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Our presenter, Tommy Hendrix, P.E., CPM, is a Licensed Professional Engineer in Virginia. He is the Vice President of Commercial Property Services at Hall Associates and oversees the Property Management and Commercial Maintenance Divisions.
Date | June 27, 2013
Virginia Tech Foundation Building
902 Prices Fork Road, Room 3100
Blacksburg, VA 24061
Lunch will be provided | 1:30 pm
Congrats on the raise.
According to NAR’s 2013 Member Profile, Realtors are doing much better this year — earning 24.6 percent more in 2012 than they did in 2011. (That’s two years in a row that Realtor’s income rose.)
Essentially, fewer Realtors + more total sales = more money for each Realtor.
Here are some specifics to mull over:
You may notice that we don’t run certain types of stories very often here. For example, "Experts predict…" pieces. Why not? Because expert predictions about economic matters are nonsense.
We’ve been saying for a long time how important the housing industry is to the economy — how every home sold has a major and positive effect on industries far and wide.
Well here’s a great chart that makes that point crystal clear. It shows housing starts vs. the unemployment rate.
Unemployment began to skyrocket around January 2007, peaking about two and a half years later. Since mid-January 2009, though, it’s been going down.
Meanwhile, one-unit housing starts peaked around January 2006, plummeted for about three years, and only started rising again in early 2009 with the rest of the economy.
The first quarter 2013 Virginia Home Sales Report has been released and year-over-year state wide indicators show that the housing market in Virginia continues to experience steady improvement.
Interesting story in the Financial Times about how immigrants to the U.S. have not only been key to the housing recovery, they will remain key to the market. It’s based in part on a report from Housing America and the Mortgage Bankers Association.
Some key points:
Real estate investors have helped the market recover. But for the long-term health of the market, maybe they should stop now.
(To be clear: By “investors” I mean people and companies that buy single-family homes to turn them into rentals, not house-flippers.)
Here’s what’s worth watching: When all those foreclosures went on the market at deep discounts, investors began snapping them up. That was a good thing, because there was so much inventory out there that prices were staying low.
Once most of that distressed inventory was gone, though, conventional wisdom said that investors would ease off. Prices would go up and the great deals would be gone.
Each year, EarthCraft Virginia presents awards in a variety of categories to builders, developers, and others throughout the region who demonstrate superior dedication to the advancement of sustainable housing. The Single Family Project of the Year went to an efficient solar home in Alexandria, VA. Patrick Fogarty, broker and co-owner of HomeFirst Realty was this year’s winner for building a new home with incredible energy saving qualities for about the same price as a typical new home.
Here’s an interesting stat: Since mid-2005, Americans are driving less — much less, especially younger folks. You know, the next generation of home buyers?
What’s notable is that — unlike the last time there was a drop in driving, back in the 1980-84 recession — this time the drop appears to be much longer lasting. It’s been 92 months already.
According to the Frontier Group, which did the study, the trend is most noticeable among young people.