According National REIA’s Charles Tassell, “Opportunity zones offer real estate investors strong incentives to invest in designated low-income census tracts…these zones could be the next thing.”  This observation and more are part of a recent article in the March issue of DS News where Tassell gives readers the ins & outs of these Opportunity Zones.

“National REIA members tend to improve neighborhoods one home at a time, bringing vacant and distressed housing back online and thereby improving the communities and tax rolls. In opportunity zone communities, investors and developers could all benefit through vibrancy or redevelopment partnered with development, incentivized by this federal program.”

Click here to read the in the DS News March 2019 issue.

Click here to download a PDF of the article only (pages 66-69).

The U.S. Department of Housing and Urban Development (HUD) recently announced it was dramatically reducing the advance notice it provides to public housing authorities (PHAs) and private owners of HUD-subsidized apartment developments before their housing is inspected to ensure it is decent, safe and healthy. HUD’s new standard provides PHAs and private owners of HUD-assisted housing 14 calendar days’ notice before an inspection, a dramatic reduction from the current notice which can frequently extend up to four months.  The notice was part of a wholesale reexamination of REAC’s inspection process that Secretary Carson launched shortly after taking office. HUD will be consulting with PHAs and property owners over the next several months to discuss other improvements to REAC’s process.

“It’s become painfully clear to us that too many public housing authorities and private landlords whom we contract with were using the weeks before their inspection to make quick fixes, essentially gaming the system,” said HUD Secretary Ben Carson. “The action we take today is part of a broader review of our inspections so we can be true to the promise of providing housing that’s decent, safe and healthy to the millions of families we serve.”

Click here to read the full release.

The folks over at Fortunebuilders say there are several types of investment properties investors should become familiar with, including residential and commercial. Today’s infographic helps identify the various types in order to help investors determine what’s best for them.  Happy Friday!!!

Which suburbs have seen the largest boom in renters?  A recent report at RENTcafe analyzed data from Yardi and the U.S. Census Bureau to show which suburbs have led the way in the growth of rentals.  They looked into renter population changes between 2011 and 2016 to uncover the suburbs that peaked the most and analyzed the changes in rental prices.  From their research, they determined that the suburbs with a high influx of renters have also seen rents rise at a faster than the average pace.  Go figure…

“During the past few years, there has been a notable increased interest in suburban renting, whether caused by downsizing retirees, relocation or immigration. But some suburbs have led the way, seeing rapid development and spectacular gains in renter population.”

RENTcafe’s interactive table can be sorted five different ways to look at the data.

Click here to read the full story at RENTCafe.com.

We have had several recent posts about the economic condition of the home flipping market. With that in mind, a recent post on BizWomen says that in several housing markets there is a shortage of distressed and run-down properties that is making it harder for house flippers to find profits.  They point out that profits from flipping have shrunk to 38% from 42% over purchase prices, however they add that they’re actually lower when you factor in the renovation and remodeling costs.  And, as always, we have to mention that one elusive generational cohort’s effect on the market:

“Realtor.com, while reporting mixed numbers on the state of home flipping in 2018, still finds that Millennials are an attractive market for house flippers…..Millennials ‘want to move into a home that requires minimal work,’ Charles Tassell, chief operating officer at National Real Estate Investors Association, told Realtor.com.”

Click here to read the full story at bizwomen.

Remodeling Magazine recently released their 32nd annual Cost vs. Value Reportcomparing remodeling projects & upgrades with the value they retain when the property is sold in 136 U.S. housing markets.  It’s all about the ROI…

“While the overall changes since last year are modest, the 2019 Cost vs. Value report reflects the robust market that the remodeling industry has enjoyed over the past year. All projects covered in the report show an increase in value over the previous year…”

Click here to read the full report at Remodeling.com.

Realty Check’s Diana Olick says that while demand is ticking up for housing, thanks to lower interest rates, there are just too few entry-level homes for sale.  She points out that the homes Homebuilders are building are largely in the move-up and luxury sectors, not entry level.   Indeed….

“Affordability is still an obstacle…The trouble is that while there are more houses coming on the market, and prices are easing slightly, there are still not enough affordable homes for sale.  Supply is increasing largely because homes are sitting on the market longer.”

Click here to watch State of the Housing Market on CNBC.

Existing home sales might be dropping overall but that doesn’t mean it’s happening everywhere. Realtor.com recently took a look at the nation’s largest 200 markets and identified the top 10 that were skyrocketing.  They say that these strongest housing markets have “so far have eluded the shifting tides, with double-digit annual price growth.”  Be sure to check out the story as it goes into particular detail about each city and why it made their top ten list.

“Even with the deceleration in home price increases … we are still seeing strong home buying in smaller metros that have good affordability and solid job growth,” says Frank Nothaft, the chief economist at Corelogic, a real estate data firm.

The top 10 skyrocketing housing markets are:

1. Chico, CA
2. Birmingham, AL
3. Spokane, WA
4. Greensboro, NC
5. Columbia, SC
6. South Bend, IN
7. Trenton, NJ
8. Reading, PA
9. Killeen, TX
10. Milwaukee, WI

Click here to read the full story on Realtor.com

If a tenant has frozen pipes and calls the landlord or property manager to come fix the issue, who is supposed to pay for the maintenance?  Veteran landlord and property manager Hank Rossi answers questions like this and many more from landlords and property managers around the country about their rentals.

About the author Landlord Hank:

“I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.

Once again Zillow has expanded their home buying/selling program in several more U.S. markets in 2019.  According to HousingWire, Zillow will be soon be buying & selling homes in Miami, Minneapolis-St.Paul, Nashville, Orlando, Portland, Dallas, Raleigh (NC), Houston, and Riverside (CA).  As we have previously posted, Zillow’s Offers Program pays cash to buy houses from qualified sellers.  After the sale is complete (the seller gets to choose a closing date) the home will then be relisted.  The program is already in operation in Phoenix, Las Vegas, Atlanta, Denver and Charlotte, South Carolina.  Indeed….

“With today’s announcement, we are excited to continue to rapidly scale Zillow Offers throughout the country and we are well on our way to delivering a simple, on demand real estate experience to consumers in at least 14 markets this year,” said Zillow President, Jeremy Wacksman.

Click here to read the full story on HousingWire.com.