Leadership Conversation – The U.S. Housing Crisis is Real
The U.S. homeownership rate is under 64%, up slightly but still near the 40-year low of 63.4% posted in the 2Q of 2015. Homeownership is around the same level as in the 1Q of 1986. The number of starter homes for first-time buyers has declined by nearly 44% since 2012. “Flippers” now account for around 15% – 18% of existing home sales, and cash-only sales are now around 23% [January 2017] of transactions. The number of “trade-up” homes, according to Trulia, is down around 40% over the same period. For-sale home foot traffic is down to average levels. Millennials are the largest group of home buyers but lack the financial resources to purchase the “home of their choice” in the “location of their choice.” Existing home sales are around 5.4 million, with a median existing home price of approximately $245,000. Around 1.9 million existing homes are for sale. However, the jobs many Millennials want are in markets with unaffordable home prices. In 2016, the ratio of home prices to median income was around 4.0 – 4.2 times household income. The following table highlights the percent of households that can afford to buy a median-priced home in 2018.
Did you know we are AMO certified? Here’s what that means for you.
AMO accreditation, or Accredited Management Organization® accreditation is a high bar mark of excellence awarded to real estate management firms. To receive this prestigious recognition, a firm must exceed industry standards in professionalism, financial performance and ethics established and enforced by The Institute of Real Estate Management (IREM). Curry Real Estate Services is proud to be one of only 500 firms out of more than 10,000 eligible firms in the United States and Canada to hold this designation. But what does this mean for our renters, owners and investors?
Top Area Women – Owned Businesses
When Ellen Todd talks about learning commercial real estate from the ground up, she’s speaking literally-during her youth, she’d pull weeds and pick up trash on properties managed by Curry Real Estate Services, the company her father, Ray Brock, bought in 1980. “All the Brock family daughters worked in the business at one time or another,” says Todd, who succeeded her father as president of the company in 2000. …