Investors Are Taking a Larger Share of the ExistingHome Sales Pie

first_imgInvestors Are Taking a Larger Share of the Existing-Home Sales Pie A normalizing of the housing market in the last few years has meant a huge decline in distressed inventory available for sale—which has contributed to the low levels of existing homes for sale in recent months. Despite the lack of inventory, investors are becoming more involved in the market, according to data released by the National Association of Realtors (NAR) on MondayThe short supply of existing homes combined with price appreciation and slow wage growth has resulted in an over-the-month decline of 7.1 percent for the seasonally adjusted annual rate of existing-home sales in February, from 5.47 million down to 5.08 million, according to NAR’s February 2016 Existing-Home Sales Report. Over the year in February, existing-home sales were up by only 2.2 percent.“The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about the health of the economy are holding back a segment of would-be buyers,” NAR Chief Economist Lawrence Yun said.Investor activity in the existing-home sales market has been on the rise as of late. The share of investor-purchased homes rose from 17 percent in January to 18 percent in February, which was the highest investor share since April 2014. Approximately 64 of those investors paid cash for the homes they purchased in February.“Now that there are fewer distressed homes available, it appears there’s been a shift towards investors purchasing lower-priced homes and turning them into rentals.”Lawrence Yun, NAR Chief EconomistAs a further indicator that investor activity is increasing, the distressed sales share rose by 1 percentage point over-the-month in February up to 10 percent (7 percent foreclosures, 3 percent short sales), Investors were also able to purchase distressed inventory at much lower prices in February—the average discount for foreclosed homes during the month was 17 percent below market value, up 4 percentage points from January; for short sales, the average discount was 16 percent below market value, also up 4 percentage points over-the-month.The increased investor activity may be preventing potential first-time buyers from entering the market, however. NAR reported that February’s first-time buyer share (30 percent) is down 2 percentage points over-the-month and is at its lowest level since November 2015. The 30 percent for February matched the first-time buyer share for all of 2015.“Investor sales have trended surprisingly higher in recent months after falling to as low as 12 percent of sales in August 2015,” Yun said. “Now that there are fewer distressed homes available, it appears there’s been a shift towards investors purchasing lower-priced homes and turning them into rentals. Already facing affordability issues, this competition at the entry-level market only adds to the roadblocks slowing first-time buyers.”The homes that ARE on the market aren’t staying there long. The number of days an existing home stays on the market in February was 59 days, which was down from 64 days in January and 62 days in February 2015. About 35 percent of the homes sold in February were on the market for less than a month. Short sales were on the market for an average of 126 days; for foreclosures and non-distressed homes, the average number of days on the market was 57.“With low supply this spring buying season, it’s easy for buyers to get discouraged when their offer is rejected in favor of a higher bid,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “That’s why it’s important for buyers to stay patient and work with a realtor to develop a negotiation strategy that ensures success without overstretching their budget.” in Headlines, News Cash Sales Existing-Home Sales Investors National Association of Realtors 2016-03-22 Seth Welborncenter_img March 22, 2016 458 Views Sharelast_img read more

Park City Utah – Reported By Elite Traveler the

first_imgPark City, Utah – Reported By Elite Traveler, the private jet lifestyle magazineNo waiting, no awkward ski toting and storing: it’s just “step, click and ski” at Montage Deer Valley, the new lodge-style resort opening December 15 with true- ski-in, ski-out access to Deer Valley, just named North America’s #1 ski resort for an unprecedented fourth year by the readers of SKI magazine.Compass Sports, the 7,000-square-foot outdoor outfitter at Montage Deer Valley, is a year-round alpine adventure hub for enthusiasts of all ages and abilities. The outfitter was created to ensure customized ski and other outdoor experiences that make the best use of your valuable leisure time As a skier, you need only step out the door and into your skis where, thanks to the resort’s enviable location at the base of Empire Pass, you’ve got three high-speed chairlifts at your doorstep that lead to more than 2,000 acres of exciting Deer Valley terrain.Walk into Compass Sports in the refined Mountain Craftsman-style resort and you’ll be introduced to your dedicated ski valet. Your valet will assist with every aspect of your winter ski pursuits, from purchasing lift tickets and booking lessons, to waxing your skis and warming up your boots before you hit the slopes. At the end of the day, your ski valet will pickup, service and store your equipment. And if you’re inclined to leave your personal equipment at home, the ski valets can outfit you at the full-service rental/demo center offering every type of ski for all snow conditions.Your ski valet is equipped with an iPad designed to personalize equipment and experiences for individuals of all skill levels and background. With the use of the iPad, you can rent equipment best suited to your needs. Or treat yourself to something new from a retail inventory that includes equipment by Smith, Giro, DaKine, Phenix, Beyond Coastal, Icebreaker, Hestra, X-Bionic and Rossignol. The iPad will also provide up-to-the minute weather and mountain conditions.Once you’re outfitted, your valet will carry your equipment to the area where you want to begin skiing and review the conditions as described on the iPad, advising you on the best ways to experience Deer Valley’s slopes at that particular moment.Montage will offer daily guest ski instruction from 8 a.m. to 5 p.m. in cooperation with the Deer Valley Resort’s ski school. By making an appointment through Compass Sports, your ski instructor will meet you at the outfitter’s door to begin your lesson.Want to enjoy the “greatest snow on earth” in other ways? Compass Sports can arrange everything from cross-country ski excursions and picnics, to ice skating, snow shoeing, sledding and horse-drawn sleigh rides.Spring, summer and fall also usher in a wealth of exciting outdoor adventures at Montage Deer Valley. Compass Sports can arrange your favorite pursuit, be it mountain biking, hiking or horseback riding through pristine forests, blue-ribbon fly-fishing or rafting on local rivers, boating or kayaking on nearby reservoirs, championship golf, or panoramic sight-seeing from scenic chair-lift rides at several local mountains.When the ski mountain closes in April, Compass Sports ski valets will be replaced by mountain bike valets. Bike valets will equip you with the right bike, provide custom set-up and seat adjustments, and recommend appropriate attire and other gear. Your bike valet will also introduce you to the mountain terrain, suggest ideal routes whether you prefer lift-served or direct-access single-track trails, and, as needed, offer instruction on effective mountain biking techniques. Signature Montage Deer Valley mountain bikes on display in Compass Sports will be priced for sale (which will include delivery to your home address) as well as daily rental.For younger guests, Montage Deer Valley will offer the hotel company’s exclusive children’s club, Paintbox, designed just for ages 5-12. A daily supervised schedule of themed adventures will engage participants as they explore this alpine wonderland through interactive arts, crafts, sports and other activities. The Paintbox clubhouse interior will feature murals conceived by a local artist to be inspiring, dreamlike and whimsical. A private outdoor area will be used exclusively by Paintbox for such winter fun as daily snow angel and snowman making activities. Half- and full-day sessions will be offered daily, with all sessions including lunch and a snack.www.montagedeervalley.comlast_img read more