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Apache is functioning normally

August 5, 2023 by Brett Tams

The creators of the wildly-popular, one customer served, Hope for Homeowners program are reportedly looking to expand their stable of loss mitigation tools.

The Department of Housing and Urban Development is considering principal balance reductions of up to 30 percent on FHA loans in an effort to keep homeowners afloat, according to National Mortgage News.

Details are preliminary, but basically the FHA would pay a partial claim to the loan servicer or investor of the mortgage to cover the write-down and bring the loan current.

Here’s the kicker though…eventually, the borrower would have to repay the forgiven balance, something I see as a deal killer.

Hope for Homeowners had similar issues, with the whole forcing borrowers to split any future profits from the sale of the property with the government if they accepted a write-down.

But as more FHA loans fall delinquent, it’s clear the agency will need some serious loss mitigation tools of its own unless it wants to meet a fate similar to that of Fannie and Freddie.

FHA loans 90 days or more past due, including those in foreclosure, rose to 7.46 percent last month, up from 6.16 percent a year ago.

While the numbers aren’t awful, comparatively, the FHA’s expanded role in the housing market going forward puts them at serious risk of failure.

In fiscal year 2008, FHA loans accounted for 12.55 percent of all single-family mortgage originations, up from 4.12 percent a year earlier, unhealthy growth at its best.

Back in early February, Wells Fargo revealed it was extending principal balance reductions to some of its inherited Wachovia borrowers, but such offers continue to be rather rare in favor of simple repayment plans and interest rate reductions.

(photo: hapticflapjack)

Source: thetruthaboutmortgage.com

Apache is functioning normally

August 5, 2023 by Brett Tams

The weather is finally beginning to cool off and Halloween is just around the corner. Oh, and The Walking Dead is back on TV. It must be fall.

Surely that means homes sales are going to slow down after the traditionally busier spring and summer sessions have now come to a close.

But aside from fewer transactions, there’s now talk (fear) about lower home prices as well, and even mention of a “triple dip” in home prices.

Will Home Prices Dip for a Third Time?

Lately, the stock market has been taking a beating thanks to weak global growth prospects and a number of geopolitical issues. In fact, the Dow recently turned negative for the year.

Does that mean home prices are going to follow a similar path? Are all those months of massive appreciation going to catch up to us?

I think everyone remembers home prices peaking around 2006 before taking a major dive. What followed was the worst housing crisis in recent memory. Foreclosures, short sales, loan mods, etc.

Then policymakers worked to buoy the housing market through a variety of efforts, including the popular first-time home buyer tax credit.

That pushed home prices higher in 2009 and 2010, but once the credit expired home prices turned negative yet again.

So now that home prices are hitting new record highs in many states (10 in August per CoreLogic) and the Fed is planning to halt its purchases of mortgage-backed securities, are we slated for a third decline?

After all, if home prices are no longer cheap and mortgage rates aren’t that low (they still are for now), the incentive to buy might not be very strong.

The latest release from the S&P/Case-Shiller Home Price Indices revealed that home price appreciation had declined markedly in July.

Nationally, home prices were up just 0.5% from June to July, compared to 0.9% from May to June. And none of the cities in the 20-City Composite saw home price gains improve on a year-over-year basis.

In San Francisco, home prices fell 0.4% from June to July, the largest decline since February 2012. Many suspect it could be in bubble territory right now, though others refer to it as an affordability crisis.

Meanwhile, only three cities (Las Vegas, Miami, SF) in the 20-City Composite posted double-digit gains year-over-year in July, though all 20 remain positive.

So the issue at the moment is decelerating home price gains, not falling home prices. The trend is expected to continue and some fear the housing market could weaken to the point where prices eventually go negative again.

Real Estate Not a ‘Screaming Bargain’

A commentary released last week by Wells Fargo addressed the potential of a triple dip in housing, and the good news is that the economists are confident we can avoid one.

They noted that despite recent deceleration, home price gains remain solidly in positive territory on a year-over-year basis.

In other words, it would take something really significant to push us into negative territory again after the recent stellar gains we’ve already realized.

The economists attributed the slowing of home price gains to a shift in the composition of the market, with single-family investors exiting faster than traditional and first-time home buyers are arriving.

However, they point to a “lean” inventory of homes for sale, coupled with fewer delinquencies and improved credit availability (even if Bernanke can’t get a mortgage), so demand doesn’t necessarily need to be very strong to stay the course.

At the same time, they did add that the strong run of pricing power has come to an end, forcing builders to turn to incentives to sell new homes with affordability now under threat.

And they expect “much more modest” home price gains in 2015 and 2016, arguing that homes are no longer a “screaming bargain” today. By the way, the investors that have since left the market were the ones who drove prices up.

So be careful when buying a home today. Sure, the downside risk might not be what it was in 2006 or 2010, but the upside is also much more limited.

With many states already enjoying new record highs, you have to wonder if we haven’t reached a near-term peak in home prices.

Read more: Home Prices to Peak in 2016, Then Do Nothing Through 2022

Source: thetruthaboutmortgage.com

Apache is functioning normally

August 5, 2023 by Brett Tams

Initial public offerings (IPO) are a common tool for companies to raise capital, and the funds raised in an IPO are known as IPO proceeds.

When investors purchase IPO stocks, the company gets to keep the proceeds, after paying underwriters, the exchange, and others that helped with the IPO process.

By opening up to public investment, a previously private company can bring in significant funds that can be used for various activities, rather than turning to debt as a means of expansion.

Companies can use the capital brought in through an IPO in a variety of ways, but they must disclose their plans to investors.

IPO Proceeds Defined

When a company holds an initial public offering (IPO) they must publish their plans for how they will use the proceeds. This helps investors understand how the company will use their money, and decide whether they agree with the company’s plans before they invest.

This is important because even though the IPO process is highly regulated, it’s also highly risky. Some companies that issue their stock for the first time can see the stock price soar; others can see it plunge. It’s also possible for the IPO to have an IPO pop, or price spike, before dropping. This kind of volatility is common to IPOs, which is why investors must proceed with caution.

Companies preparing for an IPO file an S-1, a several-hundred-page document, with the Securities and Exchange Commission (SEC) which includes a disclosure about the planned use of IPO proceeds.

They must also show investors a business plan. Potential investors can evaluate the business plan and see if they think they will receive a satisfactory return on their investment if they buy stock in that IPO.

While companies get to keep most of their IPO proceeds, a portion also goes to all investment banks, accountants, lawyers, and others who helped them with the IPO process, including valuing the company and setting an IPO cutoff price. According to PWC, underwriting fees alone eat up 3.5% to 7% of IPO proceeds.
💡 Quick Tip: Keen to invest in an initial public offering, or IPO? Be sure to check with your brokerage about what’s required. Typically IPO stock is available only to eligible investors.

What Are IPO Proceeds Used For?

There are a few areas where companies tend to spend IPO proceeds. Generally companies mention multiple uses in their S-1 filings, and it may also be something that they discuss with investors during their IPO roadshow. These might include:

General Corporate Purposes

General corporate purposes is a very common area companies talk about in their use of proceeds statements. It is a broad category that covers a lot of uses such as capital expenditures, operating expenses, and working capital, and getting more money for this is a major reason that many companies go public. Companies can use this term to describe broad activities without going into detail about their plans.

This allows them to keep their plans private and also lets them keep their options open and decide exactly how to spend money at a later date. Some companies do go into greater detail about the meaning of their general corporate purposes statement.

Research & Development

Companies might also use proceeds from an IPO to fund research and development. They spend funds developing new products and services, which can take years and significant amounts of money. Since R&D is so expensive, it is a major reason companies choose to hold IPOs.

Without R&D, some companies might struggle to keep up with competition and stay relevant in their industry. Some companies go into detail about the types of R&D projects they plan to work on using IPO proceeds, while others keep their plans vague.

Company Growth

Companies often choose to hold an IPO to raise funds for company growth. Company growth plans often appear in their business plan, and can include capital expenditures, working capital, sales and marketing plans to help a company grow its reach and revenue.

Companies want to create long-term, sustainable growth so that a company can stay in business for a long time. Like other uses of IPO proceeds, companies may go into detail about their plans for company growth expenditures or they may keep their plans vague.
💡 Quick Tip: All investments come with some degree of risk — and some are riskier than others. Before investing online, decide on your investment goals and how much risk you want to take.

Acquisitions

Companies can use IPO proceeds to merge with or acquire other businesses, something that can be very expensive. Without holding an IPO a company might not have the funds required to complete an acquisition. Acquisitions and mergers can help a company grow their customer base, eliminate competition, and expand their product and service offerings.

When a company includes an acquisition in its S-1 filing, they must state which company they intend to acquire. If they don’t yet have a company in mind to acquire, they can just list acquisitions as one possible use of IPO proceeds. A company does not have to state the exact company they are interested in acquiring if it will harm the potential of the acquisition plan.

Some companies take a unique path to acquisitions using IPO proceeds, known as a “blank check” IPO or special purpose acquisition company (SPAC). Companies create a shell company that they take public with an IPO and then use the IPO proceeds to complete an acquisition.

Debt Repayment

Another common use of IPO proceeds is to pay off debt. By paying off any existing debts, companies no longer have interest payments, so they reduce their operating costs, and they can also gain access to more funds from loans. Although it can be beneficial to a company to pay off their debts, this use of IPO proceeds is not popular with investors.

Other uses of IPO Proceeds

In addition to the uses described above, there are many other ways companies can use IPO proceeds, including paying taxes and charitable actions.

SEC Requirements on IPO Proceeds

The SEC requires companies file a “use of proceeds” section in their S-1 IPO submission. The S-1 explains to investors the goals of the IPO and what the company plans to do following the IPO, including how they will use proceeds. Requirements for what must be included in the S-1 are fairly broad, so companies can choose how much to share with potential investors, and they have a lot of choice about how they can use IPO proceeds.

There are several specific requirements for what must be included in the S-1, a document scrutinized by investors as part of their IPO due diligence. The “use of proceeds” section must include a brief outline of how proceeds from an IPO will be used. The requirements for what the brief outline includes are broad, giving companies a lot of freedom in what they want to disclose. Companies are allowed to use broad statements about planned use of funds, such as listing the categories described above.

Later sections in the S-1 submission require companies to go into greater detail about spending plans if they plan to use funds for certain activities. Just because a company states they plan to use funds in a certain way doesn’t legally bind them to actually use the funds in that way. However, companies need to inform investors that plans may change later if that is the case.

The Takeaway

With many companies going public per year, knowing how a company is going to use its IPO proceeds — the funds earned from the public offering itself — is important if you’re thinking about investing in that company’s IPO. You can find that and other useful information about a planned IPO in a company’s S-1.

Common uses for IPO proceeds include paying off debt; funding additional research and development; general corporate purposes, and more.

Whether you’re curious about exploring IPOs, or interested in traditional stocks and exchange-traded funds (ETFs), you can get started by opening an account on the SoFi Invest® brokerage platform. On SoFi Invest, eligible SoFi members have the opportunity to trade IPO shares, and there are no account minimums for those with an Active Investing account. As with any investment, it’s wise to consider your overall portfolio goals in order to assess whether IPO investing is right for you, given the risks of volatility and loss.

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

Who gets the proceeds from an IPO?

When a company holds an IPO, they receive money from banks and institutional investors who have agreed to invest prior to the start of the IPO. The company receives proceeds from the initial sale of stock. Any money exchanged after the IPO from the sale of stock doesn’t go directly to the company.

What are secondary IPO proceeds?

Primary proceeds are those made from the initial sale of stock in an IPO. Secondary IPO proceeds are those made in the stock market following the IPO.

How does an IPO raise money?

An IPO raises money by offering shares of stock in a company to institutional and retail investors. When investors purchase those stocks, the company gets to keep the proceeds, after paying underwriters, the exchange, and others that helped with the IPO process.

Photo credit: iStock/Charday Penn

SoFi Invest®
The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
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Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.

New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For SoFi’s allocation procedures please refer to IPO Allocation Procedures.
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

Apache is functioning normally

August 5, 2023 by Brett Tams

Welcome to the ultimate guide on converting a carport to a garage. Whether you reside in the vibrant city of Nashville, TN, and dream of transforming your carport into a garage with a guest living area, or you just bought a house in the quaint and charming city of San Marcos, CA, where you envision creating a mini bar and recreational living space, this Redfin article provides a comprehensive list of all the major considerations you should to take into account before you begin your project.

Converting a carport into a functional and versatile space is not only a trending home feature that adds value to your home but also opens up a world of exciting possibilities. In this article, we’ll provide you with a comprehensive checklist to consider before starting on your carport conversion project, along with fresh and innovative ideas that will inspire and elevate your project to new heights.

Carport garage conversion checklist

1. Check your local building codes, HOA regulations, and permits

Before starting on a carport garage conversion, it’s crucial to familiarize yourself with the specific building codes and regulations in your area. Local building codes determine the minimum standards for construction, safety, and design, ensuring that the garage conversion meets essential requirements. Additionally, if your property falls under a Homeowners Association (HOA), their rules and guidelines may impose restrictions or design criteria for garage conversion.

Ensure compliance with both the local authorities and the HOA to avoid potential legal issues or costly alterations down the line. Furthermore, obtain all necessary permits before beginning your project as these documents ensure that the project is reviewed and approved by the appropriate authorities and that it adheres to safety and zoning standards.

2. Determine your budget and financing options

Creating a comprehensive budget is a crucial step before starting any carport garage conversion project. Carefully assess the scope of your project, including materials, labor, permits, and any additional features or amenities you plan to incorporate. Factor in unexpected expenses to allow for flexibility during the project. If your budget exceeds your available funds, explore financing options such as home equity loans, personal loans, or lines of credit. Make sure to choose a financing solution with favorable terms and interest rates that align with your financial capabilities.

3. Hire a professional for a structural assessment

Converting a carport into a garage involves altering the existing structure, and it’s vital to ensure its stable and durable. Engage a qualified and experienced professional, such as a structural engineer or contractor, to conduct a thorough assessment of the carport’s foundation, framework, and load-bearing capacity. They will identify any potential weaknesses or areas that require reinforcement to support the additional weight of walls, roofing, and other modifications. The structural assessment provides crucial insights that guide the design and construction phase, ensuring that your new garage is safe and built to last.

Relying on professional expertise during this stage minimizes the risk of structural issues and potential hazards in the future. Before commencing any home improvement project, make sure to ask contractors questions to ensure their qualifications, experience, and adherence to local regulations and building codes. This proactive approach will help you select the right professional for the job and provide peace of mind throughout the conversion process.

4. Plan the design and layout of your garage

Careful planning of the design and layout is essential for creating a functional and aesthetically pleasing garage. Consider the number of vehicles you want to accommodate, as well as any additional storage needs or utility areas, such as a workbench Think about the placement of windows and doors to ensure sufficient natural light and easy access. If you intend to use the garage for multiple purposes, create designated zones to optimize space. Sketch out your ideas and explore various design options to find the one that best suits your needs and complements the overall architecture of your home.

5. Select the appropriate building materials

Choosing the right building materials is vital for the structural integrity, durability, and appearance of your garage. Select materials that align with your design preferences and work best for your local climate. For example, if your area experiences harsh weather conditions, opt for materials that offer superior weather resistance. Consider the type of walls, like wood or concrete blocks, and the types of roofing materials, like asphalt shingles or metal that will suit your needs and budget. High-quality materials may require a higher upfront cost but can save you money in the long run by reducing maintenance and repair expenses.

6. Plan for ventilation and climate control

Proper ventilation and climate control are essential to maintain a comfortable and safe environment within the garage. Adequate ventilation prevents the buildup of moisture and fumes, which can lead to mold growth and unpleasant odors. Install vents or exhaust fans to promote airflow and improve air quality. Additionally, consider insulation to regulate temperature extremes, keeping the garage cooler in summer and warmer in winter. If you plan to use the garage for activities that generate heat, such as a workshop or home gym, consider incorporating heating and cooling systems to ensure a pleasant workspace year-round. Efficient ventilation and climate control contribute to the longevity of the garage and protect any valuable items stored inside.

7. Determine if you need utility connections

Evaluate whether your garage conversion requires utility connections such as electricity, water, or gas. If you plan to use the garage as a workshop, laundry room, or home office, electrical outlets are essential to power tools and appliances. If you need water for a utility sink or bathroom, ensure the plumbing connections are feasible. Consider the potential cost of extending utilities to the garage and consult with professionals to understand the best approach for connecting utilities safely and efficiently.

8. Explore your garage door options

Selecting the right garage door is crucial for convenience, security, and aesthetics. Assess various garage door types, such as overhead roll-up doors, sectional doors, or swing-out doors, each offering different benefits. Also, consider the material of the garage door, such as steel, wood, or aluminum, based on your preferences and budget. Automatic garage door openers with remote controls provide added convenience and security. Choose a garage door that complements the architectural style of your home and meets your functional requirements.

9. Plan for lighting

Proper lighting is essential for a functional and safe garage. Assess the lighting needs based on the garage’s intended use. Overhead lighting provides general illumination, while task lighting is necessary for work areas. Consider LED lighting for its energy efficiency and long lifespan. If you want to maximize natural light, strategically place windows or skylights to enhance brightness during the day. Motion-activated lights around the garage’s exterior can also serve as security measures, deterring potential intruders.

10. Consider security measures

Garages often store valuable items like vehicles, tools, and equipment, making security a top priority. Install sturdy locks on all doors, including entry doors and any connecting doors to the house. Consider an alarm system to protect against theft and unauthorized access. Security cameras provide surveillance, allowing you to monitor activities around the garage. Motion sensor lights outside the garage act as a deterrent and enhance visibility during nighttime. Additionally, if you have windows in the garage, consider adding window locks for added security. By incorporating these security measures, you can safeguard your belongings and ensure peace of mind.

Carport conversion garage ideas

A garage is more than just a space to store cars, it can be a versatile extension of your home. Once you have converted your carport into a functional area, it’s time to consider a garage makeover that will elevate its potential even further. Explore exciting ideas such as transforming your garage into a dedicated home gym, a productive home office, or a fun-filled playroom.

For DIY enthusiasts, a well-organized workshop area can become a dream come true. Alternatively, create a cozy pet area to ensure your furry companions have a safe and comfortable space. With these creative garage makeover ideas, your garage will become a dynamic and multi-functional space that enhances your lifestyle and adds value to your home.

Workshop space

Converting your home garage into a workshop area is a dream come true for DIY enthusiasts and hobbyists. Start by installing a sturdy workbench with ample storage for tools and materials. Organize your tools on peg boards or wall-mounted tool racks for easy access. Adequate lighting is crucial for precision work, so consider adding task lighting above the workbench and general overhead lighting for the entire space. Enhance functionality by incorporating built-in shelves and cabinets for storing supplies. Insulate the garage to regulate temperature and make it a comfortable workspace year-round. With a dedicated workshop in your garage, you’ll have the ideal environment to unleash your creativity and complete various projects with ease.

Playroom

Converting your garage into a versatile playroom creates a dedicated space for recreational activities and entertainment for all members of the household. Start by creating a blank canvas with neutral colors to suit various interests and age groups. Consider adding soft and comfortable flooring for activities like yoga, board games, or simply lounging around. Install ample storage solutions such as shelves, bins, or cabinets to keep toys, games, and recreational equipment organized and easily accessible. Incorporate versatile furniture like bean bags, floor cushions, and modular seating to accommodate different play activities.

Add a chalkboard or whiteboard wall for creative expression and interactive fun. Integrate a variety of entertainment options, such as a TV, gaming consoles, or a projector for movie nights and virtual adventures. By creating a multifunctional playroom in your garage, you’ll have a space where everyone can unwind, have fun, and spend quality time together.

Home office

Converting your garage into a home office allows you to create a productive workspace away from distractions inside the house. Start by insulating the garage to ensure a comfortable and quiet environment. Consider adding windows or skylights to bring in natural light and create a pleasant working atmosphere. Install a sturdy desk and ergonomic chair for comfortable hours of work. Organize the office with shelves, filing cabinets, and storage solutions for a clutter-free space. Set up a reliable internet connection to stay connected and productive. If necessary, add heating and cooling systems to maintain a comfortable temperature. Personalize your home office with artwork, plants, and decor to create a motivating and inspiring workspace that enhances your productivity and creativity.

Home gym

Transforming your garage into a home gym provides the ultimate convenience for fitness enthusiasts. Clear out clutter and install rubber or foam flooring to create a safe and comfortable workout area. Incorporate wall-mounted mirrors to check your form and enhance the sense of space. Install proper ventilation or fans to keep the air fresh during intense workouts. Organize your gym equipment with wall-mounted racks or freestanding storage systems. Consider adding a sound system to keep you motivated during exercise sessions. With a home gym in your converted garage, you can exercise at any time without the hassle of traveling to a commercial gym, ensuring a more consistent and effective fitness routine.

Pet play area

Transforming your garage into a pet play area provides a safe and comfortable space for your furry companions. Clear out the garage and create a cozy environment with pet-friendly flooring, such as rubber mats or pet-safe carpeting. Designate specific areas for your pets to rest, play, and eat, and consider adding built-in pet beds or kennels. Install proper ventilation to maintain a fresh and odor-free atmosphere. Set up storage for pet supplies and accessories, including food, toys, and grooming tools. Ensure the garage is secure with pet-friendly doors and windows, allowing your pets to enjoy the outdoors safely. By converting your garage into a pet area, you offer a dedicated space where your pets can feel at home and be well-cared for.

Home bar and entertainment area

Converting your garage into a stylish home bar and entertainment area provides an ideal space for hosting gatherings and unwinding with friends and family. Install a functional bar counter with seating, complete with a sink and storage for drinkware and beverages. Consider adding a mini-fridge, ice maker, and wine cooler for easy access to refreshments. Set up a media area with a large-screen TV, sound system, and comfortable seating for movie nights and sports events. Enhance the ambiance with mood lighting, such as pendant lights or LED strips. Add decorative elements like wall art, mirrors, and shelving to showcase your spirits collection and add character to the space. With a well-designed home bar and entertainment area, your garage will become the go-to spot for fun and relaxation.

Laundry room

Transforming your garage into a laundry room not only significantly enhances your home’s functionality but also provides the added benefit of maintaining a clean and organized garage space. Install a utility sink for handwashing and soaking clothes, and set up space for your washing machine and dryer. Add ample counter space for folding and organizing laundry. Integrate built-in cabinets or shelves for storage of laundry supplies, cleaning products, and household essentials. Consider a drying rack or designated hanging space to air-dry clothes. Ensure the garage is well-ventilated for humidity control and maintain a pleasant atmosphere while doing laundry. By transforming your garage into a laundry room, you can streamline your laundry routine and keep your living spaces tidy and clutter-free.

Art and music studio

Transforming your garage into a versatile music and art studio at home provides an inspiring and creative space for artistic expression and musical pursuits. Start by creating a well-lit environment with ample natural light and adjustable artificial lighting to cater to various art and music needs. Install soundproofing materials like acoustic panels or foam to minimize sound leakage and ensure optimal acoustics for musical instruments. Consider adding storage solutions like shelves, drawers, and cabinets to organize art supplies, paints, brushes, and musical equipment.

Set up designated areas for artwork creation, musical instrument practice, and recording projects. Personalize the studio with artwork, musical memorabilia, and decor that reflect your unique style and inspirations. With a dedicated art and music studio in your garage, you’ll have a sanctuary to explore your creative passions and immerse yourself fully in the world of art and music.

Guest room

Converting your garage into a cozy and welcoming guest room is a fantastic way to provide a welcoming space for visiting friends and family. Begin by decluttering and insulating the garage to create a comfortable environment. Install proper lighting and ventilation to ensure a pleasant stay for your guests. Consider adding a comfortable bed, storage solutions, and decor that make the guest room feel like a home away from home. Personalize the space with thoughtful touches to make your guests feel special and cared for during their stay.

However, before proceeding with the conversion, be sure to check with your local authorities about Accessory Dwelling Units (ADUs) regulations, as these may apply to the guest room conversion depending on your area’s zoning laws and building codes. Taking these factors into consideration will help you create a delightful and compliant guest room for your loved ones.

Source: redfin.com

Apache is functioning normally

August 5, 2023 by Brett Tams

Are you looking to create a tranquil escape right in your own backyard? In this Redfin article, we will explore the world of privacy fences and offer expert tips to help you build the perfect enclosure for your outdoor sanctuary. Whether you’re in Raleigh, NC, or Sarasota, Florida, we’ve got privacy fence ideas that can suit no matter where you live. Building a privacy fence can be the perfect solution to achieve serenity and seclusion.

Let’s explore the world of privacy fences, from the practicalities of cost and construction to the creative ideas that will turn your backyard into a personal sanctuary.

Is building a fence for privacy a good idea?

Building a fence for privacy can be a great idea, depending on your specific needs and preferences. Privacy fences offer numerous benefits, such as creating a secluded outdoor space where you can relax, entertain, or engage in activities without feeling exposed to neighbors or passersby. They also enhance security, providing a physical barrier and helps keep pets and loved ones safely contained within your property. Additionally, privacy fences can add value to your home and improve curb appeal, making it an appealing option for potential buyers.

How much does it cost to build a privacy fence?

Building a privacy fence cost can vary based on several factors, including the fence’s material, height, length, and labor costs. On average, the cost of building a privacy fence can range from $15 to $30 per linear foot. For instance, a standard wood privacy fence typically costs around $20 to $30 per linear foot, while vinyl or composite privacy fences can range from $25 to $50 per linear foot. Additionally, factors like the terrain, site accessibility, and any extra features, such as gates or decorative elements, can influence the total cost.

For example, let’s consider a 100 linear feet privacy fence made of wood. If the average cost is around $25 per linear foot, the total cost would be approximately $2,500 (100 ft x $25/ft). However, if you opt for a more durable material like vinyl, which costs around $40 per linear foot, the same 100 linear feet fence would cost $4,000 (100 ft x $40/ft).

These figures exclude any additional expenses like permits, removal of existing fences, or landscaping adjustments. Keep in mind that the labor costs for fence installation can also vary depending on your location and the complexity of the project. It’s essential to obtain detailed quotes from reputable contractors to get a more accurate estimation for your specific privacy fence project.

Privacy fence ideas

You might be wondering what type of fence you should get to add privacy and beauty to your outdoor space. We’ve compiled a variety of privacy fence ideas to suit your preferences, whether you’re aiming for a classic look, a modern design, or a touch of greenery.

1. Board-on-board wood fence

A classic and popular choice for privacy, the board-on-board wood fence features overlapping vertical boards on both sides of the fence, creating a seamless look with no gaps between the boards. This design provides maximum privacy and a clean, attractive appearance.

2. Vinyl privacy fence with lattice top

Vinyl fences offer low maintenance and durability. Adding a lattice top to a vinyl privacy fence not only increases height and privacy but also adds an elegant touch. The lattice allows some sunlight and air to pass through while maintaining a sense of seclusion.

3. Bamboo privacy fence

For a natural and eco-friendly option, consider a bamboo privacy fence. Bamboo panels are sustainable, aesthetically pleasing, and provide an exotic touch to your outdoor space. They can be installed as standalone panels or attached to an existing fence structure.

4. Metal privacy screens

Metal privacy screens are a modern and stylish alternative to traditional fences. Available in various patterns and designs, metal screens can add a contemporary touch to your outdoor area while still providing privacy.

5. Living green privacy wall

Create a living privacy fence with lush greenery by using climbing plants or creating a green wall. Options like ivy, climbing roses, or tall shrubs can soften the appearance of your fence and add a natural, inviting ambiance to your yard.

How to build a privacy fence

1. Check local regulations

Before starting on your privacy fence project, it’s crucial to research and understand the local regulations, building codes, zoning ordinances, and any guidelines set forth by your homeowner association. These rules can vary significantly from one area to another and may dictate the maximum height, setback requirements, permitted materials, and other restrictions related to fence installation. Ignoring these regulations could lead to costly fines or having to tear down non-compliant fences. You can contact your local building department or visit their website to obtain the necessary information.

2. Determine the fence’s location and layout

Careful planning of the fence’s location and layout is essential to ensure you get the most out of your privacy fence. Start by marking the fence line using stakes and strings. Double-check the measurements to avoid any encroachment onto neighboring properties. Consider factors such as property lines, existing structures, trees, and landscaping that may influence the fence’s placement. Think about how the fence will affect the flow of your outdoor space, where the main entrances will be, and how it will provide the desired privacy. Taking time to plan the layout will save you from potential complications during the construction phase.

3. Gather the required materials and tools

Once you have the fence layout planned out, it’s time to gather all the necessary materials and tools. Start by choosing the right fence materials that align with your budget and aesthetic preferences. Popular privacy fence options include wood, vinyl, aluminum, and composite materials. Depending on your choice, purchase fence panels, posts, gate hardware, screws, and other required accessories.

Additionally, ensure you have the appropriate tools to complete the project efficiently and accurately. Common tools for building a privacy fence include a post hole digger, shovel, level, tape measure, saw, drill, and a hammer. Quality materials and proper tools will ensure a sturdy and long-lasting privacy fence that withstands the elements and provides the desired level of privacy.

4. Prepare the ground

Before commencing the actual fence installation, you must prepare the ground along the fence line. Clear the area of any vegetation, debris, or obstacles that could hinder the fence’s construction. If your area experiences heavy rain or has poor yard drainage, consider grading the ground to ensure proper water runoff. Once the area is clear, begin digging the post holes. The depth of the holes should be at least one-third of the length of the fence posts to provide stability.

Use a post hole digger or an auger to dig the holes uniformly, and ensure they are straight and level. Installing the fence on uneven ground can lead to an uneven appearance and structural issues, so take your time to achieve a level and solid foundation.

5. Install fence posts

After digging the post holes, it’s time to install the fence posts. Place the posts into the holes and fill the bottom with a few inches of gravel. The gravel helps with drainage and prevents water from pooling around the base of the posts, which can lead to rot over time. Use a level to ensure each post is plumb and straight before proceeding. Once the posts are correctly positioned, it’s time to set them in concrete.

Follow the manufacturer’s instructions for mixing and pouring the concrete, making sure it reaches the desired strength. Allow the concrete to cure completely before moving on to the next steps. Properly installed and secured posts are the backbone of a sturdy privacy fence, providing stability and support for the entire structure.

6. Attach fence panels

With the fence posts set in concrete, it’s time to attach the fence panels to complete your privacy fence. Begin by aligning the first fence panel with the first two posts and attach it using screws or brackets. Ensure the panel is level and plumb before moving on to the next section. Repeat this process for each panel, ensuring uniform spacing between them for a consistent and professional appearance.

If you have chosen pre-built fence panels, it will make the installation process smoother. However, if you are using individual pickets, take extra care to align and attach them evenly. Additionally, if you have any gates in your fence design, make sure to follow the manufacturer’s instructions to install them securely and smoothly.

Remember to follow safety precautions while digging and working with heavy materials and tools. Double-check all measurements and levels throughout the process to ensure accuracy and alignment.

7. Add finishing touches

After the fence panels are securely attached, it’s time to add some finishing touches to enhance the overall appearance and functionality of your privacy fence. If you opted for wooden fencing, consider trimming the tops of the fence posts for a more polished and cohesive look. You can choose from various decorative post cap designs that complement your property’s style. Post caps not only add an aesthetic appeal but also protect the fence posts from moisture and potential rot.

Additionally, if your fence design includes a gate, install latches and handles that match the overall style of the fence. Ensure the gate operates smoothly and securely, and consider adding a self-closing mechanism for added convenience and safety.

8. Double-check stability

Before completing the fence installation, thoroughly inspect the entire fence for stability and structural integrity. Ensure that all fence panels are securely attached to the posts and that the posts are firmly set in the concrete footings. Wiggle the fence panels and gates to check for any loose connections. Use a level to ensure the fence panels are still straight and aligned correctly. Address any issues you find promptly to avoid future problems.

9. Test the privacy

After completing the fence installation, take the time to test the privacy it provides. Stand at various points around your property to assess if the fence effectively shields your outdoor space from eyes. Make any necessary adjustments, such as adding more privacy-enhancing elements like lattice panels or planters with climbing vines. Depending on your property’s layout and the surrounding environment, you may discover specific areas where additional privacy measures are needed.

10. Maintain your fence

To prolong the life and appearance of your privacy fence, regular maintenance is essential. Perform routine inspections to check for any loose screws, damaged panels, or signs of wear. Clean the fence periodically to remove dirt, debris, and mold growth, especially in damp environments. Depending on the fence material, you may need to apply protective coatings or treatments to shield it from the elements. Wooden fences may require staining or sealing every few years to prevent rot and decay.

The dos and don’ts to building privacy fences

To ensure a successful and satisfying project, it’s essential to consider both the dos and don’ts of fence construction.

Do’s for building a privacy fence

1. Do consult your neighbors

Before starting your privacy fence project, communicate with your neighbors about your plans. Inform them about the fence’s design, height, and location to avoid any potential disputes or surprises. While you might have the legal right to build the fence within your property boundaries, maintaining a good relationship with your neighbors fosters a sense of community and reduces the likelihood of conflicts arising in the future.

2. Do consider wind resistance

If you live in an area prone to strong winds or storms, consider the wind resistance of your privacy fence. Tall and solid fences can act as a wind barrier and create pressure on the fence panels and posts. To mitigate this, opt for fence designs that allow wind to pass through, such as lattice or picket fences. Alternatively, create small gaps between the panels or use fence materials with spaces, which reduces the wind load and minimizes the risk of damage during storms.

3. Do call utility companies before digging

Before digging the fence post holes, call your local utility companies to mark any buried utility lines on your property. Striking underground utilities can lead to dangerous situations and costly repairs. Utility companies usually offer this service for free, and marking the lines will ensure you avoid any accidental damage during the fence installation process.

Don’ts for building a pivacy fence

1. Don’t forget about gate access

When designing your privacy fence, don’t overlook the importance of gate access. Ensure your fence has appropriately sized gates to accommodate easy movement of people, equipment, and furniture in and out of your property. Consider installing a wider gate for vehicle access if required. Choose gate hardware, such as hinges and latches, that are durable and designed to support the weight of the gates to prevent sagging or misalignment.

2. Don’t ignore the quality of materials

While budget considerations are essential, don’t compromise on the quality of materials for your privacy fence. Choosing durable and weather-resistant materials will ensure your fence stands the test of time and requires less maintenance. Investing in high-quality materials upfront can save you money on frequent repairs and replacements in the long run.

3. Don’t disregard drainage considerations

When installing your fence, don’t overlook the importance of proper drainage. Improperly planned fences can impede water flow, leading to water pooling around the fence posts or panels. Over time, this can cause rot and weaken the fence’s foundation. To avoid this issue, ensure the ground slopes away from the fence or incorporate drainage solutions like French drains to divert water away from the fence line.

Source: redfin.com

Apache is functioning normally

August 5, 2023 by Brett Tams

It may cost you, but the quality of life in Connecticut makes it worth it for many people. The state has great schools, low crime, access to outdoor activities and great, fresh food. Being part of New England, Connecticut is also full of history and culture, with plenty of museums. There’s even an amusement park should you need a change of pace.

To fit Connecticut into your budget, it’s best to understand how the state’s prices compare to the rest of the country. By looking at average costs in a few specific categories, you can make an informed decision about whether a move is in your future.

Connecticut housing prices

Housing prices in Connecticut all hit above the national average. That doesn’t mean you can’t find affordable housing throughout the state or a home for any budget. But, it could be more challenging to get those good deals.

Hartford

The capital of Connecticut, Hartford is one of the more affordable places to live in the state. Housing prices are only 1.4 percent above the national average, so not too far out of reach for many. The city has a long history, solid job opportunities and some amazing museums. The variety of local parks is an ideal family-friendly destination, as well, when the weather is nice (it does get cold in the winter.)

Apartment prices are on the rise and may sit at the high end of your budget. One-bedroom apartments, up 14 percent over last year, have an average monthly rent of $1,747. Two-bedroom apartments, up 10 percent over last year, have an average monthly rent of $2,367.

Home prices aren’t rising as quickly as apartment rent, up only 2.6 percent over last year. The median home price in Hartford is $240,000.

New Haven

Home to Yale University, New Haven is a college town with a little bit more. The prestigious university is a cornerstone of the city, but there’s also the beach, the history, museums and even nearby skiing. Living in New Haven isn’t cheap, though, and home prices are 20.9 percent above the national average.

Apartments are going to cost you, too, especially if you’re a college student. You may want to consider a roommate to keep things affordable. The average monthly rent for a one-bedroom apartment is $2,455, which is up 18 percent over last year. Two-bedroom apartments, up 17 percent over last year, average out to cost $3,102 per month.

Homes for sale are a little more reasonable, and the median sale price in New Haven is $280,000, down 12.5 percent over last year.

Stamford

With the highest home prices in the state, the cost of living in Connecticut really gets skewed thanks to places like Stamford. Here, home prices are 68.6 percent above the national average. This affluent city primarily attracts families and professionals and is perfectly situated for commuters. Many neighborhoods provide a small-town feel without taking you too far away from the urban amenities of downtown. That’s good news since your housing budget may make it hard to live right in the middle of it all.

Apartment rents are increasing at a pretty significant rate. One-bedrooms are up 23 percent, and two-bedrooms are up 34 percent, both over last year. This puts average monthly rent prices up there. The average rent for a one-bedroom is $2,654 per month, while a two-bedroom averages out at $3,599.

Home prices are also on the higher side, and the median sale price in Stamford is $680,000. This is up 11.5 percent over last year.

Connecticut food prices

Lobster rolls are the most iconic food out of Connecticut (and all of New England), but the state does a few favorites just a little differently. First, they steam their cheeseburgers rather than grill them, and if you’re in New Haven it’s ‘apizza’ and not pizza that’s on the menu. In the fall, you can sample another iconic Connecticut food, homemade apple cider. With all this deliciousness, Connecticut residents spend between $267 and $300 per month on groceries.

Across the state, food prices align with other costs of living elements in Connecticut and are above the national average.

New Haven is 0.4 percent above the national average
Stamford is 8.2 percent above the national average
Hartford is 8.4 percent above the national average

With these averages relatively close together, you most likely won’t find huge price differentials in specific grocery items. The difference in ground beef prices is less than a dollar across these three cities, and a dozen eggs are only 11 cents more from their cheapest to most expensive.

Average prices are a little higher for some things, though. A loaf of bread in Hartford is on the high side at $4.69, but even with a few doozies, you can stay on a budget when you grocery shop.

Connecticut utility prices

Connecticut winters can really ramp up your utility costs. The winter season is long, with the lowest temperatures between December and February. Evening temperatures can get down to zero degrees Fahrenheit, and snowfall is heavy. As a result, you may pay more for heating in the winter, which can raise overall utility prices pretty quickly.

Hartford is 26.4 percent above the national average
Stamford is 30.3 percent above the national average
New Haven is 32.2 percent above the national average

These averages, and the amount of energy you need to live in comfortable temps year round, can drive up your energy bill. Expect to pay an average of $260 per month in Hartford, $273 in Stamford and $279 in New Haven.

Connecticut transportation prices

Transportation prices throughout Connecticut are all above average, but on the whole, this state is very easy to get around. With some of the most walkable cities in the country, certain pockets of Connecticut are perfect for those who don’t want the expense of owning a car. Strong public transportation systems also make it easy to get around without having to pay for gas, parking or regular vehicle maintenance.

That said, transportation is still an expensive component of the cost of living in Connecticut.

Hartford is 4 percent above the national average
New Haven is 14.3 percent above the national average
Stamford is 16.2 percent above the national average

At these prices, it might be worthwhile to use a variety of transportation options to get around.

The walkability of Connecticut

It’s impressive for a state to have so many cities with high walk scores, and across Connecticut, infrastructure design really takes those on foot into consideration.

The downtown area, along the riverfront in Hartford, is extremely walkable, but so are a lot of nearby neighborhoods. Overall, the city has a walk score of 75.

New Haven’s downtown area has many sidewalks, with highly walkable areas around Yale’s campus and in nearby squares. Combined, this gives the city a walk score of 78.

Stamford has a walk score of 84. With walkable blocks, sidewalks and pedestrian walkways, the city is easy to navigate on foot, especially around the waterfront. There’s also a free trolley for when your feet get tired.

Public transportation in Connecticut

Each of our Connecticut cities provides public transportation, enabling residents to get around town without their own vehicles.

Hartford offers up two options. CT Transit has both local and express bus services around the city. For local service, a two-hour pass is $1.75, and a 31-day pass is $63. The dash Shuttle is another option. It’s a free service that runs downtown during the week, with extra service during major downtown events.

CT Transit also operates in New Haven and Stamford. New Haven buses run across 22 different routes, while Stamford operates 15. As long as you’re on a local bus line, even in separate cities, CT transit passes are the same price.

Stamford offers one additional mode of public transportation, the Harbor Point Trolley. This line connects the downtown area to Harbor Point, stopping at major spots like the government center and the University of Connecticut. The trolley is free to ride.

Connecticut healthcare prices

Healthcare prices in Connecticut are one of the few cost of living components with one city averaging below the rest of the county.

Hartford is 7.4 percent below the national average
Stamford is 7.2 percent above the national average
New Haven is 10.5 percent above the national average

These averages come from combining doctor visits, trips to urgent care, prescriptions, that annual eye doctor visits and dental check-ups. These averages put doctor’s visits between $100 and $140, dental visits between $87 and $122 and eye doctor visits between $127 and $155.

Connecticut goods and services prices

Eating that special New Haven ‘apizza’, grabbing a six-pack of craft beer or having cheeseburgers with friends all fit into the goods and services section of your budget. These are the activities you like doing but could live without if money got tight.

In Connecticut, goods and services prices, combined, all reach above the national average.

Hartford is 10.6 above the national average
New Haven is 16.7 percent above the national average
Stamford is 18.6 percent above the national average

These averages could mean you get to do a little less of those bonus activities each month, simply because of cost. The only way to really know is to look at the individual prices of your favorite extras.

Yes, we threw in one practical service into the chart, but when you price compare, you can see that not everything costs the most in Stamford. When it comes to beer and dry cleaning, Hartford actually takes the top spot, although overall, it’s the least expensive city, and New Haven is the cheapest when it comes to burgers. Without knowing individual costs, it’s impossible to budget for this aspect of the cost of living in Connecticut.

Taxes in Connecticut

Connecticut has a graduated income tax, which means your rate comes from how much money you make each year. You’ll end up paying somewhere between 3 percent and 6.99 percent.

When it comes to sales tax, the state-wide rate is 6.35 percent. That’s all you’ll pay across Connecticut. There are no local sales taxes.

So, if you’re shopping for furniture for your new apartment, for every $1,000 you spend, you’ll pay $63.50 in taxes. Not too bad.

How much do I need to earn to live in Connecticut?

The first thing you need to live in Connecticut is a home, and being able to afford one means putting at least 30 percent of your annual income toward rent. This is definitely possible, and you can calculate exactly what would work with your budget using our rent calculator.

To estimate needs, the average rent in Connecticut is $1,713. To afford this rent, at 30 percent of your income, you’d need to make a minimum of $68,520. This is highly possible given that the average annual wage comes really close. At $66,130, you’re right on the edge of affording an average rent, and not too far that you won’t have plenty of options to pick from that are just a little less.

Living in Connecticut

Connecticut may come at a higher-than-average cost, but calling the Constitution State home has plenty of benefits. Connecticut has the beach, great parks and a strong economy. Its location puts you close to just about anywhere in New England (and New York) and educational opportunities are top-notch.

The Cost of Living Index comes from coli.org.

The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.

Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

August 5, 2023 by Brett Tams

On December 20th, Bank of America downgraded shares of Re/Max (NYSE:RMAX) to a sell rating with a $56.00 price target on the financial services provider’s stock. Analysts from Zacks also downgraded RMAX to a “sell” rating in a later report. Other analysts have rated the stock as a buy or hold on an earlier earnings report from RMAX.

As of this writing, RMAX shares are down to $30.92 from a six-month high of $56.25 per share. Despite the negative trend, there is good news for those vested in the stock. A recent Zacks Equity Research report the day before Christmas spotlighted RMAX in a crisp comparison with Jones Lang LaSalle (JLL) which revealed a lot about the short and long-term potential of both stocks. As I type this, Jones Lang LaSalle retains a Zacks Rank of #2 (Buy), while RE/MAX is lagging with a Zacks Rank of #4 (Sell). But, the Zacks report goes on to reveal why JLL is rated so much higher than RMAX.

Key among the other variables Zacks is the fact JLL has a P/B ratio of 1.59, while RMAX has a P/B of 7.17. As a reminder, the P/B ratio is what Zacks and other analysts use to compare a stock’s market value against its book value. The basic equation is the result of subtracting total assets minus total liabilities. The corresponding value is the reason JLL holds a Value grade of A, against RMAX with a Value grade of C. Other variables in the report explain why so many analysts have devalued RMAX recently. JLL currently has a forward P/E ratio of 11.45, against RMAX forward P/E of 12.94. Other metrics paint a clearer picture for the struggling stock.

Another kind of predictor called the Altman Z score was developed a few decades ago by an. Published by Edward I. Altman back in 1968, the Altman Z can predict a company going bankrupt within 2 years with 90% accuracy. Currently, RMAX Altman Z score of 3.734334, which indicates the company is unlikely to default in the next couple of years. RMAX stock stands nearly -52.83% off versus a 52-week high and 3.81% off from the 52-week low, with the current shares currently owned by investors at 18.14 million. Mixed as these signals seems to be, it’s good advice for investors interested in quality ratios of RMAX to into consideration the Gross Profitability of the stock, which is currently 0.498758. Another factor of confidence for RMAX is the moderately low Montier C-Score of 2.0, which indicates the company is unlikely to be cooking the books. A million mixed signals, so what’s the bottom line on RMAX?

Even the most profitable and stable stocks face setbacks from time to time. The mixed or even negative signals in media make the trading decision a tricky job at best. It’s a certainty that making these decisions based on one piece of data is a perilous strategy, but deciphering myriad equations and functions are no less hazardous. Negative information about a company usually prompts investors to sell quickly without delving into the deeper metrics. The same is true where positive intelligence is concerned. As for RMAX value now, my recommendation in a mixed bag of appraisals is to follow the big money. Having said that, BlackRock Inc. increased its position in Re/Max by 6.5% during the 2nd quarter of 2018, and now owns 2,432,754 shares of the financial services provider’s stock worth $127,598,000. BlackRock, for anyone who is not aware, is not in the business of losing investments. So, the “sell” rating put on RMAX means “buy” at the right price in my book. The next quarter of trading will tell, but my money is on holding the shares.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Apache is functioning normally

August 5, 2023 by Brett Tams

PulteGroup subsidiary Pulte Home Company has reportedly reached a settlement with the Florida Attorney General’s office following an investigation into complaints that some of its homes built in the state did not meet official standards.

Florida Attorney General Pam Bondi said the settlement was reached following a two-year probe into Pulte over allegations it failed to disclose to certain Florida buyers that some of its homes were built in violation of the state’s building code.

Pulte was accused of violating Florida’s Unfair and Deceptive Trade Practices Act by “unfairly denying” some homeowners’ claims for repairs because it refused to perform an adequate inspection of those properties. The company reportedly also unfairly withheld some customer’s deposits in some instances.

The complaint stated that in some cases, homeowners were accused by Pulte of failing to maintain their properties when in fact the problems they experienced were due to construction defects.

However, it seems the allegations prompted Pulte to take notice. During the length of the investigation, Pulte reportedly spent $64 million to repair problematic homes in Florida. The settlement agreement stipulates that Pulte should repair other homes up to ten years old in the state that meet specific criteria.

Bondi’s office also said that during the investigation, Pulte spent more than $10 million to upgrade building materials, improve its construction techniques, and provide additional training to its employees and trade contractors in Florida to address the issues in question.

The settlement also calls for Pulte to pay a further $4.7 million for restitution, which includes the out of pocket expenses incurred by homeowners who repaired construction defects themselves.

The General Attorney’s office said it would soon provide more information for homeowners wishing to claim some of this compensation.

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].

Apache is functioning normally

August 5, 2023 by Brett Tams

eXp World Holdings faced headwinds in the second quarter, as persistently slow real estate sales drove the company’s revenue down 13% year-over-year to $1.2 billion, executives disclosed on Thursday.

Despite the decline in revenue, the holding company for eXp Realty maintained profitability with a net income of $9.4 million, up from $1.5 million in the first quarter of 2023 and $9.3 million in Q2 2022.

The company’s adjusted operating earnings before interest taxes depreciation and amortization (EBITDA) declined 15% year-over-year to $38.1 million in Q2 2023, according to the official statement.

Amid a difficult housing market, transaction sides declined 9% to 137,199. Sales volume also declined 16% from the second quarter of 2022 to $48.6 billion.

However, eXp World Holdings Chief Executive Officer Glenn Sanford expressed his satisfaction in spite of the declines in revenue, sales and transactions. The company and its subsidiaries, which include eXp Realty, SUCCESS Enterprises, Virbela and other affiliated services, are in solid financial shape, declared its executives.

“Our net income and adjusted EBITDA were both positive, we continue to have a solid financial profile, we have a strong cash flow generation and a significant cash balance as well as zero debt,” said Sanford during the company’s webcast.

International Realty was the best performing segment in Q2

When broken down by segments, International Realty revenues increased 35% year-over-year to $11.99 million, reaching an all-time record. North American Realty revenues, on the other hand, fell by 13% year-over-year to $1.21 billion.

“North American Realty business continues to be strong and profitable with unit growth and agent growth outperforming the industry. It delivered $34 million of EBITDA in the quarter,” said Sanford.

Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings, acknowledged that high mortgage rates were expected to persist in the short term. However, he stated that consumer price inflation started to cool down in the U.S, eXp’s core North American market.

He further noted that “forward interest rate curves suggest that rates may now be at or near peak levels.”

As such: “We are optimistic that lower mortgage rates will unleash significant pent-up demand as affordability improves and buyers can once again meet seller price objectives.”

The company remains bullish on iterating its agent value proposition

During the webcast Thursday, Sanford touted eXp Realty’s growing value proposition among agents, pointing to a 7% increase in agent count to 88,248 as of June 30, 2023. Just yesterday, Daryl Owen, the founder of top California independent brokerage Nationwide Real Estate Executives, joined eXp Realty, taking 200 agents along with him.

Sanford highlighted the launch of several initiatives in Q2 that prioritize agent support. The brokerage revamped its eXpert Care Desk, which provides live support to agents 24/7. And in May, they launched Luna, the GPT-4 powered generative AI support agent.

Throughout the second quarter, eXp also made a series of notable announcements, including the launch of its Boost Program to financially incentivize independent teams and brokerages to join eXp Realty and its commitment to reduce its revenue share criteria.

Source: housingwire.com

Apache is functioning normally

August 5, 2023 by Brett Tams

In our latest real estate tech entrepreneur interview, we’re speaking with Michael Worthington from Brightdoor & HomeRover.

Who are you and what do you do?

My name is Michael Worthington and I am the co-founder and CEO of BrightDoor. Since co-founding the business, my primary focus has been leadership around product ideation as well as marketing and brand management. I am the creator of the newly released HomeRover livestream video home tour app.

What problem does your product/service solve?

Real estate agents often find themselves having to perform live home tours for remote buyers using off-the-shelve apps like FaceTime and Skype that only offer the live video feature. And, often the agent and house hunters are hampered by not having common devices or apps. Finally, the users don’t have the ability to replay the tour and share with others involved in the home buying process. HomeRover is a smartphone app for iOS and Android that solves all of these problems and adds even more value by replicating all aspects of the scheduling, planning and execution of a personal home tour experience.

What are you most excited about right now?

While the current COVID-19 crisis is certainly nothing to be excited about, I do feel that the industry’s shift to online tools might finally crack the dam open (so to speak) with regards to use of innovative technology in real estate. As an entrepreneur, it’s been difficult to innovate in this space (for a myriad of reasons). I’m excited that that might change now.

What’s next for you?

I’m going to be working diligently to grow adoption of the HomeRover platform and look for strategic partnerships to extend the ability to make a remote, livestream home tour a natural option for homebuyers.

What’s a cause you’re passionate about and why?

I’ve always been interested in movies and filmmaking (one of my college majors at UNC-Chapel Hill was TV & Film). I’m thrilled that many of the long-standing barriers that have kept minorities out of key roles in cinema have been eroding and crumbling. While I don’t have an official organization I’m currently aligned with, I do support independent filmmaking and the further growth of minority-led projects.tour

Thanks to Michael for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com