Real Estate News in Brief

real estate news

FOREIGN BUYER VOLUME DOWN 36% FROM PREVIOUS YEAR

The National Association of Realtors reported that the number of home sales to foreign buyers from April of last year to March of this year has dropped 36%. This drop is a caused by several factors that are outlined in NAR’s 2019 Profile of International Transactions in U.S. Residential Real Estate .

According to Lawrence Yun the chief economist from NAR “slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale.” all of which add up to show less confidence in owning property in the US.

China is one of the largest buyers of US Real Estate that also showed one of the largest pull backs in purchases. These cut backs are attributed to the Chinese government tightening controls on foreign expenditures in their effort to keep money inside their country.

Read More MAREI.org/ForeignBuyer2019———-

HARVARD REPORT ON HOUSING

The Joint Center for Housing Studies of Harvard University released its 2019 Housing Report. It covers all aspects of housing for both renters and homeowners.

Rental Demand: The report shows a minimal decline in demand, mostly in the larger more expensive metros, while the smaller markets show a few gains. Plus there was an increase in older rentals and higher-income households.

Rental Construction: The report shows the construction of rental housing being strong in 2018 with an increase in upgraded amenities that helped boost rents.

Existing Rentals: The report shows that the nation lost 338,000 units from 2016 to 2017 the biggest decline in 15 years. The largest losses were in single-family rentals. This loss was attributed to rentals converting to owner-occupied homes.

Rental Rates: Rental rates continued to climb attributed to low vacancy rates. Despite higher rents and low vacancies, the cost of doing business has put the squeeze on landlords profits. At the same time, as housing gets more expensive, the number of cost-burdened renters is growing.

Forecast: Baby Boomers are trending more to aging in place by modifying their existing housing instead of moving. Although some downsizing is expected.

Millennials are expected to account for almost 2/3rds of household growth in the next decade with demand for entry-level homes and singlefamily rentals.

Read more MAREI.org/Harvard-Report———-

DEADLINE FOR JACKSON COUNTY PROPERTY TAX ASSESSEMENT APPEALS EXTENDED AGAIN

When the Jackson County Property Tax Assessments came out this spring, home owners and news stations were baffled as to how the assessments were calculated. Investigations show that because of lack of access to the local Multiple Listing Service data provided by local Realtors, free generalized data was used.

A class action lawsuit was filed, an extension through July 29th was granted and community leaders are still working to freeze the current process, to have the state investigate, and to change the process.

This past Tuesday, July 30th, the Board of Equalization decided to extend the formal appeal deadline yet again to September 3rd.

GRANDIEW TO REVIVE CRIME FREE MULTI-HOUSING INITIATIVE

Grandview police just revived an old crime reduction program whereby tenants can be evicted for illegal activity. Taught by the Police Departments in many of the metro cities in conjunction with Mid America Crime Free Inc, this program gives the tenants the option to sign a lease addendum that says if they engage in criminal activity, they can be evicted immediately.

To learn more about the program and its coordinators, and to sponsor or attend a future FREE Crime Free 8 Hour Seminar, go to KCCrime- FREE.com