A report from CNBC. “This month, Realtor.com released its report on the easiest and hardest housing markets for homebuyers right now. Lubbock, Texas, is ranked as the metro area where buyers have the most power. Hannah Jones, Realtor.com’s economist, states that because there were 80% more homes for sale in the Texas city than a year before, properties are sitting longer on the market, which is a good thing for buyers. ‘In response, eager sellers have brought prices down, suggesting that buyers are in a good position to negotiate,’ Jones says.”
ABC 3340 in Alabama. “Buying a home is likely one of the biggest investments you will ever make. Home inspections are seen as a way to protect your money and avoid a money pit. But beware even trained eyes can miss big problems. Brandon Gallagher bought his first home in Weaver in Calhoun County for his growing family. But the excitement quickly turned to anguish. He estimates the home will need $70,000 worth of work on top of the $145,000 he paid for it at closing. Gallagher says the inspection company did not honor its guarantee and the state licensing board dismissed his complaint. In the Gallagher’s case, the home was bought by the previous owner for $30,000 then sold months later indicating it was a flip. One that has left Gallagher with a lot of regrets. ‘Blows my mind; truly a helpless feeling,’ said Gallagher.”
From WFTV 9. “Some central Florida homeowners claim an insurance company received thousands of dollars from their escrow accounts even though they didn’t want to use that insurance company. With the insurance market in flux in recent years after hurricanes ravaged the state and after legal battles raged over roof damage, homeowners were already feeling the pinch. ‘You know in the last three years it keeps creeping up, creeping up,’ said Lake County homeowner Mike Ewing. Ewing’s insurance company, Farmers Insurance even pulled out of Florida and another insurance company called Slide took over 86,000 Farmers policies and tens of thousands more policies from other companies. Ewing said, ‘The rate that they wanted was astronomical.’”
“A month after cancelling, his records show Slide Insurance still went to his mortgage company with a new policy and requested the money from his escrow account and his mortgage company sent it. ‘Everybody in Florida, I think at this point, is struggling with insurance and for a company to swoop in like this and do what they’re doing is just rotten,’ said Ewing. And he’s not alone. He claims three of his own neighbors had a similar problem and Action 9 received a handful of other complaints about Slide from homeowners in other central Florida counties. One BBB reviewer wrote, ‘this has caused incredible damage to my escrow account.’”
Westword in Colorado. “Elizabeth LaRue’s home insurance premium jumped by 76 percent when she tried to renew in July. Instead of her previous $2,200 rate, the Park Hill homeowner was asked to pay $3,880 without explanation. And she’s not alone. Denver resident Frankie, who asked not to use his last name, says his home insurance premium rose to nearly $2,600 this month, from its original $1,600, a 62 percent increase. The year before, his rate went up by 23 percent, from $1,300 to $1,600. ‘I’m incredibly upset and angry,’ Frankie says. ‘I understand increasing by a small percentage each year to keep ahead of rising costs, but…this is simply unchecked greed.’”
“‘Between property tax increases and insurance increases, affordability is of great concern,’ LaRue says. ‘My concern is Colorado providers are going the way of Florida: High premiums and limited providers.’ ‘It’s tough because it’s not just that — it’s everything: insurance, property taxes, groceries, health care, entertainment and fees. Everything feels more expensive,’ Frankie adds. ‘I recently got a 5 percent raise at my job, but somehow I feel worse off than a few years ago.’”
The Palm Springs Post in California. “The Palm Springs housing market is experiencing a significant cooling trend, with declining prices and slower sales as part of a broader slowdown in the Coachella Valley region. According to the July 2024 Desert Housing Report, the median price of detached homes in Palm Springs has dropped 10% compared to last year, reaching $1,157,731. Attached homes have seen a 5.4% decrease, with the median price now at $430,456. The inventory of homes in Palm Springs has increased to 548 units, up from 421 units last year. This rise in inventory has led to a ‘months of sales’ ratio of 4.6 months, indicating a balanced market. Buyers are also benefiting from larger discounts, with detached homes selling at an average discount of 3%, up from 2% the previous year. ‘Sales this month are 27.2% below normal and have been declining over the last four months,’ the report states.”
The Real Deal on California. “The price of a typical house has inched down in Marin County, with homes taking longer to sell. The median price for a single-family home in Marin was $1.6 million last month, $10,000 less than the previous July, the Marin Independent Journal reported, citing figures from the county assessor’s offices. The typical home price in Sonoma County also dipped $960 to $850,000. The peak of Marin’s market was in the spring of 2022, when the median price for detached homes was $2.12 million in April and $2.03 million in May. It has not passed the $2 million mark since then, according to the newspaper. ‘It has shifted to be a little bit more of a buyer’s market,’ Jarret Weis, a Vanguard agent who represented the buyer in a $1.6 million deal for a Mill Valley house last month, told the Independent Journal.”
From CTV News. “As the weather cools down across Canada, so too is the cottage market, with real estate experts saying now is the time to purchase that cottage you’ve had your eyes on. There are an above average number of cottages for sale across Canada, even compared to pre-COVID levels. Ontario is experiencing some of its lowest cottage sales in recent memory, according to broker John Fincham who publishes analytics for the province. By April 2024, only 3,400 waterfront properties were sold in Ontario compared to 6,199 the previous year — a decline of more than 40 per cent and the lowest in more than two decades, he reports. In other words? ‘It’s firmly, firmly a buyer’s market,’ the Muskoka Re/Max broker tells CTV News. ‘Buyers are firmly in the driver’s seat.’”
“In addition, the current market can be attributed to stubborn sellers who believe the value of their cottage is the same as it was in the midst of the COVID-19 pandemic, says Ray Ferris, a realtor from the north shore of Lake Erie. He adds that buyers are now waiting longer on the sidelines to see how far prices will go down, giving them more time to make purchasing decisions. In Nova Scotia, fewer people have been looking to purchase ‘recreational and extraneous’ properties, says Chris Melnyk, a realtor with Royal LePage Atlantic. Instead, the real estate market is being driven by homes for function and utility: think entry-level detached homes in the suburbs.”
“As a result, ‘now is a great time to buy a cottage in Nova Scotia, especially if you’re willing to be a bit further out from the city or you have a bit of a higher price range,’ he says. ‘There are a ton of cottages and recreational properties on the market … and you will get a deal.’”
From News.com.au. “Relentless mortgage rises has forced families who were financially ahead to drastically change how they live. After relentless interest rate rises to the current level of 4.35 per cent, the average mortgage rate in Australia is now past six per cent. Brittany Smith bought at just 19 for a reasonable price, but now her mortgage has increased by more than $850-a-month. She’s gone from being able to spend at the grocery store without thinking about it to living on a strict budget. Ms Smith, 25, lives near Newcastle with her two children and partner. She’s witnessed first-hand how most families have to revaluate their spending. When she was working as a lash technician, she saw the business dry up.”
“‘I used to do lash extensions as my full-time job and people can’t afford these luxuries in this cost-of-living crisis,’ she said. ‘So much so that I had to go back to other work because I didn’t have enough clients anymore. Going from over 30 clients a week to nearly none.’”
Yahoo Finance. “A young Australian has urged wannabe homeowners to “get their priorities right” if they are serious about getting on the property ladder. Some have given up the dream of buying as property prices soared to new heights across Australia. But Zali Gillings told Yahoo Finance she was proof that cutting out ‘ridiculous’ spending on luxuries could be the answer. She and her fiancé bought a three-bedroom home in Adelaide two years ago after a financial ‘wake-up call,’ but not without significant sacrifice. ‘We honestly lived just off the absolute bare minimum for a good year and that’s what really topped up our savings,’ the now-25-year-old said.”
“Baby Boomers are often criticised for dishing out advice to cut back on spending on avocado on toast or coffee, but that’s exactly what Gillings said people need to do. Going out for dinner? That was gone. A bit of self-care at the salon? Out of the question. Some retail therapy? Not unless it was required for work. Gillings and her fiancé even agreed not to give each other Christmas or birthday presents, and they informed their family not to expect anything from them either. But this isn’t who her message is for. It’s the people who spend frivolously yet still complain they ‘never have any money.’”
“‘[Yet] they’ll still go and get their nails done every week, get their hair done, lashes, these types of things,’ she said. ‘For instance, if I wanted my lashes done, I would think ‘Would I rather someone give me a lash set, or would I rather someone gift me $120’ and I would always choose the money. Which tells me…you don’t need those lashes. That’s more money towards the house.’”