Sep 18, 2016|
Opening doors for buyers and sellers with critical and credible information on the real estate market. Fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is. Real estate today. The number one real estate show on. On the radio. I'm too realistic today. Backed by the professional experience of real tours from across America we're the most trusted source on the radio for help today real estate information. Real estate today is presented by the national association of real tour and Israel to remembers it in your neighborhood. Hi there I'm Stephen gaffes great and today we have a very special show for you looking ahead at the fall market. No of course summer unofficially ended on Labor Day. But as you probably know it's still summer right now until this coming Thursday. That's when fault really begins to end as the seasons change what will happen in realistic and how will that affect you. The phone market is straight ahead but first let's go to the realistic to the newsroom with bill Thompson's I don't. Stephen. There is no housing bubble. Shell says Neil Richardson chief economist for red trim who'd told CNBC this market just doesn't fit the definition. Helio bubble is marked by speculative buying and building. We're not seeing speculated building by any means in fact new construction is short of historical and aren't we need more inventory. And that's a point with which Quicken Loans CEO Bill Emerson agrees he was also on CNBC. And it really what you have going on here is a complete lack of inventory. And a lack of inventory is causing price increases that take place. And Emerson does I don't think you have the fundamentals the lead to that bubble. The national fair housing alliance has joined nine local fair housing organizations. In filing a discrimination complaint against Bank of America. They say the bank takes better care of foreclosed properties in white neighborhoods that it does in African American or Latino communities. The new evidence of alleged discriminatory treatment but VOA is being added to an existing federal fair housing act complaint. In a statement Bank of America refutes the discrimination accusation. Adding that the fair housing alliance is research was faulty. Make it a little extra money by renting out rooms in your house through services like Caribbean B may cost you money when you go to refinance. The Wall Street Journal reports that some lenders including Wells Fargo and Bank of America are now subjecting borrow worst two extra scrutiny when they apply for a refi. Sometimes those homeowners face higher interest rates summary even being denied to refinance. Lenders sell the newspaper that room rental services are blurring the line between residential and commercial property. Well we know you're not behind on your mortgage payment but many of those two are behind won't be getting as many collection robo calls anymore. The Federal Communications Commission has released final rules governing how companies can try to collect on agency mortgages student loans or other debts owed to the federal government. Under the new rules collectors will be limited to three calls per month to wireless numbers. And robocalls will only be allowed it to death as delinquent or imminent risk of default. Coming up on half an hour more top real estate news. Stephen Matthews thanks bill. As we approach the fall market of 2016. We're still enjoying one of the biggest advantages ever in American realistic. And that is the money saving power of low mortgage interest rates. But how Long Will they stay low that's the big question right now is the Federal Reserve gears up for a meeting next week. One member of defense or she prefer is prudent. When considering whether to raise rates or not. And some say that's a sign there's no rate hike on the table. But it's not a sure thing so let's get an experts take on this now with Joseph Schlesinger the award winning business analyst for CBS news. And a host of the popular radio show and podcast. Jill on money. General welcome to realistic today. It's great to be with you glad to have you back so what's your take Joseph Wilbur fed keep those rates low or. Are we in for a rate hike next week. I don't think any rate hike is on the horizon. Let's just kind of peel back the sun in a tiny bit for the last year or shadow. The financial markets have been gripped by this singular question. Wind will look fit to raise rates what will happen when they do raise rates will kill the housing market will kill the stock market will kill the bond market. And the answer to those last three questions is no known now. The reason why the Federal Reserve started to raise interest rates last December was their first read increase in about a decade. Is that the economy was improve. Olmert remembered that the whole point of having ultra low interest rates was that the economy was just limping along so the Fed did everything it could. To prompt some growth. That meant buying bonds that meant keeping interest rates really low always different like sort of cool tools in their tool kitten. OK so flash forward ten months now. This whole year for one's completely apoplectic about only game wins being true when they go one up when. OK let's presume that the bond market is correct that there's about a 5050 shot that we get a rate increase by the end of the year in December. That's eight port tour of one point OK okay let's. Take a deep breath everyone calmed down and get that oxygen mask on. It's usually about you know. Somewhere between a 10200. Dollars I New York hundreds of thousands of dollar mortgage debt were freaking. Out. Even though we're still going to be a pretty close to all time low and historically. Low. Mortgage interest rates why are we doing this to our selves it's really okay. So you don't think they will raise interest rates. But even if they do it's no big deal. They listed it let's just say that the Fed does raise rates and you know September by some hooker creek Wichita and a bit steep salary honest. Kathy I think Steve is not my hand I'm. They're not gonna do that but even if they did did in December that's not needed death knell to the housing market. Eat meat hurt some. Being institutional stock investors who have borrowed money really cheap and flooded the stock market. And bought everything in their Macs that may in May hurt them but for the rest of us people are sick and want her for retirement and buying houses for the next thirty years. This surely not hurt us please don't be afraid in fact. If the economy is improving that may mean you get a Wii chain creeks that name mean you for more secure the job you have he may get a better job. All of those things are far more important to your long term profitability in your life you're human capital. Then when they're your mortgage rate is going to be a quarter percent lower or higher. That is such a clear 360 perspective joke that our great way of looking. Let me ask a question. If I'm looking to buy a home. Can I comfortably weight or should I race to a lender right now and get back home loan all lined up. Well could she get what we often do when we're in the situation is. We started late somehow put out a gun to our own heads about this theory important process. So let's go back a second we say. It's a tough mark to buy a home have a run the numbers haven't really looked at this since seen whether I can afford it I hate. What happens if say my wife and I are working in one of us loses our team loses a job can we still afford to buy that home. If the answer is yes great. Do we have for down payments have we gone to a mortgage lender to see if there's any gains on our credit report it needs to be cleaned up. Have we really taken a hard look and said. What is the kind of place we wanna be weird we wanna beat all those things the you can be doing Munson months and months ahead of time you should be right if you're really thinking about it. What you said OK I'm gonna do this. I am not a mindset they too waiter rant okay this is now many give you more about my personality that might professional opinion cared. If you are in and neighborhood where you say it is actually better to bite and an end there are tons of neighborhoods like that all across America. If that is yours situation. Think it would you support because I will play if that's. It beef then is going to raise rates in December it doesn't mean your mortgage rates are gonna pop up but it means it generally speaking. The rate cycle is shifting. And that means to reach will creep higher. What Joseph thank you so much for being on the show today and talking about those mortgage industry. Thanks for having me. Joseph Schlesinger the award winning business analyst for CBS news and the host of the popular radio show and podcast. Jill on money. Coming up unrealistic today. Who are in default market buyers and sellers. Looking at the suburbs being their neighbor's house on the marketing don't want the ten biggest indicator to. Our vows say while I wanted to do that as well. That's straight ahead on our special show the full market. Real estate today. Because knowledge is power. And we are back. With our special show the fall market. All about what the next few months will mean to real estate and you. As you know the phone market is different it's not the red hot like this spring market for the summer market. And not as slow as the winter mark but people still buy and sell houses during the fall so let's find out. All about that joining us now is Stephen and Tony real chore with Sotheby's international realty in Providence, Rhode Island. Stephen has worked with buyers and sellers for twenty years he's the past president of the Rhode Island association of real towards. And he's currently involved at the national level at any art Stephen welcome to realistic today. I'm great thanks good to talk to you so first of all how's business up in Rhode Island. English is booming it's it's moving very quickly. As it has throughout the whole summer. Glad to hear about it now even. In the fall market in Rhode Island what kind of person that goes shopping for a house. In the fall market. I think that question does anyone who actually needs a hole in the oil market is out here looking but a lot of buyers that we're dealing with now. Because the summer and really the spring we're such quick moving markets. If the people that really didn't get a chance to receive at the table was basically two body. In the very fast moving summer so they're looking to hopefully pick up something now that the competition. There's a little slower. And I think like it should be amount of homes on the market. As a rapidly increased but again the competition seems to have slowed a little bit so that people can take more of their time to. It'll look research and then by the red house. IC. So in the fall market in Rhode Island if I MO buyer and I have less competition. We'll find a bargain arm is still looking at full price. I think you're still looking at full price which you'll find hoax right so it's not a question that you know that's been an over inflation. Of the prices it's just that you know they're priced right. People are finding if it was any other year and who qualified for X number dollars. Now the interest rates are low. They're buying power has. Improved and increased sometimes exponentially. But certainly they can buy a bigger or better or more expensive house and they thought they could do or even are currently in the now with the same payments. So I don't think it's necessarily. That they're beat snapping up bargain. But they'll be a little breathing room that they can look at a house look at another house look at another house and then come back to the first bounce and it might still beat it. Piracy. Now Stephen let's move to the other side of a settlement table what kind of person put their house on the market. In the autumn months. Somebody who needs to Shalit. I don't I don't speak to people about it but. You know there are some of these homes that that happened on the market and maybe not properly priced and now they're coming to that realization. And they're saying OKMR or mrs. realtors that I am working with I believe you now let's. Sell my house before the holidays before the winter not many of them have waited till the fault put on the market. Well that's interesting so. It sounds like both on the cellar sorry and the buyer side a lot of the business you're seeing in the fall market. Is holdover business people who might have started in the spring and summer. Didn't have a successful transaction but who kept trying and and now they're in the fall market in they're still trying to either buy or sell a house that's interest. Well and and I think some of the people who were kind of on the fence has there always is looking at the summer seeing their neighbor's house cool on the marketing go one depending in the and in the day here too. Are now saying wow I wanna do that as well. What about the seller who thinks oh man I miss it. Now what a fall market now I have to wait until spring when the flowers are blooming in the trees are beautiful. What about that kind of seller. But penicillin should not worry at all there are still. Hundreds if not thousands of buyers looking for the property I'm working with. Three of four buyers right now they're not looking pretty extravagant they're looking for our house. And every time they keep one that they think they like they come back to a two week later and it's gone. So there are still many many buyers out there and they're not looking for bargains they're looking for a house. How long in the fall market do you have. Before the market just stopped. Two years ago I sold our house this is a million plus house in Newport we signed the contract on Christmas Eve. And does fellowship to be you know Stevie told me. That people would be looking in the winter might put you were crazy pieces but the Iranian Christmas keeps shining a purchase and sale agreement to sell my house and exit you know what I. I believe few. So too does the reality of it is that people need to buy a house they need to buy a house that kind of a year is almost secondary over the need. And you know granted as far as people who are looking to sell in the middle of holiday time. Is smaller but people who have to body they got to pick from whatever is available at the time. Is that right. Correct. And you gotta think what a great Christmas morning it was for the people who not only bought that house but who sold that house on Christmas week. Exposed to Greek cruise sport for the real chart as it went. Called the title. That even you are awesome so look Steve and I really wanna thank you for joining us on the show and talking about the dynamics of the fall market. It. Glad to have you on the show even end Tony realtor with Sotheby's international realty in Providence, Rhode Island and the past president of the Rhode Island association. Of real two hours. Coming up on realistic today. Will the autumn weather help you or hurt you. Junior realistic pursue this September in November do we get to sleep eat and severe weather area. Art in ball that's next on our special show the fall market. But first it's time Ford get real tour. A special segment on realistic today in which we give one real sore in one minute to answer one question. Our question that can help you thrive in today's real estate market. And today we're talking about how pictures on the Internet can help you prepare your home for sale joining us now. Now is Lauren metric would real tour with Berkshire Hathaway home service is Kenny go Ruble lost in Chicago. Lauren is the past president of the Chicago chapter of the women's counselor brio torched. And was a winner of two prestigious thirty under thirty award one from real true magazine and another from Forbes. More and welcome to realistic today. Lauren are you ready to play get real serve. Our. I thought. Well today we're talking about social media and selling your home using online tools now. Plenty of people have heard about using FaceBook and Twitter to market your home but there's another strategy that is red hot. So Lori and why are Internet photos site like interest and in a gram so crucial to selling your home in today's market. Contract and barely changed the game I think what people want back in ink on vacation about a couple. Aren't perfect home but you can meet their armor and really been turned off I will keep looking -- -- contract he won't be out at her going far. Pentagon contract. Ala or even even in to grant it out he got our our beat. While competent and go to. And a lot of pain they used in checked up on Oprah already or I create a lot of engine part that Allard. Internet beat me but I Abington memorial near home where he caught up a couple of national. When it got a historic shot and eat without me a pretty picture won't even Oprah doing what I'm. And it it can't get their already are not my one novel so ignore all the people that are behind me I'll meet. They are online on the crime and looking at an interest in abroad. I try to conditional lifting you know kind of act out what I. Lauren you did a great job. That's one real tour one question in one minute. If you like to hear more of the more in metric would support any of the other segments on get real tour. You can visit our website at RE ET radio dot com. They're right there on the front page. And if you have a question for get real work you can email us. At questions that aren't ET radio dot com. That's questions at RE ET radio dot com. Real estate today. An eighteen year with the real estate professionals. Every week. And we are back with our special show the fall market. Fall officially starts this coming Thursday and today we're examining exactly what that would mean to your realistic plans. The fall is a unique type of real estate market. Not as hot as the spring and summer it's not as slow as the dead of winter but it's still really busy. So today. We'll find out how you can draw as the summer ends and the autumn begins. The phone market is coming right up. Right after we check in with Bill Thompson and a realistic today newsroom hi bill. Even homes in San Francisco or high priced and high demand the median home price in San Jose recently surpassed one million dollars. So buyers and renters are increasingly looking across the bay to Oakland. And why not doesn't visit Oakland CEO mark Everton he told KT VU fox two TV. As we're standing on the beautiful sunshine and that's the key that's not new we've had that for many many years the restaurants the art scene the lively music and entertainment scene. Now we have the urban wind trail in Oakland now. Oakland homes don't stay on the market longer realtors say at any given time there are no more than about 300 homes for sale. Home prices in Detroit continue to rebound. The latest Standard and Poor's case Shiller home price index finds that Detroit metro area prices were up five point 1% in June year over year. And are now up 67%. From the April 2011 low point. Overall prices remain about 15% under their high point in late 2005. Sales of homes priced at a million dollars or more fell 4% in July compared to a year ago according to the National Association of Realtors. But there is disagreement among experts on whether it's a temporary blip or trend. Jonathan Miller a real estate appraisal and consulting firm Miller Samuel. Told CNBC with the market softening his due in part to aggressive pricing and partly due to excess supply. And Miller says the luxury market quote was the first to recover after the financial crisis but it's run its scorched. The chances of your closing being delayed by an appraisal related issue arising. According to the latest Campbell inside mortgage finance housing pulse tracking survey. An increasing number of closings delays are being blamed on appraisal problems including a shortage of appraisers. In July appraisal issues accounted for 14% of closings delays nearly double what the rate was in January. Coming up on half an hour. Bush better paying their mortgage men or women Stephen thank you thanks bill. We head into the hole real estate market we can expect the days to grow shorter. The temperatures to slowly dropped. And beliefs to change color in much of the nation. All of that can be good for realistic as buyers and sellers alike get a break from those record setting temperatures of the past summer. But what else can we expect let's get the fall forecast especially for real estate from a pro. Joining us now is Paul passed to lock senior meteorologist in chief US long range forecaster at AccuWeather. Paul welcome to realistic today. For me. Well Paul NASA says that the first half of this year. Was the hottest. Ever in the United States so let's start bear are we gonna get a break from those temperatures this fall. Not in the near future I'd say it's still warm out there and he's still got a couple of warm heat waves you wanna call it it's coming to the east. Before we get into the pick a winner but it looks to meet that we're still looking at a mild overall. Fault he's in for the US. It's so eventually it will taper off I mean it's got to. Oh yeah and and you know the warmup to beat. At a degree you know remember it's gonna be much different the warmup in October compared to what was in early September late August so. Temperaturewise those still looking at several degrees above normal. But again the extreme night I think you'll be able to put the air conditioned to weigh in just used open the windows and use the fans a little bit not so. Well that sounds good now let's start right away by taking a look all around the country Paul. Starting with the south which remains at risk. For tropical storms and hurricanes now how are we looking at. On the southern Atlantic and the Gulf Coast. Well I think what but the problem is is that it's been so wet. And you know the ground just happened will be tried out just yet. And it's not gonna take much you can be a weak system making you stronger system either one. Can cause major headache and damage as far as flooding bruise on the Gulf Coast especially the central and eastern areas that have been hit so hard. Aren't we still have one possible impact. Left in Austin we think at least armed what he can go overboard gone through a quieter he'd commentary here next couple weeks. But the US I think most of this stuff stays over the Atlantic. But still got to watch out as we dated October but there's a possibility maybe one last hole. No as we go out west it seems to have two stories connected Rivet. On the Pacific northwest it's just rain and like crazy. But down south there's a drought any break in sorry for our homeowners buyers and sellers out west. Well the Pacific northwest a lot of the activities and actually heading in the far northwest. Areas southern organ in northern California not too bad. Although I think they will start this feat later into the fall season with a bit more actions for showers and storms so and rainfall. In the south the drought has continued at the lawn. And it just looks miserable still down there they haven't. And much rain at all and are you beat each of Pacific storm had been missing Southern California most of it has been going actually out toward Arizona New Mexico rather in getting back into Californians are as much so still some serious issues there. You're buying a house and stuff you're gonna notice that. Landscaping tough call. Water us our restrictions still. Odd going on out there and so. I don't feel any relief. At this point didn't you immediately fall fees. IC now also on the AccuWeather web site Paul your article predicts severe storms in the midwest. This fall so tell us about the midwest. Yeah he'd spent there ages that's been done changed. Occasion I'm gonna feel fraud era they are now the front are spaced far enough apart that it's not gonna be every single day or the other day it's more like every four days of front coming through the midwest meanwhile rallied Tennessee valley. That could spawn off. All of small lot of severe weather mostly gusty winds picking me to some damage like Roos. Our tree limbs falling on not houses those kind of things that were walking all for September and November we we can wait he's in severe weather area. All in all and it. It that looks like the prime area for September here in Q on November. Now it looks like home buyers and sellers in new England and the mid Atlantic areas. Might actually catch a break have a relaxed easy fall with pleasant weather. Is that going to last. I think through October yes I mean I feet. Up pretty decent storm may be later in September that income and it brings to chill for a brief time but it. It's more Warren pleasant days. Then Chilean now. Nasty days in my opinion at least through October November looks a little rougher I think that gut you get a little more busy yacht force systems going chillier weather trying to come down at times especially in a live did a lot of part of the month. But all in all it's not a bad. Awful fees and setting up for the northeast right now. Nepal I really appreciate you talking weather where does as we approach the fall real estate market. Thank you Paul pastor locks senior meteorologist in chief US long range forecaster. At AccuWeather. Coming up unrealistic today. What's the best time of year to make your lawn beautiful. Here's a hint. It starts Thursday he could be the most credit where you line back beating yet now that's next on our special show. The fall market. This is real estate today. 100%. Real estate 100% of the time. Joining us now it is Ashton Ritchie with Scotts Miracle-Gro. An expert in lawn care from coast to coast. Ashton how are you today. I'm doing great date and what we're glad you're here not ash didn't tell us why we should pay special attention. To our loans in the fall season. Well OK I played a little secret if you go out and get close to you grabs. In the stick your head down close to where the grass is growing. I'll betcha you're here at stake feet deep. We you can do the most good for you line by feeding yet now. And you will not only see it rain out but more importantly you'll be driving root growth. Which will really help it launch this fall puppet going into winter and competent expert in Geneva next summer. So feeding it once maybe twice impact commodity experts. But some of the university people talk about feeding on three times in the fall but last speeding being isolated like skip it. No why is it's so important. To see juror lawn. Vigorously. In the autumn season. Well luckiest feed it now. It's city in the early part of fall you'll see it start to out bounced back from whatever it had going on in the summer so that they hand out in the summer because of insect problems on May be some fungus problems. Keating is now really helps to bounce back. And then if you follow up about six weeks later with another good feeding. Then that's where the real pay off what happened because now it she started to get with the cooler nights and the cooler days. And you'll be driving a lot more root growth and and that she had done so much with the first being to kind. Beat up beat the top and the bottom is gonna come and take your itself would focus on the list extent would they get nice sunny days in rehab and the and the ball. No rationing considering the fact that we have listeners in all fifty states. Is fall lawn care a must in every part of the united state or were there parts where it doesn't really matter so much. That's a great question. Security. Eating at least one time and followed important particularly in the north continue growing the blue addresses the rye grass is the best used. And now that's where to feeding may be repeating actually pay off and the other thing that you will find if you going along in the north is that this but it kind of speed. The law argued that Don new Gretzky to that calamity any and spot that you might have. There's just say if you had a 810 area and the lion dead needed some grass speak there's some great patching product would have. He grabbed speed. And eight mulch tennis star on food all mixed together so that you can repair those bare spots. And that he'd do a great result she got everything there. Wonder if they're not bare spots but what if you have a really good law now should you still. Oversee that. A lot of folks know that call it a great time to speed so he'd make okay packages that would speak to my existing line and I'm gonna make it better. If he just throw this speed down on to the existing grants without roughing up the solo just a little bit. That a lot of heat is not gonna really germinate. So we piece did want to speed. Tractor entirely on it and it's best to Renton they kind of equipment that will actually plant density. Something like as a public leader. Our beta do an oval would be catching before you actually put the bet he'd get on arson core aeration. IC okay another question about fall lawn care. In the summer. I was always taught watered deep in water early in the day before the sun comes up if possible. How about in the fall. Catchy sound like a lot of experts. You know watering boarding your on the back. What are your on deep there's a lot better than just a little bit a daily watering coach you want to have good deep root system so the same holds for the for the fall bake you don't need to water as much but you don't want the lawn to go through an extended dry period ended in the fall because this is a time where you can really include it on so if you're not getting an inch of water a weaker than. Water and half bench twice a week that would be a good way to get should be ordering down and and you know what you can do it in the morning that's great I just do it anytime that you can't. Well lashed and that's just about all the time we have but I have a lot more questions for you. So could you come backer or next hour and we'll keep talking about fall lawn care right Ashton Ritchie galore and expert at Scotts Miracle-Gro. On why the fall is the perfect time. To get your lawn in shape. Coming up on realistic today. From the shingles on the roof to the furnace in the basement maintaining your home as the weather turns colder. That's coming up on our special show to fall mark. If you love listening to us talk about real estate and join the conversation and buying real C today radio on FaceBook. We can't wait to hear from you that's real estate today radio on FaceBook. This is a real estate today. Location. Location. And information. We're back with our special show the fall market. We're going to wrap up the first hour of our show with a quick talk about something every homeowner needs to pay attention to. Maintaining your house as the weather turns colder. Now first of all if you live in the warm weather states congratulations. Because you probably don't have too much to do. But even so it never hurts to think about maintaining. Your home. No if you live in an area where the weather does turn colder here first maintenance strategy is making sure the cold weather stays I wrote. And the warmth of the house stays end. That means several things for one checked your windows and your exterior doors to make sure they heal up tight when they're closed. If they don't you can either use caulk or weather tight clear tape to seal up those drafts. After all in the heat inside leaks out you're wasting money. It's also a good idea to check the insulation in the attic one way to see if you need more. If the roof was covered with no less Twitter did the snow on your roof melt faster than the other houses in your neighborhood. If so they probably have better insulation then you do it might be time to improve that. Next up the exterior. Fall is a great time to check repealing or chipped paint. As we approach the colder weather your house needs are really warm coat to protected from the elements. Paint is that coat. Make sure it's solid with no cracks that moisture can get it that's really important. The same strategy goes for the roof make sure the shingles are in good shape but they're not broken cracked or even missing. Bettered a fixed roof damage now than when the house is covered in snow. Now while we're still on the outside you'll have to clean the gutters to make sure they're free of all leaves and debris. Are typically you'll do that much later raw and closer to Thanksgiving but one thing to think about if you're not that great upon latter. Better to hire someone to do the job. And also it's a great time to check your furnace filter if you change George every month now you're way ahead of the game but if not. Remember that furnace will be cranking up sooner than you might think. And here's an idea if you don't have a Smart thermostat. Fall might be the perfect time to get one they can really help you save money on your utility bills. And just one last suggestion check your smoke detectors and looked into getting a carbon monoxide detector as well. In the fall we start to close up our houses a lot more than we do in the summer. So make sure the air inside his safe and make sure that if there's a fire the smoke detector works. So that you and your family can get out of the house in plenty of time. No of course there's much more to it but fall maintenance is a really important part of being a homeowner. Your house is probably your biggest investment if you take care of it it will likely grow in value. If you don't well you know. So batten down the hatches seal up those air leaks maintain that furnace and get back home ready. For the fall season. If you'd like to hear more realistic today's special show. The fall market either stay tuned. We're joined us online that part ET radio dot com. And from all of us here at realistic today thank you for listening. If you're realtor. You can put the entire real estate today show on your website. The best real estate show on the Radio One 100% free to any our members. Just go to our ET radio dot com. And it. Her real good. This it's real estate today. The number one real estate show on the radio. Come back to real estate today. Backed by the professional experience of real tours from across America where your most trusted source on the radio for up to date real estate information. Real estate today is presented by the national association of real torch and Israel were members in your neighborhood. Hi again I'm Stephen gas query and today we're looking down the road at the upcoming fall market. As you know even after Labor Day summer lingers on for a few weeks and right now it's still some. But that all changes this coming Thursday when the autumn of 2016. Officially begins. What will the cooler weather across much of the country mean to your realistic plan. We'll talk to the approach about how you can make this fall a grateful. For you and. All your property. The phone market continues right after we check in with Phil Thompson in the real estate today newsroom cargo hi Stephen. There are many theories about why America's homeownership rate has fallen to an all time low. Some say much too hard to get a mortgage sums they student loan does keeping below meals from buying. But MIT housing economist William Wheaton has an explanation and it's speaks to household formation. He recently told NPR. Number of people under 35 who have never been married used to times. What it was an eighty to ninety you're the 2000. Census it's just off the charts. And once you realize that statistic then everything else falls in place. We can tells NPR if you don't get married and settle down much less likely to buy a house. It's been a very good summer for home improvements. An analysis of census construction spending data by the national association of homebuilders showed that while spending on single family and multifamily construction both declined to July. There was a one point 5% increase in spending on home improvements. Total July residential construction spending was up a seasonally adjusted rate of 445. Billion dollars. Up modestly from the June downward really revised estimate. Baby boomers control almost two thirds of his country's home equity and now in increasing numbers there are also investing in real state abroad. Kathleen go to court editor and publisher of live and invest overseas tells business reported c.s don't understand the trend she says boomers are quote. More educated and better traveled and any generation before. Increasingly she says as they look around for investment or retirement opportunities the looking beyond US borders. Email homebuyers often pay more than their male counterparts for a mortgage because their credit characteristics are often weaker. So it's ironic but a new report from the urban institute analyzing data from core logic finds that women are actually better than men are paying their mortgages. The institute says their findings suggest that we need to quote develop more robust and accurate measures of risk. To avoid denying mortgages to women who work fully able to make good on their payments. Coming up and half an hour plus some homeowners are whipping the most neglected room of the house initially Stephen back to you thanks bill. We have some brand new information for you now. About how people feel about buying and selling homes this from a brand new service. The found that 71%. Of Americans believe. Now is a good time to buy a home. That's from any r.'s latest home report the housing opportunities and market peak period service. Let's talk about what that survey revealed with Paul bishop vice president of research at the national association of real torched Paul welcome to realistic today. Were you glad you're here now Paul first of all tell us what the home survey is how you do it and why. This is their new survey that we are forbidden to conducting only for the past several months. If it's his chair Beirut where all else holds a representative of all households each month we contact 900 cultural sports renters and homeowners. And I have some serious questions about their views on owning a home and when her not to acknowledge good time to buy or sell a home as well as. Some particular questions that might be relevant to be market in any given time so this is there. We that we could get a barometer of what consumed perceive you feeling about the housing market in any given point content. I city now Paul as we mentioned 71%. Of the people surveyed believe now is a good time to buy a home. But I also see that the number of people who strongly. Believe that. Is on the rise tell us about that. Or can do if you read our receive more confidence on beer and boring site or home purchases are concerned. First of all you know the economy continues to grow even added barrel well over two million jobs in the past year. He and incomes are reportedly increasingly. Recent received generally stayed on the character from the census cursory reading comes took a healthy jump over the past year. Two incomes are growing of people feeling more comfortable conclude your idea of buying a home based on launching the economy. The other reason is that of course mortgage rates remained relatively well. In of course we all know they probably won't stay there forever and there's more more talks the breach will eventually right at some point so I think that's pushing some potential buyers off chance. Final reason I think kind of there's more confidence and home buying it's been known being good turn to our home is really. Very directors have been increasing you know year after year increases in your grandparents. In many years the country to know cheaper all the home into brick home. Insult Americans should given renters aren't an extra incentive to consider buying a home and I think increased. The rear view that there were announced better time to buy a home there and track waiting perhaps another six months or another your to do so. Okay and now on to the seller side with fewer homes on the market and prices rising. It's clearly a seller's market in many parts of the United States so how did the people you survey feel about selling homes. There we don't seem a fairly steady increase student 2% of consumers who think not a good time to sell home. And of course that's not cranking it to Mosher the country cheap price is right so the first seller won't take advantage of ever increasing crisis if you keep on. You know of course it's especially the case in the western part of repeat of the United States where prices have been increasing very substantial piece community areas. And so we're also seeing increasing the percent of sellers in the west of being announced we're really an ideal time to sell home. NAR's home survey also looked at mortgages. And found that there's still a big majority of people out there who believe it will be tough to get a home loan tell us about that Paul. One of finding tremendous reputation and serving warrants spirit. About 29% of the people we polled thought it would be very difficult for them to get a mortgage and an additional 36% thought it would be. Simply difficult can it grow over half of the people we questioned thought it would be difficult or at least very difficult to get a mortgage. And so its course clearly they're getting mortgage paid more challenging what several years ago but the same time many potential. Buyers may be viewing Darryl page was this situation a little too pessimistic we have not willing to let us see what mortgage options are available to them yet still allow them to be treating. To stay within their budget talks. The perception certainly isn't giving the mortgage remains very difficult. At this point could and may be holding barracks some renters who are reluctant to move forward approaching cold period you can't get a mortgage. Interesting and one of the misconceptions. That you found among those people. Is they believe down payment. Have to be enormous but in fact they don't support tell us about what they believe compared to what is really the case. So we ask the people we talked with conserve great how large you don't payment people thought they would need to secure more region purchased home. The end I bought a full third of the people we polled thought they would need at least 20% own success when you prepared for the home purchasing it and but only 14% are too good bio homework when I don't pigment can percent or less. And so that they're pretty substantial. Giffords in one piece that actually help their terms and availability of mortgages. Because borrowers with good credit can get it there but more between don't payments or to give you less than 2% even as almost 3%. From credible lenders and still be within their own own budget so. The options for getting a mortgage may be greater than a lot of for a potential buyers think at this point period that they need a much larger down payments they might actually need. Interesting so Paul my last question for you as someone who's involved in real estate research on a professional level every single day. Was there anything in the latest home survey. That surprised you. I think I'm in addition to beat expectations but what's necessary for you down payment among. Potential buyers. I think Garrett given all the good news we've seen in terms economy overall turn to drop growth and income growth. Nearly half of the people we polled thought the economic outlook was actually improving so that may be one factor that's. Only Barack got some potential homebuyers who were still on the fence despite. The fact we have low mortgage rates and he'd been discussing going to be availability of mortgage is maybe. Under a little look better than no meaning potential buyers are mention at this point. We'll call a very interesting survey and it's a quarterly report right. So we'll have another one before the end of the year. We are won't release next edition of your home server you know I'm mid December. IC great wolf Paul thank you for joining us today. Paul bishop vice president of research at the national association of real tours. Coming up unrealistic today. Millennial. In the fall Marcus. The millennial enjoyed your social. Networking going to be able to have walked to where every hit that one account. All fight where they're gonna go the spread to watch all that being hit with him walking stick. That's next right here on realistic today. This is real estate today. Because it's not just a house gives home. And we're back. Where our special show the fall market. It's hard to believe but autumn is just about here. And would it comes high hopes for a strong fourth quarter in 2016. Of course one big part. Of every real estate market in America. Is the millennial generation. And one of those markets that these young people are flocking to is Baltimore Maryland where our next guest works with millennial all the time. JoAnne cool is real tour and branch office manager for Berkshire Hathaway home still realty. Specializing in single family brokerage in the greater Baltimore area. JoAnne has been working with buyers and sellers for more than thirty years. She was president of the Maryland association of real torched the general Randall county association of real source. It has served as a vice president for the national association of real tours to when it's a pleasure to have you on the show today. Well I wouldn't even I'm glad to be here expect keeper invitation. You are very welcome Joseph wins so. First question are millennial is a big part of your business. Bank. You are you know where I'm located. It cited the DC area in Baltimore. We are around a lot with obstacle and internships. And new student coming here and so these of them let me olds play a huge part and now architect. Are they having trouble getting mortgages considering. That they have quite often a lot of student loan debt. A new album art and all go to the mortgage restrictions at lowered somewhat. Because what I realize that I'm going back its government can't do. And the treatments or start on that along with their mortgage payments and show all Bilbray initially will be able to wallop by now. They're very aware. Of what would happen at all they kick their net aren't content and they would act communications can be purchased a interest earning. No among those who are buying JoAnne are their parents sometimes helping them with down payment assistance. Absolutely but the Dow payments. And sudden change kid. But parents are actually moved in in choose the area all I spoke parents pre purchased a home with. So it's not necessarily just a down payment at them as much as I did a crowbar. And that helped them qualify here especially you're coming out it's all which to modern art in hand inched. And our job security that need to get started. Among those who do by JoAnne and what are they looking for. Well it's very interesting Steve because maybe about had technology epic and protect. I did want to hear alert though they can go into a home and be able hair the conveniences. Of technology. And that big Turkey they do not believe him at its Arabic on the arm and make an a lot of pay. Have you ever had a millennial client. Look at the house with you. Pull out their phone and say oh I don't have any bars here. Let's go to the next house. Really they've kicked house because they didn't have good cell service correct it dropped their remote connection. That is fascinating. Now what about we hear so much joy in about walk ability and the proximity to restaurants in mass transit is that a big factor as well. It is because many don't have card to prefer not to try. It's actually in the market for it and I'm located. Most people even if they have a car. The moment no enjoyed their social. Networking going to be able to walk to wherever you're at one ago. Or by where they're gonna go the rest of watched all the conveniences. Within walking district. It's. They really like a home PL and every kid in one place. And search JoAnne as we look forward to the fall market of 2016. How much of your business do you think. Will be mullah Neil this. It's probably less blue and yellow perch thing. That'd get X urged and that and that's your transition and Alessio purchase urged. Well probably both a little bit of background because their key cannot purchase a huge and that getting out of gift become a party. Whatever they've been doing this year it might back off a little bit as we approach the end of the year right will pick up. Very first quarter. Up on seventeen excellent will Joanna I hope you have a spectacular. Year in real estate. From now to the end of the year and beyond that as well they get so much about it can't help but see you. I hope to see you tune thank you JoAnne that Joseph and cool real tour and branch office manager for Berkshire Hathaway home stereo realty. In the greater Baltimore area. Coming up on realistic today why mortgages may be easier to get. This autumn the opportunity for people to. Access to mortgage market has been getting better as we go. Your record low interest rates that's straight ahead on our special show the small market. But first it's time for our Smart home technology report. No today's report is not really about technology. But it is really Smart. And it's something many homeowners have wondered about for years. And I'm talking about ditching those big heavy awkward propane tanks that she used for the gas grill. That's right ditching the tanks altogether. After all there's nothing worse than being halfway through grilling that evening meal when the gas runs out. The foods half cooked there's no flame left and you have to move everything to the kitchen to finish it and dinner. It's not anywhere near as good and when you need to refill. You have to unhook the tank put it in your car where it rolls around on the way to the refill station. And then on the way back it weighs nearly forty pounds. And it's still rolls around in the car and then lugging it back to the deck. Not fun. Let's talk about a better way first if you heat your home with propane. It's easy. Just have a company that closure tank run a new line to your grill they'll put in about you can turn the gas on and off and you're all asked. Because the propane in your gas grills tanks is those same propane. You used to heat your house. If you make that change you'll never lug a propane tank again. But most people don't use propane the use natural gas. That's a little more complicated because natural gas is a completely different density and propane. So for that you'll either need a gas grill that's built for natural gas. Or you can often retrofit a propane grill to work with natural gas you just have to switch out some of the parts inside. No in both cases you experienced one down side you can never move that grill again. Where that line is that's where the grill will today but is that worth the benefit well maybe. Except there's one benefit we haven't even mentioned yet you'll save a ton of money. The average cost to fill a twenty pound propane tank is about nineteen dollars and and the tanks hold just under five gallons of fuel. That comes out to nearly four dollars per gallon propane that's cost more like a dollar fifty a gallon or maybe two dollars. And natural gas is just over two dollars per gallon so you'll save roughly half the cost if you pipe that grilled direct. Plus you'll never run out if you use natural gas and you'll only run out if you use propane if you're great big heating tank goes struck. So again a Smart home technology report it's not really about technology but it is really Smart and your back. We'll thank. This is real estate today. All real estate all the time. We're back we've been in depth look at the fall market. Autumn officially begins this coming Thursday the weather will cool down across much of the country but how about real estate to. Well it might not be as busy as the spring market for the summer market plus the pros will tell you that the fall is still really active. As people buy and sell homes from coast to coast. Our special look at the fall market continues right after we check in with Bill Thompson in the realistic today newsroom cargo. I even the head of one of America's largest homebuilders says the US housing market is not in a boom right now that's good he says. Douglas yearly CEO of told Brothers tells Bloomberg News it's not a boom but most strong solid improving real estate market. Mortgage money is not easy. The builders are not building too much spec inventory. We don't have buyers coming in who are investors. So right now this is a steady solid. Market. And yearly says there's no comparison to the market of the mid 2000 there was quote completely overheated and had bad fundamental. Is the garage the most neglected ruin the house. Automobile once was but no more according. The Wall Street Journal sales of garage organization products are shoring. Sales are expected to be increased four and a half percent this year and each year through 2019. When it'll be a 2.4 billion dollar business. The journal reports that in one survey last year one out of four homeowners admitted their drug was so full of junk they couldn't even at one car in there. But now more homeowners are taking back their garage and turned them into places they're not afraid to show potential buyers. Which soldier recently on real estate today about a wealthy Washington DC suburban counties it's moving to ban virtually all roadside signs. Including signs advertising new home communities. But they're taking a different approach in suburban Atlanta. Officials and Cobb County have introduced the home builder key up a new way to display realistic information without the clutter of all those signs of the medium. Developers and homebuilders can lease panels on the kiosks that are strategically located throughout the county. Millennial in New Jersey seemed to be especially reluctant to move out of their parents home. According to new research from the pew charitable trust dateline. The garden state has the highest percentage of millennial who still live with mom and dad 44%. Compared to the national average of around 33%. Connecticut New York Florida and California also commit a higher than the national average North Dakota has the fewest Mullen meals at home at fifteen point 6%. Stephen back to you. Thanks bill. We're continuing now our special look ahead at the fall marketer of 2060. And we're focusing now on home loans. This has been a really milestone year for home loans across America. With not only low interest rates but also new mortgages on the market designed to make it easier for more people to qualify it. For a home loan so let's talk mortgages in the fall market within expert. Joining us now is Keith karma here who vice president at HSH. Dot com the nation's leading provider for consumer finance and mortgage information. Keith welcome to realistic today. To be here so cheap as we approach the fall market how easy is it to get a good home loan at a good interest rate. While it's probably easier to get a good tertiary Kennedys to get home loan debt. He had you know that's marketers are still underwriting conditions there are still pretty tight relative to. On appointed history but markets could credit markets are open to borrowers of all stripes attached people would low down payments to people with less than stellar credit score worse so there are opportunities out there you know if you really want a mortgage you're gonna have historical record but it's definitely within your grasp. So Keith let's talk now about what's out there. Starting with the blue chip mortgaged the thirty year conventional fixed rate mortgage still one of the most popular mortgages in America. All that's true Florida way Americans prefer the stability of that fixed rate mortgage at long term fixed rate mortgage. And it's a dominant product in the market place so we're probably seeing the origination numbers Sadiq tie 80% I'll reconsider. Long term chick streaks I mean there are certain weeks. Some others that are mixed into that at least find answers to consider refinancing their mortgages. Like to take shorter terms and they can do so. Twenty year terms fifty near term some tremendous interest savings should come out of that. But fixed rate mortgages are dominating the market place although there are few folks total and we could make an argument or arm would be the right choice as well. OK now let's look at FHA loans backed by the Federal Housing Administration. FHA is still a huge player with its mortgages that require as little as three and a half percent down. So it's a pretty good option. Also absolutely could option that's that's what are the primary options for many first time homebuyers. Part of the reason is. Not because Citi mortgage insurance is hard to come by in the traditional board turns him like that apart version what are so popular is because. The FHA program does not used. What they call risk based pricing so can you walked into a connect HA mortgage would have to play goes scorched 650. You can at the same interest rate issue worth to the if you are quite good score was seven to forty. But that's not the case for the did your party backed loan 740 we're good credit mortgages began. I want to start the fall below 740 down to 7608666. This speech. There's all kinds of adult and additional fees to try to up the cost to getting a mortgage joke. Home buyers to first time home buyers especially struggled to come up with a down payment. And who may not have the greatest credit coming out of the recession as we didn't and only recently jobs young people and that sort of thing. Obviously achieve programs are very strong and compelling draw for them. Excellent also as you just mentioned. Fannie Mae and Freddie Mac both came out with loans that are available for as little as 3%. Down and again. They allow more relaxed credit scores in a bigger debt load out Keith tell us about those. While predominately nosed types of programs have always been aid to low to moderate income buyers that by winning reasonable stated based already program. Does it has doled no income limits no limits and low income census tracts for example. Your mortgage insurance coverage reduced so your cost to lower a little bit. You all are getting standard pricing from Fannie and Freddie which he's to full menu of products is available to you as well. So there are opportunities for you come jump into the except now you can't do to cash out refinance change under the already program and that sort of thing but for homebuyers that are. Now more autumn marginal and discredit her mortal marginal and to be able to make a trade next these are really great opportunities to you to get a chance and homeownership. So keep overall mortgages this fall. Are seeing interest rates still low availability that is up. It's all in all it's not a bad time for people looking to either buy or refinance what do you think. It's a very good touch on the we've finally been presented with pat I would hold an unprecedented opportunity this year but. Certainly continuing opportunity this year to have low interest rate mortgages in the marketplace. At a time when the economy is doing pretty well on incomes are rising and our equity homes are rising so the opportunity for people to. Access to mortgage market. Has been getting better as we go. Edit your record low interest rates so yeah it's absolutely good putts if you could want to home to Banja markets which are love great it'll go home when you're marketed you just wanna save some money and change your actual picture short determine your along. It's going to be hard to beat the opportunities we see tonight. We'll keep it's always great to talk to you about mortgages thanks for joining us today so glad to be here Keith becoming her vice president at HSH dot com. The nation's leading provider for consumer finance and mortgage information. Coming up on realistic today. We'll continue our conversation with Scott's about how to get your lawn green dot. This fall that he'd give your line is they kind of nutrition that it really want to follow what a couple of beatings. It's your lawn is probably to beat one a bit earlier want to green up and the strength. That's straight guys on our special show. The hallmark. This is a real estate today. Because you're home might beat your biggest investment. And we're back with our special show the fall market. If you listen to our first hour you heard us talk to Ashton Ritchie was Scotts Miracle-Gro. Talking about why the ball is the ideal time to take care of your wall Ashton join. This again right now to continue our conversation about how to make your law and absolutely. Spectacular. Ashton how are you. If I wanna make my lawn as beautiful as healthy and as strong as possible. Been in the fall should I use or should I get weed killer. Oh OK yes and if you got weak and of polyps actually had a great time to take feel that they are very easy to kill in the fall. Because they are trying to restock their roots system just like the grass is so that when you put it like a good week and beat down and fall. Indeed indeed you can use a special went terror law include it has that we control. It will rockets stuck right down of those weeds until I'm rich system at all the only thing to caution as picky distance feeding. And the fault you don't wanna put that we controlled am on our young seedlings. Until they had been vote for time. I say so you don't wanna put down the weed and feed and immediately follow it up the next day on the weekend with a grassy. Yeah I did but both ways you don't wanna put the grass seed down right if you put that we beat down and you don't put the weed and feed down. On the young grass until it's been vote for time. Eyes he Richard mean now many parts of the country Ashton are going to have a deep. Fact lay here. Of autumn leaves on the law. What about that should you clear every leaf off that law and where should you mulch it paean to the law and what your vice. I've got some good news for you you can actually chop those leads up. Down to live like that kind sides. And then when you put Gerard EUU it would rising wanted down. Like the Turk go to winter guard it's gonna actually. Encourage those leads to decompose right in place so you don't have to. Rake them to the curb break on our break come up to get rid of them that's a lot easier that way despite marching them. And it feeding on. Okay so during the majority of the fall. You've given us good advice on what to do now what about just before the deep freeze of winter begins what then. Will keep on mowing your grass as long as it's been not growing and it you know pat I don't even like to corrupt model more down to a lower hyped for that last moaning I'd like to keep it at the same height. And I've been mowing all along. And just to just keep mowing at that song that is growing. And that's that's about it and you know as if you got you two feeding spam maybe even get repeating. You've you've you've done you've done what mother nature wants and your grass is gonna thank. Should the last cheating be with what you called your winter guard. Yet the last beating every year will be your winter guard and eight can be whipped that we control the winter garden weed and feed or without. Depending upon if you have leads. It's got the nitrogen that you need which is very important in the fall but it also has extra potassium which is the last number. And fertilizer ratio. And the only other. Changed that you might make it six yards eating bean you'd use special starter along include it has Kate I medal number. As well as the other two numbers. If we follow all your advice Ashton. And then the winter snows fall in much of the country. Come spring what will be the results when we look noted our long. Well to keep giving your law and they kind of nutrition that it really wants in the fall with a couple of beatings. And your lawn is probably the B one of their earlier ones to green up in the spring as the went as to launch a coming out of winter garment he had they do in many parts of the country. To be the first to bring up it'll be stronger next spring to be stronger next summer. Ashton great advice on how to take care of your lawn it. In the fall season. Thanks for being here at any Ashton Ritchie the law expert at Scotts Miracle-Gro. Coming up unrealistic today. Pumpkins spiced popcorn. That's straight ahead our special show the full market. If you're hungry for real estate information. Follow real estate today on Twitter. Shares segments listened to them again. And be the first to know what's on next weeks ago. Just search real estate today. On Twitter. Real estate today because you. Love real estate. We're going to wrap up today's show on the whole market with a question. Why is fall the favorite season of so many people. And I'm especially talking about people who were homeowners. Just go ahead ask a few friends. Chances are someone will say yes fall is their favorite seasonable. So let's look at why that is first of all if the weather. Those hazy humid hot days of summer. Slowly transition into cool crisp beautiful day. And you might notice that when that humidity goes away. The light changes to. Artists and photographers can tell you about that affect. Outside the colors seem brighter the focus appears to be sharper and the sun is lower in the sky giving you that beautiful shade. Of autumn. For homeowners and home sellers that represents a great time of year to photograph your house. Especially if you have fall foliage to frame it. The online photos will absolutely popped with those fall colors. Next on the list of why the fall season is possibly the best of all. Sports. There's just nothing like watching football or the end of the baseball season either in person or on the flat screen. Fall is sports. In the opinions of many sport stance. But when you're not watching sport two words. Yard work. I don't yard work isn't that much fun but some of us to enjoy it. Especially when it's not as hot and not as humid mowing the law and raking the leaves trimming the brush. Well what you have to do it you might as well do it during one of the most beautiful time of year. And once you have your house and garden looking beautiful you're already for gas. That's also one of the best parts of the fall is the start of the holidays when we all open our doors to friends and family and as the temperatures drop. It's a great time for a roaring fire on a chilly night. Speaking of holidays Thanksgiving is the ultimate holiday for celebrating home ownership. From the first time the guests arrive to that fantastic dinner to the football afterwards. Thanksgiving. Hearth and home they're all connected. You know I could keep going on an island from Jacquelyn entrance at Halloween two pumpkin spice latte. A waiter and I think I meant pumpkin spice everything. Blocked days candles pretzels donuts. Pumpkin spice popcorn. While. It's just plain fun and totally beautiful in a year ago. Because fall officially starts on Thursday. So get ready to get outside because that's the great American writer Daniel Hawthorne wrote more than 170. Years ago. I cannot endure to waste any thing so precious as autumnal sunshine. By stating in the house. Coming up next week unrealistic today. Acting out of your biggest investment we'll talk to the pros about the steps you can take. To make sure your home is worth as much as possible in today's market. From maintenance to upgrade its Smart Turk to landscaping. We'll show you how to keep your placed in tip top ready to sell condition even if you're not moving. Max out your biggest investment is next week right here on realistic today. And remember you can always listen online yeah RE ET radio dot com. And from all of us here realistic today thank you for listening. If you're realtor you can put the entire real estate today show on your website. The best real estate show on the Radio One 100% free to NAR members just goes RE ET radio dot com. And played for realtors.