditioning aren’t necessary, saving you plenty of money. Average electric costs for a household run between $15 and $20 per month. Monthly bills for water and propane gas usually come in at around $5 each. A package of cable TV, internet, and landline phone service can be had for around $100 per month.

Many folks live without a vehicle which eliminates fuel, maintenance, and insurance expenses. Bus fare usually averages around $1 per hour of travel time, and taxis are cheap too, charging $5 to nearby Otavalo (20 minute drive) and $12 to Ibarra (40 minute drive).

Depending upon the lifestyle you want a couple can easily live on $1,200 to $1,800 per month here. Of course frequent dining at high-end restaurants and traveling will require more income, but can still be done for far less than what it would cost in many other parts of the world. Don’t forget to factor in extra funds for trips back home, initial moving and visa costs, and for routine medical care.

 

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