The real estate industry desperately needs relief from the tight housing supply, says NAR chief economist Lawrence Yun.
REALTORS® Predict Highest Price Hikes in West
View a chart of home-price expectations in your state over the next 12 months, according to the last REALTORS® Confidence Index.
Small Is the New Big: Home Size Preference Shrinks
First-time homebuyers are shifting housing industry standards when it comes to home design preferences—and, according to the latest Home Design Trends Survey by the American Institute of Architects (AIA), one of the most significant changes is the end of the era of expansive property and square footage.
Small, simply, is the new big.
“With younger households that are increasingly entering the market looking for more affordable options, home sizes appear to have peaked for this economic cycle,” said Kermit Baker, chief economist of the AIA, in a statement on the survey.
Smaller homes are generally more affordable, which is key for many first-time homebuyers squeezed by high home prices and student debt. Small homes, however, are scarce in most housing markets.
Aside from less living space, the architecture professionals surveyed see the following trends taking shape:
- In-Home Accessibility
- Single-Floor Plans
- Open-Concept Layout
- Informal Spaces
Source: American Institute of Architects (AIA)
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No Magic Formula for ‘Best Time to Book Airfare’
(TNS)—Search on the web for “best time to book airfare” and you’ll find many conflicting answers, all of them completely wrong—and not only are they wrong, but they do a disservice to consumers who fall for this “voodoo” airfare economics.
One site gives a “guide” of 47 days before travel, although it admits that there is “quite a variance” depending on route and destination. Keep in mind that the booking site in question doesn’t offer or track Delta or Southwest, which together control about 35 percent of the domestic market, so its predictions have to be taken in that context.
Another site’s founder has infamously insisted that the best time is Tuesday at 3 p.m., (that site also doesn’t track Southwest or Delta). Expedia and the Airlines Reporting Company claimed earlier this year that the best day is not Tuesday but—wait for it—Sunday.
But wait: Skyscanner says it’s exactly seven weeks in advance of travel.
So who can you believe? Answer: none of the above.
There is no magic formula.
The best idea: sign up for “airfare alerts” by email. Search the term on the web and you’ll find many options from reputable companies that send out email alerts. Before you sign up, however, make sure that they at least include Delta Air Lines (that excludes such popular apps and sites as Hipmunk and Hopper along, with several others). If they also include Southwest, all the better, but few do.
These alerts all work a bit differently. Some only allow you to track specific dates, which is cool, except what if leaving a day or two earlier would have saved you hundreds? Some allow you to specify “to” and “from” specific airports, because a fare from Baltimore Washington International (BWI) might not be as ideal as one from closer-in Washington National DCA. Most alert systems treat “nearby” airports as equal, but tell that to someone who doesn’t want to trek out to Baltimore or Dulles when National is just a Metro ride away.
Another big annoyance is that the lowest fares are often on airlines that people hate to fly (because they charge for carry-on bags and seat assignments), so look for a service that allows you to eliminate alerts from airlines you’d never fly even if they were free (Airfarewatchdog.com does allow specific airline choice).
Another reason for signing up for several alerts: all online travel agencies do not show the same prices. I recently saw a fare from New York to South Africa flown on Delta and KLM for $200 less round trip if bought on Priceline versus the exact same flights, dates and airlines if booked on Orbitz, Expedia, Travelocity, or on KLM’s or Delta’s own websites. Some online travel agencies offer negotiated rates that are far less than the airlines themselves sell for. It’s worth searching more than one site.
Twitter is another great source for being alerted to short-lived airfare deals. Follow the #airfare hashtag, where over a half-dozen accounts tweet out unadvertised deals. The #flights hashtag is also useful. Follow the accounts you find there.
Once you’re signed up or following, you have to act. An airfare from L.A. to Singapore (this is a recent example) might go down, unadvertised, to $398 round-trip including tax on Singapore Airlines, whereas other airlines were charging $800 for the same travel dates but on less desirable connecting flights. But that fare, even if it’s good over several months of travel, might appear for just three or four hours and then it goes back up to $800. Now that airlines allow you to pay for a fare and cancel within 24 hours without paying a fee, the strategy is to book it, hold it, and then get your friends and family on board and sort out hotels.
George Hobica is founder of the low-airfare listing website Airfarewatchdog.com.
(c)2017 Airfarewatchdog.com
Distributed by Tribune Content Agency, LLC
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10 Biggest Threats Facing Real Estate
The Counselors of Real Estate has released its annual list of the most pressing issues the industry will grapple with in 2017 and 2018.
After Steady Decline, Mortgage Rates Rise
They increased this week for the first time in more than a month, but they still remain near their yearly lows.
Wealthy Buyers Turn to Bank-Owned Homes
They’re getting around the pervasive inventory crunch by snapping up REOs and making high-end renovations to them.
5 Mistakes Rookie Agents Make
When building a sales relationship, avoid these missteps that could turn your clients off.
Why Your Clients Are Smart to Buy in Summer
In the midst of the housing market’s most popular time of year, don’t let your clients think they might be better off waiting a...
Report: Affordability Problem Is Worsening
National home prices surpassed the prerecession peak. That’s been great for homeowners, but those looking to get into the housing market are...