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Articles from Real Estate Bloggers |
Record housing market in 2007
2008-01-16 13:58:17
Canadian real estate market tops $100 billion
The Canadian housing market soared to record levels in 2007, according to a report released Tuesday by the Canadian Real Estate Association (CREA), with new listings, average price and dollar volume in Canada’s major markets all reaching their highest annual levels ever.
Existing home sales hit $118.3 billion for the year, the first time the figure has ever topped the $100 billion mark, said CREA president Ann Bosley. The sales total represented a 19.6% increase from the previous record set a year earlier.
“The statistics show just how dynamic the Canadian housing market was in 2007 in virtually all parts of the country,” said Bosley, despite concerns that the Canadian market would suffer the same kind of downturn as that being experienced in the U.S.
The average price for a resale home sold through the multiple listing service (MLS) rose 10.8% year-over-year in 2007 “? the largest annual increase in 18 years.
In th ...
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Real Estate market over $100 Billion
2008-01-16 13:06:32
The resale housing market cracked $100-billion in sales activity for the first time in Canada’s 25 largest markets, according to the Canadian Real Estate Association. The Realtor group said 362,934 units sold last year, a 7.9% increase from a year ago. Annual sales records were set in Regina, Saskatoon, Winnipeg, Toronto, London and St. Thomas, Hamilton-Burlington, Kitchener-Waterloo, Ottawa, Montreal, Quebec City, Saint John, Halifax and Newfoundland and Labrador
“The statistics show just how dynamic the Canadian housing market was in 2007 in virtually all parts of the country,” said Ann Bosley, president of CREA. “The record sales activity shows it remains a very affordable real estate market.”
In terms of sales, the Canadian real estate market appears to have peaked in the second quarter. However, the drop-off has been moderate with sales in the fourth quarter down only 1.6% from the third quarter.
For the year, CREA said the dollar figure for sales in ...
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2008 is Going to be GREAT for San Francisco Real Estate!
2008-01-16 05:38:08
First, I’m not exactly sure if the happy hippie in the picture has anything to do with San Francisco real estate, but I guess San Francisco IS the birthplace of the hippe movement, so maybe it fits in somehow.
Second, I hope you noticed that the title to this post rhymes - I put a lot of energy and effort into that little bit of poetic verse for you, my loyal readers.
And third, I think there’s good news happening in the SF real estate market. Now, feel free to take the title of this post with a grain of salt (or a couple of grains of salt followed by a shot of tequila and some lime) - but I think that there might be a decent housing market in San Francisco on the horizon.
And no, I haven’t started taking shots of tequila myself. I’ve spent the morning at the Zephyr weekly sales meeting where we spent some time tossing around our impressions of what’s really going down in the town.
And what pray tell gives me the nerve to be so damn optimistic to ...
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Real estate expectations for 2008
2008-01-14 13:37:47
The meltdown of the U.S. real estate market has many homebuyers wondering if and how it will affect the housing market in Canada, but market analysts feel the problems the U.S. is experiencing should have little impact on real estate in this country.
In fact Statistics Canada recently reported that the home ownership rate stands at its highest on record. Given the combination of consistent and relatively low interest rates, the availability of longer mortgage amortizations periods, and the fact that Canada’s population continues to grow, it’s not surprising that more and more people continue to enter the real estate market here.
In The Emerging Trends in Real Estate Report 2008, released by U.S.-based Urban Land Institute and PricewaterhouseCoopers, it sheds light on some of the fundamental differences on why Canada isn’t expected to experience the same downturn as the U.S. market. Interviews with real estate executives in both Canada and the U.S. help explain a few ...
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The Real Estate Scientist Strikes Again: Pricing Your Home
2008-01-14 06:48:42
This month’s issue of The Atlantic reports on research by Cornell University’s Manoj Thomas and his colleagues which found that consumers perceive round prices, such as $390,000, as being higher than prices such as $391,534. Round prices were in turn found to be correlated with a lower final sales price. Professor Thomas’s research, posted to the Web last week, validated findings first reported by Redfin in March 2007, based on an analysis of more than 30,000 2006 homes sales in Seattle, Washington. We would have included our March 2007 findings in our original Real Estate Scientist report, but worried that our data lacked a plausible rationale.
The Cornell study, which evaluated empirical data for 27,000 home sales in Florida and Long Island but also included a controlled trial, took the next step to understand the consumer behavior behind the numbers: when researchers presented 90 college undergraduates with a hypothetical home for sale at different prices and aske ...
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Mortgage News on the Run - Follow Me on Twitter
2008-01-14 06:00:27
As if you haven’t noticed lately I’ve eschewed rapid-fire news updates in favor of less frequent, more in-depth thought pieces. I figure you can read the news anywhere; but maybe I have a gem or two in my head that may add some color to the landscape.
However, I have a nagging urge to report the news as it breaks. I feel I owe it to you all. I just don’t have the time to review, quote and comment here now or in the foreseeable future.
Enter Twitter. If you are unfamiliar with Twitter ask your kids. They’ll tell you that it’s the latest in short-form communication that’s been hot with the Web 2.0 crowd for the last year.
If you want a stream of news updates on the mortgage industry (and some random thoughts from yours truly) follow me on Twitter at: http://twitter.com/morganb
You’ll get the links to the top headlines with a few words of thought. Much better than nothing.
WARNING: You’ll get some random football updates, thought ...
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Some Economics of Wholesale Lending: Yet another Reason Why it’s a dead man walking.
2008-01-14 02:52:57
With permission, I’ve done some number crunching on an actual deal that actually closed. These borrowers were not risky, AAA+ borrowers, low LTV on great house here in central Ohio. Over the summer, they chose to refinance. Since they were strong borrowers, the loan was clear to close before locking. We chose to close their 15 year fixed loan at 6.375, which was a decent rate at the time. Our price was 102.8 on a $270,000 loan. We used our some of this to pay closing costs, and the rest was profit.
This means that the lender we used paid us $7,560 in real money to close this loan for the clients. They had the original 6.375 loan for 138 days. This means that ALL the interest that was collected was $6507. They paid me to do this loan, and lost $1,053 for the privilege of having this loan for a while.
Right now, I can offer these people a similar deal at 5.75. This is paying 2.69% from one of my ca ...
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New-home prices surpass forecasts
2008-01-14 01:34:14
But building permits fall almost 10%
Prices for new homes grew faster than expected in November, according to figures just released by Statistics Canada. Prices rose 6.1% on a yearly basis and 0.5% from the previous month. Economists had been expecting slightly lower increases in both cases.
Booming commodity prices helped Saskatoon lead the country once again, as the area saw prices jump 47.9%, while Windsor was the only city in Canada to see year-over-year deflation, with prices falling 1.7% from a year ago.
In other housing-related news, the value of building permits issued fell more than expected in November, tumbling close to 10% from October.
But the total value of building permits issued by municipalities hit $68-billion in the first 11 months of 2007, a 12.4% jump from the first 11 months of 2006 and higher than the previous record of $66-billion, also set in 2006.
“Obviously the Canadian housing market, though still very healthy, has been losing steam (housing starts to ...
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Open House the Way to Attract Potential Buyers
2008-01-14 00:52:28
Every property listing home owners place with Fizber.com has now the capability to also give potential clients information about the open house schedule, giving buyers the opportunity to meet sellers in person and giving sellers the opportunity to close the deal.
...
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Over, Under, At - SF Home Sales: January 5 - 11, 2008
2008-01-13 22:09:53
Welcome back to the “Over, Under, At”¯ weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
*Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.
As predicted last week - sales are slooooooow. Not too much stuff is closing, but as I mentioned before, these are sales that went into contract during the slow season, so this shouldn’t be a surprise and doesn’t indicate anything about the way the market will move in the upcoming months. In fact, with interest rates falling, the next few months should bring us more closed sales as buyers are able to make more reasonable mortgage payments. If you have questions about the state of the market, or are interested in seeing if now is a good time to buy or sell your home, please contact me, I’m always happy to help in any way t ...
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Waiting”¦.
2008-01-12 15:49:06
Real Estate Scientists are a No-Show
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Impending tax drives home sales
2008-01-09 13:57:50
Toronto housing purchases up 21% in what is usually a slow period - slowdown expected after tax takes effect in February
Buyers racing to beat Toronto’s incoming land transfer tax created an uncharacteristic spike in home sales over the holiday season, but a slowdown is on the horizon after the tax comes into effect. “The fourth quarter of any calendar year tends to be very slow for the real estate market, but this was anything but slow,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “It is painfully obvious that the new tax that’s being imposed on people in Toronto’s 416 area drove activity.”
As of February 1, Toronto home buyers will pay a new fee to the city in addition to the existing provincial land transfer tax. It will nearly double the tax bill for home buyers, raising the tab on a $375,000 home to $7,575 from $4,100.
“The rate of activity in areas where the tax will not impact people was mu ...
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C-Note Art Show @ JunctionView Studios - March 6th & 7th
2008-01-09 07:26:15
This looks like a great event that all 43215 artists should be a part of and all 43215 residents should attend:
The C-Note Art Show is now taking shape. For background, the C-Note will be a price point art show and sale if you will. This entails that all pieces will be sold for no more and no less than $100 each. The event will feature art of all mediums and sizes and their will be no restrictions on the number of works you can enter. So if you have some works in your studio that you would like to turn into project money of a brand new piece you would be willing to let go for $100 then you are highly encouraged to submit your work. This is just as easy as going to www.cnoteartshow.com and creating an artist profile. From there voting will begin and those artists with the highest amount of votes will receive first chance to have their work get hung.
The event expects to have hundreds of artists and individual pieces of art. It is also very much a part of the concept of the sho ...
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