Going Downtown

A recent study by Livability.com ranks the best downtowns in small- to mid-size cities in the United States, and Fort Worth, Texas, tops the list. The report ranks downtowns that maintain a high level of energy and give all city residents a reason to visit, such as diverse local architecture, art, lifestyles and things to do.

The list was also based on data collected about retail and office vacancy rates, the number of people moving into the area, income growth, unemployment, the ratio of people who live and work in the downtown area, and the overall livability of the city. Considerable weight was given to population growth and the ratio of residents to jobs in a downtown area.

 

10 Best Downtowns in Small- to Mid-size cities

---

Short List

Start Your Engines

Shoppers will perform an average of 11 searches prior to taking action on a real estate site.

52 percent of actions on a real estate brand site come directly from a local search on a search engine.

Home shoppers using search engines are 9 percent more likely to take an action on a real estate brand website than those who do not search.

69 percent of home shoppers who take action on a real estate brand website begin their research with a local term, e.g., “Houston homes for sale,” on a search engine.

Source: Google & Compete Home Shopper Study, 2011; Google & Compete New Home Shopper Study, 2012

---

Short List

Some Like It Hot

Warm-weather cities seem to be the best fit for many first-time homebuyers, according to a report by Realtor.com. The study analyzed several factors to rank U.S. cities’ popularity with first-time homebuyers, including location (market popularity), prices, inventory, time on market and unemployment rates.

 

Top 10 Markets for First-Time Homebuyers
Metro Area	Median Listing Price	Total Listings	Median Age of Inventory [days]	Unemployment Rate
Pittsburgh, Penn.	$135.0K	11,026	128	5.70%
Tampa-St. Petersburg-Clearwater, Fla.	$169.9K	21,062	88	5.90%
Philadelphia, Penn.-N.J. (N.J.)	$174.9K	10,656	141	6.40%
Fort Worth-Arlington, Texas	$175.0K	8,433	67	5.40%
Orlando, Fla.	$191.9K	13,425	81	5.50%
Jacksonville, Fla.	$198.0K	9,787	95	5.60%
Philadelphia, Penn.-N.J. (Penn.)	$219.0K	21,909	121	6.40%
Dallas, Texas	$224.9K	15,887	57	5.40%
Raleigh-Durham-Chapel Hill, N.C.	$227.5K	9,435	98	4.90%
Phoenix-Mesa, Ariz.	$244.9K	23,654	59	6.20%

---

Short List

FSBO Trends

9 percent of sellers chose to sell their home without the assistance of a real estate agent to a buyer they did not know in order to avoid paying a fee or commission.

40 percent of FSBO sellers knew the buyer prior to home purchase.

46 percent of home sellers sold their home without the assistance of a real estate agent (for-sale-by-owner).

---

Short List

Green Houses

A growing number of homebuilders are including energy-efficient features in their homes, according to a recent study from the National Association of Homebuilders. Energy-Star rated appliances, programmable thermostats and Energy-Star rated windows have become very popular, the study says. Such amenities offer consumers a two-for-one benefit: comfort and convenience now, and big savings on utility costs in the long term.

On a median per-square-foot basis, all homeowners spent 78 cents per square foot per year on electricity, compared to owners of new homes, who spent 65 cents per square foot per year, according to data from the 2009 American Housing Survey (AHS).

Builders also say features such as granite countertops, a double sink and a central island are in-demand elements in new-home kitchens, in addition to a linen closet and a private toilet in the master bathroom. Additional features likely to be included throughout the home include : high (9-foot) first-floor ceilings; a front porch; outdoor lighting and a patio; walk-in closets in the master bedroom; a laundry room; and a great room.

---

Short List

Market Checkup

Housing markets in 96 percent of the U.S. counties tracked by RealtyTrac are better off today than they were in 2010, but just 8 percent are better off than they were in 2006 at the height of the housing boom.

The RealtyTrac study analyzed four key categories of housing market health: home price appreciation, affordability, percentage of bank-owned (REO) sales and the unemployment rate. The 410 counties analyzed in the report account for 63 percent of the U.S. population.

“Home prices in three-fourths of the counties analyzed are still below 2006 levels, but low inventory has helped home prices accelerate past pre-recession levels in some markets like Seattle, San Francisco, Denver and Oklahoma City,” says Daren Blomquist, vice president at RealtyTrac. “Those rapid home price gains are causing a concerning drop in affordability rates in some cities, but homebuilders and homeowners with regained equity should help provide more supply to balance out many of those markets in 2014.”

---

Short List

Regulations for AMCs?

Six U.S. government agencies have proposed a new rule to implement minimum requirements for registration and supervision of appraisal management companies (AMCs). The minimum requirements in the proposed rule would require AMCs in the participating states to:

1. Register in the state and be subject to supervision.
2. Use only state-certified, licensed appraisers for federally related transactions.
3. Require that appraisals comply with the Uniform Standards of Professional Appraisal Practice.
4. Ensure the selection of a competent and independent appraiser.
5. Establish and comply with processes designed to ensure that appraisals comply with the appraisal independence standards established under the Truth in Lending Act.

More details are available here.

 

---

Short List

Destination America

A recent study by UniGroup Relocation found that there were more people from international locations who moved to the U.S. in 2013 than American citizens who moved abroad. Here’s a breakdown of where international people came from, and where Americans went last year.

---

Short List

The Landscape for Landscaping

When it comes to outdoor home landscapes, today’s homeowners look for designs that allow for entertaining and relaxation, according to a recent study from the American Society of Landscape Architects (ASLA). The most popular outdoor features are: gardens and landscapes (94.2 percent); outdoor living spaces, such as kitchen and entertainment areas (92.0 percent); and recreation areas (75.8 percent).

“Homeowners know that designed landscapes add value to their lives as well as their property values,” ASLA Executive Vice President and CEO Nancy Somerville says. “They’re interested in livable, open spaces that are both stylish and earth friendly.”

---

Short List

Coming Up for Air

As home prices have risen in recent months, the number of homeowners who find themselves “underwater” on their mortgages is shrinking, according to the latest CoreLogic Equity Report. While 6.5 million residential property owners with a mortgage owe more on the loan than their home is worth, 4 million properties regained equity last year.

Homes that have negative equity account for 13.3 percent of all residential properties with a mortgage, which equals approximately 6.5 million homes. The aggregate value of negative equity was $398.4 billion in the fourth quarter of 2013, down 2.9 percent from $401.3 billion in the third quarter.

“We still have a long way to go to eliminate the negative equity overhang, but significant progress is being made every day across most of the country,” says Anand Nallathambi, president and CEO of CoreLogic.

---

Short List

Rental Reversal

Reversing a long uptrend in homeownership, a growing number of American households are looking to the rental market for their housing needs, according to a report by the Joint Center for Housing Studies, Harvard University. The share of all U.S. households that rent a home rose from 31 percent in 2004 to 35 percent in 2012. That represents 43 million households.

The study attributes the rise in rentals to the foreclosure wave that caused millions of homeowners to lose their homes. The recession also played a role, as sustained high unemployment rates strained household budgets and kept many skittish would-be homebuyers on the sidelines.