I came up with the following rules of successful real estate investing over my many years of successes and failures. These are the same rules I follow today and share with our clients at Norada Real Estate Investments.
Knowledge is the new currency. Without it you are doomed to follow other people’s advice without knowing if it’s good or bad.
I wanted to write about the importance of real estate education through books. This article presents the 10 best books on real estate investing that will get you started in 2020. If you read all these books, you will imbibe a lot of information and learn from the case studies of top investors who've achieved great success in real estate investing.
Are you a real estate investor? Are you planning to invest? Real estate investing is an ever-evolving industry. Real estate is said to be one of the best investments that an individual can make. But why do so many people fail at it? You need adequate real estate education in order to help you out along the way.
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Inc. Magazine ranked Norada Real Estate Investments as #925 on its annual list of the top 5000 fastest-growing private companies in America. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment — its independent small businesses.
We'll be discussing the latest Chicago real estate market trends. The Chicago housing market recorded positive month-to-month and year-over-year increases in both prices and sales, reversing two months of declines in sales, a great sign that the market is bouncing back from the COVID-19 pandemic. In the Chicago Metro Housing Market, which comprises of the nine counties, home sales (single-family and condominiums) were up 12.0 percent from July 2019 sales. The median price in July was $277,000 in the Chicago Metro Area, an increase of 6.9 percent from $259,000 in July 2019, according to Illinois Realtors.
The city of Chicago saw year-over-year home sales increase 0.6 percent with 2,725 sales in July, compared to 2,708 a year ago. The median price of a home in the city of Chicago in July was $330,000, up 7.5 percent from July 2019. The City of Chicago’s inventory is down 12.0%, from 10,343 homes in July 2019 to 9,104 homes in July 2020. The month’s supply of inventory declined 8.5%, from 4.7 in July 2019 to 4.3 in July 2020.
What are the predictions for the coming months? The median price forecast for Chicago Primary Metropolitan Statistical Area is 7.2% in August, 8.9% in September, and 6.7% in October. The sales forecast for August, September, and October suggests an increase on a yearly basis and a decrease on a monthly basis for both Illinois and the Chicago PMSA (source: Illinois Realtors®).
Home prices are rising across the Southern California housing market despite the pandemic. San Diego area is also a strong seller’s real estate market. For sellers, now is the opportune time to put their San Diego home up for sale. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the market flooded with homebuyers. The pricing of homes is trending higher and is more attractive for sellers in the current phase. The shortage of supply and an increase in the demand for housing will push the prices higher in the San Diego housing market.
In August 2020, sales of single-family homes increased by 10.2% y-o-y, affirming that there is a strong demand among homebuyers in the area. Pending sales have also increased over the last 3 months in San Diego County. Home prices across the San Diego metro area are rising steadily in 2020. Due to the pandemic, it was expected that the home prices would remain flat or drop a bit in the coming months to favor buyers. That was a much-awaited condition for homebuyers who cannot afford a home in the median price. But that's not the case.
The median sold price of single-family homes increased by a whopping 12.7% year-over-year to $650,000. Earlier in July, the median price had increased by 10.6%. The San Diego home prices have increased by 6% from June to July of 2020. According to the latest San Diego real estate market update for August 2020, inventory of single-family homes has dropped 51.2%. That is one reason we see a drop of 2.2% in sales as compared to the previous month (July). There is a severe shortage of available properties for sale in the San Diego real estate market.
The Kansas City real estate market is very hot and in many ways the envy of housing pundits on both coasts. Despite the COVID pandemic causing huge unemployment and impaired consumer confidence in real estate buying and selling, the Kansas City housing prices are soaring. Based on the FHFA all-transactions home price index, typical home values in the Kansas City MSA in the 2nd quarter of 2020 rose by 4.8 percent compared to the same quarter in 2019.
Home sales in the Kansas City area totaled 4,130 units in August, down 2.9 percent from the same month in 2019. Year-to-date, 27,424 homes have sold, down from 27,712 over the same period in 2019. The sale price of homes in the metro also continues to rise and sellers are still getting more for their houses than they did this time last year. The average price of homes sold in August was $284,480, compared to $253,090 in August 2019. Homes that sold in August were on the market an average of 39 days and sold for 99.4 percent of their original asking prices, according to the data released by the Kansas City Regional Association of Realtors.
The Kansas City real estate market was already competitive before the coronavirus, with Kansas City home prices rising faster than most U.S. cities. A lack of inventory across the metropolitan area is the biggest driver of the rising prices. But in Kansas City, there is only about one month of supply of available homes for sale — which an indicator of Kansas City being a strong seller's real estate market. Zillow research shows Kansas City, Cincinnati, Columbus, and Raleigh among the nation’s fastest-moving large markets with sellers typically accepting offers after only four days on the market.
Here are the updated housing market trends & predictions for 2020 & 2021. Home buying and selling prospects drastically improved in August as economic concerns continued to ease for both buyers and sellers. Significant uncertainty remains for the housing market going into the fall, as the economy faces a long and bumpy recovery in the upcoming months. Nonetheless, real estate is still a hot seller's market and improved selling prospects are a good sign and will need to remain on that path to bring more homes into the market.
Record-low mortgage rates and shortage of inventory has kept the US housing market strong with respect to buyer demand. With unusually high buyer interest this late in the homebuying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. The national median listing price on Realtor.com was $350,000, up 10.1 percent year-over-year while prices rose 8.9 percent in larger markets. While rising prices are making sellers rejoice and list more & more homes, the buyers are worried as home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.
The new listings are quickly taken out of the market from heavy buyer competition. Therefore, housing units are still in short supply with unsold inventory sitting at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019. This figure is a sign of a strong seller's real estate market. The national inventory has declined by 36.4 percent year-over-year, and inventory in large real estate markets has decreased by 38.1 percent in August.
The Dallas housing market has recovered from the impact of the Coronavirus pandemic. The real estate sales showed signs of recovery in July. The number of homes sold within Dallas County has shown a double-digit increase of 20.7% as compared to last year. The median price also increased by 15.3% to $282,500. There's about a 2.7-months supply of homes for sale in Dallas County, which is well below what’s considered to be a balanced real estate market. From this standpoint, the Dallas real estate market still favors sellers over buyers.
The Metro Dallas houisng market also faces a shortage of available homes with just 2.5 months of supply. The demand and sales have been climbing at a feverish pace in the Dallas real estate market for more than two years now. The market started cooling off in the last quarter of 2019 but it is beginning to heat up now. The latest housing data by Realtor.com shows that in August 2020 the Dallas housing market was a seller’s market, which means there are roughly more buyers than there are active homes for sale.
The median list price of homes on their platform was $400K in August 2020, flat year-over-year. The median listing price per square foot was $214. On average, homes in Dallas, TX sell after 58 days on the market. The trend for median days on market in Dallas, TX has gone down since last month, and slightly down since last year.
