Real Estate Today 9-24-17

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Sunday, September 24th

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This it's real estate today. The number one real estate show on. The radio. Welcome to real estate today backed by the professional experience of real tours from across America. We're most trusted source on the radio for up to date realistic information. Real estate today is the official radio program of the national association of real torch in Israel tour members in your neighborhood. Hi there I'm Stephen gas query and we have a very special show for you today all about the fall market. Fall just started on Friday. And as the season changes how about real estate with a full market bring more opportunities for buyers and sellers as the competition slows down. Four wheel before market 2070. Beat justice red hot as this spring and summer markets work. We'll talk to pros all across America about what to expect and how you can drive if you plan to buy or sell a home in the next three months. The phone market is straight ahead. But first let's go to the realistic today newsroom with bill Thompson's car don't. I Steven. The recovery from hurricane Irma and Harvey siphon already scarce construction jobs away from other markets that desperately need new homes. That could be one short term effects of home services of America CEO Ron culture he tells Fox Business that thousands of homes sustained damage that needs to be repaired quickly. Was gonna do their work in a timely fashion. You're in both markets here and warm markets that are subject to mold. Mildew but lots of things that are are not. Conducive to a healthy how's he need do have history mediated right away you need to get in there and clean up the devastation. And with the shortage of workers I think we're gonna be challenged. Peltier says between storms will certainly quote create a major disruption in our industry. Hurricane Irma has called fresh attention to Florida's building codes which were upgraded after hurricane Andrew to require new homes to be more hurricane resistant. But a scorched dot com reports Burma also highlights the fact that most homes in southern Florida were built before those new higher standards were enacted into law. Only about a quarter of the homes in Miami Dade County have been built for the post Andrew codes. And according to court logic Florida homes are the most at risk for flooding damage in the country. With tax reform moving back into the forefront in Washington. The National Association of Realtors remains at the forefront of the fight to preserve the mortgage interest deduction. Testifying recently before the Senate Finance Committee I on the Harrison cherub and I ours federal taxation committee. Meant appointed tax reform done right can yield savings and simplification. But misguided reforms imposed significant threats to the economy. Summer of farmers suggest lowering the MID cap from one million to 500000. Dollars realtors oppose this idea. A 500000. Dollar cap would be unfair to those living in high cost areas. Many of whom are by no means rich and have fairly modest homes. Also inflation could make the pinch of lower cap much more universal and just a few years. And Harrison told senators that according homeownership in the cross hairs of tax reform would strike at millions of American households. Housing starts fell eight tenths of 1% in August to a seasonally adjusted annual rate of one point eighteen million units. And experts anticipate there could be another slump in September thanks to hurricanes Harvey and Irma. Builders reporter rebound in single family home construction but the multifamily home segment remains weak. The government's numbers came out one day after the National Association of Home Builders Wells Fargo housing market index revealed a dip in builder confidence in September. And the weather is largely to blame for that declines as an AHB chairman Granger McDonald. He says quote the recent hurricanes have intensified our members concerns about the availability of labor and the cost of building materials. Coming up and half an hour Herman's big test for insurance company which Stephen nineteenth. Thanks bill. Continuing now whether special show the fall mark. And of course the phone market this year will be different. Because along the Gulf Coast hundreds of thousands of homeowners. Will be starting the process of rebuilding their homes and their wives following those devastating hurricanes. And for those victims. The lifeline. Is there insurance. For most of them the first step involves submitting the biggest insurance claim they've ever submitted in their lives. And doing at the right way and that's essential. Let's talk about how to make it happen within expert joining us is Joseph Messinger the award winning business analyst for CBS news. Joseph was the host of the national radio showed Jill on money. And also the host of the brand new popular podcast better off with chills let teacher Joseph welcome to realistic today. It's great to be back video we are glad you're here Sergio let's get right to it if my house has been damaged or destroyed. What are the three things I need to do right now this weekend to get the process start. Well if you haven't done anything yet you're going back to the house and you are taking photos or videos before you move Eddie thank. You're making a list of your damaged items ending your reporting your claim as quickly as you possibly can. Eager to your homeowner's insurance company whether or not they're gonna pay it to the National Flood Insurance Program if you're part of it. Or going through the government and going through the disaster assistance stock up. Kgo that is great advice now. Walk us through it what's the process in ball. Well I think first we got a hole that policy and you know worried a lot of people have no idea where those policies are mean if you've been under floodwaters. You know chances are your files aren't looking so great. So I think the first thing to do is to contact your insurance company make sure that you actually tell them what we're in this floods down. This is what's happened. Here's what I wanna do. Explain the problem. As per copy your policy. Now most people are going to be very. Decent heartened when they find out. That that their standard homeowners policy. Will not cover. Any damage from rising water okay. That is unless you live any designated. Flood zone and had purchased insurance to the federal government's flood insurance program. Now you know if you're fortunate enough that you actually have that insurance. You will go through FEMA you'll actually put a claim through and you go step by step but a lot of people have other damage that mean upbeat. Covered from rising water media a tree fell through your roof and there was damage in that case. You're going to follow be seen. General step by step instructions. You're going to basically report your claim. As quickly as you possibly can but before you do that. The best part of this that the I guess the most efficient part of this product process would be to go win. Take pictures and many people already done this make a list at any thing there was damage or lost. Try to figure out the date of purchase the value yet receipt that's great you report that claimed. And then. Basically at that point a process has begun and you've got a claim number. Right debt that claim number down. Don't make any permanent repairs until the insurance company as a spectator property. And you have agreed on a cross or pairs now that set a lot of you borrow it while waiting that house is structurally unsound I've got to do something just a nation that no further damage. You can make temporary repairs but do make sure you talked your insurance company about that. What about all those families tens of thousands of families who had no flood insurance at all for one of two reasons right either they didn't get it. Where they weren't in a certified flood zone. What happens to those people are the agents out of luck. Well no because there is going to be federal assistance for those folks I mean the it's not going to be necessarily as robust as an order as easy a process as the insurance that you would get the normal claims process but. You know for those folks who aren't covered it varies usually a safety net I should go to disaster assistance dot gov to learn the details. Last question Joseph a lot of people will be in hotels are temporary housing until their houses habitable. Is any of that gonna be covered by homeowners. Yeah action it can be it it really does. Beat seek goes really policy to policy. You really have to make sure that you heat and every single receipt. You'd talk to the insurance companies know one thing I learned in the processor archer sandy with lots of friends and family is that. You know Wayne you actually get someone on the voting you have a process and a relationship. Then you're going to get much better service but you you go dark prod these folks. And then six months later say oh well I stayed at the four seasons. Not gonna pay for that so you really have to say this is where AM this is the cause can I get this approved and explain what's going on. Look at it's not and he's not a Lisa you should be big for safety reasons especially they are going to do their best to make sure that your whole. You are helping so many people Joseph and I really appreciate you talking insurance through us. In the aftermath of those deadly hurricane strength is great to be it im so sorry for anyone who's been suffering through this process. Absolutely well Sergio. And of course from all of us here at realistic today we hope that everyone affected by the hurricane. It's their houses in their lives back on track safely and quickly. Sergio again thank you for joining us today I'll come back with the more fun topic has that well this isn't fun but. As I said very helpful. Jill Schlesinger award winning business analyst for CBS news. And host of the popular radio show Jill on money and the podcast better off with Jill Schlesinger. Coming up unrealistic today we'll take you to Chicago where the real estate market is. Booming market and very strong fleet seems. Deadly game that's next on our special show the hallmark. Real estate today. Connecting you with the real estate professionals. Every week. Back now what our special show the full market yep it's hard to believe but false started Cohen. Friday. And would it comes a brand new season with brand new home buyers and home sellers. And the phone market also comes with high hopes that the lack of inventory in the intense competition. Might. He's up there. Will that happen let's ask approach. Joining us now is Rebecca Thompson real chore with our properties in Chicago and at the 2018. President of the Chicago association of real torched. Rebecca welcome to realistic today. Thank you much happening am glad to be on the show we are delighted you're here so Rebecca first of all how's business in Chicago. Bitten and Chicago is. Booming the market and very strong we've seen steady game. Not who would be over inflation I think. Some buyers are aware area we've seen very steady growth and Chicago it's a great track and great harm to buy. So Rebecca. All year long we've heard about bidding wars not enough homes for sale prices going up. Are we gonna see some relief. In the fall market or is it gonna be just more of the same. Denmark is always changing and more now than ever. We need to be cognizant of what the future might old. And I think that the other is the expectation that this rapid ER. One of the dangers Charlotte space. Is getting overconfident. Over inflating that I. And do my best and Ike hit sellers ain't coming into the ball market. Making sure that they are taking their real good advice. And looking at what are the market and if there is the slowdown in the area. Making sure that they are right. So quickly so let's say there's twenty eye problems in a market and we're seeing. Hybrid kind of bend selling on a monthly paid they need to make sure that they outcry. And they in the condition to need one of those hybrid and all that well that month. Interest stings so pricing your home correctly and making sure it's in the best possible condition art just as important for sellers. In the fall market as every other market of the year. Went to the border they're still interest it back to concern become. You're up against o'clock and typically lead in seeing. A slow downed opponent number eight uplifting but also in the number of people looking. Between Thanksgiving and some people say that people are I would actually it we say and here at tech to nip out create pop it up again right after the new year. You don't find out and it edition where you overshot the mark. And then they're trying to play catch up I haven't Delaware right. Because inevitably the sellers are finding themselves in that both are having to underpriced it. Under Alex or no ticket sold it for 500000 initially. There ending up selling it. I'm blunt force 75 orchid each just because of the stigma that comes attached with longer market. Okay now Rebecca let's turn to the buyer's side if I'd been trying to get a house all year but I keep losing to other buyers. Am I going to have an easier time of it this fall. You may. Be seen it. Looking back at the deal you blocked. An understanding why you're missing out now at the function of pride every time. You may be overshooting the market and you may need to consider different ranged. But get something more than that. Talking to real sort of looking that harmed that you can be offering sometimes too quick clothes. It may be offering more armed money are limiting the finance contingency or looking at. Our ability creek on the property as it. Derek are going to be more appealing to Allah I don't want you all at a competitive situation. That are important. There are other factors in. The deal threat teller. So last question for your Rebecca. If the spring and summer markets were on eight speedometer. And they were going 85 miles an hour. Any slowdown this fall or is that car still. Going really fast. That congress still going very fact that angry. We are on occasion I think what this July weekend everybody stopped for a Barbeque. But other than that the market is still move. That is wonderful were Rebecca we certainly do thank you for being on the show today and talking about the fall market 2017. Thank you thank adding. You're very welcome Rebecca Thompson realists or with our properties in Chicago and that 2018. President. Of the Chicago association. Of Israel to corps. Coming up for unrealistic today is all that violent weather we went through finally done we're still in the peak beat him. Of tropical heat and no. There's still a risk that their kids eat or storm that's coming up on our special show the full market. But first it's time for ask the millennial. The millennial so the biggest demographic group in America and potentially the biggest group of homeowners ever. So let's talk realistic now with a genuine member of the millennial generation joining us is Jayne dollar injure hi Jane. Ice even greed to be here we're glad you're here surging what do you have for today well even when you're about what the biggest barrier to becoming a homeowner is. Many millennial and in fact most first time home buyers. We'll say that it leaving for a down payment. However it could be 'cause they think that they needed 20% down payment well that's just not true. In fact we hang our data shows that roughly 60% of home buyers. Finance their purchase with a 6% or left down payment which at least to me sounds a whole lot more doable. And I wanted to get some super simple idea is that current renters can viewed it starts eating up at 6% that sounds great Jiang. So if you're like me you can't or the day without a cup coffee. Horry buried very big cup of coffee cup so the average cost of a lot Tate is three dollars and 78 and so giving up this habit and just making your own cup of Joseph at home can save you more than thirteen hundred dollars a year wow. That is one very chic at the coffee going out to dinner is another easy luxury to cut out. The average Americans spend 232. Dollars every month eating out. And that's a savings of nearly 2800. Dollars if you just the end. And frankly most restaurant won't let you eat or watching Netflix in your PGA so why would you wanna go out anyway up a now this is a tough one. The average cable package cost about a hundred dollars each month meaning that cutting it can save you 12100 dollars a year. But. Be careful because evil replace there's like Netflix. Amazon crying and Hulu or HBO now. These cost money is well and if you get all of them line guide you. You end up barely saving any money at all. I would never tell someone to go without high quality television and film entertainment up tight corner you. I know it can be like OP's choice trying to take between game of drones and stranger things. But no one's head seating was painless. Picking between those two that would be tough to even I never set I take my own advice that's. A. Jane Dahlan during genuine member of the millennial generation thanks for being where this all unrealistic today. Thank you Stephen and if any if you have questions that only millennial can answer please send mean emails. Ask the millennial at radio dot realtor and if possible options on the air. This is real estate today. 100%. Real estate 100% of the time. Back again would our special show the fall market. All about the next three months and what they mean to you if you're buying or selling real estate anywhere in America. And of course one of the biggest stories in real estate continues to be the shortage of homes for sale. Low inventory continues to create challenges for buyers and continues to cause prices to knock jumped in markets all over the country. So how does a buyer win if they live in a market like that. And what's the best strategy for a seller. Let's talk to a pro. Joining us now is Stephen Damon. Real short with Jack Conway in company in the Boston area. And that 2018. President of the South Shore real tours in Bridgewater Massachusetts. Recently I spoke with Stephen that in any our conference in my first question was. How's the market in Boston hot. Extremely hot the big things that that everybody's running into this we just don't have enough real estate itself now a buyer comes to you and says don't wanna house. You find one priced right. Good condition. How hard is it for your client to get that house. Extremely hard and everything seems to be going on multiple offer business. It's really cutthroat a lot of agents will take and the get a new listing and there's no showings on that listing. Until the open house on Saturday you pull up to an open house or 5060 cars there. And multiple bids 1015 bids. And may 24 hour period so to does a good house. How much over list typically are people willing to turn it around 20/20 5000. Eric. And if you're at a higher ends it's even more but. You know for your median price house's 20/20 5000 over asking is not not unusual there are buyers. Starting. To abandon the old standard protections. If they have in the real estate process like. Appraisals. Flight. Home inspections. In a real hot situation and I have had buyers taken forego the inspections. Most of them won't forego the appraisal. Only because if it doesn't appraise they may or may not have that additional cash to make up the difference. But I have seen a lot of situations where they will forego. The home inspection. To make the deal sweeter did you ever inspected like even before they make the offer. There's no time for that most arms. So this is the wild west in Boston. I had guessed pretty much time we needed if it's a property that's in great condition and is priced right there there is going to be a duty more. As an agent. Would you reach out to the seller's agent also and find out some Intel there. And win the seller needs to move and other parts of the seller situation that might help your client right the winning offer. That's part of the business yes I mean if I've got a client it's. Think you know put an an offer on the property I will contact the other agent okay. I have a buyer this thinking of making an offer what's the situation how soon they wanna move. Are there any contingencies on. Two days they have to find a house before they can move. If I am selling it in the Boston area that your my house to go fast can I find the number one it's tough. This really tough one thing this kind of hurting the market right now is because people they they may be interested in selling. But they see what's going on on the market and they think well I'm not gonna find a house so no I'm not gonna put her on the market. How do you get over that you take him out and you find in my house before they put their house on the market. That's the only way to get around that when. Where you are really experiencing one of the fastest most competitive. And most challenging markets in America. So has business. This is pretty they're good if we had more real estate facilities and be better but right now I'm not gonna complain it's awesome. Steve and I really appreciate you joining us on the show today and talking. About the red hot market up in Boston well thank you very much has been a pleasure. Stephen Damon real chore with Jack Conway in company in the Boston area. And a 2018. President of the South Shore real tours in Bridgewater Massachusetts. Coming up next on realistic today how those of us who were not affected by the hurricanes can help those who work. That's next on our special show the. All market. If you love listening to apparently the state joined the conversation. I'm really see today's radio on these books. We can't wait to hear from you that's real estate today radio on these guys. This is a real estate today. Location. Location. And information. And we are back with our special show to fall market. And in depth look at exactly what to expect in the next three months. If you're buying or selling real estate anywhere in America. But of course this ball real estate will be very different in many parts of our country. Because hundreds of thousands of Americans will spend the next three months. Starting the long process. Of rebuilding their homes their communities. In their lives in the aftermath of hurricane hardy and hurricane Irma. For those Americans the fall markets will not be about listing your home and getting it ready for sale. It will not be about putting bids on several places in competitive markets hoping you get the home of your dream. As we all know for those Americans the routine events of life have been disrupted. And destruction that could last for many years. Recently we spoke to the remodeling expert at the national association of homebuilders he told us. That if a person were lucky enough to line up our professional contractor right now to get their home repaired. Considering that the enormous need it would still be difficult to find skilled laborers ended up materials to get the job done quickly. In many cases the homebuilders estimate that an average homeowner. Could wait as long as five to seven years before their home is completely back to normal. And in the meantime those homeowners will face additional expenses. As they carry the mortgage on their damaged home and still need to pay for a place to live. Now the reason I mention all this. Is that in the wake of such a disaster which will completely occupied the lives of so many Americans during this phone market. There is a way to help. The real tours relief foundation was created with the intention of helping people with housing related needs in the wake of disaster. And when I say housing related needs we're talking about temporary housing all the damage residence is being fixed. We're talking about mortgage assistance if the homeowners job has been disrupted by the natural disaster. And were also talking rent if someone who was leasing a place has lost that home as well. Here's how it works when you donate to the real tours relief foundation 100%. Of the money you give goes directly to the people in need. There's no administrative overhead no fees deducted and no other costs of taken out of the money that you contribute. Every penny goes to people who need help. Next the money you contribute is administered by the local realtor associations. In the areas that were hit by the natural disasters. The decision on where the money needs to be spent are made by the people who live in that area. The decisions are not made at some desk a thousand miles away. And that's a really good thing because who knows the neighborhood who knows the people in who knows the need better. And someone who lives right there. You know over time the real towards relief foundation has raised more than 28. Million dollars for the victims of disasters. It's made a big difference in the lives of people who lost their homes who've lost their apartment and who may have lost their jobs. People who faced an uncertain future. So I just want to mention the realtors relief foundation on today's program because we all know that in the coming weeks. The rebuilding effort in the wake of the hurricanes will start to fade from the headlines. The news will move on to other stories but even so the tremendous need along the Gulf Coast all the way from Texas to Florida. That will not go away. So if your interested in helping address that need lookup the real towards relief foundation on the Internet on their page you'll find a place to donate. And by the way their motto says at all. The realtors really foundation brings help home. And you can help make that happen as well. If you like to hear more of realistic today's special show. The fall market either stay tuned for joining us online at radio got real tore. And from all of us here at realistic today thank you for listening. If you're realtor you can put the entire real C today show on your web site. The best real speech on the Radio One 100% three each and they are members just go to our new web address. Radio dot realtor and click. How realtors. This is. Real estate today. The number one the real estate show on. In the radio. Welcome back to realistic today. Doctor Fred professional experience of real tours from across America we're here most trusted source on the radio for up to date real estate information. Real estate today is the official radio programs of the national association of real torch and a trio from members in your neighborhood. Hi again I'm Stephen gas query and I'm delighted you could join us today for a very special show the fall market. Fall officially began on Friday in much of the country that means cooler temperatures. Much with a full real estate market get cooler to. And if it does that mean greater opportunities for buyers and sellers all across the country will be intense competition settled down. Four wheel fall market of 2070. Feet just as wild as the rest of the year has been. We'll talk to the pros the phone market is straight ahead but first let's go to the realistic today newsroom with Bill Thompson I don't. Steven home builders are watching with some trepidation what lumber prices do in the wake of twin mass of hurricanes. The national association of homebuilders says it's too early to tell if lumber prices will spike. NAHB economist David Logan's those factors other than Harvey and Irma will help determine where prices go. For example he says the wild fire outlook is uncertain and duty rates on Canadian lumber will not be finalized until mid November. After a natural disasters in the past us and HP chief economist Robert Gates there has been no persistent impact on lumber prices nationwide. And study says most profound effect is confined mainly to the disaster region. When Canadians buy homes in the US where they buy. The new analysis by core logic offers insights that actually conformed to a neat geographical logic east is east west is west as chief economist frank note after explains our core logic video. Nine in ten Canadians who live and come back and the Atlantic provinces and eight and ten who live Ontario border in Florida. Eighth in ten Canadians throughout Europe and nine in ten from British Columbia or homes in the western US primarily Arizona California and Washington. Figures from the National Association of Realtors show that Canada China and Mexico together accounted for 41% of the homes bought by non resident foreign buyers. Between April 2016 and march 27 team. The persistent shortage of homes for sale may be about to ease up a little. Fannie Mae's latest home purchase sentiment index suggested many homeowners who've been sitting on the sidelines. May soon be ready to settle. In August the number of consumers who said now's a good time to sell a home. Was close to an all time high Fannie Mae says. The reading of 88 in the index is a year over year jump of 21 percentage points in the number of those who look favorably on selling. On the flip side though Fannie Mae says the number of those who say now's a good time to buy a home. Well five percentage points in August to a new survey low for the second consecutive month. Don't underestimate the value of good homes staging the National Association of Realtors twice seventeen profile of home staging report. Says nearly six out of ten realistic professionals say the staging a listing contributes to higher offers. How much fire while 13 of those surveyed said well done staging will fetch as much as 10% more for home. The NAR report says the most important room to stage the living room master bedroom and the kitchen. Coming up in half an hour of battle be brewing in Houston post heart beat Stephen back to you. Thanks bill. We have new home sales data for you today. Sales of existing homes are down and one big reason here's hurricane party which hit Texas in the Gulf Coast at the end of August. The national association of real torch reports that in August compared to July. Existing home sales fell nearly 2%. But the median sales price of homes. Has risen it's now at around 253000. Dollars up nearly 6%. Let's talk about all of us now with Laura June the chief economist at the national association of real course. Lawrence thank you for joining us today were on show you're very welcome to the hurricane did have an impact on home sales this is fascinating. So in these final week of August Houston has Renault got. Whacked pretty badly. Adjusts a lot of flooding and that automatically has the confidence of the people but are slowed the technicalities. So there are meeting to redo home inspection and just giving Dell locked together so he was a very difficult situation and you stand. And we solve peace sales activity in the Houston region declined. 45%. From one year before. Houston before the hurricane have been on track for a record high year but certainly he's been derail. And we anticipated and her bird decline in cells. Through September in that Houston region as well as in many parts of Florida. All right so factoring in the hurricane. Existing home sales fell one point 7%. August compared to July. But median price was up it hit 253500. Dollars. Which is up five point 6%. Yes five point 6% there will be. More than people's income growth barred. Double think we have a situation where for five consecutive years home values have been outpacing peoples and compact. Last year roughly art degree to one ratio this year to one ratio. But this is unsustainable. Bombing right now we are being helped fortunately by historically low we shall try to implore America. But would be Federal Reserve announcing. Today are so that. They will begin to scale back some of their asset purchase says. That is to say adapt purchased many mortgage backed securities. And there will steadily are low. Mortgage backed securities onto the market which means that they have to be a private sector. Purchase says. Course as someone else besides from deep subtle reserved otherwise interest rates would be arising out the mortgage rates will be larger and so we have a situation where home sales up used to be like turning out. At a time all historic low interest rates but we are facing headwinds are probably. Steadily rising mortgage rates are in the upcoming months. Nicely. Lawrence let's look around the United States how did the different parts of the country due in August in terms of existing home sales. Well these south to return to go ahead because we're just steadily declined five point 7%. And indeed were asked if declined four point 8% not due to any natural disaster but just because price of double talk very high in the west. Do you most expense Serb. Part of the country medium price that we 175000. Dollars indeed brought Wes we jumped so that is beginning to hampered by years. But indeed northeast well price quote has spent much Tamer we also increase salt ten point 8%. What in the midwest. Fairly affordable range and medium priced at 200000. Dollars we saw a gain of slightly better than 2% in terms of sales. Interest earning. So warrants looking at 2017. As a whole I know that the hurricanes curve certainly changed the dynamic. You have a revised prediction. So every single month of 27 came from January to August is so which reflected in figures we have been discussing. It has been wrong thing compared to the year before so you can compare January purses January February 1 suspect you're against salt pork. Every single month he's been hot here. I would not be the case since September October November or probably would December because. Usually natural disaster in defense of this magnitude has cited. Lingering impact that was the last pop possibly even up to six months. And has so I see that 27 change event will be essentially first half was a good that we will be hard pressed to CA gain in 2017. I'm actually believe that we will actually see modest decline as a whole it's. But all that lost sales. Because of that natural disaster in advance doubt will be recover if history has got it. And that means that 28 change sales activity will be much stronger. As we see you do eat normal. Economic growth job creation and impact. Almost all of the delay transactions that occurred due to beat her can impacts. I see you Alexa. Optimistic way of looking at a Larsen 2018 might be a better year I'm glad to hear that. All did the natural disaster is that some Americans are just resilient always so. Please shut terrible that tragic events when it occurs but people bounce back the city's bounce back homebuilding activity kicks sand. And had ever dreamed mobilize up within a year time span. Looking forward to that will Lawrence thank you so much for your analysis of the latest existing home sales report from an AR. Thank you sure you're very welcome. Lawrence June the chief economist at the national association. Of real tours. Coming up unrealistic today we'll take you to the nation's heartland where patience is a virtue. I would tell people or work the way you can get exactly what you like and pork that's next on our special show. The fall market. Real estate today. Connecting you with the real estate professionals. Every week. Continuing downward our special show the fall market. Talking to real estate professionals from all across America to get their perspectives their insights and their advice. About the next three months. And the big question of course is whether real estate markets across America might start to relax a little. Or whether the competition the multiple offers in the bidding wars will continue through the fall. Let's find out about that now with a re. Joseph Torre in the nation's heartland. Joining us is Cindy white who works with her husband at Bill White real estate in the city of independence Kansas. Cindy is a realistic crow and currently is that 2007. Team president of the Kansas association of real tours. Cindy welcome to realistic today. For having me. Very honored you let you copy here right now. That's very nice to be seen were delighted you're here so Cindy first evolved in independence Kansas. How's business. Well that's great to hear Cindy bit. How do you have a record year. In a situation in which there aren't enough homes for sale in many markets across America. Pitch and we haven't changed unit we actually do with inventory in low we have to work a little harder at it. It just a matter of getting out there and you're making it happened rally. Well that's a positive attitude that. Cindy when you say you just make it happen. What you actually mean what do you do. I cut my hair and current and I start talking to people that I know and it basically where to mount a hockey everybody you know of anybody could think about Al plane. You know Lenny later let me down I. Or upgrade and usually you can talk to somebody that I like it here that acts you know. They're like everything out of how can you connectors. You know that kind of thing. A tractor ruptured yesterday yeah about counted on the right after a that you never cured any Smart and you without actually going to be different. Housing development where he had buyer at a rate I am a heck yeah knocking on door. Claudette is impressive sandy so the real chores are really working hard for their clients and independence Kansas. But something you said earlier was also really interest and that is your city is taking a hands on approach. To solving the problem of low inventory tell us about that. They actually start building out there and so we have currently you can how can it. They're getting ready to go on the market that are construction. Less than a construction area at an LO so that's what we're fifteen yeah. OK so so far we've had a really busy 2017. Spring market this summer market so let me ask you about the fall. Do you typically experience a drop off in business in the fall market. Do you think that's gonna happen this year or will it keep going strong all the way through the end of the year. On the screen iMac you know drop off now. I Wear what a lottery location buyer. Because we have a lot of new industry area we have a refiner he we have at. We asked John Deere we have a lot of it in the street and they're always you people and they area. Elliott are tired Al and people coming into our area that you pay a very strong. So your always gonna have business happening and that's really good. Yeah and a lot of times we'll actually go at a world find how to identify and are not currently looked. You are and worked hard out there aren't as I love you back. I mean no wonder if successful if that's the approach you take you know the houses are listed go find it that's really impressive sent yeah so Cindy. If someone comes to you in the fall market of 2017. And they want to buy a house in your market what's the best advice you can give them. Be patient. He's a patient that's very Smart cookie unit at about where he had a technical editor you're absolutely. Yeah they I would people work the way you can get it Akron which applicant or. What about the other side of the table and indeed what's the best advice you can give sellers. In the fall of 2017. They probably he complexion it derailed her they really need to pay attention to elect a share them on earth are a market in Reno went out. I think a lot of time they have higher aspirations or expect any end. And down. Pick I don't work out I'm kind and they never really need or can the black characters on them. Are they realistic on price and are they realistic on the condition of the home or duties sometimes feel. It's such a hot market I really don't have to do much. And I yeah we feel a lot of bad. Really do an elite wanna are higher than what you really you know what you had in the market Iranian Galley cart are a little higher. And I we should tell people you know I don't I can't work miracle care but you know it is what it dead. Yeah pulling a price out of thin air and getting it. That would be a miracle in many markets. Will host India I really appreciate you telling us about the market in independence Kansas. And also or you're good advice for buyers and sellers thank you. Thank you so much thank you for having me on your show. You're very welcome. Cindy white with Bill White realistic in the city of independence Kansas and the 2017. President. Of the Kansas association. Every torched the. Coming up on realistic today. We'll talk mortgages with Fannie bay. One thing we've seen in surveys of consumers as they don't actually understand how much equity. They have in their existing. Property that's next on our special show. The whole market. But first it's time for our Smart home technology report. And today's editions it's all about cord cutting. I should know all across the United States tens of millions of Americans are making big changes in the way they get their entertainment. Their music and their games. Many of them are cutting the cord. Most Americans no longer reliant on land line telephone instead they use their cell phone and many Americans are cutting out cable TV as well. Relying instead on programming that streams into their house via the Internet. Now cord cutting is nothing new of course but studies now indicate. It's happening much faster than anyone expected. This was reported by the publication variety. They cite a study by the research firm. 31. More than 22. Million Americans will cut the cord on either cable TV or satellite. As I said that's happening faster than anyone expected even. Place the number of cord cutters in 2017. It just over fifteen million. But now they're saying 22 million that's a huge jump. And of course are huge jumping cord cutting means a huge tumble for cable TV companies. You marketer reports that in the five year period between 2016. And 2021. The number of cable TV subscribers in the United States will have dropped 10%. Again that's huge. In fact the is expected to drop below four hours a day. For the first time. So big changes are on the way. Now all discord cutting could have a big impact on the American home in the near future. It's possible that when new homes are built though no longer include those long cable TV coax runs throughout every room in the house. Instead we might expect an increasing use of land cables so you'll find wired Internet everywhere in the property. It also seems pretty clear that the old days of having the TV in the living room in the bedroom and maybe in the kitchen. Well those days might be numbered because who needs a TV in those rooms if you can see every show you wanna watch. Right on your phone or your tablet or your laptop. So again article in variety points out that even though we all know Americans are cutting the cord it's happening faster than anyone expected. So at this time next year who knows what we'll be talking about when we talk about cord cutting in the American home. This is real estate today. All real estate all the time. And we are back with our special show. The fall market all about the next three months and what they mean to you if you're buying or selling real estate anywhere in America. Coming up in this half hour we'll talk to Fannie day about mortgages available in the fall market this year. And who's the perfect candidate for the best possible rates all that and much more is straight ahead on our special show. The hallmark but first let's go to Bill Thompson in the realistic today newsroom cargo. Hi Stephen one prominent real estate professional in Miami says the impact of hurricane Irma on the Miami housing market will be a positive one. Shady Delgado vice president of one softly tells CNBC. It's gonna create opportunities that's gonna create opportunities for buyers just going to be. A lot of more Arab money flowing around people are building fake seeing upgrading. The buildings that stood still well we'll have. More activity. They'll be more sales. Delgado also she's already hearing from people looking to sell what may be their second or third home in Miami and she's hearing from people looking for buying opportunities. In Houston a battle was looming over how best to oversee real estate development post hurricane Harvey. The Wall Street Journal quotes Jim Blackburn a professor of environmental law at Rice University as saying. If Houston does not change it will not survive from an economic standpoint. Up until now developers of largely built what they want where they want in Houston. The man known as Houston's flood czar Stephen Costello tells the journal that. A stricter zoning code is a non starter he says quote zoning is never going to happen here are not in my lifetime. Costello shows Houston's best hope is to find ways to get storm water out of neighborhoods more efficiently. Stephen back to you. Thanks don't. Continuing our special show the fault market. A market which is usually cools down a bit after about hot spring and summer markets. But not so much this year in many parts of America the fall market is still red hot. If you're going out to barrio home you need to be ready ready with eight good to mortgage. So let's talk mortgages now with a pro joining us is Jonathan Wallace vice president for product development and affordable housing at Fannie may. Jonathan is responsible for developing solutions which help more Americans get in the homes with safe secure mortgages. Jonathan welcome to realistic today thank you so much for admitted yet we're delighted you're here. So tell me right now in the full market of 2017. If I'm a first time home buyer. What should I know without fail. So the first thing today though is tell people that they should know is that the amount of money you need to purchase a home is not 20% down it's 3% down. It's a message I keep returning to because we continually hear from folks that they think they need 20% down payments and that's not trail. You'd be surprised you can qualify for mortgages flexibility around debt to income ratios has increased. And so if you're wondering whether or not you can qualify for a mortgage to think about 3% down think about average credit your debt to income can be as high as 50%. So first and foremost you can qualify if you have good to decent credit and a low down payment through conventional program. The best way to figure out whether or not you can qualify and if combines the right decision is to take advantage of many many amazing programs that are out there for education. Well Jonathan I know that Fannie Mae rules out new mortgage products all the time in many of them are directed towards first time home buyers but. Many of our listeners have substantial resources and they would have no trouble at all. Getting a mortgage. Or any of the new products for them. One of the things that we see very frequently today is that their folks who have bought their first home. Who may have lost and their equity through the crisis but at this point there equity has come back and so I really encourage people who take a look at the opportunities to move up. One thing we've seen in surveys of consumers as they don't actually understand how much equity they have in their existing property. And so for some folks who are thinking of moving up because there having that second kid are looking for a different school district the opportunities are out there and our programs allow for lowdown payments to those same consumers offer a lot of flexibility and benefits. And great rates and great execution. Interest and and many times people who were selling one house and buying and other have substantial equity to put down it's not 3% it might be 43%. So that leads me to my next question what is the perfect. Mortgage applicant. The perfect mortgage applicant so somebody who's able sustain Obama for the long term what we look for is somebody that has at least one strong factor. If you know your credit can be strong and I can be good enough salute down payment and a little limited set of income hideouts in commission could be okay. With a good credit score. The only consumer that we really worry about is somebody who is bad and multiple dimensions the situation which we call risk glaring they have. Bad credit and Lou down payment and are stretched from an income perspective. And that's the only consumer that we all should be worried about and frankly that's the type of consumer who. Should take advantage of some of those courses to prepare themselves are being ready via homeowner but. It somebody has one of those dimensions good. They can show the responsibilities. In hum overtime and they want it to enemy wants to be there to support their consumer and our favor consumer is one he's able to achieve their dream of homeownership. Well Jonathan I know that Fannie Mae is rolling out new mortgage products all the time. Tell us about one we might not know about pitcher particularly excited about. The 1 I am really excited about for the fall is our own style renovation program the league great opportunity to take one of those homes that may not be the home of your dreams. And fix it up to be the home of your dreams. What the host our renovation will allow you to do when your buying home does that say the home is selling for 200000. But she wanna put 70000 dollars of repairs and upgrades and who what you can do is you can actually build that every thousand dollars into the mortgage and it makes it much cheaper and easier for somebody to buy fixer upper. As opposed to having to buy it and come out of pocket with a lot of cash later on to fix it. So if I am a consumer and I'm interested in this I go obviously knocked. To Fannie Mae because you don't write mortgages but I go to the place for mortgages are written and what do I asked for specifically Jonathan. So specifically ask for do you do renovation Monday. Some lenders do some lenders stuff many lenders do and when they do offer it they will give you the details in terms of both our own star renovation program. As well as alternative programs like the FHA to O three K program that's the question you should ask. Get informed get educated on how the program work. And your loan officer your lender will be happy to law Keith there at. Awesome Jonathan and I really appreciate you coming by. Joining us in the real estate today studios today thank you Steve always a pleasure taken you're very welcome Jonathan Wallace vice president for product development and affordable housing. At Fannie may. Coming up unrealistic today. We'll take you to Yakima Washington we will find out whether or not the market is cooling down. In the fall we still aren't seeing market coauthors from the Akamai market because their inventory is truly fail well. That's next on our special show the whole market. This is real estate today. Because your home might be your biggest investment. And we are back where there are special show the full market. All about the next three months and what they'll mean to you if you Clinton find. We'll sell realistic. Of course this spring and summer are the busiest realistic markets of the year but plenty of sales happen in the fall months also. So let's talk about how you can take advantage of this amazing time of year. Joining us now is Cheri Daniels with window near real estate in Yakima Washington. Sherri is currently the 2017. Treasurer of the Washington real torched. And she was the 2012 president of the Yakima association of real two hours. And right now she's the Washington State network president for the women's counsel a real tours. Sherri welcome to realistic today. Well thank you camera and it's so nice to have you here Gerri first of all how's business in Yakima Washington. Ray. And we here in so many markets. The there's not enough inventory there aren't enough homes for sale in the buyers are all fighting over the ones that do come on the market what's the situation in your area. Well that's exactly what's been going on bike path we're here we've got an average of four point period. They're not worth that in in carrying what looked at really low. What's normal about six months yeah about. Paramount interest earning. So with that situation in place I can imagine that the spring market in the summer market must have been wild. Note in the fall market is that calming down a bit or is it still just as high energy as the rest of the year. In the end it seemed like immediately. That month but it's always a little low with people. Trying to figure out vacation before school are getting ready. Go up but don't third quarter and the fourth grader from here who is really that they would seem kind of unusual but that it can legally work in. Well let's talk about sellers shared if I wanna sell my house what kind of person weight to the fall market. Instead of trying to sell in the spring or summer. Well a lot of people might end up and about whether or not a good candidate out. And they might finally realized that it actually not me how to letters telling very quickly. And they might wanna get their help on the market or the holidays is coming around. Well that's a really good point. And if I do put my house on the market in the fall of 2017. When I still have a lot of traffic at the open houses. Or does a drop off a little bit from the spring and summer. I would expect it to be about the same. In the content we get toward the winter months and we get to know what you're a good look at that we get at those winter months. The more motivated people are if they're out they're looking because nobody really wants to tramp around and is now looking at home and my they're totally motivated middle. OK so Sherri if I'm selling my house in the fall market in humor broker. Which your best advice to me. Well you know it could have. Any island better decreed maintenance. I would tell them that they need to take care vote for the how really creep up that well the first time because don't count as. That looked well they've been well maintained no coat very very quickly and now go at half dollar. But the hub foods that have not been thinking and very well not that could occur the killing everybody out there. We'll take longer to now and you also have to crank that correctly it not overpriced in the macro plan to create content. So now Cheri let's talk about buyers in the fall market if I come to view and I wanna find a home. In the fall of 2017. What kind of experience can expect. In Yakima Washington. Well you'll be seen if you've not been on the market. Coakley everyday to take a look at. Bag you also have to be quick to go and look at them when they come across your email it looked like something that you want your really have to get out and look at cut out very quickly because they're still going pretty up. Once again on the market. So Sherri what kind of bar your weeks until the autumn. To try to buy a home instead of trying. In the red hot spring and summer markets. I could be approved the magic relocated to the area. And I actually had the buyers say that they're just gonna step back her lap because the competition lets you create. And they were tired of being being out with multiple offers on homes that they were letting opera I'm. And then Matt every that maybe somebody at the pool and they get on me they're pulled for one last summer so there's all kinds Theriot and why people would wait until the ball. But that is awesome Willis Gerri thank you for joining us and talking about the fall market in Yakima Washington are you even. Cheri Daniels with wind Amir realistic to Yakima Washington in the 2017. Treasurer. Of the Washington real torts. Coming up front realistic today as the temperatures start to drop in much of the country. How you maintain your house we'll talk about it next right here on our special show the full market. If you're hungry for real estate information and follow real estate today on Twitter. Shares segments listened to them again and be the first to know what's on next weeks ago. Just search real estate today on Twitter. Real estate today. Because you love real estate. And we are backward our special show the fall market. You know it's hard to believe that fall began on Friday but it did and it's one of the most important times of year to pay close attention to your house. And the maintenance you put into. So let's wrap up today's show with a few words about making sure your house is ready for the fall and beyond. Number one in if you've heard this once you've heard of a thousand times change the filters on your heating and air conditioning system. A clean filter let's air flow through easily quickly and efficiently. A dirty filter makes the system work harder and as it works harder it's using more energy and that cost you more money. So take just a few minutes and make sure your filters are fresh and clean and Newt. And while you're out at you might consider getting your heating and air conditioning system tuned up. You know that's are complex part of your house in just like a car. Every now and then and needs a little service. It's not a bad idea where do you live in a cold state or warm state. Because once again a well maintained clean and tuned up system will save you money every time. Next check your doors and windows for air leaks you know they say the average home. Has so many air leaks it's equivalent to leaving in one of the windows in the house open year round. Never you know wannabe that house so check your windows for air leaks and if you find one seal it up would either foam rubber or insulating tape. Again the goal is to make your home more efficient which is also more economical. No then you're gonna wanna go outside and either with a pair of binoculars or maybe with a telephoto lens under camera. Take a good look at your roof. Pressure you're looking for shingles that have been damaged and possibly shingles that are missing. But shall also be looking for anything that's touching the roof if a big tree limb has started to droop down across the shingles that could be a problem. Because as it robes the roof in the wind it could hurt them shingles badly. That also goes for the size of your house if tree limbs are rubbing against the siding cut them back it's just a good thing to do. Also check the paint around your house think of the paint as more than just a collar. Think of it as a protective shell that protects everything it covers. A protective layer of paint helps everything it's applied to last longer and resist severe weather better. So gore around the house and check for paint that's chipping paint it's cracked and painted areas that need to be redone. Fall is also an excellent time to make sure that your smoke detectors and carbon monoxide detectors are up and running perfectly. You know there's a new generation of smoke detectors out there and you don't have to change the batteries every year Mikey used to. With the new smoke detectors you never change the battery at all because they last ten years. And when that decade runs out you just replace the entire smoke detector. So if you're in the market for new smoke detector or carbon monoxide detector that's something to think about. But if you're not and you're an older when in your home well at least test it and make sure the batteries are fresh because as we don't know smoke detectors. Save lives. So that's just about it a few ideas about maintaining your home before the cold weather arrives. And don't forget how well maintained home is a more economical home to run and more valuable home when you decide to Charlotte. So keep your house running like a top. If for no other reason. It's just worth it. Coming up next week unrealistic today going global. We'll talk to real estate pros about buying real estate in foreign lands we'll also talk about marketing your home. The foreign buyers happy you make that happen we'll talk to experts. Going global is next week right here. On realistic today. And remember you can always listen to our law and it radio dark real sore and from all of us here at realistic today thank you for listening to. If you're realtor you can defeat you tie your real C today show on your web site. The best real speech shown on the Radio One 100% free to any our members just go to our new web address radio dot realtor and click. How real this.