appreciation

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New research from Zillow shows that recessions typically don’t have a negative impact on home values, contrary to what many experts have always said.

Other than the housing-led Great Recession of the late 2000s, Zillow’s analysis shows that home values have typically continued to grow through national and statewide recessions over the past quarter-century.

The U.S. reached its longest-ever economic expansion this summer, though growth is slowing. A recent survey sponsored by Zillow and conducted by Pulsenomics found that a panel of housing experts and economists expect a new recession to begin in Q3 2020. Demand for homes is expected to cool during the next recession, but few believe a housing slowdown will be a significant factor in causing it.

As some market observers predict a recession on the horizon, an analysis of recessions from the recent past shows that they often have a limited effect on the housing market. In the past 23 years, there have been two national recessions – the dot-com crash from March to November 2001 and the Great Recession from December 2007 to June 2009 – and several statewide or regional recessions. Home values broadly fell across the country during the Great Recession, but in most other cases annual home value growth remained positive.

Excluding the Great Recession, there have been 1,039 instances since 1997 of states being in a recession during a given month. Annual home value appreciation was positive 81% of the time in these months – an identical rate to months in which states were in economic expansion. Appreciation averaged 4.6% during economic growth and 4% during recessions. This indicates that while recessions do have an impact on the housing market, the widespread collapse of home values during the Great Recession is an outlier.

“The housing crash during the Great Recession left a lasting impression on our collective memory,” said Zillow Economist Jeff Tucker. “But as we look ahead to the next recession, it’s important to recognize how unusual the conditions were that caused the last one, and what’s different about the housing market today. Rather than abundant homes, we have a shortage of new home supply. Rather than risky borrowers taking on adjustable-rate mortgages, we have buyers with sterling credit scores taking out predictable 30-year fixed-rate mortgages. The housing market is simply much less risky than it was 15 years ago, and our experience in recent localized recessions shows how home prices can weather normal economic headwinds.”

As an example, several states with large energy sectors – Alaska, Louisiana, North Dakota, Oklahoma and Wyoming – experienced local recessions starting in 2015 when oil prices fell dramatically. Home value growth was positive year-over-year across all five states and only Alaska turned negative month-over-month during this time period – the largest monthly loss in value for the median home in Alaska was $700. Nationwide, annual home value growth averaged 4.3% during these recession months compared to 5.2% average growth during months of economic expansion in 2015 and 2016.

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

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A company called Point wants to give you “early access to your home equity” without ever having to make monthly payments, similar to how a reverse mortgage works.

While at first glance it sounds pretty good, you’ve got to dig into the details to see what you’re actually getting.

Ultimately, you’re sharing your future home price appreciation with the company in exchange for a piece of the action today.

Let’s learn more about how it all works to determine if it might be a better alternative to a traditional home equity loan or HELOC.

How Point Works to Tap Home Equity

  • Point makes an investment in your home in exchange for cash today
  • No monthly payments are made during the 30-year loan term
  • You pay back their investment at any time via sale, refinance, etc.
  • Buyback cost includes amount originally received plus portion of your home’s appreciation

Instead of taking out a loan to access your home equity, Point “invests” in your property via a Home Equity Investment (HEI) and gives you cash today for some of that sweet, sweet home appreciation tomorrow.

Like a traditional first or second mortgage, you need to answer the usual questions like how much you make, what your home is worth, and what your credit scores are.

They say you can pre-qualify for Point in less than two minutes, then you’ll be presented with a pre-offer to see how much you can borrow. Funds can be received in as little as 15 days.

Their investments range from $35,000 to $350,000, though they can exceed that max in some cases.

The amount of money you receive will depend on your available home equity, with 20% of your home’s value generally the limit.

Additionally, you’re required to have at least 20% equity after the Point investment. In other words, the max CLTV is 80%.

Once you proceed with the application, they’ll pull your credit and order a third-party home appraisal to determine your property’s starting value.

The appraisal is key in determining how much you can borrow, and also how much Point will receive when you eventually repay them.

How Much Does Point Cost?

  • While there are no monthly payments to worry about
  • You do pay anywhere from 3-5% at the outset as a transaction fee
  • And they share in the upside value of your home over time
  • Total cost will vary based on how much your property appreciates and when you pay them back

As noted, there are no monthly payments associated with the Point investment, nor is there an associated interest rate because it’s not a loan.

However, they do charge a transaction fee of anywhere from 3-5%, which is deducted from your proceeds along with an appraisal fee and escrow fee. Think of it as an origination fee, similar to what Figure charges.

They say your specific offer is determined by “special pricing equations,” which I assume takes into account things like your credit score, DTI ratio, LTV ratio, housing market expectations, how you plan to pay them back, etc.

My guess is it’s similar to a typical mortgage rate in that the less risk you present, the better the terms will be.

How Do You Repay Point?

This is an important question seeing that you don’t have to make monthly payments via their investment in your property.

As noted, Point’s investment comes with a 30-year term, just like most mortgages. At any time, you can pay them back via several different methods, including:

When you’re ready to pay Point back, they rely upon the sales price if you sell the property, or in the case a refinance, the appraisal, AVM, or a broker price opinion (BPO).

If the term is up and you don’t want to sell, you can buy Point out using the appraised fair-market-value.

Or you can pay off their investment with another source of financing, such as a home equity loan, HELOC, or a reverse mortgage.

That’s the easy part. Determining how much you owe is a different story. For one, the appraised value isn’t the starting point.

Instead, they use a “Risk-Adjusted Home Value,” which can be as much as 20% of the appraised value to account for the decline in home values to protect Point.

In the example on their website, they use a home valued at $500,000 with a Risk-Adjusted Home Value of $425,000, as seen above.

They give the homeowner $50,000 payment-free in exchange for 20% of their future appreciation, using that Risk-Adjusted Home Value.

This value can range based on borrower and property profile, as determined by their underwriters.

Anyway, as you can see, how much Point takes will vary based on when you sell or buy back your equity, and how your property value fares during that time.

One negative is you’re basically already in the hole thanks to the Risk-Adjusted Home Value. Even if home prices were flat after five years, you’d owe $15,000 on that $50,000 investment.

And you have to factor in the fees taken from your initial investment as well.

If your property saw “average appreciation” and rose to $608,300, you’d wind up with a share of just $521,600, while Point would get $86,700.

They’d get 20% of the $183,300 rise in value from the Risk-Adjusted Home Value, or roughly $36,700, plus their $50,000 original investment back.

Simply put, the more your home value increases, the more Point makes, and the less you get in a sale.

However, Point is also taking a risk if the property decreases in value because they will share in losses. If the home somehow manages to drop in price to $375,000, Point would only receive $40,000.

That 20% loss based on the $425,000 Risk-Adjusted Home Value means they give up $10,000 of their original $50,000 investment.

Who Qualifies for a Point Home Equity Investment?

  • Home must be located in an eligible area and valued above $200,000
  • Must have 20% of your home equity after Point’s investment
  • Requires a credit score above 500
  • Owners of single-family residences, condos/townhomes, and multi-unit properties may qualify

Point says it invests in most types of residential real estate, including single-family residences, condos, townhomes, and multi-unit properties (1-4 units).

Additionally, they allow title to held by individuals, in trusts, and by LLCs, the latter two being subject to their approval.

Unfortunately, Point is unable to invest in the following types of properties:

  • manufactured homes
  • mobile homes
  • properties with 5 or more units
  • tenants-in-common (TiC) properties (unless owners are immediate family members)

Speaking of title, Point isn’t added to the title of your property, and you retain sole ownership. However, their investment is secured by a Deed of Trust and a Memorandum of Option.

Homeowners must have credit scores above 500, which is very low, and must retain 20% home equity after Point’s investment. In other words, you need to be fairly equity rich.

Additionally, your property must be worth at least $200,000 and located in an eligible area.

Where Is Point Available?

At the moment, Point isn’t available nationwide, but they are working to expand to new regions of the country.

Currently, the service is live for homeowners in select areas of:

Arizona
California
Colorado
Florida
Illinois
Maryland
Massachusetts
Michigan
Minnesota
New Jersey
New York
North Carolina
Ohio
Oregon
Pennsylvania
Virginia
Washington
Washington D.C.

They expect to bring Point to more homeowners in coming months, and ask that you contact them if you’re interested and outside their present service area.

Point vs. a Reverse Mortgage

  • No minimum age requirement
  • Not a loan and does not accrue interest
  • Can be in first lien position or junior lien
  • Can’t be underwater because Point shares in losses
  • Point agreement is assumable by heirs

As I noted earlier, Point works kind of like a reverse mortgage in that you’re able to tap your home equity without having to make payments.

However, there is a no minimum age to use Point, which differs from the  62+ age requirement to take out a reverse mortgage.

Additionally, Point’s HEI isn’t a loan, nor does it charge interest. To that end, they also say you’ll never wind up in an upside-down position on your investment from Point because they share in losses.

A reverse mortgage also requires a first lien position, whereas Point’s investment can be subordinate to existing loans.

Lastly, Point’s investment is assumable, unlike a reverse mortgage, so your heirs could potentially assume your Point agreement.

Who Is Point Actually Good For?

If you’ve read how Point works above, you’re aware it’s a pretty unique way of tapping equity. The company even says it themselves.

On their website, they note that “homeowners who aren’t a good fit for a traditional home equity product” may turn to Point to get their finances in order.

Then once their situation improves, they might obtain more traditional financing that can be used to pay back Point.

The biggest downside to Point is that you’re giving them a sizable chunk of your future home price appreciation, even if you don’t have to make monthly payments on the quasi-loan they give you.

For me, wealth creation is one of the best parts of homeownership. It’s a big reason why people invest in real estate.

Point can take between 25-40% of future appreciation, so it could be a very big price to pay. However, there are situations where Point may make sense.

For someone deep in debt, the lack of monthly payments will be helpful. Point might also be a viable option if unable to qualify for other home equity products and in need of cash.

Additionally, the Point investment doesn’t show up on your credit report, nor does it increase your debt load.

So for someone between a rock and a hard place, it could provide some relief, but be sure to do the math and explore more traditional alternatives like home equity loans, HELOCs, a cash out refinance, and more.

Source: thetruthaboutmortgage.com

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Every year, housing demand picks up during the traditional spring buying season and eventually begins to fade as summer takes hold and kids make their way back to school.

But this year’s seasonal slowdown is even more pronounced due to what Redfin refers to as “buyer fatigue.”

So why are prospective home buyers tired? Well, Redfin attributes the lethargy to “high prices and low selection.”

Apparently they’re still touring properties in droves, but they’re less likely to make an offer. If they do, it’s more often on a lower priced home. Price sensitivity is becoming more of an issue.

Redfin Housing Demand Index Shows “More Extreme” Slowdown

This all comes from the company’s inaugural Redfin Housing Demand Index, which is forecasting slowdowns in both home sales and home price increases.

The index, which is scaled to equal 100 as of January 2013, debuted at 113 in its first edition, up 13% from June 2014.

It charted a similar path this year as in previous years, but the 6.7% decline from May to June is nearly double the 3.9% drop seen in the same period of 2014.

If you’re wondering, the data comes from millions of visits to Redfin’s home listing pages, along with the number of tours and offers made by Redfin customers.

Redfin also said it expects home prices to increase just 4.3% year-over-year in July, and only 2.2% YoY in August.

Contrary to popular belief, home prices can’t keep increasing forever without meaningful increases in the wage department.

And paying well over list price is starting to become less common as starting prices are tested by more discerning buyers.

Home sales are also slated to slow down, with Redfin forecasting a YoY gain of 14.3% in July, followed by a 4.6% YoY increase in August.

There’s also less international competition thanks to a strong U.S. dollar. It was pretty common for Europeans, Canadians, and the Chinese to purchase properties in the States.

But now that their currencies have been devalued sharply against the dollar, it’s mainly Americans in the mix.

For some markets popular with foreign investors that have already experienced major price appreciation, demand will surely wane.

The Bubbly Years Are Over?

Meanwhile, the brains over at the S&P Dow Jones Indices expect home prices to moderate, according to the latest monthly home price report released today.

The S&P/Case-Shiller U.S. National Home Price Index increased 4.4% in May compared to a year earlier, up ever so slightly from the 4.3% YoY increase seen in April.

The 10-City Composite gained 4.7% YoY and the 20-City Composite gained 4.9% from a year earlier.

Managing Director and Chairman of the Index Committee at S&P David M. Blitzer argued that first-time home buyers have been the “weak spot in the market,” with hefty down payments, not rising mortgage rates, the likely culprit.

He believes home prices are more likely to slow than accelerate over the next two years, and thinks they’ve settled in at a steady 4-5% annual pace after some “bubbly” years.

This might be good news for those looking to buy a home who were previously priced out of the market. More moderate gains and realistic listing prices could draw some fence sitters back in.

Read more: What’s my outlook on the real estate market?

Source: thetruthaboutmortgage.com

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Scottsdale, Arizona, is known for its stunning desert landscapes and vibrant community spirit, and it’s no surprise that the city is home to a plethora of exceptional parks. Whether you’re a resident seeking a serene escape or you’re thinking about finding an apartment or buying a home in Scottsdale, Scottsdale’s parks offer a perfect balance between urban amenities and the tranquility of nature. In this Redfin article, we’ll delve into some of the most beloved parks cherished by the local community in Scottsdale, AZ. Let’s get started.

1. McDowell Sonoran Preserve

Spanning over 30,000 acres, the McDowell Sonoran Preserve is a true desert oasis in Scottsdale. This untouched preserve is a sanctuary for those who love the outdoors, offering an extensive network of trails for hiking, mountain biking, and horseback riding. Visitors can marvel at the breathtaking desert vistas, encounter diverse wildlife, and appreciate the unique flora and fauna of the Sonoran Desert. 

2. Chaparral Park

Situated in the heart of Scottsdale, Chaparral Park is an urban retreat that caters to a variety of recreational activities. Spanning over 100 acres, this park features lush green spaces, lakes, and a stocked fishing lagoon. Visitors can enjoy picnicking, barbecuing, and playing sports on the park’s expansive fields. Chaparral Park also offers amenities like tennis courts, a disc golf course, and a playground, making it a perfect spot for family outings and outdoor gatherings.

3. Pinnacle Peak Park

Pinnacle Peak Park in Scottsdale is a captivating destination for stunning desert views and exhilarating hikes. This 150-acre park features an iconic granite summit that offers panoramic vistas of the city and Sonoran Desert. Hikers of all levels can enjoy the well-maintained trail, which showcases diverse flora, unique rock formations, and potential wildlife sightings. It’s a thrilling outdoor experience that allows visitors to truly appreciate Scottsdale’s natural wonders.

4. McCormick-Stillman Railroad Park

McCormick-Stillman Railroad Park in Scottsdale is a charming destination that blends recreation and nostalgia. This 40-acre park offers a miniature train ride, antique carousel, and multiple playgrounds for visitors of all ages to enjoy. With picturesque picnic areas and vast green spaces, it’s perfect for relaxing outings with the family. Train enthusiasts will be delighted by the park’s remarkable collection of historic railroad artifacts and exhibits, creating a cherished destination that combines play and educational experiences.

5. Eldorado Park

Eldorado Park, situated in southern Scottsdale, provides a serene natural setting with a wide range of recreational amenities. Spanning 60 acres, this park showcases a large lake for fishing, paddle boating, or simply enjoying the peaceful surroundings. It also offers sports courts, a skate park, and picnic areas. With its lush greenery, shady trees, and inviting atmosphere.

6. Indian Bend Wash Greenbelt

Stretching over 11 miles, the Indian Bend Wash Greenbelt is a unique linear park that traverses through Scottsdale. This expansive green space follows the path of the Indian Bend Wash and offers a variety of recreational opportunities. Visitors can enjoy walking, jogging, and cycling along the well-maintained trails, which are adorned with public art installations. The park also features golf courses, lakes, and picnic areas, making it a versatile and scenic destination for nature lovers. 

7. Scottsdale Civic Center Park

Nestled in downtown Scottsdale, the Scottsdale Civic Center Park combines natural beauty with cultural attractions. This park features stunning fountains, lush gardens, and the iconic “LOVE” sculpture by Robert Indiana. Visitors can explore the park’s pathways, relax on the large lawns, and admire the contemporary art installations. The park also hosts various events and festivals throughout the year, showcasing the vibrant cultural scene of Scottsdale.

A final note on parks in Scottsdale

Scottsdale, Arizona, is blessed with an abundance of well-loved parks that offer a break from the desert heat and a chance to connect with nature. From vast desert preserves to urban retreats, Scottsdale’s parks cater to a range of interests, providing opportunities for outdoor recreation, relaxation, and appreciation of the unique desert environment.

Source: redfin.com

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If you’re attempting to feel out the housing market at the moment, consider this: People are reportedly camping out in their cars to snag the best lots in a new housing development outside Dallas.

Sure, it’s just one housing development in one city, but the message is clear; folks are getting crazy over real estate again.

It sounds more like a scene from a Black Friday deal at Walmart or Best Buy, but no, this has nothing to do with the latest PlayStation or iPhone.

Instead, these folks camped out (some in cars, some in tents, some on cots) to get the first crack at one of 83 homes that went on sale Tuesday in McKinney, TX, a popular suburb north of Dallas that is one of the top 10 fastest growing cities in the U.S.

First Texas Homes, which is selling the lots, said they expected to sell all of them within 24 hours of launching the sale.

As for why people camped out, it was to get so-called premium lots, such as corner lots. One person in the line already had their lot picked out and didn’t want anyone else to take it.

Meanwhile in Manhattan

It’s not just Texas that’s enjoying a real estate boom. In New York City, the price of real estate in Manhattan hit a new record high during the third quarter.

In the Big Apple, a single square foot would set you back an astonishing $1,497, per a new report from Douglas Elliman.

Douglas Elliman chairman Howard Lorber told CNBC, “Everything is selling fast, I don’t see how there could be a bubble.” Famous last words? We’ll see.

The price per square foot surged 18% from a year earlier and 11% quarter-to-quarter, thanks mainly to new condo developments in the city.

That, coupled with limited inventory, is keeping demand red hot and propelling prices to new highs, whether affordable to the masses or not.

Housing Affordability Best in Two Years

Despite all these home price increases, housing affordability has actually improved over the past couple years.

A new report from RealtyTrac found that while home price appreciation outpaced wage growth between Q1 2014 and Q1 2015 in 68% of U.S. counties analyzed, the average mortgage rate on the 30-year fixed slipped from 4.34% to 3.77%.

Additionally, because wage growth outpaced home price appreciation in 32% of counties included in the report, buying a home in the first quarter of 2015 required a smaller share of the average wage in 58% of counties nationwide.

Still, the average U.S. home price has risen 24% during the housing recovery (since the first quarter of 2012) while the average weekly wage has only chalked a seven percent gain over that period.

That means many regions of the country have fallen out of reach for a lot of potential buyers, especially first-timers that are integral to a sustainable recovery.

The good news is that the average wage has increased 34% since 2006, when home prices were at their least affordable levels in the past 10 years.

The combination of higher wages and lower mortgage rates has led to a 48% improvement in affordability since that time.

But if rates rise just a quarter of a percent, 13% of housing markets will exceed historical affordability norms.

So a lot hinges on mortgage rates staying put, which many believe won’t be the case for much longer. Interestingly, if wages increase and the economy looks better, interest rates will also probably rise, that’s just how the economy works.

If prices continue on their upward trajectory, a wage increase likely won’t help much if mortgage rates rise in tandem.

For the record, “virtually all markets in California and metro New York” are already out of reach, even with nationwide affordability still decent.

In places like Riverside, CA, Orange, CA, Kings, NY, Fairfax, VA, Cook, IL, and Suffolk, NY, wages are growing faster than home prices, but oddly enough homes in some of these places still aren’t affordable.

Perhaps home price appreciation is beginning to top out in some of these hot markets.

Either way, the mentality we’re beginning to see, where home sales are going down like a tent sale (no pun intended), is a bit disconcerting.

Sure, it’s not 2006 all over again, but we’re certainly heading that way, even with those unmissable low mortgage rates available.

Source: thetruthaboutmortgage.com

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Finishing school, joining the workforce and moving out on your own is a rite of passage for many young people. Today’s young adults are taking longer to make this transition, and doing it less often overall than previous generations, according to a new Zillow analysis.

In 1980, 1990 and 2000, the tipping point age at which more people lived independently than not remained steady at 23. But by 2007, it had risen to 25, and then to 26 in 2017. And not only does it take longer for young adults to begin living independently, but fewer people ever do. A smaller share of adults of every age lived independently in 2017 than 1980, including a 10-percentage-point gap for 40-year-olds.

Typically, adults begin living independently later in more expensive
metros, and the gap has widened over the past four decades. Since 1980,
the tipping point age has increased by an average of about four years in
metros in the top quarter of most expensive home values, compared to
about two years for metros in the bottom three quarters. In 2017, the
tipping point age was highest in Riverside, Los Angeles, New York and Miami
at 29. Each of these metros have seen their tipping point ages increase
by at least five years since 1980, while it has only increased one year
in less-expensive Oklahoma City, for example – from 21 to 22.

Young people today more often pursue higher education, which typically delays when they begin working full-time. In previous decades, people with a high school education lived independently at similar rates to those with a college education, likely due to the additional years of earnings they can accrue in their early 20s while their college counterparts are in school. Now, there is a significant gap. Those with a college degree are more likely to live independently than those with a high school education by age 26, and at age 30 the gap widens to 12 percentage points.

Changes in social and cultural norms, as well as affordability challenges, likely explain some of the shift. Young people today are more likely than their predecessors to live in urban cores, where housing is more expensive and rent price growth has hindered the ability of renters to afford a home without roommates or save enough of their salaries each month for a down payment. Increased demand for starter homes as the large Millennial generation reaches typical home-buying age, along with persistently low inventory, has contributed to robust home value appreciation in many large metro areas, making it more difficult for first-time buyers to get into a home.

“It’s true that people are becoming homeowners later and later in life, but even before that today’s adults are taking significantly longer to simply live on their own,” said Skylar Olsen, director of economic research at Zillow. “While some may consider the impact of evolving tastes and cultural norms, as economists we can point to very real changes in household budgets that make the classic tactics of sticking with mom and dad or extending those college roommate years past graduation more appealing. As the costs of life’s basics outpace incomes, parents that offer housing after their children’s schooling has ended can provide breathing space, allowing the next generation to begin paying off substantial college debt. Smaller, more accessible housing markets often tout not just the possibility of homeownership for today’s adults, but simply the opportunity for independence and privacy – features of life that major job markets struggle to offer more and more.” 

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]
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

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Located on the picturesque shores of Cape Cod Bay, Plymouth, Massachusetts, is renowned as the site of the Pilgrims’ arrival in 1620, making it one of the oldest towns in the United States. Living in Plymouth offers a unique experience, where residents are immersed in a rich history while enjoying modern amenities and a relaxed seaside lifestyle. From exploring iconic landmarks like Plymouth Rock and the Mayflower II to indulging in outdoor adventures along the pristine beaches and lush trails, there is never a shortage of things to do in Plymouth. So whether you’re searching for apartments for rent in Plymouth or homes for sale, read on for a Redfin guide on fun things to do in your new city.

1. Start your journey at Plymouth Rock

Exploring Plymouth Rock is a fun thing to do when living in Plymouth. This iconic symbol of American history holds a captivating allure, allowing visitors to connect with the Pilgrims’ arrival in 1620 and the founding of the Plymouth Colony. Standing in front of this monumental rock evokes a sense of awe and wonder, as one can imagine the challenges and triumphs experienced by those early settlers. Additionally, the surrounding area offers numerous attractions to enhance the experience. Visit the nearby Pilgrim Hall Museum, which houses an extensive collection of artifacts and exhibits detailing the pilgrims’ journey.

2. Take a stroll along Plymouth Harbor

The harbor offers a picturesque setting with its serene waters, charming marinas, and bustling waterfront atmosphere. Whether strolling along the promenade or renting a kayak, you can immerse yourself in the harbor’s beauty while enjoying various recreational activities. For nature enthusiasts, a harbor cruise provides an excellent opportunity to spot diverse marine life, including seals and seabirds, and learn about the area’s rich maritime history. The harbor is also home to several fantastic seafood restaurants where visitors can savor freshly caught lobster, clams, and other delectable dishes while savoring the pleasant waterfront views.

3. Step aboard the Mayflower II

For newcomers to Plymouth, exploring the Mayflower is an immersive experience that brings history to life. The Mayflower II is a meticulously crafted replica of the original ship that transported the Pilgrims to the New World in 1620. As you walk the weathered decks and venture below, you’ll gain a profound appreciation for the hardships and resilience of the Pilgrims during their voyage. Engage with knowledgeable guides who share intriguing stories and insights, offering a glimpse into the daily lives of those early settlers.

4. Make your way to the Myles Standish State Forest

Myles Standish State Forest in Plymouth is a  vast natural oasis spanning over 12,000 acres, encompassing serene lakes, lush forests, and winding trails, making it an ideal destination for outdoor enthusiasts. Upon arrival, visitors are greeted by the refreshing scent of pine trees and the soothing sounds of nature. The forest provides many recreational activities, such as hiking, biking, horseback riding, fishing, and camping. Traverse the well-maintained trails, allowing yourself to get lost in the beauty of the surroundings, or embark on a serene kayak or canoe ride along one of the picturesque lakes.

5. Spend a day at Plymouth Long Beach

Visiting Plymouth Long Beach in Plymouth is a great coastal experience that offers a perfect blend of relaxation, recreation, and natural beauty. Begin your visit by strolling along the pristine sandy shoreline, feeling the soft sand beneath your feet, and enjoying the refreshing ocean breeze. The beach stretches for miles, providing ample space for sunbathing, picnicking, and building sandcastles. Enjoy a refreshing swim in the clear, blue waters or try various water sports like paddleboarding, kayaking, or even surfing, as the beach offers favorable conditions for beginners and enthusiasts alike.

6. Visit the Plymouth Center for the Arts 

The Plymouth Center for the Arts is a vibrant cultural hub that serves as a platform for local and regional artists to showcase their talent. The center hosts diverse art exhibitions featuring various mediums such as painting, sculpture, photography, and mixed media. Visitors can immerse themselves in the art world, exploring thought-provoking and visually captivating works that reflect the artists’ unique perspectives. 

7. Explore the Plymouth Farmers Market

Wandering through the Plymouth Farmers Market is a fun activity that showcases the vibrant local community. As you enter the market, you’ll be greeted by a bustling atmosphere filled with the enticing aromas of fresh produce, artisanal goods, and delectable treats. The market is a treasure trove of locally grown fruits and vegetables, homemade jams and preserves, artisan cheeses, baked goods, flowers, and much more. 

8. Immerse yourself at the Plimoth Patuxet

The Plimoth Patuxet provides a unique opportunity to step back in time and experience firsthand the daily life, customs, and traditions of the 17th century. Engage with costumed interpreters who portray Pilgrims and Wampanoag people, gaining insights into their respective cultures, trades, and ways of life. Take time and explore the meticulously recreated 17th-century English village. It is complete with thatched-roof houses, gardens, and workshops to get a sense of the challenges and triumphs faced by the early settlers.

9. Embark on a whale watching trip

Plymouth is renowned for its abundant whale populations, including humpback whales, finback whales, and even the majestic North Atlantic right whale. As you scan the horizon, keep your eyes peeled for the telltale signs of their presence—spouts, breaches, and flukes emerging from the water. When you spot a whale, time seems to stand still as you witness their graceful movements and colossal size up close. The thrill of seeing these majestic creatures in person, they’re gentle giants of the sea, leaves an indelible mark on your memory. In addition to whales, it’s common to encounter other marine life, such as dolphins, seals, and various seabirds, adding to the excitement of the experience.

10. Go wine tasting at Plymouth Bay Winery

Plymouth is home to several wineries and vineyards that offer unique tasting experiences, showcasing a variety of locally produced wines. One such destination is the Plymouth Bay Winery, where visitors can sample fruit wines made from locally sourced cranberries, blueberries, and other fruits. The winery’s cozy and inviting atmosphere and the friendly and knowledgeable staff create a memorable experience for wine enthusiasts of all levels. Another must-visit spot is the 1620 Winery & Wine Bar in the heart of historic Plymouth. Here, guests can enjoy tastings of award-winning wines crafted from premium California grapes while taking in the ambiance of the elegant wine bar.

Source: redfin.com

Apache is functioning normally

Before 2020 went on lockdown and the economy along with it, the rental proposition was still in need of restructuring. Developers focused on what they thought was the emerging millennial generation, sometimes described as, “entitled,” or “self-serving,” but unfortunately they were missing the mark. That’s not describing millennials, but rather an overly broad stroke encompassing Gen Y and Gen Z. Millennials are growing up, (between the ages of 26-40 now) creating businesses, and families. The need for flexibility, convenience, amenities, walkability, and affordable housing will continue to grow with this demographic, and will likely grow with Gen Y and Gen Z as well. Additionally, with the efforts to stop the spread of COVID-19, it is now more important than ever that industry leaders across the board meet the demands of consumers for digital services, on-demand resources, and adaptability. The modern-day renter is in search of affordable housing, in safe and up-and-coming areas, at affordable rates, and a single-source platform for usability, appreciation and ease.

Moreover, today’s tenants are attracted to conveniences rather than curb appeal and large layouts. Our tech-based world is driving busy lifestyles and the need for faster commutes, walkable amenities, transportation services, and entertainment. The rental model should be equipped to handle these expectations, and provide renters with incentive-based programs that digitally enhance and support their needs. Single-source platforms offering products and services are becoming more sought after, and Leasera is leading the way for the modern-day renter. As we move forward and see the economic changes coming, the volume of renters and the option for flexibility and access will only continue to grow. It is our job to support this demographic as they navigate the housing market.

Supporting the Modern-Day Renter Now

SUPPORT that serves renters as well as property managers or owners.

Source: geekestateblog.com

Apache is functioning normally

Six years ago, a groundbreaking book on how the federal government succeeded in creating a racially segregated country hit the shelves. In “The Color of Law: A Forgotten History of How Our Government Segregated America,” author Richard Rothstein painstakingly detailed how policies from the government, developers, and mortgage lenders over the past century carved up the country, dictating which race could live where.

The award-winning book changed the conversation about how housing discrimination continues today. People of color who were denied the opportunity to become homeowners decades ago are still suffering the consequences. Unlike their white peers, they were prohibited from building wealth through homeownership, which could have been passed down to future generations.

For his next book, Rothstein teamed up with daughter Leah Rothstein to write about what everyday people can do to combat the legacy of racial segregation. “Just Action: How To Challenge Segregation Enacted Under the Color of Law” was released last month. Leah has a background in working as a community and union organizer and as a consultant to affordable-housing developers and local governments.

Realtor.com® spoke with Leah about how racial segregation persists today and the steps that readers can take to fight housing discrimination. Her responses have been edited for clarity and brevity.

How are the effects of segregation and other forms of housing discrimination apparent in how we live today?

Every metropolitan area in every part of the country is segregated by race today with some neighborhoods that are all or almost all white and some that are all or almost all African American. And this isn’t just a benign separation of people. This is also a separation of resources.

White neighborhoods consistently are better-resourced than African American neighborhoods. They have better-resourced schools, less pollution and lead paint, more grocery stores selling fresh food, more bank branches, more open space, transportation options, and access to jobs.

Because of this segregation of people and resources, Black children who live in segregated neighborhoods grow up to have worse health, educational, and income outcomes than white [children]. They grow up to have higher rates of cardiovascular disease and cancer and shorter life expectancies than whites, in large part because of the neighborhoods in which they live.

Government policies subsidized white homeowners to buy homes in the mid-20th century when homes were affordable. [Government policies also] explicitly prohibited African Americans from doing the same. As a result, those white families were able to accumulate wealth through their homes’ appreciation in value that they could then pass down to their children. [However], African Americans were banned from building wealth in the same way.

As a result, today, while average African American household income is 60% of white household income, average African American household wealth is only 5% of white household wealth. This wealth disparity is due to government policy and continues to limit African Americans’ ability to buy homes and where they can live.

What has changed since ‘The Color of Law’ was published in 2017?

“The Color of Law” demolished the myth that our country is segregated “de facto” or by accident, because of private action or personal preference. Through example after example, my father, Richard Rothstein, demonstrated that segregation was created and maintained by explicit and intentional actions by government at all levels—local, state, and federal—to ensure that Blacks and whites don’t live near each other. Because so many people read that book, that de facto segregation myth has less currency than it once did.

We now better understand the true history of how our communities came to be segregated: through unconstitutional actions by our government. When we understand this, we understand that we have an obligation to do something about it—to challenge segregation and remedy the harms it has caused.

We wrote “Just Action” to provide examples of the dozens of policies and strategies we can pursue on the local level to begin to challenge and redress segregation.

Do you believe that the impact of segregation and housing discrimination can ever be overcome?

Where we live impacts many aspects of our lives, and living patterns are difficult to change. But changing them is not impossible. That’s why we wrote “Just Action,” to show that there is a lot that can be done to have an impact on segregation and housing discrimination. It’s not so overwhelming that we should throw up our hands and do nothing.

In fact, there are many strategies that communities across the country are successfully implementing. We very purposefully focus on what can be done on the local level. We are so polarized on the federal level that we don’t believe we have the federal political will to enact these changes nationally. But we can build that political will locally by talking to our neighbors, learning about the issues, and taking action to change policies and practices.

Furthermore, while the federal government had a large role to play in creating segregation, once segregation was established, it has been mainly local policies that continue to maintain and perpetuate it. Groups working on local issues can have a big impact in challenging segregation by focusing on these local policies.

What sorts of actions can everyday people do to fight housing discrimination and the effects of segregation?

There are many actions we can all take. First, we need to form biracial, multiethnic groups in our own communities. To do that, we need to take the extra steps necessary to overcome barriers to building cross-race relationships. [The groups] can campaign to enact inclusionary zoning policies to require that new housing developments include affordable units and advocate that African Americans have priority to buy or rent those units.

They can support community land trusts, which create permanently affordable homeownership opportunities and can prevent displacement in gentrifying neighborhoods. They can advocate for outlawing discrimination against those who receive federal rental subsidies and then support efforts to ensure that anti-discrimination laws are enforced. They can work with local banks to reform how they calculate credit scores to have a less discriminatory impact on African Americans and provide more opportunity for African Americans to buy homes. They can start or support down payment assistance funds for African American homebuyers.

They can pressure local government and institutions to support fair housing centers to monitor and enforce anti-discrimination laws. They can support legislation to protect renters from unjust evictions and start programs that provide legal counsel to low-income tenants facing evictions. They can advocate for changing zoning laws to allow more diverse and affordable housing options in exclusive communities.

These are just a few of the many examples we describe in “Just Action.” There are many more. Which action a local group starts with will depend on their community’s unique opportunities and challenges, but there isn’t a lack of options for strategies to pursue or support. We just need to get started.

Source: realtor.com

Apache is functioning normally

Late last year, Zillow said home prices needed to come down about 25% to become affordable again.

Around that same time, mortgage rates hit their highest point in 20 years, with the 30-year fixed surging above 7%.

That led many to draw the conclusion that relief was in sight, at least if you were a prospective home buyer.

And indeed, home prices did fall shortly after, coming down 3.3% in March, per Redfin, the largest year-over-year decline since 2012.

But that was then, and this is now. In May, home prices hit a new all-time record high. What on Earth is going on?

After a Brief Pause, Home Prices Are Reaccelerating

The pandemic-fueled housing market is the stuff of legends. Just look at this chart from the FHFA, which oversees Fannie Mae and Freddie Mac.

Home prices had already surpassed the prior housing bubble peak before COVID-19 reared its ugly head.

But just look how much higher they climbed from 2020 onward. This explosive growth worried the Fed, which was also dealing with out-of-control inflation.

And led to Federal Reserve Chairman Jerome Powell calling for a housing market “reset,” which he believed could be accomplished via countless interest rate increases.

As noted, it did indeed lead to a massive spike in mortgage rates, with the 30-year fixed more than doubling from the low-3% range to over 7% by late 2022.

Eventually, that did dampen home prices, with some reporting it as the second largest home price correction of the post-WWII era.

Problem is, it was short-lived, and if you consider how much home prices went up prior to the correction, it was a drop in the bucket.

Yes, some areas of the country have fared worse than others, but most markets nationwide have proven to be quite resilient.

This has a lot of housing bears, renters, prospective buyers, and economists in general scratching their heads, wondering why home prices aren’t dropping.

There’s Still No Housing Supply Out There

One of the major themes in the housing market since prices bottomed in 2012 has been a lack of supply.

And it really hasn’t changed much since then. In fact, by some measures housing inventory has worsened.

For example, Redfin reported last week that months of supply was a mere 2.6 months, close to its lowest level in a year.

Similarly, Black Knight noted that for-sale inventory has improved “modestly,” but remains 51% off pre-pandemic levels.

Generally, four to five months is considered a balanced market, with less supply tipped in favor of sellers as opposed to buyers.

As to why, there’s been a shortage of homes for sale since the 2010s, generally due to underbuilding. Further exacerbating that shortage has been the so-called mortgage rate lock-in effect.

Simply put, most homeowners have 30-year fixed-rate mortgages set at 2-3% (or even sub-2%), effectively locking them into their homes.

This is either because they can’t leave (due to a lack of affordability) or because they choose not to (they don’t want to buy a replacement home with a 7% mortgage).

Taken together, there are simply not enough homes on the market, despite decreased demand from buyers.

Yes, demand is also down, as the Fed expected it to be, due to much higher mortgage rates. And still-high home prices.

But because supply is also so low, with active listings down 12% year-over-year, low demand isn’t enough to push down home prices.

That’s an important thing to highlight because the housing market isn’t particularly hot. It’s just a lack of supply that’s keeping things together.

But Affordability Has Never Been Worse!

Those rightfully critical of sky-high home prices have pointed to historically bad affordability.

Lofty asking prices and much higher mortgage rates require a $2,258 monthly principal and interest payment on a median-priced home with 20% down and a 30-year mortgage set at 6.67%.

This is the highest payment on record, per Black Knight, and up markedly from levels seen just a few years prior.

In Los Angeles, 68% of median income is required to buy the average home, which is clearly too much.

Black Knight pointed out that we’d need a 30% drop in home prices to get back to “normal affordability.”

The alternative is 19% income growth if home prices remain flat and mortgage rates fall to 5%.

In the meantime, home prices are simply too high from an affordability standpoint, which explains weak demand.

But because supply remains constrained, home prices defied expectations and chalked an impressive 0.7% month-over-month gain in May.

That could put annual appreciation close to 9% again, which would be seemingly ridiculous given the high mortgage rates currently on offer.

However, we need to remember that home prices and mortgage rates aren’t negatively correlated. Both can rise or fall together.

For example, the economy could fall into a recession, pushing mortgage rates down while also driving property values lower.

Or the reverse could happen. A robust economy, similar to the one we’re in now, could push interest rates up and home prices along with it.

In other words, you need a catalyst to tank home prices, such as massive unemployment, which has yet to materialize.

Some Housing Markets Faring Worse Than Others

While national home prices appear to have resumed their upward trajectory, after a very brief pause, not all housing markets are performing the same.

The worst at the moment is once-hot Austin, Texas, where prices are off a sizable 13.8% from their peak.

Interestingly, “inventory there continues to run above pre-pandemic levels,” which might kind of sum up the situation nationally.

In places where inventory hasn’t declined (or worse, risen), home prices are under pressure, which is logical given affordability issues.

But per Black Knight, so far this year active listings have fallen in 95% of major metros and remain 50% lower than pre-pandemic levels.

So other markets that were struggling, such as Seattle and San Francisco, have bounced back as their inventory has swung from oversupply back to undersupply.

This might explain why home prices aren’t dropping, even with 7% mortgage rates.

Keep an eye on inventory, and less on mortgage rates, to determine where home prices go next.

Source: thetruthaboutmortgage.com