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We also offer home video tours, Realtor branding videos, ariel shots, live streams and more.. closingtimepodcast.com and click on the CMG Real Estate Link 

 

Client Appreciation Party
We teamed up this year in Real Estate and have started our new podcast, Closing Time. We can't think of a better way to celebrate than spending a fantastic day with the awesome people who made this all possible. We would love to hear any tips and tricks to make our party the best!

Home flipping rate hits a 9-year high, indicating potential trouble in real estate
https://www.usatoday.com/story/money/2019/06/10/housing-market-trouble-flipping-rate-hits-9-year-high/1406883001/?fbclid=IwAR1SLhTrbd-TzCxacNMnOTvq9fGetE0fnYghsZPVnyEI40kk1-OoIRVODQE

The rate of buying, fixing up and reselling a house – also known as flipping – hit a nine-year high with over 49,000 single-family homes and condos selling in the category in the first quarter.
However, experts warn that's not necessarily an indicator of the housing market’s overall strength.
A report released June 6 by the property databaseAttom Data Solutions found that flipping activity represented 7.2% of all home sales nationwide during the start of 2019. That's up from 5.9% in the previous quarter and up from 6.7% this time last year, representing the highest home-flipping rate since the start of 2010.
Still, that's only part of the picture.
The total number of homes that were flipped was down 8% from the first quarter of 2018, and the number of investors engaging in the activity was also on the decline.
Experts say that an uptick in home flipping activity could actually indicate that conditions in the housing market are worsening.
In the first quarter, flipped houses sold for a median price of $215,000. The median purchase price stood at $155,000, making the gross flipping profit just $60,000, which is a three-year low. In the same quarter last year, the gross flipping profit was $68,000.
Late last year, researchers told MarketWatch that the real estate market may be cooling down, describing home-flipping as a “canary in the coal mine" as the high velocity of transactions give flippers real-time data on the direction of the market.

Foreclosure rates remain low, but homes hit by natural disasters continue to struggle
https://www.inman.com/2019/06/11/foreclosure-rates-remain-low-but-homes-hit-by-natural-disasters-continue-to-struggle-corelogic/

While the number of homeowners failing to make their mortgage payments continue to hit new lows, portions of the country hit by natural disasters are struggling.Across the United States, 4 percent of U.S. homeowners fell into some sort of delinquency on their mortgages in March, down from 4.3 percent a year earlier and the lowest level for the month of March in 13 years, according to the latest CoreLogic analysis, released Tuesday. Foreclosure rates, in which one’s home is seized by the government due to inability to pay, is at 0.4 percent, down from 0.6 percent in March 2018. Such a small number of homes have not been foreclosed since January 1999. Despite the good news, however, some parts of the country are continuing to struggle. Overall delinquency rates have risen somewhat in 42 percent of the country. Panama City, Florida and Albany, Georgia saw some of the highest rises in serious delinquency rates, or payments that are due by more than 90 days, across the country. According to CoreLogic, such numbers are the result of homeowners getting caught off guard with higher-than-expected payments in certain times of the year.
Houston, which was ravaged by Hurricane Harvey in September 2017, and southern Florida, which was hit by Hurricane Michael just a few weeks later, both have some of the highest delinquency rates in the country. In many cases, homeowners whose property suffered damage fall delinquent on their mortgage as they take time to figure out whether to make repairs or sell.

Tiny homes a solution to big problem?
https://www.ctpost.com/business/article/Tiny-house-and-Affordable-housing-13799102.php?fbclid=IwAR3aqiR5LQJTiTiMZ52ozaY0oCp6jYNrJsDRYdLXAnsqr9H0OkylVfdMJgs

The lack of affordable housing remains a problem in Connecticut — and Doug Werner of Tiny House Co. in Bridgeport sees tiny homes as a solution.
Werner and his team have been campaigning for years to secure a parcel of land in Park City where they can build a community of tiny houses which he hopes will kick start interest in city and state officials looking to deal with need-based housing demands.
Since 2011, the state and private sector have invested billions of dollars in developing and funding thousands of units of housing available to those whose income is at or below the area median, which as of April 5 was $89,773
Last year, there were 140,531 Connecticut households deemed “extremely low income,” but only 51,050 affordable rental units available in the state.
Werner said he thinks tiny homes could be a viable way to increase the affordable housing stock.
A 420-square-foot tiny home costs between $50,000 and $65,000 and takes 90 days to complete, according to Werner, whose team builds pre-fabricated units.
The median house in the state was listed by Zillow as $244,500. In Fairfield County, according to an April 5 USA Today article, the median home value was $435,477.

Lamont Explains What United Technologies Merger Means For CT
https://patch.com/connecticut/farmington/united-technologies-merger-leads-lots-questions-ct?fbclid=IwAR2F2TzqOLI9ceImwKXhurohaYB4ojRCbSX3VAb7QFxJWi9y8TPGJomv9aU

Last Sunday it was announced that the state's largest employer, United Technologies Corp., and Raytheon Company agreed to a massive merger that was formally announced on Monday.
UTC's headquarters are based in Farmington, CT, and the company employs nearly 20,000 people in the state at Collins Aerospace and Pratt & Whitney. In a press release announcing the merger, both companies said the new company, Raytheon Technologies, will be headquartered in the greater Boston metro area.
The merger still requires regulatory approvals, the approval of Raytheon and United Technologies shareholders, as well as completion by United Technologies of the separation of its Otis and Carrier businesses. The transaction is expected to close in the first half of 2020.
Gov. Ned Lamont late Sunday released the following statement regarding United Technologies Corporation (UTC) and its future in Connecticut. Lamont confirms that about 100 people will be relocating from Connecticut to the new headquarters which is planned in Massachusetts.
"UTC and its subsidiaries, including Pratt & Whitney, Otis Elevator, and Collins Aerospace, continue to be an important part of Connecticut's fabric. It's important to note that nearly all of UTC's 19,000 employees will remain in Connecticut, with roughly 100 moving to the new headquarters.”
U.S. Senator Chris Murphy (D-Conn.) released the following statement on Monday after it was announced that United Technology Corporation (UTC) would be merging with Raytheon:
"I have serious concerns about the impact this merger will have on our country and on Connecticut. UTC said they will keep manufacturing jobs in Connecticut, and I remain focused on the thousands of workers in our state who rely on these jobs to put food on the table.

Is Connecticut a fun state? Here's what one survey says
https://www.wfsb.com/news/is-connecticut-a-fun-state-here-s-what-one-survey/article_d64a772c-8b79-11e9-98e7-977ad699f3fe.html?fbclid=IwAR1QePmv-7d6rbliVnOyk60C6j7zJfOAi6YNYEIRzmiVaLQ9F53BH8UDPEg

The personal finance website WalletHub.com unveiled its list of 2019's Most Fun States in America.
Researchers said they compared all 50 states across 26 indicators, including movie costs, accessibility of national parks and casinos per capita.
Connecticut was toward the bottom at 43rd, also considered the 8th least fun state.
Its "entertainment and recreation rank" was 43 and its "nightlife rank" was 40.
Gov. Ned Lamont recently referred to Connecticut's state parks as being among the "premier tourism destinations in the region."
Connecticut residents have free access to all state parks and forests
On the other end of the spectrum, California, Florida and New York were the top three. The absolute bottom of the barrel in terms of the least fun states were Delaware, Mississippi and West Virginia


Site ranks CT among best states to live in
https://www.wfsb.com/news/site-ranks-ct-among-best-states-to-live-in/article_8ff31fe6-8c9f-11e9-8d8f-1fac835afb99.html

WalletHub has ranked Connecticut among the top states to live in based on it’s report on 2019’s Best States to Live in. The site ranks Massachusetts at the number one state to live in. WalletHub compared the 50 states across 51 key indicators of livability. Those indicators range from housing costs and income growth to education rate and quality of hospitals. Connecticut was ranked as the 20th best state to live in. Nebraska and South Dakota were just ahead of Connecticut on the list. Mississippi was ranked dead last.

Rent that epic 'Big Little Lies' home for a mere $5K a night
https://www.inman.com/2019/06/12/rent-that-epic-big-little-lies-home-for-a-mere-5k-a-night/

If you love HBO’s ‘Big Little Lies,’ now you have a chance to live like Reese Witherspoon’s character —one of the homes that regularly appears on the series is now available for rent.
The seven-bed, eight-bathroom home that stands in as the residence of Witherspoon’s Madeline Martha Mackenzie is available for rent through the Malibu Luxury Vacation homes rental company. A night spent in it will set you back from $3,000 to $5,000, depending on the day of the week and season. A month will cost up to $100,000.
Why such a steep price? The home is located in swanky Malibu and comes with a private beach, ocean views, a professional kitchen, and enough beds for 12 people to stay over. Stacie Clunies-Ross, the leasing agent for the home and the daughter of the owners, who are in their 80s, said that the connection to the show has not really affected the price.
Despite the homes SoCal location, the show is actually set in northern California. “Big Little Lies” centers on a gaggle of wealthy women who get wrapped up in a murder investigation and the secrets that they keep from one another. After premiering in 2017, ‘Big Little Lies’ quickly grew in popularity and won numerous Emmy and Golden Globe awards.

Parents have more trouble finding the right home: Zillow
https://www.inman.com/2019/06/12/parents-have-more-trouble-finding-the-right-home-zillow-analysis/

According to Zillow, Parents who shop for a home are more likely to go over budget, put down a smaller down payment and end up with a longer commute than those who don’t have kids,
The study found that this group often makes numerous sacrifices for a home that fits the needs of the entire family. More than 25 percent of those with kids went over budget, compared to 21.2 percent of those without children at home. Those with kids were more likely to put down less than the traditional 20 percent on a down payment — 66.5 versus 51.6 percent, respectively.
Meanwhile, parents who compromised on their home were most likely to increase the time of their commute (34.1 percent), buy a home without their desired finishes (32.7% percent) and purchase a smaller home than they had initially planned (31.2 percent).
With kids, priorities and preferences also change. Parents are more likely to insist on homes with good school districts and commutes as well as politically and racially diverse neighborhoods.
But despite the challenges that come with finding a home fit for the whole family, both parents and non-parents end up finding what they’re looking for. The number of people who said they love the home they found clocks in at 94.6 percent and 91.8 percent, respectively.

Don't ghost your clients: 8 inexpensive ways to keep in touch
https://www.inman.com/2019/06/13/dont-ghost-your-clients-8-inexpensive-ways-to-keep-in-touch/

Staying top-of-mind with clients after the closing is essential for keeping your pipeline full of referrals. Here are eight inexpensive ways you can stay in front of your clients and prospects to prevent from becoming a ghost agent:
1. Develop a post-closing, 1-year follow-up program for your clients
2. Host a ‘client gratitude dinner’ in your home or local restaurant
3. Sponsor a local youth sports team
4. Invite a past client or someone in your sphere of influence to coffee
5. Write several handwritten notes each day to clients and prospects
6. Call 5-10 prospects or past clients every business day
7. Plan personal drop-bys to clients and top-tier prospects around special occasions, and bring something of value

Closingtimepodcast.com for the latest news from the real estate world, helpful tips for buyers, sellers and other agents, and all of our previous podcast episodes. 

Keep up with us on Facebook and Instagram.  

We also offer home video tours, Realtor branding videos, ariel shots, live streams and more.. closingtimepodcast.com and click on the CMG Real Estate Link