Category Archives: Contractor

Handing out a business card

How To Tips for Business Card Etiquette

“It’s nice to meet you! May I give you my business card?”

Knowing the proper way to treat and hand out your business card says a lot about you, the respect you have for yourself, and the person you are giving it to. Always be courteous and ask permission before giving out your business card, and only give it to someone who asks for it or after you ask permission to give it.

How to offer a business card

  • Always have cards on hand. Card exchanges and business socializing often take place at unlikely times and places.
  • Be courteous when offering your card and attempt to limit distribution to qualified leads. Handing out 200 cards to everyone at a trade show will not be as productive as taking the time to find 10 qualified leads at the same seminar.
  • Always give your card to someone who asks for it — and be sure to ask for theirs in return.
  • Hand out pristine cards. Your card should adequately represent who you are and the pride you take in your profession. Throw away old, torn, or worn-out cards.
  • Use a business card case that properly represents your professionalism. Keeping your cards in your billfold or floating around in your purse makes for a disorganized impression. It also gives the message that you don’t really take the business card exchange ritual seriously.
  • If appropriate, take the time to write a quick note on the card to help the recipient remember you, what you talked about, and why your card was given.
  • Don’t hand out more than one card per contact unless more is asked for. If the person you are giving the card to does not have a card of their own, offer two of your cards and ask them to write their contact information on the backside of one and then return the card to you.
  • In meetings, don’t slide your card across the conference table. Instead, stand up and hand your card to each individual as introductions are made.
  • If you offer one person a card in a group, offer your card to everyone in the group.

How to accept a business card

  • Always accept an offered business card.
  • If you give a card, ask for a card.
  • Say Thank You! as soon the card touches your hand.
  • Look at the card for a few seconds as if digesting the information and then compliment the card, font, or logo, if appropriate.
  • Put the card in your business card case. Don’t disrespect the card or giver by putting it in your back pocket or other places that say you don’t really care it was given.
  • Follow up within one or two days from receiving a business card. Let the giver know you appreciated meeting them, your conversation, or information exchange.
  • It’s okay to request a business card, but if the person you are requesting it from maintains a higher position than you, wait for them to offer a card. For example, you wouldn’t ask the CEO of major companies or politicians, such as your state senator or the President of the United States, for a personal business card.f

How to design a business card

  • Avoid having too much information on your business card; don’t clutter it up with too many trade or professional designations that won’t mean anything to the public.*
  • Use professional paper and printing.
  • Use a graphic designer or online business card templates to help you design your card.
  • Include your essential contact details, including your name, company name, email address, and telephone number.
  • Avoid trade designation initials that might confuse your prospects. ABR, SFR, GRI mean nothing to a potential real estate client.*
  • Make sure your colors, font, and other information are easily readable by business card scanners or when converted to other types of electronic format.

* Design separate cards for giving out to your associates. These cards should include your trade or professional designations or designation initials.

Your business card will maximize your chances of successfully making qualified contacts. Remember, your card should represent you as a professional and convey how you think about yourself and conduct business. Don’t skimp and keep it professional.

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OnlineEd is a provider of pre-licensing, post-licensing, and continuing education for real estate and mortgage brokers. For more information about OnlineEd, please visit www.OnlineEd.com.

COVID-19 Mortgage Relief, Scams, Online Banking Tips, and Student Loan Relief

CFPB offers tips and videos to alert the public about how mortgage forbearance works and financial information for those impacted by the COVID-19 Pandemic 

By Jeff Sorg, OnlineEd Blog

(April 3, 2020)

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic, student loan relief, scams to watch out for, and online and mobile banking tips.

Below are the resources for consumers:

VIDEO: CARES Act Mortgage Forbearance: What You Need to Know

Guide to coronavirus mortgage relief options

What you need to know about student loans and the coronavirus pandemic

Beware of scams related to the coronavirus

Online and mobile banking tips for beginners

 

[Source: CFPB press release]

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

Excerpts from articles not originating with Jeff Sorg/OnlineEd are reprinted with permission; remain the sole property of the author; no permission to reprint is given or implied.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

Information in this posting is assumed correct when published but is not guaranteed if obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Four Newer Requirements by Oregon DEQ for Asbestos Removal.

 There’s no known safe level of asbestos exposure

By Jeff Sorg, OnlineEd Blog

(April 4, 2019)

(PORTLAND, Ore.) OnlineEd – The Oregon Department of Environmental Quality regulates the handling, removal and disposal of asbestos-containing material to protect public health and the environment. These are four newer requirements by Oregon DEQ for asbestos removal.

1: Residential renovation asbestos survey
All houses and other residential buildings constructed prior to 2004 must now have an asbestos survey conducted by an accredited inspector prior to demolition and renovation activities, with one exception. Owner-occupants doing their own home renovation work are exempt from this rule. This exemption does not apply when the residence is going to be demolished. Previous rules exempted residential renovation projects from the asbestos survey requirement that applied to commercial projects and residential demolition projects. However, residential property owners and contractors were still required to follow asbestos abatement requirements for licensing, certification, notification, handling, packaging and disposing of asbestos. Requiring an asbestos survey for residential renovation projects ensures property owners and contractors know whether or not materials planned for renovation contain asbestos. This requirement reduces the risk that homeowners, contractors, neighbors and disposal site workers could be inadvertently exposed or sites contaminated with asbestos.

2: Updated disposal requirements for nonfriable materials
Nonfriable asbestos waste must now be packaged the same as friable waste. Friable materials are those that can be easily crumbled and release asbestos fibers. Nonfriable materials can become friable if improperly handled, increasing the risk of exposure to asbestos fibers. Applying the same packaging standard for nonfriable and friable materials streamlines the packaging requirements
for all asbestos waste and ensures a safer work environment for employees, residents, neighbors and disposal facility workers.

3: Accredited laboratories for asbestos testing
Laboratories analyzing bulk asbestos samples must participate in a nationally recognized accreditation or testing program by January 1, 2021. This new requirement establishes a common level of  competency and reliability in analysis to properly identify asbestos content. DEQ will maintain a public list of accredited laboratories on its website.

4: Asbestos survey reports
Asbestos survey reports submitted to DEQ must now meet standard requirements. This requirement ensures survey reports include all required information. Learn more about asbestos survey requirements at: https://www.oregon.gov/deq/Hazards-andCleanup/Pages/Asbestos-Information.aspx

 

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Legalized Marijuana and the Real Estate Broker (Part 1 of 2)

Legalized marijuana occupies a special niche as a state-legal but federally-illegal product and industry.

By Jeff Sorg, OnlineEd Blog

(December 1, 2018)

(PORTLAND, Ore.) OnlineEd –  State legalization of marijuana should be of special interest to real estate professionals across the country because it has raised issues for both residential and commercial properties. In states such as Colorado and New York, legalization noticeably stoked demand in the commercial real estate market but there are concerns. For example, legal growing operations generally require building modifications to protect the structure from damage due to heat and humidity. Illegal growing operations face the same issues, as well as safety issues caused by improper electrical work. Real estate brokers must also evaluate the ethical implications involved, including reporting requirements and the level of expertise needed to properly assist their clients and customers. And, commercial and residential landlords need to understand their rights, raising the potential problem of unauthorized practice of law already familiar to real estate professionals.

Like any industry, legalized marijuana has some broader economic benefits. The industry creates jobs for production and retail employees, and boosts related businesses such as construction and transportation. States that have legalized recreational marijuana have also seen increased rates of tourism. However, legalizing pot is far from a no-brainer decision for states since each economic benefit seems to also have a variety of societal and logistical difficulties.

Industry observers also tell us that legalized marijuana raises real estate prices at the production and distribution levels. In California, where the weather allows for outdoor growing, prices for farmland rose dramatically after the state legalized adult-use marijuana. Real estate licensees in the Monterey, CA area have reported that an average 10-acre parcel with greenhouses sold for $5 million in 2017, double the price from just the year before.

Indoor operations require space, ventilation, and tremendous amounts of electricity, making urban area warehouses a preferred choice. Commercial warehouse space in Denver, Colorado is more expensive now than before legalization, and vacancy rates in the properties most popular with marijuana growers dropped from 7.9% to 2% in just five years. Lease rates on the same class of properties rose by 56% in that time. Buyers of Denver warehouse space for marijuana production paid more than $80 per square foot in 2014, compared to $40 to $50 per square foot for traditional warehouse uses.

The New York Times, April 4, 2017 printed that “Commercial real estate developers say they have never seen a change so swift in so many places at once. From Monterey, Calif., to Portland, Me., the new [legal marijuana] industry is reshaping once-blighted neighborhoods and sending property values soaring.”

Retail dispensary space is also commanding a premium price compared to other uses. Retail sales locations may require some modifications, such as waiting areas and additional ventilation. For the most part, though, commercial landlords charge dispensaries premium rents simply because of the businesses’ uncertain legal status. Legal marijuana businesses largely rely on cash to pay these additional expenses. Only about 3% of the nation’s banks and credit unions will even deal with marijuana businesses, and even fewer will consider providing financing. Larger independent businesses, then, need deep pockets to start up.

However, the investment community is starting to show interest in the industry. A recent market analysis report estimates that the industry has spent $1 billion in private and public capital since 2014. Cannabis businesses are publicly traded on the New York Stock Exchange and the Toronto Stock Exchange. Some are experimenting with alternative financing models such as real estate investment trusts (REITs), and multi-million dollar private equity funds have been established with the express purpose of investing in marijuana-related businesses.

Legalized marijuana occupies a special niche as a state-legal but federally-illegal product and industry. This contradiction means real estate licensees interested in serving the legalized marijuana industry must tread a careful path between the exuberance of a booming business sector and the continued looming risk of a federal crackdown.

The political climate in the early 2010s allowed real estate licensees and other professionals to explore business opportunities in legalized medical and adult-use cannabis markets. Some representatives of the Trump Administration identify as strongly anti-legalization, and various political pressures may lead to stronger federal enforcement of marijuana prohibition. This uncertainty means that state-legal marijuana businesses have no idea whether they can safely operate. For the real estate professional, this means that marijuana-related business clients and even clients who own property leased to marijuana businesses are at some degree of legal risk. Licenses should alert their clients and customers to this risk and, if necessary, advise them to seek legal counsel.

Even real estate licensees who don’t have an interest in serving the legalized marijuana industry may encounter new issues related to state legalization. Licensees now need to know how to identify a residential or commercial property damaged by cannabis cultivation and residential buyers will want to know whether a marijuana-related business may open near their new home.

Then there’s the issue of whether a landlord may prohibit legal marijuana use. It seems clear that a landlord can forbid marijuana smoking in a rental unit, just as a landlord is free to prohibit tobacco smoking. A landlord may consider allowing or banning other forms of use that are not disruptive to other tenants such as edible or topical forms of marijuana. In certain states, medical users may be exempt from such prohibitions. In California, for example, hindering a tenant’s legal medical use of marijuana is considered discrimination.

Landlords should establish clear marijuana use policies in their leases. In states with legal adult use, the lease should clearly spell out the landlord’s policy. If the landlord wants to ban all marijuana use on the property, consider using language in the lease that prevents use or possession of all drugs considered illegal under state and federal laws, since pot remains illegal at the federal level. Landlords and brokers should be sure to consult a lawyer before drafting any clause, since pot-related laws are still evolving.

Brokers who choose to proceed to work with clients for any marijuana related purchase might find these practices worthwhile:

  • Check with your errors and omissions policy carrier to find out if you are covered for marijuana-related transactions.
  • Disclose and document, in writing, that you notified all parties to the sale or rental of the conflict between state and federal law regarding the legality of marijuana, and that you advised everyone involved to seek legal advice before proceeding. Also, include a statement about the possibility of chemical contamination or structural issues from land or housing used as a grow site.
  • Disclose when you know that property was previously used as a grow site and that there is the possibility of increased mold growth.
  • Advise clients to seek legal counsel before buying, selling, or leasing for a marijuana grow site or dispensary.
  • Advise clients that pot-related businesses are limited in their ability to get financing.
  • Advise landlords and seller-carried financing clients that their underlying financing can be jeopardized if their lender feels a pot business jeopardizes their collateral.
  • Advise buyers, sellers, lessees, and lessors of grow sites and dispensaries that insurance may be difficult to obtain or could be canceled.
  • Advise clients to always check local regulations to see if the location being considered can be used as a grow site or dispensary.
  • Check with your office manager to make sure you can represent clients for marijuana-related transactions.
  • Clients (and brokers) who choose to ignore federal law in favor of state law, should make sure to know local regulations since many areas have opted out of participating in marijuana grow sites and dispensaries through the passage of local ordinances.

Stay tuned for Part 2.

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Buyers Gain Negotiating Power in Some Markets

Zillow research reveals hot markets where competition is letting up just in time for buyers to get ahead of rising rents and mortgage rates.

By Jeff Sorg, OnlineEd Blog

(October 30, 2018)

SEATTLEOct. 30, 2018 /PRNewswire/ — After years of competitive bidding wars and rising prices, a Zillow® data analysis shows it might finally be a good time to buy a home in many U.S. markets.

Zillow researchers looked at three factors to determine which of the largest U.S. housing markets are becoming more buyer-friendly and found that some previously prohibitively competitive markets – including Seattle and Las Vegas – have turned into the best places for buyers this winter.

The three buyer-boosting metrics we considered are:

  • An increase in the share of listings with a price cut. Price cuts indicate homes are sitting on the market longer – which means more options for buyers, less competition for homes and more room for buyers to negotiate. Many recently white-hot markets have seen large jumps in the share of for-sale listings with a price cut.
  • Projected increase in rent appreciation over the next year. Rent appreciation has slowed recently, but as mortgage affordability deteriorates due to rising mortgage rates, rents could begin to increase again as some would-be buyers put their buying plans on hold. We know that nearly half of renters consider buying while they’re looking for a home, and the potential of rising rents also factors in to when it’s a good time to buy.
  • Affordability relative to the past. We looked for markets where mortgage affordability is poor – but not worse than it was historically. With interest rates on the rise, and mortgage affordability already closing in on its historic norm, prepared buyers may want to enter the market before housing payments become historically unaffordable.

Based on those factors, these are the best places for buyers this winter:

  1. Orlando
  2. Boston
  3. Seattle
  4. Las Vegas
  5. Charlotte
  6. Columbus
  7. Portland
  8. Sacramento
  9. Minneapolis
  10. Dallas

“The housing market always lets up a little in the fall, when kids are back in school and the home shopping season wraps up for the holidays,” said Zillow Senior Economist Aaron Terrazas. “But this fall and winter are shaping up to be more favorable for those buyers who have struggled to get into the housing market for several years amid red-hot competition. Mortgage rates are rising, but will climb much further in 2019 and early 2020. As purchase affordability deteriorates, expect rents to pick back up as some would-be buyers put their plans on ice. Renters who were thinking of buying and decided to hold off may want to take another look this winter, as a steady clip of mortgage rate increases chips away at affordability and more homes become available on the market.”

[Source: Zillow press release]

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Zillow is a registered trademark of Zillow, Inc.

OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Existing Home Sales Slip Again in July

Year-over-year price gains hit 77 months in a row

By Jeff Sorg, OnlineEd Blog

(August 23, 2018)

(PORTLAND, Ore.) – Existing-home sales fell in July 2018 to their slowest pace since February 2016, according to a report by the National Association of Realtors®(NAR). Also according to the report, the West was the only major region with an increase in sales last month.

The median price for all housing types was up 4.5% in July to $269,900 marking the 77th month in a row of year-over-year price gains but July also marked the fourth straight month for falling home sales

Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market.”

Average market time reported by NAR sits at just 27 days, which is up from 26 days in June 2018 but down 30 days from 2017.

To read the complete NAR report, please visit their National Association of REALTORS Newsroom.

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REALTOR® is a Registered Trademark of the National Association of Realtors®.

OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

National Housing Market Experiencing More Price Cuts

Home value growth is slowing in almost half of the 35 largest U.S. metros

By Jeff Sorg, OnlineEd Blog

(August 16, 2018)

(SEATTLE) Zillow®/PRNewswire – The share of home listings with a price cut is greater now than a year ago in two-thirds of the nation’s largest housing markets, according to a new Zillow® analysis. The share of listings with a price cut increased the most in markets along with West Coast, with the median amount of the price cut remaining steady across the U.S. for the past several years, at about 3 percent.

In San Diego, 20 percent of all listings had a price cut in June 2018, up from 12 percent a year ago. In Seattle, still one of the nation’s fastest appreciating housing markets despite a recent slowdown, 12 percent of all listings had a price cut in June, the greatest share since October 2014. Portland, Sacramento, Calif. and Riverside, Calif. also experienced an increase in the share of listings with a price cut compared to a year ago.

The share of listings with a price cut is on the rise across the U.S., as well. About 14 percent of all listings had a price cut in June, up from a recent low of 11.7 percent at the end of 2016. Since the beginning of the year, the share of listings with a price cut increased 1.2 percentage points, the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year.

Nationally, price cuts are more common among higher-priced listings. The share of higher-priced listings with a price cut rose 0.9 percentage points since the beginning of the year, to 16.2 percent, while the share of lower-priced listings with a price cut fell 0.1 percentage points, to 11.2 percent. Higher-priced listings have seen a disproportionately large increase in price cuts in 23 of the 35 largest metros since the beginning of the year.

U.S. home values rose 8.3 percent over the past year to a median home value of $217,300. While home value growth isn’t slowing down nationally, it is slowing in some of the nation’s hottest housing markets. In almost half of the 35 largest markets, home value growth is appreciating more slowly now than at the beginning of the year. The median home value in Seattle rose 11.4 percent over the past year, but the annual growth rate was close to 14 percent at the beginning of the year.

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” said Zillow senior economist Aaron Terrazas. “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years. It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”

There are fewer listings with a price cut in some of the nation’s more affordable housing markets. San Antonio, Phoenix, Philadelphia and Houston reported fewer listings with a price cut in June than a year ago. In San Antonio, where the median home value is $185,000, 17.8 percent of all listings had a price cut in June, down from about 20 percent of listings a year ago.

Zillow forecasts home value growth across the U.S. to slow to a 6.6 percent annual appreciation rate over the next year. Among the 35 largest metros, home value growth in San Jose, Calif., Indianapolis and Charlotte, N.C. are forecasted to slow the most.

Metropolitan Area Share of
Listings with a
Price Cut –
January 2018
Share of
Listings
with a Price
Cut  – June
2018
Share of
Listings
with a
Price Cut –
June 2017
Median
Percent of
Price
Reduction
– June
2018
YoY
Home
Value
Growth –
January
2018
YoY
Home
Value
Growth
– June
2018
Home
Value
Growth
Forecast
Over the
Next Year
United States 13.0% 14.2% 13.4% 2.9% 7.7% 8.3% 6.6%
New York, NY 12.0% 13.3% 11.2% 3.6% 7.6% 6.7% 6.8%
Los Angeles-Long

Beach-Anaheim, CA

11.1% 14.1% 11.5% 2.6% 7.7% 7.6% 12.1%
Chicago, IL 15.9% 19.4% 16.5% 2.7% 5.9% 5.8% 7.1%
Dallas-Fort Worth,
TX
15.1% 18.8% 15.3% 2.3% 11.0% 11.6% 7.8%
Philadelphia, PA 17.2% 16.2% 17.9% 3.1% 7.3% 5.9% 6.6%
Houston, TX 16.3% 17.9% 19.0% 2.6% 4.1% 5.8% 1.5%
Washington, DC 13.9% 15.4% 16.0% 2.5% 3.9% 4.2% 3.8%
Miami-Fort

Lauderdale, FL

13.7% 14.9% 13.4% 2.9% 7.2% 7.7% 5.4%
Atlanta, GA 11.0% 13.9% 13.2% 2.4% 8.9% 11.6% 6.9%
Boston, MA 11.7% 13.3% 11.6% 3.0% 7.3% 7.2% 8.1%
San Francisco, CA 6.5% 7.7% 7.6% 4.2% 9.3% 11.0% 7.5%
Detroit, MI 13.9% 16.2% 15.1% 3.5% 9.4% 9.7% 9.0%
Riverside, CA 12.4% 16.4% 11.9% 2.2% 8.3% 7.4% 1.7%
Phoenix, AZ 17.3% 17.8% 19.9% 1.6% 7.6% 8.0% 3.7%
Seattle, WA 6.9% 12.0% 6.9% 3.1% 13.6% 11.4% 7.1%
Minneapolis-St Paul,

MN

11.3% 13.6% 13.7% 2.9% 7.7% 7.6% 6.1%
San Diego, CA 12.3% 20.0% 12.0% 2.3% 7.9% 6.6% 4.7%
St. Louis, MO 15.3% 15.3% 14.5% 3.1% 5.7% 5.5% 4.9%
Tampa, FL 18.6% 22.2% 20.2% 2.4% 10.8% 10.9% 7.5%
Baltimore, MD 16.3% 18.2% 18.7% 2.8% 3.6% 5.0% 4.8%
Denver, CO 10.9% 15.1% 15.2% 2.2% 7.7% 7.4% 5.1%
Pittsburgh, PA 15.2% 14.7% 15.4% 3.7% 6.6% 7.9% 4.6%
Portland, OR 12.8% 17.4% 12.7% 2.6% 5.7% 5.9% 2.7%
Charlotte, NC 11.9% 15.4% 11.2% 2.4% 9.7% 11.0% 3.3%
Sacramento, CA 12.3% 16.7% 12.2% 2.4% 8.7% 6.4% 4.9%
San Antonio, TX 18.4% 17.8% 20.2% 2.1% 6.5% 5.6% 2.7%
Orlando, FL 14.8% 19.2% 18.8% 2.3% 10.0% 9.7% 6.5%
Cincinnati, OH

(Source: Zillow Press Release)

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Zillow is a registered trademark of Zillow, Inc.

OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Housing Starts Plummet 12%

Housing Starts Collapse in June

By Jeff Sorg, OnlineEd Blog

(July 18, 2018)

(Washington, D.C.) US Department of HUD – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2018. Here’s how they stack up:

Building Permits
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,273,000. This is 2.2 percent (±1.2 percent) below the revised May rate of 1,301,000 and is 3.0 percent (±1.1 percent) below the June 2017 rate of 1,312,000. Single-family authorizations in June were at a rate of 850,000; this is 0.8 percent (±1.5 percent)* above the revised May figure of 843,000. Authorizations of units in buildings with five units or more were at a rate of 387,000 in June.

Housing Starts
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000. This is 12.3 percent (±8.3 percent) below the revised May estimate of 1,337,000 and is 4.2 percent (±10.2 percent)* below the June 2017 rate of 1,225,000. Single-family housing starts in June were at a rate of 858,000; this is 9.1 percent (±8.8 percent) below the revised May figure of 944,000. The June rate for units in buildings with five units or more was 304,000.

Housing Completions
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,261,000. This is 0.0 percent (±11.3 percent)* below the revised May estimate of 1,261,000, but is 2.2 percent (±14.5 percent)* above the June 2017 rate of 1,234,000. Single-family housing completions in June were at a rate of 862,000; this is 2.3 percent (±8.4 percent)* below the revised May rate of 882,000. The June rate for units in buildings with five units or more was 393,000.

[View the complete report.]

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Oregon Construction Contractors Board Conducts Sting Operation

Oregon CCB investigators turn up 32 alleged violations along Oregon’s North Coast.

By Jeff Sorg, OnlineEd Blog

(June 28, 2018)

(Portland, Ore.) OnlineEd – The Oregon Construction Contractor Board (CCB) reported in a recent release that it had joined in a 10-state sweep to find unlicensed contractors and other alleged violations of contracting regulations. The National Association of State Contractor Licensing Agencies (NASCLA) coordinated the sweep.

The Oregon CCB has reported it found more than a dozen unlicensed contractors during its surprise visits to 157 job sites located along the northern Oregon Coast from Newport to Astoria. Oregon reported a total of 32 alleged violations, with the largest number involving individuals who were working on home improvement projects without a CCB contractor license, including contractors that hired unlicensed subcontractors or worked on homes built before 1978 without the required Lead-Based Paint Renovation license. The CCB says it is in the process of sending Notices of Intent to issue civil penalties to the suspected violators. Also, the CCB has notified the state revenue and employment departments of employers who are suspected of paying employees “under the table” for their work.

“These concentrated enforcement efforts highlight the work our individual field investigators do every day to protect consumers from unlicensed contractors and to level the playing field for legitimate contractors,” Lead Investigator Eric McLauchlin said.

“Contractor licensing qualifying education is very affordable,” says Jeff Sorg of OnlineEd, a CCB approved online contractor pre-licensing course provider. “It takes just 16-clock hours of study to meet the educational requirement to sit for the CCB licensing exam, so it doesn’t make a lot of sense to risk getting those hefty civil penalties for not having a license,” he added.

 

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OnlineEd blog postings are the personal opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed. For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

As Rents Rise, Share of Adults Living with Roommates Higher than Ever Before

Across the country, thirty percent of adults live with a roommate or parent.

By Jeff Sorg, OnlineEd Blog

(January 2, 2018)


canstockphoto1718553 living with parents (SEATTLE) /PRNewswire
 — Nationally, nearly one in three adults live with a roommate or parent, the greatest share ever reported, according to a new Zillow® analysis. As rental affordability deteriorates, more U.S. adults may be choosing double up in order to cut costs.

A doubled-up household is where two or more working-aged adults live together but aren’t married or in a relationship — this could mean two millennial roommates or an adult living with parents. The share of doubled-up households has been steadily rising since the late 1990s, when just 23 percent of adults lived together.

The rise in doubled-up households coincides with increasingly unaffordable rental prices nationwide. Americans making the national median income should expect to put about 30 percent of their monthly income toward a rental payment, but in some markets the share is even greater. In Los Angeles, renters spend almost half of their monthly income on rent. In San Francisco, renters spend 42 percent of their income on rent each month.

“As rents have outpaced incomes, living alone is no longer an option for many working-aged adults,” said Zillow senior economist Aaron Terrazas. “By sharing a home with roommates — or in some cases, with adult parents — working adults are able to afford to live in more desirable neighborhoods without shouldering the full cost alone. But this phenomenon is not limited to expensive cities. The share of adults living with roommates has been on the rise in historically more affordable rental markets as well. Unless current dynamics shift and income growth exceeds rent growth for a sustained period of time, this trend is unlikely to change.”

Metros with the greatest share of adults doubling up also have some of the most expensive rents. In Los Angeles, almost 50 percent of adults live with a roommate or adult parent, the highest share of all markets analyzed. Los Angeles is the third most expensive rental market in the nation, with the median rent at $2,720per month.

Riverside, Calif. and Miami metros also have a high percentage of doubled-up households. In Riverside, almost 45 percent of adults are doubled up, along with 41 percent in Miami. Both metros are among the seven most expensive rental markets when ranked by the share of income going toward the typical rent payment.

When renters decide to move to a new place, a recent rent increase was likely the catalyst, according to the 2017 Zillow Group Consumer Housing Trends Report. Almost 80 percent of renters who moved from a previous rental experienced a rent increase before moving. And when renters start searching for a new place to live, 77 percent indicate that the rental being within their price range is a top requirement.

[Source: Zillow press release]

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Zillow is a registered trademark of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark