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TPO, Subservicing, Marketing, CRA Products; Training and Webinars; Podcast Interview with Dr. Elliot Eisenberg

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TPO, Subservicing, Marketing, CRA Products; Training and Webinars; Podcast Interview with Dr. Elliot Eisenberg

By:
Rob Chrisman

Mon, Dec 4 2023, 10:43 AM

“People would learn more from their mistakes if they weren’t so busy denying them.” Here’s a little trivia for the compliance folks in the coffee room: The CFPB handles 20,000 consumer complaints per week, and given that financing a home, and then servicing the loan, is the largest financial transaction most individuals go through, you gotta figure a chunk of the 20,000 involve mortgages. While we’re on the CFPB, Director Chopra addressed issues related to refinancing in a hearing on Capitol Hill last Thursday. But the headlines have been grabbed by interest rate improvements in our free market economy, and the economics calendar this week will be highlighted by the U.S. jobs report on Friday, arriving just five days before the Federal Reserve’s December 13 meeting. (Expect payrolls growth will rise to 200K in November from 150k job additions in October, and the unemployment rate to stay steady at 3.9 percent.) Today’s podcast can be found here, and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics, unite the people, systems, and stages of the mortgage process. Today’s has a wide-ranging interview with economist Elliot Eisenberg on government spending, the Fed’s balance sheet, and “Eisenbergian Economics.”

Lender and Broker Products, and Services

Servicing transfers are complicated, so it is critically important that you nail down the prep work beforehand. If you don’t, and the servicing transfer goes awry, it’s not only servicers who suffer, their customers do, too. The professional services team at ICE Mortgage Technology break down exactly what’s on the line, and what happens when poorly handled servicing transfers leave customers in a lurch. Read its new blog here to learn just how “high stakes” loan transfers can be, and the steps servicers can take to avoid borrower confusion, retention concerns, and even reputational risk, before they become a problem.

Exclusive data: Maxwell Q3 2023 Mortgage Lending Report reveals trends in interest rates, loan volume, and borrower demographics. Q3 brought continued challenges for home buyers and lenders. Despite 11 Fed rate hikes over the past year and a half, interest rates averaged 7.2 percent in Q3, the highest Maxwell data has recorded within the current market cycle. Still, Maxwell’s new report, which derives insights across more than 300 lenders and $290B in loan volume, shows signs of stabilization in Q3. Motivated borrower groups found creative paths to homeownership despite adversity, flocking to remaining pockets of affordability (hint: West Virginia). For insightful market data along with actionable advice from Maxwell experts on how to form a strong 2024 strategy, click here to get your free copy of Maxwell’s Q3 2023 Mortgage Lending Report.

Community Reinvestment Act (CRA) Final Rule: Preparing Your Bank for CRA Modernization! After years of discussions and false starts, the Federal Reserve, FDIC, and OCC issued their final rule modernizing the Community Reinvestment Act (CRA) in October. The almost 1,500-page final rule will take effect on April 1st, 2024. This means banks must comply with all the rule’s provisions by January 1, 2026 (aside from certain requirements taking effect January 1, 2027). How will CRA modernization impact your bank? What do regulators hope to achieve? What are they looking for from banks? What should your bank do to prepare? In this new article, experts from Ncontracts discuss this and more, plus offer insights on how the right resources can ease these regulatory burdens. Read the full article for more information.

Variety is the spice of life, which is why ICE maintains an ever-growing library of multimedia marketing content with its Surefire℠ CRM and Mortgage Marketing Engine. Intelligently automated Blueprints for Success give lenders a leg up with effective marketing workflows without the hassles of A/B testing and complex configuration. Whether a lender launches our Blueprints for Success out-of-the-box or configures them to meet unique goals, these automated campaigns help nurture relationships, improve pull-through and power sales across the entire homeownership lifecycle. Explore how Surefire can power your sales strategy in 2024 and schedule a demo with the ICE team today.

Delinquencies have remained statistically low, but recent market data indicates an uptick in early-stage delinquencies, unemployment, and more Americans relying on credit to make ends meet, so that rate may continue to rise. Computershare Loan Services (CLS) is a highly rated subservicer that can take the heavy lifting of managing high-risk loans off your shoulders. All its services (originations fulfillment, co-issue MSR acquisition, subservicing, and its mortgage cooperative) help keep lenders one step ahead. In this industry, you deserve a partner that has it all. Contact CLS to find out how they can help you reach your goals, in any market.

Broker and Correspondent Programs

Give Your Pipeline a Boost this December with LoanStream’s Winter Specials on Non-QM and Prime! Purchase, Rate/Term & Refi Cash-Out on both. Non-QM, 50bps >65% to <= 75% LTV & 720+ FICO, 75bps >55% to <= 65% LTV & 720+ FICO, 100bps <= 55% LTV & 720+ FICO. These are only here for a limited time so take advantage and Contact your Account Executive for details. For loans locked 12/1/2023 through 12/31/2023. Restrictions apply. Interested in getting approved? Visit our Get Approved page now: Get Approved LoanStream Wholesale – Wholesale Mortgage Lending.

With the holiday season underway, Rocket Pro TPO is kicking off its December to Remember campaign by introducing a series of exciting and valuable wins throughout the month of December to celebrate and support Rocket Pro’s broker partners. On Friday, the first win was introduced: a 25 bps LLPA on 30-year fixed rate conforming VA loans that will be available all month. Check out this video message from EVP Mike Fawaz. And, today, Rocket Pro’s highly popular Fast 15 Loan Guarantee is back now through January 31st! This special offer for brokers guarantees that all eligible loans will be clear to close in 15 business days or they will pay your client $2,500. For correspondent partners, they guarantee that eligible loans will be clear to close in 15 business days, or they will waive the $999 acquisition fee. Requirements and rules apply. Partners are encouraged to watch their inboxes and Rocket Pro TPO’s social media channels for more wins to come. Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

Events, Training, and Webinars in December

TOP CEOs DISCUSS WINNING STRATEGIES FOR THE 2024-25 MORTGAGE CYCLE. Tomorrow, 12/5, at 2 PM ET, tune into HousingWire as Sagent CEO Dan Sogorka digs into this topic with industry leader Mark O’Donovan (Chase), moderated by Julian Hebron of The Basis Point. These 3 mortgage experts will uncover how lenders can thrive through 2025 and beyond, discussing vital topics such as navigating homebuyer affordability, lender priorities, FHFA, CFPB insights, and more. Don’t miss this powerhouse session! Register here to refine your strategies for the upcoming year or catch the recording if you can’t attend live.

A good place for longer term conference planning is to start is here, and click on “events” for conferences in the future.

Tomorrow, 12/5, is the next Mortgages with Millennials with Kristin Messerli and Robbie Chrisman. Tune in every Tuesday at 1PM ET to the weekly video show designed to empower mortgage professionals to tap into the millennial market. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode. This week’s guest is Kayla Gatmaitan, and education-focused LO for first time homebuyers.

If business is slow and you’re looking for new opportunities, register for MBA Eastern Pennsylvania’s upcoming free session with Freddie Mac on Tuesday, December 5 at 11:00 a.m. One of the challenges homebuyers face in today’s market is saving for the down payment. In this session, the benefits and differences between two low down-payment offerings, Home Possible® and HomeOne® will be explored. Additionally, the session will cover Freddie Mac BorrowSmart AccessSM, a program that offers up to $3,000 in down payment and closing cost assistance to help your clients reach homeownership.

The title industry faces many challenges going into 2024 and October Research wants to help you prepare your business. Orrick Partner Sherry-Maria Safchuk and CATIC SVP and National Agency Manager Kyle Rank will share their expertise and address critical issues such as consumer protection, cybersecurity trends, remote online notarizations, updates on the 1033 rule and more on the latest Industry and Regulatory Outlook webinar Dec. 5th. Stay ahead of the competition and start the new year strong. Register today at DoddFrankUpdate.com.

2023 Financial Institutions Professionals Webinar Series, presented by the Bonadio Group, December 5th, 6th, and 7th at 8:00 PST. During this complimentary event, industry experts will discuss emerging issues, impacts, insights, & more. Create your own personal agenda by choosing from several sessions, each designed as a roadmap to help you navigate what’s to come in the ever-changing financial services landscape. Each session offers 1 (one) credit of CPE.

Wednesday the 6th, looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. This week’s guest is Mark Jones, President of Union Home Mortgage and Chairman of the MBA.

Join MBA St. Louis at St. Charles Realtors, Wednesday, December 6th, 8:00 am – 10:30 am, and test your knowledge on Conventional Loans. This engaging and interactive course led by Trainer MaryKay Scully, Enact MI’s Director of Customer Education will review the key areas of Credit, Income, Collateral, Liabilities, Assets, HomeReady and Home Possible. It will inform and engage participants. Assessing knowledge, while reviewing Fannie Mae and Freddie Mac guidelines, as well as Desktop Underwriter and Loan Product Adviser. Cost: $20 (covers light snacks and room rental).

Freddie Mac added enhancements to its HFA Advantage® mortgage offering, providing a competitive solution for housing professionals to consider for first-time and repeat homebuyers. In a free webinar, Thursday, December 7th, 2 p.m. – 3:30 p.m. ET, you’ll learn more about HFA Advantage’s features and benefits, eligibility and homebuyer education requirements and new product enhancements.

With a residential real estate market that continues to change and evolve, WMBA has gathered industry professionals that offer different perspectives to give real insight into “Build for Rent” model, an increasing popular approach to residential new construction being built and held as rental properties. Join WMBA for the Income Property Luncheons on Thursday, December 7th, In Person Attendees: 11:30-1:00pm, Virtual Attendees: 12:00pm-1:00pm.

Join Angel Oak Mortgage on Thursday, December 7 at 10:00 PST for a webinar detailing its Investor Cash Flow (DSCR) programs and cover the top 20 broker questions. Learn how easily these loans close and help add to the bottom line.

Success leaves clues. Not surprisingly, many of the traits shared by high achievers are common sense in theory, but not necessarily common practice (otherwise, everyone would be a high achiever, right?). Discover the keys to having your best year ever, the most important (yet often missing) part of the formula for success and disciplines you often don’t think about. Join Hannah J. Barton and Blaine Rada, CSP, to discover these habits and incorporate them into your own life. TMBA Webinar, Habits of High Achievers, Thursday, December 7 at 11:00 am – 12:00 pm.

Join LSEG Academy session Central Bank & Bond market outlook – Insight from IFR Markets,

Thursday, December 7th | 8:00 PST., as industry experts examine recent benchmark interest rate increases and likely changes to the direction of central banks’ monetary policies. They will also look at the commentary and insight provided by IFR Markets and showcase how benchmark rates have been impacting the bond and rates markets utilizing LSEG Workspace tools. The discussion will include expectations for interest rate moves in 2024 and provide an opportunity to ask questions to industry experts.

Friday, December 8, is the next episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. Listen to Rich Kuegler with Stewart Title!

Capital Markets

As mortgage rates dropped for the fifth consecutive week last week, Federal Reserve Chair Powell said that any speculation of potential rate cuts is still “premature.” Yes, inflation is easing, and the U.S. economy is cooling with Fed policy now well into restrictive territory. The full effect of higher rates is still working its way through the economy and the central bank has noted progress against inflation over the past six months. The hiking cycle is likely over, but the Fed is reluctant to admit as much or discuss any sort of rate cuts.

Economic data over the last week continued to show the U.S. economy is still expanding while inflation trends lower. Real GDP was revised up to 5.2 percent in the second update from 4.9 percent in the advance update. Consumer spending on services increased 0.2 percent in October and spending on nondurable goods increased 0.3 percent. The October PCE deflator was unchanged in October and showed prices were 3.0 percent higher than twelve months ago; the lowest annual reading since March 2021. While prices are still rising faster than the Fed’s preferred rate, the pace continues to slow and bodes well for a soft landing for the U.S. economy.

This can also be seen in housing prices which rose 0.7 percent in September and 3.9 percent from one year ago, according to the S&P CoreLogic Case-Shiller Home Price Index. While elevated mortgage rates helped the slowdown, limited available for sale inventory has kept prices from outright declines. As a result of the continued progress on inflation and recent Fed comments around being well into restrictive territory, the markets expect the Fed is done hiking and will begin to cut rates in 2024.

This week’s economic calendar contains several higher tiered releases including the November payrolls report and preliminary December consumer sentiment on Friday. Between now and then, we will receive ISM Services for November, some labor market indicators, wholesale trade, and consumer credit. The week kicks off with just factory orders for October, due out later this morning. We begin Monday with Agency MBS prices roughly unchanged from Friday evening, the 10-year yielding 4.25 after closing last week at 4.23 percent, and the 2-year at 4.61.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Find out where ATL housing stands in terms of pricing and availability.

Atlanta’s housing market is, in a word, competitive, with homes generally receiving multiple offers and selling within a month. However, the market has shown some signs of fluctuation in the last couple of years. Read on to learn more about the ebbs and flows that determine and define the Altlanta housing market.

The general trend

The median sale price in Atlanta was $409,000 last month, marking a 6.0% decrease compared to the previous year. Additionally, the median sale price per square foot was $276, down by 1.8% since last year.

Neighborhood-specific housing trends

Each Atlanta neighborhood featured below is experiencing its own unique trends.

  • Midtown: Known for its lively vibe, Midtown’s housing market saw a median sale price of $389,000, a decrease of 2.8% from the previous year. The price per square foot showed a minimal increase to $402, indicating a relatively stable market.
  • Downtown Atlanta: Contrasting Midtown, Downtown Atlanta experienced a 12.7% increase in median home prices, reaching $307,000. Homes stayed on the market for an average of 69 days, significantly longer than the previous year.
  • West End: A culturally rich area, the West End’s average house price slightly decreased to $331,000, a 1.2% drop from the previous year.
  • Southwest Atlanta: This neighborhood showed resilience with an average house price increase of 3.5%, reaching $238,000.
  • Capitol View: Capitol View experienced a 4.4% increase in average house prices, settling at $418,000.
  • Atlantic Station: Here, the median sale price decreased by 5.3% to $310,000, but the price per square foot rose significantly by 13.0% to $338.
  • Grove Park: Grove Park saw a remarkable increase in housing prices, with an average of $318,000.
  • East Atlanta: This area experienced a downturn with home prices decreasing by 6.1%, settling at a median price of $495,000.
  • Northeast Atlanta: This area saw a substantial increase in median sale prices, which were up by 14.3% to $503,000. The price per square foot also rose by 5.2% to $383.
  • Edgewood: As one of the most competitive markets, Edgewood’s average house price was $573,000, up by 12.3% from last year.
  • Peoplestown: This neighborhood saw a significant decrease of 28.5% in average house prices, which stood at $413,000.

Atlanta rental market analysis

The rental market in Atlanta is full of options, with variations depending on the area and style of the apartment.

  • General rental trends: In 2023, Atlanta’s average rent ranged from $1,662 for a studio to $2,487 for a two-bedroom apartment. One-bedroom apartments averaged $1,912 in rent.
  • Northeast Atlanta rental market: This area is on the higher end of the rental spectrum, with the average rent for a one-bedroom apartment around $2,187. The market here shows stability with a slight variation in rent prices, indicating a consistent demand.

Further insights on the Atlanta rental market

Several factors, including the economic landscape, population growth and urban development influence the rental market in Atlanta. In recent years, Atlanta has seen an influx of new residents, driven by its growing reputation as the premier cultural, economic and entertainment hub in the Southeast. This population growth has led to increased demand for rental properties, especially in popular areas like Midtown and Buckhead.

Moreover, the city’s growing job market, particularly in sectors like technology, finance and healthcare, has attracted professionals seeking a setup near their workplaces, making it a top contender when we talk about best cities for hybrid work. This demand has led to the development of new apartment complexes and the renovation of older buildings, further diversifying the rental options available.

It’s all about The A

The Atlanta real estate market, both in terms of housing and rentals, presents a nuanced picture. While some areas show increasing home and rental prices, others are experiencing stabilization or even a decrease. This variety reflects the city’s diverse demographic and economic makeup, offering opportunities for buyers and renters depending on their preferences and needs.

Source: rent.com

Apache is functioning normally

New York City’s crackdown on short-term rentals such as Airbnb and Vrbo has begun, and the effects are being felt throughout the industry and among travelers visiting the area.

The city adopted Local Law 18, which requires hosts to register with the city or face stiff fines, in 2022, but enforcement didn’t begin until September 2023. Experts say the change has already reduced the number of short-term rental units in the city.

“The available listings for less than 30 days have fallen by 33.7% year-over-year,” says Bram Gallagher, an economist at AirDNA, a short-term rental analytics platform. “There’s big movement there.”

The law specifically targets stand-alone properties — that is, properties where neither the host nor other guests are on-site. Experts expect such rentals to see the biggest changes in availability. Yet, the reduction in supply for stand-alone units could drive up demand for shared spaces and hotels, leading to a potential increase in lodging prices across the board.

That’s what Roger Tran, a city employee from Ontario, Canada, experienced on a September vacation to New York City.

“New York is always going to be expensive, but to my surprise, Airbnbs weren’t cheaper at all than hotels,” Tran says. “I was looking in Manhattan, Queens, Brooklyn, Jersey City. I didn’t mind commuting, but even there it was expensive.”

Though it’s too early to say how the new law will ultimately shake out in New York’s vast lodging industry, it’s clear that the tide is shifting away from short-term rentals and into other forms.

NYC supply has dropped, prices are rising

In the rest of the country, the supply of short-term rental properties has been steadily increasing for the last few years. The number of available listings in the U.S. rose 14.5% in September 2023 to more than 1.5 million units compared with the same time last year, according to AirDNA data.

In other words, New York City is running against the current nationally in terms of adding short-term rentals.

“Supply in NYC has been flat over the last couple of months, which is noticeable since the number of listings had been increasing prior to that,” said Melanie Brown, executive director of data Insights for Key Data, a short-term rental market data service, in an email.

AirDNA’s Gallagher says New York ranked third from last in October among the top 50 short-term rental markets in terms of demand growth. That was behind even Maui, Hawaii; Cape Coral, Florida; and Fort Myers, Florida — areas that have suffered recent natural disasters.

Even though bookings slowed over the same time period, reduction in demand hasn’t kept pace with the tightening supply. As a result, prices are increasing, with average daily rates up 23% year-over-year in September compared with a 17% year-over-year increase in July for shared and private rooms, according to Key Data.

Rooms in shared accommodations are not affected by Local Law 18, suggesting that an overall contraction in supply is pushing guests to seek other options, driving prices higher even for units not restricted by the law.

The landscape is changing quickly

Beyond the simple logic of supply and demand fluctuations, experts say the new law’s enforcement has changed how — and where — hosts list their properties.

For example, because the law requires permitting only for bookings under 30 days, some hosts are changing how they list their properties.

“We’ve seen a big switch over from short-term rentals to long-term rentals, which are 30 days or more,” Gallagher says. “New York City has had a lot of those, and now it has even more.”

That might make sense for hosts, but it keeps the total supply of short-term units available on these platforms relatively flat. And for guests looking for short-term rentals, this will mean fewer options to choose from when searching.

Also, because the restrictions apply only to New York City itself, the new law has led many guests to seek accommodations on the other side of the Hudson River.

“Interestingly, the number one demand growth area was Jersey City and Newark,” Gallagher says, noting that bookings in this region of New Jersey rose a whopping 61% in October 2023 compared with the same month in 2022.

And though it’s too early to tell, the reduced options and higher costs of short-term rentals in the city could drive some travelers to seek other options. That’s where Tran landed on his recent trip.

“I went for a hostel, which was the cheapest option,” Tran says. “It was great. I was a 10-minute train ride from Times Square.”

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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The housing market in Boise is always evolving. As of the latest data, the Boise housing market presents a somewhat competitive landscape for prospective homebuyers, with houses receiving an average of two offers and being sold in around 21 days. This pace underscores a brisk but not frenetic market, allowing buyers some breathing room to make the right decisions at the right time.

The Boise housing market at a glance

A key indicator of market health, the median sale price of a home in Boise stands at $515,000, marking a modest year-over-year increase of 1.0%. This gentle price ascent reflects a market that is growing steadily, avoiding the pitfalls of sudden spikes or declines that can lead to instability.

Even more telling is the median sale price per square foot, which has seen a slight decrease of 3.8% since last year, possibly pointing to larger homes entering the market or a shift in the types of properties being sold.

The volume of sales tells a more nuanced story. In 2023, Boise saw 227 homes sold, a decrease of 19.8% compared to the previous year. This drop could reflect a variety of factors, including a potential shortage of inventory or a change in buyer sentiment. Nevertheless, the median days on market — a metric indicating how long homes are listed before a sale is agreed upon — has dropped from 34 to 21 days year-over-year, revealing that while fewer homes are being sold, those that are listed are moving quickly.

Competition in Boise’s housing market

Boise’s real estate market competitiveness is further clarified by the Redfin Compete Score™, which rates areas on a scale of 0 to 100, with 100 being the most competitive. Boise scores a 61, illustrating a market where homes often receive multiple offers but typically sell for about 1% below the listing price. Homes categorized as “hot” may sell for around the list price and go under contract in as few as 5 days, showcasing the desirability of certain listings.

Furthermore, the sale-to-list price ratio in Boise is 99.1%, up 1.2 points from the previous year, indicating that homes are selling close to their asking prices, a sign of a healthy market where there is a good balance between buyer demand and seller pricing.

Investing in Boise real estate

For those considering Boise as their next home or investment, these figures paint a picture of a market that is competitive but not overheated. The city’s real estate market is managing to keep pace with demand without succumbing to the volatility seen in other regions. This suggests a sustainable growth trajectory for Boise’s housing sector, making it an equally attractive proposition for buyers and investors.

Find a beautiful house in Boise

The Boise housing market is characterized by a stable yet competitive atmosphere, with homes selling relatively quickly and for near asking prices. While the number of homes sold has seen a downturn, the overall health of the market remains robust, reflected in the consistent sale prices and the competitive nature of listings. As Boise continues to attract attention for its quality of life and economic opportunities, its housing market is poised to maintain its steady course.

Renting in Boise

Turning our attention to the rental market in Boise, it also reflects the city’s broader economic trends and the influences affecting the housing market.

Rental markets in cities like Boise are typically influenced by several factors including the availability of housing, population growth and economic conditions. As home prices rise modestly, it can signal a corresponding shift in the rental market. Potential homebuyers who are priced out of purchasing may turn to renting, which can increase demand for rental properties and, subsequently, rental prices.

Average rent in Boise

In markets characterized by a competitive housing environment with rapid sales and close-to-list prices, rental properties often see high occupancy rates. Landlords and property managers may have the leverage to ask for higher rents, especially if the local economy is strong and the population is growing, which seems to be the case with Boise.

How the housing market affects the rental market

Additionally, when home sales decrease, as noted with the 19.8% year-over-year drop in Boise home sales, the rental market might absorb those who are waiting for the right time to buy or who prefer the flexibility that renting offers. This can lead to a decrease in rental vacancies, further pushing up rental prices.

However, it’s important to note that rental prices are also subject to regulatory changes, like rent control laws and the development of new rental properties, which can increase supply and potentially stabilize or lower rents.

Apartment rent ranges in Boise

  • $501 – $700: 1%
  • $701 – $1,000: 4%
  • $1,001 – $1,500: 29%
  • $1,501 – $2,100: 35%
  • $2,101+: 30%

Considering these factors, those looking to move to Boise should be aware of the potential for a competitive rental market. Prospective renters may face quick turnaround times on rental listings and should be prepared for a possibly dynamic pricing environment. Like the housing market, the rental market in Boise is likely to be resilient, reflecting the city’s economic stability and appeal as a growing urban center in Idaho.

Find the best spot for you in Boise

Those considering Boise as their home should weigh the pros and cons of renting versus buying in a market that is robust and thriving, with both sectors offering opportunities and challenges that reflect the city’s desirability as a place to live and work.

If you’re ready to settle down in Boise, find your home in just a few clicks with Rent.

Source: rent.com

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There are many pros and cons to investing in a small town as opposed to a larger town. I have many properties in small towns and larger towns and personally, I think the small towns are overlooked based on the many advantages they have. Some of the major differences in small towns are the taxes, demand, building permits, and more.

Pros of investing in real estate in a small town:

There are many advantages to investing in smaller towns. I have found some great deals in them and there were many advantages I did not think of until I had bought and operated a property in those small towns.

  • Lower property prices: Property prices in small towns are typically lower than in urban areas. This means that you can invest more property for your money. This is because fewer investors are looking at small towns. I have found multifamily and commercial to be much cheaper.
  • Higher rental yields: Rental yields in small towns are often higher than in urban areas. This means that you can generate more income from your rental properties. This rental yield comes from the fact that rents might be a little lower but prices are even lower relative to those rents producing a higher ROI.
  • Lower vacancy rates: Vacancy rates in small towns are typically lower than in urban areas. This means that you are more likely to find tenants for your properties. I have found this to be true as well because there are very few rentals, there are often people waiting for anything to pop up.
  • Stronger appreciation potential: Small towns are often experiencing population growth and economic development. This can lead to stronger appreciation potential for your investment properties. If there is a shortage of homes in the area, you could see huge appreciation if those homes are cheaper than the cost to build.
  • Lower taxes: In my area in Colorado the small towns often have lower property taxes and lower sales taxes. The property taxes can save thousands of dollars a year on larger properties.
  • Less regulations: Some small towns are also much easier to build and remodel in. Each town has different building permit processes and requirements. Some towns could be stricter but some could be very easy to work with.

Cons of investing in real estate in a small town:

  • Limited buyer pool: There is a smaller pool of potential buyers for properties in small towns. This can make it more difficult to sell your properties when you are ready to do so. If the town has a surplus of homes, prices could stay stagnant for many years.
  • Less access to amenities: Small towns may have fewer amenities than urban areas, such as shopping malls, restaurants, and entertainment options. This can make it more difficult to attract tenants and buyers.
  • More difficult to manage properties: It can be more difficult to manage properties in small towns, as there may be fewer qualified property managers available.
  • Less liquidity: Properties in small towns are typically less liquid than properties in urban areas. This means that it may be more difficult to sell your properties quickly if you need to do so.
  • Local politics: Some small towns may be difficult to work with or treat outsiders differently if you do not live there. This is not always the case but I have been told I can’t do certain things with a property and then had someone buy it from me in that small town and do exactly what I asked to do.

Is it worth investing in a small town?

I have had amazing luck investing in small towns. One of the properties I bought was a 4 plex for less than $200k in 2018. That property would have been at least $300k in the larger town 10 miles away. I have also had great luck with commercial property and single-family flips as well. There are challenges and just because there are advantages to investing in a small town, that does not mean it is easy.

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Conclusion

Before you invest in any property, make sure to research the local market and economy. This will help you understand the local roadblocks, rental yields, and surplus or shortages in the area. Talk to the city government, especially the zoning and permit people (they might be one person). Try to see if the population is increasing or decreasing and make sure you have contractors or property managers that will work in the area if you need them!

Build a Rental Property Empire

Categories Real Estate

Source: investfourmore.com

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The COVID-19 pandemic changed the way that we work. In-office attendance in some U.S. markets dropped 70-90 percent in 2020, according to The McKinsey Global Institute. The same research notes that in-office hours were 30 percent below pre-pandemic levels in 2022, with U.S. workers reporting to the office an average of 3.5 days.

The 2022 Renter Preferences Survey Report supports these findings. The largest group of renters surveyed (39 percent) were hybrid employees who worked from home a few times a week. Another 31 percent worked from home on a full-time basis. Remote work and hybrid work appear to be here to stay.

This shift away from the office hasn’t just changed the way people work in the United States. It’s changed where they live, too.

What hybrid workers want

The top cities for hybrid work are located all over the country. They include major urban hubs and small cities.

To find the best cities for hybrid workers, Rent ranked cities based on the coworking spaces per thousand work-from-home employees. This survey ranks the percentage of the population that works from home and measures the cost of living index. All features were weighted equally to come up with a score.

Affordable properties

Commute length isn’t as important when workers aren’t going into the office so often (or at all), so a key benefit of apartments in the often expensive city centers disappeared almost overnight. Yet rent prices rose 4.77 percent across the country between December 2021 and December 2022, followed by another marginal uptick between the end of last year and October of 2023.

Saving money became a key concern for many renters. Many remote or hybrid workers moved away from properties in the city center and relocated to more affordable metros, cities, suburbs and neighborhoods.

A lower cost of living

Relocating to a city with a lower cost of living index can save even more money. In addition to housing prices, the cost of living index also measures the price of food, utilities, transportation, health care and miscellaneous goods and services.

The average cost of living in the U.S. is reflected with a value of 100. So a score of less than 100 means a city is more affordable than the national average. A score over 100 means that city is more expensive than average.

Coworking spaces

Coworking spaces are a plus for the hybrid workforce. They provide practical resources and technical support, as well as an opportunity to connect with other remote workers.

Many rental properties have expanded amenities designed to attract and retain remote workers. They include reliable, high-speed internet; expanded work and meeting spaces and extras like complimentary coffee and tea or social spaces to relax after hours.

The 10 best cities for hybrid work

Half of the 10 best cities for hybrid work are located in the South. Another three are found in the Midwest. The Northeast and West also claimed one community each.

Tampa, FL

Tampa is the tenth-best city for hybrid work in the United States. The cost of living in this culturally rich and diverse community on Florida’s Gulf Coast is almost exactly the same as the national average – 99.8.

The city has a robust hybrid workforce. A quarter (25.2 percent) of Tampa’s residents work from home in some capacity. That’s easy to do when there are 56 coworking spaces in the city, roughly one for every two remote workers.

Pittsburgh

Next up is Pittsburgh, the only Northeastern city on the list of the 10 best cities for hybrid work, Pittsburgh thrived as a Gilded Age industrial and cultural hub. It’s expanded to include 90 unique neighborhoods joined by hundreds of bridges.

The cost of living in Pittsburgh is comparable to the national average (100.4). But it’s much more affordable than many of the other major metropolitan areas in the Northeast, one of the most expensive regions in the country.

A substantial portion of Pittsburgh’s 300,431 citizens (30.3 percent) are hybrid workers. A respectable 42 co-working spaces rest within the city limits.

Everett, WA

Bicycle-friendly Everett is the only Western city you’ll see here. Find this creative coastal city just off Puget Sound, 25 miles north of Seattle.

A cost of living index of 111.8 makes Everett the most expensive metro listed here. But it’s still more affordable than many other West Coast communities, which regularly top lists of the most expensive metropolitan areas in the country.

Everett is a small, approachable city (population 110,812), but it still supports remote work employees, who make up 15.6 percent of the city’s population. There are 17 co-working spaces in Everett.

Minneapolis

Minneapolis is Minnesota’s artistic and cultural center. Located along the Mississippi River, it also offers acres of parks, green space and lakes for residents to enjoy.

It’s a good bet for remote workers too. There are 50 coworking spaces in Minneapolis. This support system has helped attract 147,591.6 (and counting!) hybrid workers to Minneapolis already. They comprise just over a third (34.7 percent) of the city’s population.

A cost of living score of 98.99 means it’s slightly cheaper to live in Minneapolis than the national average. Some of these savings came in the form of rent reduction; the Minneapolis–St. Paul–Bloomington metro saw the largest year-over-year rent decrease in the country between December 2021 and December 2022.

Savannah, GA

The genteel southern city of Savannah takes the No. 6 spot on this list. The coastal Georgia city oozes charm and historic ambiance, from its cobblestone squares to the shady parks and stately oak trees draped with Spanish moss.

The cost of living index in this community is lower than the national average at 90.1. A total of 13,237.92 Savannah residents currently work from home in some capacity.

Savannah supports 13 co-working spaces. That’s a relatively high number (nearly one co-working space for every thousand workers), considering that hybrid workers currently make up 9 percent of the city’s workforce.

Greenville, SC

Remote workers move to Greenville for a quaint Main Street, a robust art scene and easy access to lakes, hills and trails in Paris Mountain State Park and beyond. A low cost of living (90.6) is another benefit for residents.

With a population of just 72,095, Greenville is the smallest city in the top 10. But despite its modest size, it’s still attracted and supported 13,337 hybrid workers.

These hybrid work employees make up 18.5 percent of the city’s population. You can find them working from home and at 10 coworking spaces throughout the community.

Rapid City, SD

With a population of 76,184, Rapid City is the second smallest city here. But it’s the largest community in the Black Hills, a region of jagged peaks, lush forests and almost impossibly scenic byways and hiking trails in western South Dakota.

A cost of living index of 93 means it’s more affordable to live in Rapid City than the national average. South Dakota stayed affordable throughout the pandemic as well. It was one of only two states where rent prices didn’t increase in the early months of the pandemic.

Rapid City is well-equipped to handle remote work, as the city currently houses eight coworking spaces. That means you’ll find 1.1 coworking spots for every remote worker, one of the strongest showings on our list. These hybrid employees make up 9.3 percent of the city’s population.

Atlanta

Atlanta is a commercial and cultural hub and a historical powerhouse that was central to both Civil War and Civil Rights history. With a population of 496,461, Atlanta is both the largest city in Georgia and the most populous city on our list of hybrid work hot spots.

It’s also home to the largest hybrid workforce in the top 10 — 38.7 percent of Atlanta residents work from home at least part of the time, beating the famous Atlanta traffic a couple of days per week. They’re supported by 92 coworking spaces.

The cost of living index is 101.6. That means it’s slightly more expensive to live in Atlanta than the national average.

Orlando, FL

Orlando is famous for Walt Disney World and Universal Orlando. But the sunshine and comfortable climate that draw tourists to central Florida also attract remote workers ready for a change of scenery.

Hybrid workers currently make up 19.1 percent of Orlando’s population of 309,154. Find them at one of the city’s plentiful coworking spaces. You’ll find 68 coworking spaces in Orlando, just over 1.2 for every thousand remote workers. That’s tied for the most on this list.

The cost of living in Orlando is 104.8. That’s more than the national average.

Green Bay, WI

The best city for hybrid work is Green Bay, Wisconsin. This laid-back, bayside city is perhaps best known for its professional football team, The Green Bay Packers. But Green Bay’s outdoor recreation opportunities and home-grown shops, restaurants and breweries appeal to all ages.

A household budget goes further here. With a cost of living index of 89.9, Green Bay is the most affordable city in our top 10 spots for hybrid working.

Green Bay is one of the smaller metros on this list, with 107,015 residents. But it does a good job of supporting the 12 percent of the population that works remotely. Currently, Green Bay houses 15 coworking centers. That’s 1.2 coworking spaces for every thousand workers – the highest on this list.

The takeaway for hybrid workers

The pandemic changed how — and where — people work in the U.S. The best cities for hybrid work support the remote workforce with coworking spaces, affordability and a sense of community outside of a traditional office.

Looking for the best of both worlds, where you can work in your apartment one day and collaborate in person the next? Find your next rental home or apartment here. Type in one of the cities mentioned above and browse through all your options.

Rent prices are based on an average from Rent.’s available rental property inventory as of November 2023. The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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Apartment buildings and detached single-family home rental properties are the first things to come to mind when looking for a new space. But what about condo living?

In real estate, condos are very similar to standard apartments in that they’re individual units rented out to tenants by the owners of the property or condo owners.

What differentiates a condo vs. other types of rental units is that adjacent condos often have different unit owners. Some condos are actually lived in by the person who owns them.

A condo community comes with shared amenities, similar to an apartment building. It also includes homeowners association restrictions, condo association fees, exterior maintenance and private outdoor space. So what is a condo? Keep reading before reaching out to your real estate agent.

What is a condo?

So, what is a condo? A condo is a real estate property where an owner owns one unit in the building. The condo owners buy a condo in the building with a down payment and pay property taxes, monthly fees, HOA fees and the mortgage lender. All are similar to a single-family residence.

Condos are often popular choices for those who want the benefits of homeownership and community living without the hassle of maintaining a yard or general property upkeep like snow removal. If you don’t need much square footage, a condominium unit may be the right bet for you

Buying a condo is definitely a part of real estate investing as you get your own private residence with community amenities like swimming pools without large crowds and tennis courts and other common spaces.

Though a unit owner can own multiple condo units, it’s common for owners to own just one condo unit that they will either live in or lease out to apartment renters, depending on the condo association. They may rent the unit through a property management company, or the owner may do it themselves.

Condo owners may even rent their units for years and still choose to move in themselves later down the road into their living space. This is a stark departure from a standard apartment community or housing complex where all rental units share a singular owner.

Condos can be more high-end than standard apartments

Because condos are owned individually, owners may choose to outfit their private space with higher-end fixtures and features than other rental units. This is especially the case if the owner of the condo intends to occupy the unit themselves eventually.

This doesn’t make condos cheaper. Because of the added luxury often found in condos, they’re frequently more expensive than other rentals due to many condo fees. That isn’t the only reason condos may be pricier, however.

Most condos are individual pieces of real estate. Their owners are often subject to HOA fees generally passed along to the renter at the owners’ discretion.

Condo vs. apartment: What’s the difference?

In general, apartment buildings are rental properties owned by a landlord or property management company, while condos are owned by individual condo owners. You often have a lease in each scenario, but some key differences exist.

A condominium complex often has more benefits than apartments, such as access to shared amenities and the ability to upgrade the unit. Condos tend to come with responsibilities such as paying an HOA fee and adhering to rules and regulations set by the condo board. And you, as the renter, must also adhere to these rules that, are often more strict than standard apartment complexes.

Not every condominium association lets owners rent out their units, so confirm that you can before moving in and avoid eviction.

Are condo owners different than landlords?

A condo owner can be a landlord, but a landlord is not always the owner of the rental property. Landlords may own detached single-family homes and rent out the rental property to prospective tenants, or they can be a property management company that only manages. In that case, you are leasing the apartment and setting up your own utilities.

With a condo building, the condo owner covers the HOA fees, property taxes, condo fees and utilities since they are in their name, but these are tacked on into your monthly rent. They are essentially buying a condo and owning real estate.

Condo owners share the exterior costs with other condo owners in the complex by paying the homeowners association a monthly fee and covering maintenance costs.

As a benefit between condo vs. apartment, condo communities allow you to have a more personal relationship with the owner, mainly because they can keep turnover to a minimum. Because of this, there might be more flexibility in negotiating the monthly rent.

What is a condo fee?

Many condo associations consider external areas joint ownership when buying a condo in their complex. Most condo fees go to the condo board for maintenance costs like landscaping, lawn care, cleaning common spaces, funds for unexpected repairs, maintaining fitness centers and insurance.

The condo fees vary depending on various factors, such as the unit’s size, the building’s age, and the amenities the condominium offers. So keep this in mind when looking at your final monthly rent.

Renting at a condo community might be right for you

Renting a condo vs. an apartment might be a perfect fit if you’re looking for a living space with small square footage and trying out condo life in your own unit but want to wait to pay a down payment and closing costs.

If you’re looking to rent a high-end, well-cared-for apartment from a landlord you’ll likely be in direct contact with, a condo is the ideal type of rental for you. Otherwise, consider other types of rentals first, like a single-family home or standard apartment. Condo living is not for everyone.

Ready to find the condo of your dreams? Start your search here.

Muriel Vega is an Atlanta-based journalist who writes about technology and its intersection with arts and culture. She’s worked on content for startups like Mailchimp, Patreon, Punchlist, Skillshare, Rent. and others. Muriel has also contributed to The Washington Post, Eater, DWELL, Outside Magazine, Atlanta Magazine, AIGA Eye on Design, Bitter Southerner and more.

Source: rent.com

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Start closing more contacts with conversations that convert! Today’s guest, Alan Stewart Jr., has mastered the art of conversation and joins us to share tips on converting potential clients. Alan also discusses the steps Realtors should take in order to become real estate authorities, the best measure of success, and the value in finding your why. Tune in and learn how to turn your next conversation into a business opportunity!

Listen to today’s show and learn:

  • Why Alan Stewart Jr. got into real estate [2:20]
  • The value in finding your why [5:22]
  • A better way to measure success: The Six Cs [9:59]
  • Three categories for increasing conversion [14:24]
  • Why it can be difficult to win business from friends and family [16:13]
  • One way to become an authority figure instantly [19:07]
  • Why niching down is a great strategy for building your business [20:33]
  • Developing skills in a specific subject matter [22:50]
  • Creating a database of your ideal clients [26:32]
  • Identifying sources for sales [27:40]
  • The three parts of conversations [31:27]
  • How seemingly forced conversation starters can work [33:59]
  • Getting good at conversations in order to convert [36:21]
  • Getting better at social cues [38:29]
  • Establishing a high-quality follow-up sequence [40:21]
  • Alan’s advice on real estate CRMs [43:15]
  • Alan Stewart Jr.’s upcoming book, Becoming More [43:46]
  • Where to find and follow Alan Stewart Jr. [46:18]
  • Overcoming call reluctance to build your skills [49:57]

Alan Stewart Jr.

Alan Stewart Jr. started in Real Estate in Late 2015. In 2016, he founded a brokerage out of a basement Called Yellowbrick where he was the only agent. Since then, he has grown the brokerage from himself and a partner to nearly 100 agents and does over 300 million in annual sales volume. The brokerage currently sits at number 15 in the State of CT in both units sold and Volume sold.

He was Realtor of the Year in 2017. He has coached hundreds of agents and responsible for dozens for becoming nationally top-producing Realtors.

In 2021, he founded ASK insurance which currently has over 70 Carriers and a book of business of over 2 million dollars. He is a Real Estate investor that has flipped over 100 properties and owns a few million dollars in rental properties. Alan will say his biggest accomplishment is being a dedicated and present single father of his son, Alan Stewart III.

Alan believes in living a large life through faith, self-improvement and disciplined consistency so he can give MORE, that is why he helps raise 10’s of thousands of dollars for charity every single year for the last half decade for a variety of causes.

Related Links and Resources:

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com