Mortgage applications decreased for the fifth straight week – this time down 5.1%, according to the latest report from the Mortgage Bankers Association.
As has been the case for several weeks now, rising mortgage rates and low inventory are contributing to the slowdown in mortgage applications, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
“The rapidly recovering economy and improving job market is generating sizeable home-buying demand, but activity in recent weeks is constrained by quicker home-price growth and extremely low inventory,” Kan said.
Refinance mortgage applications declined for the fifth straight week. The refinance index decreased 5% from the previous week and was 20% lower than the same week one year ago. Kan said refinancing volume over the past 10 weeks is down by more than 30%.
For purchase mortgage applications, bidding wars and appraisal gaps are discouraging some buyers from looking at existing homes, while high costs for lumber and building materials are pushing up the price of new homes.
The 30-year fixed rate moved up to 3.6% after registering at 3.33% last week. And even though the unadjusted purchase index dropped 4% from the past week, it’s still sitting 51% higher than the same week last year.
The FHA share of total mortgage applications decreased to 10.2% from 11.3% from the week prior. However, the VA share of total mortgage applications increased to 13.38% from 10.3% the week prior.
Here is a more detailed breakdown of this week’s mortgage application data:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.36% from 3.33%
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.41% from 3.34%
The average contract interest rate for 30-year fixed-rate mortgages increased to 3.36% from 3.29%
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.74% from 2.71%
The average contract interest rate for 5/1 ARMs increased to 2.92% from 2.85%
SEATTLE, WA – OCTOBER 31: A Redfin real estate yard sign is pictured in front of a house on October 31, 2017 in Seattle, Washington. Seattle has been one of the fastest and most competitive housing markets in the United States throughout 2017. (Photo by Stephen Brashear/Getty Images for Redfin)
Everyone knows mortgage rates aren’t as low as they used to be.
Understatement of the decade there. But this doesn’t just equate to a higher monthly payment.
There are other negatives associated with a higher mortgage rate, some which may be overlooked.
Today, I want to talk about loan amortization and how it differs between low and high mortgage rates.
With the 30-year fixed closer to 7% these days, it’s going to take a lot longer to pay down your principal balance. And that could have unintended consequences.
Higher Mortgage Rate = Slower Paydown
As noted, mortgage rates are no longer a screaming bargain. In fact, they’re historically kind of high now, at least if you consider the last couple decades.
At last glance, the popular 30-year fixed mortgage averaged 6.81%, according to the latest weekly survey from Freddie Mac.
For some borrowers, a rate in the 7s isn’t out of the question, depending on down payment, FICO score, and other pricing adjustments.
A little more than a year ago, you could get a 30-year fixed closer to 3.5%. And despite this rate jump, home prices haven’t budged in most places.
In fact, they’ve reached new heights nationally, defying affordability constraints and the many Fed rate hikes that have taken place since.
Unfortunately, this means today’s home buyers are facing significantly higher mortgage payments.
But beyond that, they’re also facing much slower paydowns. Simply put, the higher your interest rate, the longer it takes to pay down principal.
This means more of each payment goes toward interest instead of principal, especially in the early years of the loan.
A 7% Mortgage Rate vs. a 3.5% Mortgage Rate
$500,000 loan amount
3.5% rate
7% rate
Monthly Payment
$2,245.22
$3,326.51
Payment Difference
+$1,081.29
Month 1 interest
$1,458.33
$2,916.67
Month 1 principal
$786.89
$409.84
Balance after 3 years
$470,177.21
$483,634.91
Balance after 5 years
$448,485.61
$470,658.16
Home equity difference
+$22,172.55
Let’s look at an example to illustrate, using a $500,000 loan amount and a 30-year fixed-rate mortgage.
On the 7% mortgage, the monthly payment would be $3,326.51. On a comparable home loan with a 3.5% mortgage rate, the payment would be $2,245.22.
So right off the bat, we’re talking a difference of $1,081 per month. That’s the obvious downside.
But wait, there’s more. Because of the much higher mortgage rate, the composition of each mortgage payment changes too.
There is an interest portion and a principal portion. In month one on the 3.5% mortgage, you’d pay $1,458.33 in interest and $786.89 in principal.
The principal is what you borrowed, so knocking that out means you’re actually making a dent in the loan balance.
The interest is simply the cost of borrowing the money in the first place, and does nothing to lower your loan balance (see interest-only loan for more on that).
After three years, you’d whittle the $500,000 balance down to about $470,000. Not bad, especially if home prices increase during that time.
But what about the 7% mortgage? Well, that’s a different story. Your first payment would be $2,916.67 in interest, and just $409.84 in principal.
As you can see, a much larger portion of the monthly payment goes toward interest, simply because the interest rate is higher.
This means after three years, the principal balance would only be paid down to roughly $484,000.
So not only are you paying more each month, you’ve made less of a dent in your outstanding balance. Double whammy.
Now imagine if home prices went down ~8% from when you purchased, and your home’s appraised value is $483,000.
You’ve now got an underwater mortgage on your hands, meaning the loan balance exceeds the property value.
Aside from not having any home equity, you could be a predicament if you want to sell the property or refinance the mortgage.
How to Offset the Higher Interest Expense of a 7% Mortgage Rate
Now the example above is just a hypothetical. Home prices are expected to keep rising, so hopefully such a scenario doesn’t play out.
But it could, depending on where you’re located in the country, as some cities may boom while others bust.
Either way, there is a simple way to offset the higher interest expense tied to a higher-rate mortgage.
Simply pay extra. This could mean paying more each month, doing biweekly mortgage payments, or applying a lump sum to the mortgage.
Doing so will lower your interest expense and make the higher mortgage rate less painful. Just note that it won’t lower subsequent payments.
For example, paying an extra $200 per month would reduce the loan balance to about $475,650 after three years.
Not only would you reduce the impact of the high mortgage rate, but you’d have more equity to call your own.
And if and when a refinance opportunity came along, you’d ideally qualify at a lower loan-to-value (LTV) ratio, potentially snagging a lower mortgage rate in the process.
Leading up to this issue, I’ve been building the Women of Influence panels for October’s HousingWire Annual in Austin, Texas. One of my biggest takeaways in planning and hosting dedicated Women of Influence sessions at our flag-ship event is that these sessions are for every-one. And, reading through this year’s esteemed list of women explains why.
I first want to recognize and congratulate those who made the 2023 list. Your achievements and leadership momentum in 2022 and 2023 not only caught our attention, but also the attention of the industry as a whole. You are joining the ranks of women who have gone on to lead housing at the national level , work as CEOs and serve as chairs of associations and boards. These women are leaving a mark in housing.
This is also why we’re excited to bring our Women of Influence honorees, and really everyone in the industry, together for HW Annual on October 10-12. As presidents, CEOs and leaders at some of the biggest organizations, these women wield an incredible amount of advice, insight and knowledge that applies to anyone growing their career or their business. Their talks will focus on the importance of giving yourself permission to not know everything and navigating your career in a down market.
Kris and I joined some friends last weekend for a 40th birthday celebration at Bluehour, a swanky Portland restaurant. While the other couples spent $150 to $250 for their meals, we escaped paying only $52, including tip. We hadn’t planned to do this, but our unintentional parsimony taught us a few ways to save the … [Read more…]
Inside: Looking for the best care packages for college students? Look no further! This guide will teach you everything you need to know about choosing the right gifts and packing a care package that will make your student feel at home during their time away.
It’s that time of year again! Time to send your college student a care package. But what should you include?
We’ve got you covered with this comprehensive list of the best care packages for college students.
From food and snacks to study aids and dorm decor, we’ve got ideas for every type of student.
This year, I seem to know so many parents sending off their college students.
So whether your child is homesick or just needs a little pick-me-up, check out our list of the best care packages for college students.
What is a Care Package?
A care package is a heartfelt bundle filled with handpicked items, designed to uplift the spirits of the recipient.
A care package for a college student is a curated box filled with various items such as food, products, or novelty items, tailored to their interests, to remind them they’re loved and provide them with needed or desired items while they’re away from home.
Nonetheless, a care package can be a wonderful surprise!
What goes in a care package for a college student?
Who says that college life has to be tough?
Show your college-bound kid you’re thinking of them with an amazing care package! Here’s how:
Pamper them with toiletries like soap, body scrub, or dry shampoo. It’s practicality meeting indulgence.
Include favorite snacks like popcorn, pretzels, candies, chips, or nuts—because nothing beats study stress like mouthfuls of favorite munchies!
Throw in souvenirs from your hometown because nostalgia is a comfort blanket away from home.
Don’t forget a gift card or two. It’s the little ticket to a happy spree when the budget runs low.
And finally, a heartfelt, handwritten note to remind them they’re loved, even from miles away.
In every box, you’re not just bringing joy to your college kid, you’re sending them love and comfort!
Why Send A Care Package To A College Student?
1. A Gift of Sustenance and Comfort 2. A Way to Express Love and Support 3. A Means to Introduce New Things 4. A Way to Help College Students Cope with Stress 5. A Resource for Essential Kitchen Items 6. A Means to Stay Connected 7. A Way to Provide a Mood Booster 8. A Tool to Help College Students Transition into Life Indoors 9. A Way to Give Money 10. A Gift That Can Help College Students Get Ahead
What are some care package ideas?
Care packages are personalized boxes filled with essentials, comforting items, or little luxuries that can offer solace, promote self-care, or give a delightful surprise.
Here are some ideas to get the creative juices flowing!
Imagine delivering a box packed with their favorite homemade goodies, essential school supplies, novel books, or even a themed package for that upcoming stressful finals week or just because!
Unbox this opportunity and read on to discover unique ideas for designing amazing care packages. Excite a college student today with this heartfelt gesture!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What item should every care package include?
Creating a care package can be a delightful way to demonstrate your care and thoughtfulness. It combines a mixture of practical items, fun surprises, and often much-needed essentials.
What goes into each package can vary greatly, but a gift card is always a must!
Care Packages Themes for College Students
Choosing a theme for a care package can help streamline the process and reduce the stress of deciding what to include.
Themes could be traditional, humorous, or catered towards particular interests or events, such as a holiday-themed box, an orange-colored items package to signify the end of exams or a coffee-themed care package for those who love a good brew.
Regardless of the theme, here are a few items that should ideally be included in every care package:
Self-Care Items: These can include items like face masks or beauty products, scented candles, and relaxing bath products, among others. They offer the recipient the luxury of self-pampering.
Comfort Items: Usually, soft items such as socks, blankets, or even simple things like their favorite tea or coffee can provide comfort.
Snacks & Treats: These are a must-have. Include their favorite bites or homemade goods if possible.
Drinks: Depending on the recipient’s preference, you can include a variety of drinks, like coffee, tea, or hot chocolate.
Fun Things: Small games, coloring books, or novels can serve to reduce stress and provide entertainment.
Personal Care: Essential items such as toiletries or grooming products are always useful.
Cleaning Supplies: Especially for those away from home, cleaning supplies can be handy.
School Supplies or Work Essentials: Depending on the recipient’s needs, this could include notebooks, pens, sticky notes, etc.
Personal Safety Devices: Consider adding items like a mini first aid kit, a personal alarm, or a safety whistle.
Other Useful Things: Depending on the recipient’s interests, you could add items like a new book, a special photo, study aids, or sports gear.
Regardless of what you choose to include, the most important aspect of a care package is that it conveys love and care to the recipient.
Make sure you time sending your package well, and learn what time do Amazon packages arrive.
Best Care Packages for College Students
College students, often away from home for the first time, can sometimes struggle with homesickness or stress.
One of the most cherished remedies for these feelings is a thoughtful care package from home. It is an amazing way to remind them they’re loved and missed, bridging the gap between home and school.
But what really makes the best care package?
One that aligns with their interests, meets their fundamental needs and contains a surprise or two for fun.
A care package can boost their morale, make them feel less homesick, and get them through challenging times. It’s not just about what’s in the package, it’s about the thought and care that goes into it.
Here is a list to fill your care package with:
Food & Drinks:
1. Snacks: College students need fuel for their late-night study sessions. A variety of healthy snacks can give them that energy boost they need.
2. Instant coffee or tea bags: For caffeinated moments without needing to leave their dorm room.
3. Homemade Cookies or Baked Goods: Nothing says ‘care’ like homemade treats.
4. Specialty Coffees: For the coffee-lover student. Because it serves as an essential tool for late-night study sessions, helping students remain awake and energized.
5. Spirulina Powder: A superfood that’s great for a health boost.
6. Granola Bars or Oatmeal: Quick and easy to make, these are ideal for those mornings when students are running late for their classes.
7. Sugar-free chewing gum: Helps to maintain focus while studying.
8. Recipe Books: For the college student who needs help learning to cook. Even better create your own digital recipe book to pass along your family favorites!
9. Water Bottle: A reusable water bottle serves both as a health and environment-friendly gift.
10. English Breakfast Tea: This can provide a comforting, hot beverage that is easy to make in a dorm room. This electric tea kettle would be a special treat!
11. Hot Sauce: A versatile condiment like hot sauce can spice up drab, repetitive cafeteria meals.
12. Snacks & Munchies: Items like popcorn and pretzels are perfect for late-night cravings or for sharing with roommates.
13. Treats: Candies, chips, cookies, marshmallows, and nuts give students a sweet or savory option for a quick snack between classes.
14. Healthy items: Vitamins are great to keep students healthy, especially during finals when stress levels are high and sleep is compromised.
15. Fondue Set: A fun treat and a good reason to invite friends over.
Besides these food items, it would also be wonderful to include a few gift cards for local eateries or popular chains like Starbucks to give students the chance to have a meal or two outside the college cafeteria.
Self Care & Pampering:
16. Facial Masks: A fun and relaxing self-care item.
17. Natural Skin Care Products: To ensure their skin stays healthy too.
18. Cozy blanket: For those chilly nights in the dorm.
19. Candles: especially battery-powered ones, offer a relaxing ambiance without posing a potential fire hazard, making them ideal for dorms.
20. Spa Items: Think along the lines of bath bombs, Epsom salts, body lotion
21. Sheet Masks: this popular DIY spa at-home item is a must!
22. Essential Oils: These are needed as they offer a calming and uplifting aroma that can alleviate stress and contribute to an overall sense of well-being, especially in high-stress environments like colleges or workplaces.
23. Nail Care Kit: specifically items to do gel manicures at home. This is something I love to do myself!
24. Sleep Mask: To ensure a good night’s sleep.
25. Cute or neutral cozy socks: Socks provide warmth and comfort, helping individuals relax after a long day of classes or studying.
26. Shower Massager: A shower massager can provide much-needed stress relief after a day filled with classes, activities, and studying.
27. Scalp Massager: This can be an excellent tool for relaxation and stress relief, making it a perfect inclusion for a college beginning or the exam period.
28. Mini First Aid Kit: Every student should have a basic first aid kit.
To Get Moving (Health & Fitness):
29. Sports Equipment: For some physical activity.
30. Bluetooth Speaker: For listening to music or watching movies with friends.
31. Yoga Mat: It’s crucial to note that a yoga mat plays a significant role in providing comfort, reducing injury, and enhancing concentration during workouts.
32. Running Shoes: Running is one of the easiest ways to stay active. Or maybe to replace an old set of shoes.
33. Fitness resistance bands: These bands are perfect for incorporating into a student’s fitness routine, keeping them in shape even with their busy schedule.
Artsy Or Creative:
34. Coloring Book and Colored Pencils: A relaxing way to take study breaks. Or try this backward coloring book.
35. Colored Pencils: These complement the coloring books perfectly.
36. Notebooks and Stationary: Artists and writers would appreciate sets of beautiful stationery.
37. Origami Paper: tap into their creativity by providing a relaxing and enjoyable pastime that can help alleviate the stresses of academic life.
38. DIY Crafts: Handmade items for a personal touch.
39. Art Supplies: If they have an artistic side, new supplies can help fuel their creativity.
Mindfulness:
40. Stress Balls: Perfect for stressful exam periods. These are my favorite item on my desk!
41. Letters or Notes of Encouragement: Personal notes to show your love and support.
42. A Self-Care Journal: Helps to promote mindfulness and wellbeing.
43. An Inspirational Book: Can provide motivation and comfort.
44. Fidget Toy: Great for stress relief and concentration.
45. A calming lavender scented candle: This can help create a soothing environment, perfect for stress relief after a long day of lectures.
46. Zen Garden: This mini-sandbox can foster a bit of creativity and provide a mindless distraction from overwhelming studies.
47. Meditation guidebook: This can introduce a beginner to effective meditation techniques and potential benefits for mindfulness.
48. Affirmation cards: Daily positivity prompts can boost mood, and encourage a positive mindset.
49. White noise machine: This can provide calming background noise, assisting in good quality sleep and fostering mental well-being.
50. Weighted blanket: Proven to stimulate serotonin production, this blanket can increase feelings of calm and aid in better sleep.
51. Gratitude journal: This promotes the daily practice of noting down things one is grateful for, fostering a positive mindset, and reducing stress.
52. Mini Buddha Board: With this, they can paint with water and watch it slowly evaporate, reminding them of the impermanence of life’s stressors.
For School:
53. Portable Charger: No student wants to run out of battery while on the go.
54. Noise-Canceling Headphones: A fantastic tool that can help students study in peace, even in a noisy dorm.
55. iPhone/Android Charging Cord: An extra charging cord can be a lifesaver for busy students.
56. Planner: Helps students keep track of their assignments and plans. Don’t forget these planner stickers.
57. USB Flash Drive: For backing up important assignments and projects.
58. Study Supplies: Flashcards, highlighters, sticky notes, and more.
59. Stickers: These can be used to decorate their laptops, notebooks, or other personal items, adding a fun and creative element.
For Fun:
60. Birthday decorations: For a surprise birthday celebration.
61. Flying Butterflies out of the Box: This is one of my favorites! The butterflies fly out of the box when opened! Very easy to set up too.
62. Movie Night Pack: A collection of films, popcorn, and candy for a sweet night in.
63. Mini Board Games: Something fun they can do during their free time.
64. Board Game or Playing Cards: Fun games to play with friends during downtime.
65. Funny Socks: Just to put a smile on their faces.
66. “Orange you glad exams are almost over?” care package: A box full of orange-colored items will not only be visually striking but will also offer a light-hearted joke to help reduce exam stress.
To Help Their Budget:
67. Wallet or Money Clip: To keep their money and ID safe.
68. Budget Binder: make sure they are starting out right! Here are the best budget binders.
69. Laundry Detergent Pods: This easy-to-carry, mess-free laundry solution is perfect for college students.
70. Hygiene Products: Essential toiletries like toothpaste, soap, shampoo, and conditioner can save them a trip to the store.
71. Extra set of Sheets: Comes in handy during laundry day.
72. Prepaid Visa Gift Cards: These can be for anything from their favorite stores, food places or for movie tickets.
73. CASH: Check out these money gift ideas on ways to package it.
74. Money Cake with Cake: These are extremely popular with the recipient.
Maybe it is a good reminder for them to find remote jobs for college students.
Nostalgia:
75. A DIY Scrapbook: A place to store all of your pictures and mementos.
76. Stuffed Animal: For comforting cuddles on lonely nights.
77. Postcards from Home: Reminds them of their roots while away.
78. Cute photo frames: For them to display their favorite memories.
79. Personalized Keychain: To carry a piece of home with them at all times.
How to Choose the Right Care Package for a College Student
Transitioning to college life is notoriously challenging for students.
Tackling the academic load, juggling social responsibilities, and handling homesickness can be overwhelming. That’s where a thoughtful care package comes in as a ray of hope, bringing a taste of home, a load of love, and a boost of morale.
While choosing the ideal care package, consider these critical attributes:
Personalization: Pick items aligning with their tastes and interests. The more personal, the more cherished.
Versatility: Include a variety of items, from fun snacks to useful goods. Variety is the spice of life.
Affordability: There’s no need for a high budget. Thoughtfulness doesn’t need to be expensive.
Thematic elements: Consider packages focused on upcoming holidays or exam seasons for added relevance. The more timely, the more needed.
Convenience: Prioritize products that save your student time and energy. The simpler, the better.
Remember, these packages are powerful messages of love and support. Choose wisely.
When to Send Care Packages for College Students
One of the most fitting times to send a college student a care package is at the beginning of the freshman year when they are trying to adjust to their new environment.
However, these thoughtful packages can be sent at any time throughout their college journey to remind them that they are missed and cared for back home.
Fall
Thanksgiving
Christmas
Valentine’s Day
Easter
Finals
Birthday
Or any other holiday!
Especially during stressful periods, like exam season, a care package can be a well-appreciated and timely morale booster.
Tips for Sending a Care Package to a College Student
1. Consider the Student’s Needs
Do you puzzle over what to put in a care package for your college student? You’re not alone.
Many parents struggle with creating a meaningful gift that caters to their child’s actual needs.
The key is convenience and usefulness—factors often overlooked in the thrill of care package creation. Let’s transform your approach.
Tailoring your package to their needs ensures your thoughtful gift becomes a practical blessing in their hectic college life.
2. Consider the Budget
Overspending on care packages for your college student can shock your wallet. Just like trying to figure out how much to give for high school graduation.
The wrong box size could lead to needless extras and unexpectedly high shipping costs. Thankfully, you can easily drop ship the items with Amazon Prime.
Also, think about how many times per year you plan to send a care package. That way you can spread out the fun throughout the year.
This is especially true if you want to know how to pay for college without loans.
3. Email or Call the Student to Find Out What They Need
Don’t risk sending unneeded items to your college student that end up wasting space and money.
Imagine the disappointment when they open the package to find redundant or unnecessary supplies.
But there’s an easy fix! Before assembling a care package, make a quick call or send an email asking what they actually need. This simple step ensures your thoughtful gesture aligns perfectly with their requirements.
Remember, it’s about sending useful items that your student appreciates and utilizes – making your effort truly count!
FAQ
Feeling homesick is a common challenge for many college students. Their new environment can seem excitingly novel but also distressingly foreign. But you can help alleviate this uncomfortable feeling by sending thoughtful, comforting care packages.
Snacks from Home: Local snacks can evoke a sense of nostalgia, making them feel closer to home.
Personal Mementos: Tokens like pictures of family, posters of hometown landscapes, or preserved local flowers help create a familiar space in their dormitory.
Money: An unexpected cash bonus is not just practical, but also a mood booster. Who doesn’t love a surprise windfall?
Heartfelt Note/Card: A message of love and encouragement can provide emotional resiliency in distressing times.
Remember, your care packages remind them that they’re loved and thought of, even miles away.
Sending care packages to college students is a thoughtful gesture that can be done at any frequency you prefer.
For example, once a quarter might be a good rule to ensure your student receives regular reminders of your love and support.
Supplements around finals, or during difficult times, are always appreciated. Feel free to adjust the frequency based on your student’s needs and preferences.
Sending a college girl a care package is a great way to remind her of home and boost her spirits. And typically, girls want fun things specific to them.
Here are the top 5 items to include:
Hair Accessories: Such as colorful hair ties or headbands to add a fun touch to her looks.
Socks: Choose cozy and cute ones, they’ll be perfect for chilly dorm nights.
Lip Balm: This is essential for avoiding chapped lips, consider tinted options for a dual-purpose product.
Fun Study Supplies: Including unique pens or sticky notes as they can make studying a bit more entertaining.
Face Masks: They offer a chance for self-care and relaxation, especially for those stress-induced skin flare-ups.
Time to Pack Those College Care Packages!
Transitioning to college life can be both exciting and overwhelming. Often, college students find themselves daunted by academic rigors, social pressure, and the unique environment of living away from home.
But what if there was a simple way to overcome these challenges?
Enter: the care package.
With a little bit of planning, you can easily put together a care package that will make your student smile.
So what are you waiting for? Get started today!
Know someone else that needs this, too? Then, please share!!
Just days after Houston was named the 4th best city in the United States for women in technology by SmartAsset, Parkway Property Investments lands more technology tenants at fabulous Greenway Plaza. The Houston Chronicle reported AI leader ThoughtTrace, the engineering company DMC, IoT provider Detechtion Technologies, and seven other major technology leaders as tenants. Despite being shunned by Amazon, the Texas energy town could emerge as a glowing tech hub.
Greenway Plaza is a 52-acre master-planned, mixed-use development of 11 buildings and almost 5 million square feet of office space in the center of Houston business. The development includes on- site amenities like fine dining, an underground food court with over 16 options, multiple fitness facilities, three full service banking centers, and unlimited conferencing facilities. The center also has full-service automotive care, commercial printing and graphics services, and a long list of other amenities for tenants and their clients.
Rounding out the list of new tenants were Nuveen Real Estate, Goldman Sachs Asset Management Private Real Estate, Liberty Lift Solution, Texas Installs, NAI Partners’ Investment Fund, TriArc Properties, and SLI Group.
Meanwhile, Houston as a tech professional magnet is not only reflected in the migration of technology firms moving to the city center. The SmartAsset study mentioned above showed that Houston’s tech pay makes the city a standout for men and women. For female tech workers, the usual disparity in pay between men and women is almost non-existent. With a ratio of 99 percent, Houston’s wage gap when it comes to tech jobs ranked the city No. 3 for the smallest wage gap among major U.S. cities.
A long-time energy hub, Houston, is in the process of transitioning to become more of a tech hub through an Innovation Corridor anchored by physical structures being rebooted to push the city forward. Some of the properties being reworked are the 1939 Sears department store at 4201 Main, the former Exxon Mobil building at 800 Bell; and the former KBR complex at the East End.
Even though the city was recently shunned by a “no vote” for Amazon’s HQ2, the city is seeing healthy growth in this sector. The news that digital payments leader Bill.com is moving to the Westchase area of Houston illustrates this too. In addition, the coming Green New Deal from Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey may just be a cloud with a silver lining for Houston of the energy sector can rethink renewable. Whether it’s the “Trump” energy first way or the opposing “Green Deal” – Houston planners only have to tool up for “next.”
Evidence of such forward thinking comes in the form of a report by Robert Vaughn, the Houston metro market manager for Robert Half Technology and The Creative Group. According to Vaughn, Houston actually leads the U.S. in tech job hiring plans for 2019. And despite the fact that Austin is currently a more attractive tech startup hub, Houston has huge advantages thanks to its population and age distribution- With the right incentives by city decision makers, the city could take off to match New York as in the next couple of years. And this, of course, would be a shot in the arm for every Houston real estate metric. Stay tuned, we’ll do more in-depth coverage soon.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
The Schmidt Family of Companies, the parent company of Coldwell Banker Premier Properties, has announced its market expansion in Florida through the strategic acquisition of a sales office in Palm Coast.
The acquisition involves the Palm Coast office from Coldwell Banker Realty in Florida. Situated in the Hammock Beach Resort, the office currently comprises approximately 40 independent real estate agents.
The newly acquired oceanfront Palm Coast office will operate alongside the existing Coldwell Banker Palm Coast office, both falling under Coldwell Banker Premier Properties.
The Schmidt Family of Companies brand maintains over 90 Coldwell Banker offices across Florida, the U.S. Virgin Islands, Michigan, and northeast Ohio.
Steve Carr, Region President of Florida operations for the Schmidt Family of Companies, expressed the company’s goal of expanding further into Florida and the strategic rationale behind the acquisition, considering the complementary nature of the offices and shared culture.
Mike Schmidt, Chairman, and CEO of the Schmidt Family of Companies highlighted the company’s growth-oriented approach and commitment to providing top-quality service to clients while empowering agents and brokers.
Gregg Hade, Regional Vice President of Coldwell Banker Realty for central Florida, expressed confidence in the office’s continued success under the leadership of the Schmidt Family of Companies and Coldwell Banker Premier Properties. He emphasized the collaboration and strength of the Coldwell Banker brand network.
Coldwell Banker Premier Properties will begin immediate operations at the Palm Coast office located at 1 Hammock Beach Pkwy.
This content was generated using AI and was edited by HousingWire’s editors.
[Note from the editor: Originally published on Thomvest’s Blog]
Today we’re pleased to release an updated version of the real estate technology market map we originally published in 2018. A high-resolution version of the map can be accessed here, and the full list of companies is available here.
This market map includes 180 real estate technology companies operating across every phase of the home purchase value chain. These companies have collectively raised more than $20B in venture capital, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.
You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the transaction process. For instance, while Blend’s original product focused specifically on the mortgage point-of-sale, the company has since expanded to offer home insurance and digital closings. As such, we’ve included the Blend logo in those areas.
At Thomvest, we’ve been actively studying how technology is being utilized in real estate. We view technology as both a means of lowering transaction costs and an enabler of new transactions by better matching demand and supply. Software is also being adopted across some of the more labor-intensive areas of real estate — for instance, in property management and home improvement — as a means of improving efficiency and productivity.
Personally, I’ve been impressed by the quality of entrepreneurs building technology companies in residential real estate. Founders here are passionate about creating better experiences for consumers. Many have experienced their own frustrations when buying or selling a property, and aspire to rebuild the experience from the ground up. Others are seasoned operators within real estate and see technology as a competitive advantage in an otherwise analog asset class.
Impacts of COVID-19 on technology adoption
Every constituency within the real estate sector — including agents, lenders, title companies, and attorneys — are scrambling to adjust to life under lockdown. In my last post on the housing market, I touched on the dramatic impact COVID-19 has had on transaction volume and home showings. In many ways, the pandemic has accelerated existing trends around digitization of the home buying process. There are a few areas in particular where technology is being utilized:
1. Deepened reliance on “home shopping” apps Shelter-in-place is created new behaviors around the home shopping experience. Rather than spending a half day touring open homes, prospective buyers are relying on apps like Zillow and Realtor.com to “tour” properties in lieu of an in-person visit. Zillow created 525% more 3D home tours in April compared to February, and CEO Rich Barton recently remarked that “the virtual tools home shoppers need for safety today will become their expectations for convenience tomorrow.”
2. Rapid adoption of digital tools for real estate transactions Many of the processes associated with closing a real estate transaction are traditionally completed in-person. These include appraisals, inspections, notarizations and local government filings. Fortunately, startups are here to help. Companies like Blend, Modus, Side and Snapdocs offer products that enable digital closings. 46 states now let notaries do their jobs using a combination of video and online document sharing, up from 23 prior to the pandemic. Additionally, large mortgage buyers like Fannie Mae and Freddie Mac are increasingly relying on automated home valuations in lieu of in-person appraisals. We believe these new methods are here to stay, which will be a strong tailwind for startups building digital home buying experiences.
3. More tools for homeowners to manage their largest asset Startups in the real estate vertical must take advantage of their agility relative to incumbent banks, and design products and services that reflect today’s changing consumer needs. This can take the form of better credit products (for example, smart loans powered by LoanSnap or HELOCs offered by Figure), or novel home equity products like Unison. We’re also seeing a number of interesting businesses that help homeowners maintain and improve their property, including Pro.com and Made Renovation. These startups help automate much of home renovation process, including design, planning & construction.
During the first couple of years of the COVID-19 pandemic, Los Angeles tenants were able to skip their rent payments as renters lost their jobs and businesses shut down, but the first deadline for that unpaid rent is Tuesday.
Eviction protections that were in place at the start of the pandemic expired earlier this year, which means that tenants could face evictions if they’re not able to pay their landlords their unpaid rent from the first 19 months of the pandemic by the Aug. 1 repayment deadline.
What does the deadline mean for me?
If you have rental debt accumulated from March 1, 2020, through Sept. 30, 2021, you have to pay that unpaid rent to your landlord, or possibly face eviction.
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However, the Los Angeles City Council and Mayor Karen Bass approved a minimum threshold for evictable rent debt, which means that if you owe less than one month of unpaid rent, you can’t be evicted on the basis of late rent, according to a statement by Bass’ office.
The deadline for rent debt owed from Oct. 1, 2021, through Jan. 31, 2023, is Feb. 1, 2024.
Are there any exceptions?
People who owe rent from March 1, 2020, to Aug. 31, 2020, can’t be evicted if they provided their landlord with a form declaring financial hardship due to COVID-19 within 15 days of receiving the form from the landlord.
Also, tenants who provided that same form by the 15-day deadline and paid 25% of their rent owed from Sept. 1, 2020, through Sept. 30, 2021, will also not face eviction.
However, their landlord can pursue action in small claims court for the unpaid rent.
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Are there any resources available for me?
Bass said her office is working to prepare resources for people who may be affected by the deadline.
“We will continue to lock arms with our partners to solve this crisis so that everyone in Los Angeles has a safe place to sleep at night and that no one is sleeping on the streets,” Bass said at a news conference Monday.
Her office plans to propose using money from a tax passed last year on the sales of properties over $5 million — known as Measure ULA — to fund rental assistance programs, such as short-term emergency assistance programs, a tenant outreach and education program and a protections from tenant harassment program, Bass said Monday. The plan will come before the City Council’s Housing and Homelessness Committee the day after the deadline.
The Mayor’s Fund for Los Angeles’ program “We Are LA” has also been reaching out to at-risk tenants to help them access legal services and other assistance they may be eligible to receive.
The outreach teams have connected with more than 40,000 people already, according to Bass.
The city will also be reaching out to people who receive eviction notices to help them understand what it means, help them file a response if their landlord filed an unlawful detainer and make sure that they are aware of any resources available to them, Councilmember Nithya Raman, chair of the council’s housing and homelessness committee, said at the conference Monday.
If people receive an eviction notice, they need to respond within five days, Bass’ statement said.
Raman added that the city has partnered with the courts to help make sure that tenants have access to all the resources and services that are available to them, as well as encouraging people to go into mediation or other pathways for alternative resolutions.
Bass’ office along with Raman also recommended tenants reach out to the city’s housing department. Renters can do so by scheduling an appointment at one of the agency’s public counters or calling at (866) 557-7368.
There are also more resources for tenants available on the Tenant Power Toolkit and StayHousedLA website, which can provide information about tenant rights and the eviction process.
At the conference Monday, Bass said there is also help on the way for landlords through rental assistance, which provides money to the landlord for the back rent.
“To address this problem, you need to protect the tenants, but you also need to protect the landlords as well,” she said.
Times staff writer David Zahniser contributed to this report.