Month: August 2023

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Despite pleas from both its chief risk officers, Fannie Mae and Freddie Mac engaged in risky lending to stay relevant in the mortgage market, according to documents obtained by the Washington Post.

In one memo to former Freddie chief Richard Syron, former chief enterprise risk officer David Andrukonis warned the company was buying mortgages that “target borrowers who would have trouble qualifying for a mortgage if their financial position were adequately disclosed.”

He was referring to stated income loans, stated/stated loans, and no documentation loans, which Freddie had previously referred to as “dangerous” back in 1990.

Meanwhile, Fannie Mae chief credit officer Adolfo Marzol wrote to CEO Daniel Mudd back in 2005, warning him of the dangers of entering new areas of the mortgage market, namely reduced documentation lending.

He also warned that the AAA ratings given to many of the mortgage securities were less than convincing, though it didn’t stop the push into higher-risk lending, which allowed Fannie to do more business with players like Countrywide, WaMu, and Indymac.

Unfortunately, as a result of their complacency, banks and mortgage lenders began modeling their Alt-A and subprime mortgages according to what Fannie was buying, thus spreading the risk.

“I’m not convinced we aren’t leading the market into this product,” Andrukonis wrote.

Of course, Mudd and Syron contended that their push into higher-risk lending was the inevitable result of their dual purpose to support affordable housing and maximize shareholder return.

But it doesn’t appear as if the government financiers accomplished either mission, given the fact they needed to be rescued after the mortgage market spiraled into disarray.

(photo: anarchosyn)

Source: thetruthaboutmortgage.com

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It’s no secret FHA loans have been extremely popular during the latest housing recovery, thanks to their low down payment and credit score requirements.

Before recent changes, FHA loans tended to be a better option than conventional mortgage loans because of relatively low mortgage insurance premiums and cheaper mortgage rates.

Additionally, when the high-cost conforming loan limit (for Fannie and Freddie loans) dropped to a maximum of $625,500 in late 2011, the FHA became the only game in town for those looking to take out the largest loans possible while avoiding the jumbo realm and the restrictions that come with it.

Though the FHFA dropped the high-cost conforming loan limit over a year ago, HUD kept its high-cost loan limits intact, allowing prospective borrowers to take out loans as large as $729,750 in the priciest regions of the country.

These limits are still available until the end of the year, at which point the new national loan limit “ceiling” will align with the max high-cost conforming limit of $625,500.

In short, this is a blow to those in higher-cost regions of the country looking to put down as little as possible when purchasing a home, especially with the 3% down mortgage going the way of the dodo.

650 Counties Nationwide Will Have Lower FHA Loan Limits Next Year

HUD said about 650 counties will have lower loan limits as a result of this change.  Places like Los Angeles, the San Francisco Bay Area, Washington DC, New York City, and parts of Colorado and Virginia will see loan limits fall from the current ceiling of $729,750 to the new ceiling of $625,500.

The national loan limit “floor” for FHA loans will remain unchanged at $271,050 in 2014, which is set at 65% of the conforming loan limit.

Certain areas of the country will have loan limits in between the floor and ceiling, including parts of California, Florida, and Illinois, along with other major metros nationwide.

This was done by design to usher in private capital and return the FHA to its original mission of serving the underserved, which aren’t the rich and well-to-do.

The FHA is also grappling with massive losses on older loan vintages, which has forced the agency to make several changes to shore up reserves, including imposing higher mortgage insurance premiums and requiring coverage to stay in force much longer.

For these reasons, conventional loans are often a better deal nowadays unless you absolutely cannot put down at least 5% on your mortgage.

2014 Low-Cost FHA Loan Limit Floors

One-unit property – $271,050
Two-unit property – $347,000
Three-unit property – $419,425
Four-unit property – $521,250

2014 High-Cost FHA Loan Limit Ceilings

One-unit property – $625,500
Two-unit property – $800,775
Three-unit property – $967,950
Four-unit property – $1,202,925

2014 High-Cost FHA Loan Limit Ceilings (Alaska, Guam, Hawaii, Virgin Islands)

One-unit property – $938,250
Two-unit property – $1,201,150
Three-unit property – $1,451,925
Four-unit property – $1,804,375

In Alaska, Guam, Hawaii, and the Virgin Islands, the ceiling is 150% higher because of more expensive construction costs.

By the way, if you’re an existing FHA borrower, you can utilize the streamline refinance program regardless of loan balance.

And Home Equity Conversion Mortgages (HECM) are subject to a maximum claim amount of $625,500, regardless of whether in the contiguous United States or the special exception areas listed above.

Source: thetruthaboutmortgage.com

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Plenty of strange things happened after the latest housing boom and subsequent bust, but this is perhaps one of the most interesting byproducts.

An insurance company named AmTrust Financial has come up with an innovative insurance policy known as “Underwater Mortgage Protection,” or UMP for short.

Put simply, it protects you financially if your home goes down in value and you need to sell at a loss.

Over the past several years, scores of homeowners have been forced to sell short or simply walk way because their mortgage balance exceeded the depleted value of their home.

A UMP policy is designed to cover the shortfall a homeowner in this position might encounter when selling after a significant home price decline.

How Underwater Mortgage Protection Works

  • If you need to sell your home
  • But your outstanding loan balance exceeds the sales price
  • Underwater Mortgage Protection can cover some or all of the shortfall
  • In exchange for a paid premium

Assuming you need to sell your home when underwater on the mortgage, you’ll complete a claim form.

AmTrust will then assist in the sale of your home by “guiding the listing and the closing of the home sale to maximize the price and minimize the marketing time in a down market.”

This entails having an “asset management specialist” obtain a market value for your home and determine a listing price with a real estate agent.

For the record, they also use an AVM to obtain the appraised value of your property when you originally take out a policy.

If for some reason your home doesn’t sell within a short period of time, the company could offload the property via auction as well.

Once the property is sold, a check will be written on your behalf that covers the full payoff of your home loan, along with customary seller closing costs and transfer taxes.

At that point you can walk away as if the sale were standard, without any damage to your credit score that might otherwise be assessed when going the short sale or foreclosure route.

AmTrust provides a few common scenarios that would lead a homeowner to sell when underwater, including divorce, relocation, and unemployment. The UMP policy would mitigate any losses related to selling under these circumstances.

Just like other forms of insurance, the premium cost is based on the corresponding risk. For homeowners with higher LTV ratios and larger loan amounts, the premium will likely be higher.

It’s unclear what all the underwriting parameters are, but it’s possible that it could be more expensive in areas where home price fluctuation is more common.

UMP Requirements:

– The property must be your primary residence (and owner-occupied for the entire policy term)
– It must be owned by the insured as of the policy date
– You must hold a fully-amortized mortgage from an institutional lender
– You cannot be underwater on the mortgage
– You can only have one policy in force
– It must be in an eligible state

It’s currently available in the following states:

– Alabama
– Arizona
– Georgia
– North Carolina
– Oklahoma

From that list, I’d say Arizona homeowners would benefit most, given the tremendous price swings that have occurred there over the past several decades.

Coverage is offered for both fixed-rate mortgages and ARMs, but isn’t available for interest-only mortgages, reverse mortgages, HELOCs, or loans with a negative amortization feature.

The policy term is 12 months and guaranteed to be renewable for an unlimited number of additional periods until you pay off your mortgage, refinance, modify your loan, or release the mortgage in some other way.

Does Underwater Mortgage Insurance Make Any Sense?

  • Insurance never seems like a good deal until you actually need to use it
  • The same principle probably applies to UMP
  • The difference is it’s entirely optional coverage unlike say auto insurance
  • And buying a home is also a choice, so if you think there’s a good chance you’ll be underwater you may question the home purchase to begin with

Insurance always seems like a raw deal because it only protects you if something goes terribly wrong.

The same is kind of true with UMP. If your home doesn’t lose a lot of value, and you don’t need to sell when it does, you’ll simply pay premiums for nothing more than peace of mind.

And this type of coverage probably only makes sense for those who put very little down on their homes, seeing that these will be the first people to slip into an underwater position.

Unfortunately, these same individuals tend not to have much left over to pay for extraneous costs like underwater mortgage insurance.

If a homeowner suspects they overpaid for a home or bought near the top, and doesn’t want to be trapped if home prices plummet, paying a small premium for price protection could make sense.

But then you have to question why you’re buying a home to begin with. If you can’t absorb a price decline, or thinks prices are inflated, maybe you shouldn’t go through with the purchase.

These policies may also be limited in how much they pay out in the event of a claim. And we all know home prices fell a lot more than 10-20% in a lot of areas of the country during the most recent crisis.

So you could still be left hung out to dry.

Read more: Do I need mortgage protection insurance?

(photo: Heather)

Source: thetruthaboutmortgage.com

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When it comes to picking an apartment or home, you have options. You have options in terms of style, location and even building material. Whether you’re looking for a largescale studio loft or a beautiful old brownstone, every option comes with its own unique set of advantages and disadvantages.

Below is a breakdown of the basics of living in a brick building. From common questions to maintenance expectations to safety features, price and everything in between, this article should cover any issues you encounter and help you decide if a brick building is right for you.

Brick suits all styles

Whether you’re a minimalist who wants nothing more than pristine white walls and clean sight lines or you’re more of a traditionalist with your eye on something overflowing with elegance and class, brick is versatile enough to not only fit your desired aesthetic but to enhance it, as well.

Brick is striking when it’s raw and untouched. Brick is beautiful when painted in a bright white or bold, deep black. It even looks good in small sections of the wall to add a little texture to the picture.

Natural light complements brick and warms up a dark and uninviting room. Long story short, brick can do it all. Use your creativity to unluck its full potential.

Brick is timeless

The first human-made bricks date back to 7000 BC. It doesn’t take an anthropologist to realize that appeal of brick is so much more than initially meets the eye. Brick has protected the human population from the elements for centuries. While the bricks of today are not the same as the bricks of yesteryear, there’s still something innate in the human psyche that connects to the brick aesthetic and finds a primal comfort in it.

In a more practical sense, brick is great for resale value. So, if you’re looking to sell your home or condo and buy yourself a new one, brick is always a good investment, regardless of the kind of abode you’re looking to buy.

Is building with brick eco-friendly?

Short answer, yes.

While bricks are not a natural resource, they’re made from natural materials. The primary of which is clay. Clay is abundant on Earth and, as of now, is in no danger of falling into a shortage anytime soon.

While the brick-making process does require the use of heavy machinery in a few steps, it’s still a process that’s widely considered eco-friendly in the building industry. That said, there are also a number of companies that have emerged over the past couple of decades that specialize in the creation of recycled bricks. These bricks are often made of a combination of sand and recycled plastics and can last as long as traditional bricks.

Brick is great at keeping the inside temperature separate from the outside. That means, if it’s hot outside, brick is going to hold your cool A/C air in and keep the hot summer air out. The same goes for cold weather, brick will hold the heat in your home more effectively than other materials while not allowing the cool air to seep in, either.

Are brick buildings fireproof?

Brick buildings are not fireproof. While bricks on their own are extremely fire resistant, when they’re combined together with mortar, they become less so. So, a brick building can still catch on fire and it can still burn. However, it will do so much more slowly than houses made of wood or other building materials.

In addition to being more resistant to fire than other building materials, brick also holds up better than much of its competition against severe weather. While brick does absorb some water during storm weather, it’s near-impossible for severe storm winds and rain to actually penetrate into the brick in any significant or damaging way.

While unexpected fires and city-stopping severe weather events are not overly common occurrences, they do still happen. Living in a brick building is a great way to curb your risk of being affected by something entirely out of your control.

How do termites and pests fare against brick?

Like fire and severe weather, brick is also great at protecting against pests like termites and even rodents. Termites can’t do damage to brick or concrete and, while they can slip through any cracks and get into the more vulnerable areas of your apartment, it’s much more difficult for them to do so than it would be in a wood-built apartment or home.

The same goes for rodents and other pests. Sure, if there’s a crack and they stumble upon it, they’ll get in. But, a solid brick build will prevent unwanted guests from creating their own entry to your home and inviting their friends to join in.

Is brick more expensive?

Does brick improve the value of your apartment or home? Yes. Does it also make the apartment or home cost more? Also, yes.

Brick, like other things in life, costs more than its lesser counterparts. So, while you’re paying more upfront to live in a brick apartment or home, you also save money down the line thanks to brick’s eco-friendly attributes and stronger overall structure than other building materials.

Does brick ever need repair?

On occasion, brick may need repair or, as the brick and mortar people say, “repointed.” “Pointing” is the outside section of mortar in between bricks. This is the most vulnerable section of a brick wall and, as such, will be the first place to show significant wear and tear.

That’s the bad news. The good news is that, on average, repointing is something that only needs doing every 25 to 30 years. So, if the brick in the apartment or home you’re looking at appears in good condition, odds are you’ll never have to worry about repointing or repair unless your moving in for the (very) long haul.

How can I hang pictures on my brick walls?

Along with being stronger and more difficult for predators to penetrate, brick is also more difficult for nails and screws to penetrate than the average interior wall. One way to get your pictures up and properly displayed on your exposed brick wall is to break out the power tools and drill directly into the brick. While this is effective, it can also call into question the structural integrity of the bricks and provide more opportunities for pests to infiltrate your walls.

Thankfully, we live in the modern world and every problem has a solution. And you can find that solution on the Internet. If you’re having a tough time finding an easy way to display your things on your brick walls, fear not. Simply look up “brick clips” and find the one that’s right for you. These cheap little gadgets make hanging pictures on brick walls a breeze and they don’t damage your bricks as much as nails or screws.

There’s real beauty in brick

Living in a brick home or building comes with its fair share of pros and cons. That said, the pros undeniably outweigh the cons overall. So, if you’re renting a home right now and deciding between that brownstone in the burbs and the cookie-cutter apartment downtown, we stay stick with the brick. But hey, it’s up to you.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

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Students want to see one word when they get letters from their prospective colleges: accepted. Unfortunately, that likely isn’t going to be the result every time. Some students will end up on the college waitlist, but that doesn’t mean they won’t be accepted eventually.

Being waitlisted is not the same as being rejected. There’s still a possibility of getting accepted and attending that dream school.

So what does it mean to be on a college waitlist? It means you’re still up for consideration based on how many spaces are left after decision day. Getting accepted from the waitlist depends on how many accepted students choose to attend the school.

Decision day is May 1, when incoming freshmen are required to notify schools whether they will be attending or not. If not enough students accept their invites for schools to meet enrollment numbers, then students on the waitlist will be reevaluated and potentially accepted.

There’s no guarantee that accepting a spot on the waitlist will lead to being admitted, but that doesn’t mean you should give up. There are still things you can do to boost your chances.

Waitlisted or Deferred?

In some cases, a student may receive a letter saying they’ve been deferred rather than being put on the waitlist. So what’s the difference? A deferral usually involves students who applied for early action or early decision. These applications are generally turned in during November of senior year.

If a student applies via early action or decision and they receive a deferral, that means they have not yet been accepted but their application has been changed to regular decision. The application will be reviewed again during the regular decision time frame.

A deferral is different from a waitlist, but students who have been deferred generally want to take the same actions as those who have been waitlisted to better their chances of admission.
💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

What to Do When You Get Waitlisted

Students who have been waitlisted but still want to attend the school must first do one thing: Accept their position on the waitlist.

If you neglect to contact the school and accept your position, you’ll be removed from the list and won’t be considered for admission if there are spots left after decision day.

Once you’ve accepted your spot on the waitlist, there are a few steps you can take that may better your chances of being accepted. Here’s a close look.

Contact Admissions

When you receive a letter informing you that you’ve been waitlisted, there might be some instructions included. First and foremost, it’s a good idea to follow them.

Next, it’s often recommended that students contact admissions with a letter to further stress their commitment to attending the school. The letter should detail why you want to attend that school and why you believe that school is the best fit for you. You might also want to ask that the letter be kept in your file along with your other application materials.

Request an Interview

Asking for an interview can be helpful in getting off the waitlist. Meeting with someone in person may make you more memorable when it comes time to accept applicants from the waitlist.

If you already did an interview, it’s okay to request another one after receiving a waitlist decision. A second interview provides the chance to reinforce your commitment to the school and add any recent accomplishments to the conversation. This can be a great time to bring up anything special you have achieved during the spring semester.

Reserve a Spot at Your Second Choice

Even though it can be discouraging, it’s highly recommended that students who’ve been waitlisted for their first-choice school put a deposit down for their next-best option. Putting a deposit down on another school isn’t giving up on your dream school; it’s just an important safety net to ensure you have somewhere to attend.

Some students may opt to take a “gap year” if they don’t make it into their school of choice. This choice is highly personal, though, and there isn’t a clear recommendation on how beneficial or harmful it is. Some students may find a gap year useful and productive, while others may find that it deters them from going back to school on time.

Anyone committed to attending college in the fall will likely find it a smart move to put a deposit down on their second- or even third-place school, and then continue working on getting accepted off the waitlist for their first choice.

Retake Tests

Students who did not score well on the SAT or ACT may want to consider retaking those tests if they’ve been waitlisted. Before you do that, however, it’s a good idea to contact the college to make sure it’s willing to accept additional application information. If the school will accept it, and you think you can get better scores, it could be helpful to go ahead and retake the tests.

Most colleges will accept scores from either test, but it’s best to check with each school to be sure. Both tests have a similar goal, testing for college readiness, but they vary slightly in timing and types of questions asked.

If you need to improve your test scores but have limited time or money, it may help to research the difference between the two tests and take the one you feel you can perform better on. Taking practice tests can also help you determine which test suits you better. Many students do take both tests, so that is an option as well.

Recommended: Do Your SAT Scores Really Matter for College?

Don’t Give Up

Make the end of senior year impressive. Don’t let that waitlist cause discouragement. If you truly want to make it off the waitlist, you’ll want to work even harder at the end of your senior year. Senior grades can still affect admissions, so keeping them high may help those who are on the waitlist.

If you still don’t get accepted to your dream school, it doesn’t mean you have to give up. Even if you’re not accepted from the waitlist, there are still a couple of options. You can accept admission from a different school and aim to transfer to your dream school after one to two years. This allows time to earn good grades, get the necessary credits, then transfer.

If your plan is to transfer schools, however, you’ll want to work closely with your counselor to make sure you’re taking the correct courses and carefully consider your choice of major, since not all credits will transfer to all schools.
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Ready to Start. What’s Next?

Whether you make it off the waitlist and get into your dream school or choose to accept admission at your second choice, you’ll be faced with tuition. So how to cover the cost? Tuition, fees, books, food, plus all the other costs of living… it adds up quickly.

Luckily, there are resources available to help students finance their college education. The first step for most should be filling out the Free Application for Federal Student Aid (FAFSA). The application will determine eligibility to receive federal aid. The eligibility for undergraduates to receive aid is most often based on their parents’ income. This process will inform students of how much federal aid they can receive, and what kind.

Federal aid can come in the form of grants, loans, and work-study. Grants don’t need to be repaid (unless you withdraw from school and owe a refund), but loans do. Federal loans come with some benefits that students won’t get with private student loans, including income-driven repayment plans and potentially lower interest rates.

Another option for funding the college experience is a private scholarship. There are a wide variety of scholarships available, with different eligibility requirements for each one. Some scholarships are need-based; some are merit-based.

If you can’t finance college completely with federal aid and scholarships, private student loans are also available. The eligibility for private student loans is usually based on the student’s (or cosigner’s) income and credit history. Rates and terms vary by lender, so it’s important for students to research their options before making a choice.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Nestled within the heart of the Lone Star State, Dallas stands as a testament to sophistication and modernity. Within this vibrant Texan city lies a world of luxury homes, each adorned with a distinctive set of features that encapsulate the essence of high-end living. From sleek, modern designs that seamlessly blend with the urban landscape to timeless estates nestled in the tranquil outskirts, Dallas boasts an array of sought-after elements that define the luxury real estate market. 

Whether you’re considering living in Dallas or searching for a home in the city, you’ll be captivated by the myriad of amenities and features the luxury market offers. From breathtaking panoramic views to updated kitchens equipped with top-of-the-line appliances, join us as we delve into the world of the most coveted luxury home features in Dallas.

Top neighborhoods with luxury home features in Dallas

Preston Hollow, Highland Park, University Park, Bluffview, and Devonshire are all areas in the Dallas housing market known for their luxury homes with high-end features where homebuyers are willing to pay premium prices.

Highland Park and University Park top the list for most expensive markets, with homes selling for a median price of nearly $3.2 million and $2.7 million, respectively. The high price tag is for good reason as these homes feature meticulously crafted architecture, spacious interiors, and upscale finishes. Tree-lined streets, manicured gardens, and proximity to cultural amenities characterize these exclusive areas, offering a blend of prestige and comfortable sophistication.

Homes in Preston Hollow, known for their sprawling estates, lush landscapes, and architectural grandeur, saw a median sale price of nearly $1.3 million. Bluffview homes, with a median sale price of almost $2 million, exude timeless charm, featuring elegant designs, scenic vistas, and lush surroundings. 

1. High-end finishes 

High-end finishes are a popular luxury home feature in Dallas. Expect fine marble or hardwood flooring, custom cabinetry, and top-tier appliances in gourmet kitchens. Spa-like bathrooms feature deluxe fixtures, soaking tubs, and spacious walk-in showers. Intricate crown molding and coffered ceilings adorn living spaces, while smart home systems offer advanced automation. Expansive windows invite natural light and reveal manicured outdoor spaces with lavish pools and landscaping. These homes often showcase grand entrances, wine cellars, and entertainment areas, combining upscale materials and meticulous craftsmanship for an unmatched luxurious living experience.

2. Top-of-the-line appliances

Luxury homes in Dallas are adorned with top-of-the-line appliances that redefine culinary excellence. Gourmet kitchens showcase brands like Sub-Zero, Wolf, and Miele, elevating cooking to an art form. Indulge in professional-grade ranges, built-in espresso makers, and wine refrigerators that cater to the connoisseur’s desires. 

3. Backyard oasis

You’ll often find that a backyard oasis in Dallas, TX, is a common home feature among luxury homes, often featuring amenities like a resort-style pool with cascading waterfall, soothing spa, and lush landscaping. Alfresco kitchens, fireplaces, and lounges create spaces for leisure and entertaining. High-end finishes, like premium outdoor furniture and artistic lighting, enhance the ambiance. Thoughtful design elements offer privacy, such as elegant pergolas or tall hedges, and the inclusion of natural rock features adds an organic touch, seamlessly blending opulence with nature. This sanctuary goes beyond a typical yard, fostering a seamless connection between indoor and outdoor living, and providing a serene escape from the city’s bustle in a lavish, harmonious setting.

4. Media room

A staple of luxury homes in Dallas, the media room offers an immersive escape into entertainment opulence. Thoughtfully designed for cinematic experiences, it boasts state-of-the-art audiovisual systems, oversized screens, and plush seating, akin to a private theater. Custom acoustic treatments ensure optimal sound quality. Smart technology allows effortless control of lighting, sound, and streaming services. This dedicated space goes beyond mere movie nights, offering a haven for sports enthusiasts and gaming aficionados. The media room encapsulates the modern definition of leisure, inviting residents to revel in high-end comfort and endless entertainment possibilities within the confines of their prestigious Dallas abode.

5. Smart home features

Smart home technology is a popular luxury home feature because it provides homeowners with a sense of convenience and security. A state-of-the-art smart security system, complete with remote-access cameras, provides peace of mind through real-time monitoring and control, ensuring the safety of the residence even from afar. 

Heated floors epitomize comfort and luxury, offering a warm embrace during chillier months. A personalized coffee bar adds a touch of everyday indulgence, allowing residents to start their day with bespoke brews tailored to their preferences.

These features reflect a lifestyle that seamlessly integrates technology into the fabric of daily life, enhancing comfort and efficiency. The ability to manage security, climate, and amenities remotely through intuitive interfaces elevates the living experience. 

6. Location

For luxury homeowners, location is paramount. Proximity to cultural hotspots, fine dining, and premium amenities is essential for providing the convenience homebuyers are willing to pay premium prices for. Large lots offer seclusion and the potential for personalized outdoor sanctuaries, complementing opulent interiors. These factors harmonize to create a refined environment that not only showcases the residence itself but also extends a sense of community and the promise of lasting value in the competitive realm of luxury real estate in Dallas.

7. Landscaped grounds

Luxury homes in Dallas boast captivating views of meticulously landscaped grounds, where nature becomes a living masterpiece. Expansive windows frame scenes of lush gardens, serene water features, and manicured lawns, seamlessly merging indoor and outdoor aesthetics. These vistas not only infuse each space with natural beauty but also offer a sense of tranquility and connection to the environment. Whether enjoyed from the comfort of elegant living areas or from private terraces, these stellar views accentuate the opulent living experience.

Luxury home features in Dallas: final thoughts

These exceptional features stand as testament to a lifestyle where elegance, innovation, and comfort are woven together seamlessly. From media rooms that transport you to cinematic realms to backyard oasis that merge nature’s beauty with architectural brilliance, these luxury home features enhance the lifestyle and elevate the experience of homeownership. 

If you’re in the market for a luxury home, your Redfin Premier agent is equipped to offer valuable insights into the local market, including insight into the neighborhoods, highly sought-after amenities, pricing trends, and available luxury properties.

Source: redfin.com

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Builders have addressed their inability to keep up with demand for new homes, saying there simply aren’t enough workers to build them.

Building firms point out there are around 250,000 unfilled construction jobs in the U.S. today, including positions for home framers, electricians, masons, carpenters and others. This shortage of workers means that new home construction is being held back.

“It takes me twice as long now to do an estimate as it used to,” Jason Scott, owner of North Star Premier Custom Homes in Westlake, Ohio, told realtor.com. He reckons that he now has to wait an average of 8 to 10 weeks in order to procure workers for his projects, whereas before it would take just a single day. Unfortunately Scott is not alone, as many builders face similar recruitment problems, the National Association of Home Builders said.

“We’ve got rising housing demand at the same time that the residential construction industry lacks workers,” said Robert Dietz, the NAHB’s chief economist.

Dietz said that builders expect to complete around 900,000 new single-family homes this year, which is far below the 1.2 million needed to keep pace with buyer demand.

Builders are being blamed for not building more homes amid an intense shortage of housing inventory across the nation. Economists say that the lack of new homes is also to blame for rising home prices across the country.

But the builders say the lack of workers means higher costs, with subcontractors taking advantage of the situation to increase their prices by around 10 percent this year alone, Scott said. He told realtor.com that he’s now paying double for framing workers compared to what they were receiving a decade ago.

“I know builders who haven’t factored these [workers’ pay] increases in, and they’re watching $10,000 to $15,000 come off their bottom line,” Scott said.

The construction industry saw thousands of workers leave during the last housing crisis and many of those have not returned. Things have been complicated further by a decline in vocational education courses, which means fewer young people are pursuing a career in trades.

Some organizations are stepping in to train more workers for construction. The Home Builders Association in Colorado Springs, Colo., for example, has partnered with a local school district to start a vocational program, Careers in Construction, in six schools. Home Depot recently pledged $50 million to the Home Builders Institute, an educational trade group, to support a Pre-Apprenticeship Certificate Training program in schools and on military bases.

“The worker shortage is severe,” Dietz said. “The industry is going to have to recruit the next generation of construction workers—or we’ll continue to underbuild houses, there won’t be enough houses, and home prices will continue to rise faster than incomes.”

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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Source: realtybiznews.com

Apache is functioning normally

The National Association of Realtors (NAR) has ignored numerous sexual harassment complaints, including against its president Kenny Parcell, according to over two dozen women who spoke to the New York Times in a bombshell exposé about the trade group.

In all, 29 women described to the Times a culture of fear, intimidation and harassment at the 1.56 million-member nonprofit group and its subsidiaries. Nineteen women told the Times they experienced sexual harassment.

“There is the sexual harassment, and then woven into it, this culture of fear,” Stephanie Quinn, the organization’s former director of business meetings and events, who worked at NAR for more than a decade, told the Times.

Sixteen complaints reviewed by the Times involved Parcell, a Utah Realtor who began climbing the leadership ranks in 2020. Three women went public with what was described as a pattern of inappropriate behavior by Parcell, who runs the Kenny Parcell Team at Equity Realty in Spanish Forks, Utah.

Kenny Parcell, NAR President

One woman reported that Parcell placed his hands down his pants in front of her, while another woman received unsolicited lewd photos and texts from him, including a picture of his crotch. Parcell denied he had done anything inappropriate. He said the picture in question was of a promotional belt buckle and he was asking for input on the design.

A third woman, Janelle Brevard, who filed a lawsuit in the summer, disclosed a consensual relationship with Parcell that lasted months and ended with the NAR president allegedly retaliating against her. (Brevard settled a lawsuit with NAR that included a $107,000 severance payment and signed a nondisclosure agreement, the Times reported.)

Another woman, Amy Swida, a director of business meetings and events at the organization, filed an internal complaint of sexual harassment or gender discrimination by Parcell. Swida alleged that he was cruel and condescending to her after she became pregnant. She worried about being cut off from future opportunities.

“I’m scared every day coming to work,” she told the Times. The NAR said Swida’s complaint was documented and she was promoted several months later. Parcell also denied any wrongdoing toward Swida.

Quinn, who left NAR in 2022, told the Times that Parcell attempted to arrange meetings with younger colleagues at night and that she was constantly expected to hug the president. After she put out a palm to block a hug, Parcell began raising issues with her work. NAR said it never received a complaint from Quinn.

“His behavior is predatory,” Quinn, 52, said of Parcell. “I feel like I was constantly screaming, ‘This is so inappropriate.’”

In a written statement to the Times rebutting the allegations, Parcell said: “I am a friendly and outgoing person in a world that is growing ever more cynical, conflicted, and cold. Well-intended actions on my part are being twisted and distorted.”

Parcell was paid $164,569 by NAR for the 2021 tax year when he was first vice president, according to the nonprofit’s tax records. Charlie Oppler, the NAR president in 2021, was paid $294,798 that year.

Women comprise a majority of the trade group’s membership, but NAR has been led by men for years. Multiple women interviewed by the Times described other alleged incidents they say weren’t addressed by NAR.

Suzi Dunkel-Soto, a Realtor based in California, said the trade group’s chief legal officer never responded to her multiple complaints after a male colleague took a photo under her skirt at a NAR Leadership Academy graduation ceremony in 2018. NAR told The Times it “addressed this incident appropriately with the male Realtor involved.”

Despite a history of complaints of sexual harassment, discrimination, and retribution by Parcell and other leaders, 29 women told the Times that NAR hasn’t addressed sexual harassment issues.

“Everything gets brushed under the rug,” Dunkel-Soto told the Times.

The trade group told the Times it has acted responsibly and responded to complaints properly.

“We follow clear reporting procedures to investigate any issue of concern brought to our attention and take corrective action as needed, up to and including staff termination and member suspension,” the statement said.

Bob Goldberg, the group’s CEO since 2017, told the Times he wouldn’t characterize sexual harassment at NAR “as a problem,” though he later said through a spokesperson that, like any organization, “we are not immune to these challenges, and any single allegation concerns me.”

The NAR, which has more than $1 billion in assets that controls access to nearly every American home listing, is facing other threats – two explosive multibillion-dollar lawsuits threaten to upend the entire system propped up by NAR.

The plaintiffs, representing home sellers around the country, accuse the trade group and several of the country’s largest brokerages of using MLS rules to charge excessive fees and unfairly prop up agent commissions. Should they lose, a judge could rewrite the rules of how agents get paid and it could result in up to $30 billion per year in savings for American consumers. Damages for the cases could be north of $40 billion.

James Kleimann is the managing editor of HW Media’s newsroom.

Source: housingwire.com

Apache is functioning normally

There are a handful of industry leaders that I consistently invite to join me on a Giveback Homes Build Trip. I simply send them a text with the dates and I say, “Let’s go build some homes.” The responses are usually, “I wish I could but” or “Tell me the dates for next time.”

Greg Fischer had been on my list for years, and finally, his response was, “See you there.” I couldn’t believe it, so much that I made him show me proof of flight itinerary.

He showed up in El Salvador, worked hard, and also wrote this recap of the trip after we got back.

If you’re interested in a future build trip, get in touch!

Source: geekestateblog.com