Hey, everybody, it’s Aaron Norris
with The Norris Group. It is Friday, January 17th, and are you using these as part of your marketing? That and much more as we cover the biggest headlines in real estate. Up on the radio show and podcast, we’ve got Cary Pearce. He is in the mortgage industry and has been for 35 years. We talk about the state of lending, how it’s changed over the last couple of years, if it’s getting more risky, accessory dwelling unit financing and way more. So don’t miss that on the radio show and podcast this week. The Mortgage Bankers Association reported that the amount of available mortgage credit decreased in December by three point five percent. Mortgage delinquencies were at their lowest in 20 years in October with 3.7% of mortgages being in some stage of delinquency. They also reported a 3.2% increase in mortgage applications. And Freddie Mac says mortgage rates are now at 3.65% for 30-year and 15-year rates are at 3.09%. If you missed the newsletter, make sure to go on thenorrisgroup.com/turmoil. You’ll get a free look at our TNG economic newsletter, which is typically only for VIP subscribers. We go through county information, updates on iBuyers in several counties throughout California, and some of the things that we’re going to cover at Turmoil. So, thenorrisgroup.com/turmoil. It’s free. The video is up. Go check it out. A new report from ATTOM Data Solutions found that buying a medium-priced, three-bedroom home was more affordable than renting in 53 percent of the 855 counties analyzed across the U.S. In 36 of the 43 counties nationwide that had a population of one million or more, renting was more affordable than buying. This includes the nation’s largest cities like New York, Los Angeles, Chicago, Houston, and Phoenix. No surprise there. Cities where it was still cheaper to buy than rent include Detroit, Philadelphia, Cleveland and Pittsburgh. Additionally, three highly populated counties in Florida, including Miami-Dade, Broward and Hillsborough County, was on that list as well. With home prices rising in 67% of the U.S. markets, renting could become an even better option in the year ahead. Did you know there are currently 218 cities with one million dollar averages on a typical home? Yikes. Three more than at the end of 2018 and 74 more than there were five years ago. And did you know that more than half of these are in three metro areas? Bet you can’t guess what they are. Yep. L.A., New York and San Francisco. 46 in San Francisco, to be exact. 43 in New York, and 30 in Los Angeles. And in 2020, eleven more are expected to join the list. Five cities will lose their million-dollar status in 2020. They are – so I think it’s Kahlua, Hawaii, Milpitas, California, Harding Township in New Jersey, Daly City, California, and Fremont, California. Sorry about it. A story on Marie Claire this week says if you’re buying a home, you need to consider more than making your budget. Hidden costs can sneak up on you if you don’t pay attention. Of course, things like down payment and closing costs will hit you up front as far as things that you’re going to need in your budget. But second are the ongoing fees: interest, PMI, homeownership insurance, HOA, property taxes, and of course, renovations and overall maintenance. My favorite is air conditioners. Air conditioners do not like me. And whenever I buy a house, it invariably goes out in the first year or two. So you better be prepared for that. If you want to make sure you can afford your new dream home, you better follow these tips. 1. Save, save, save. 2. Improve your credit score. 3. And learn to negotiate, because you’re going to need that extra cash later. The future is here, and while it isn’t the future of my childhood cartoons and dreams like flying cars on the Jetsons, technology is allowing some really cool things in real estate. One of those is advances in 3D virtual reality tours. 2D photography has been used to make rooms appear larger than they actually are. 3D walkthroughs are designed to show people what it’s truly like in a home. They can see that from anywhere without having to be in the physical space. Show you the dimensions of a room, any angle in any view, has the freedom to look around. This is actually something we’re handing out. I guess this is the first time we’re announcing it. It’s actually virtual reality glasses. This is a Google Cardboard. So at the live event Turmoil, every guest will get one of these. You put your phone in it, and you’re going to be able to look
around the models in Florida, and I’m hoping to get a few accessory dwelling units, which should be really fun. So if you’re there, you’re going to get one of these. And it’s really interesting to see how a matter port – this is a matter port that we’re using in conjunction with this – how they’ve decided to include the virtual reality experience. I think virtual reality is going to have some very unique opportunities in the years ahead for marketing as well. I’d like to know if you’re including VR technology in your marketing. Love to hear what you got to say. What if I have a flip phone? Flip phone? You need a new phone. If you’re on YouTube, please leave your comments below the video, and don’t forget to like and subscribe to the channel. Hit that bell if you’d like to receive notifications when we have new videos come online. If you’re on Facebook or any other social media platform, please like and make sure to like the Norris Group page so you can find our content online whenever we produce it. Leave your comments below the video. Give us some love. And don’t forget to share. If we missed the story. Also, feel free to leave a link in the description below. We would love to see you out and about. Of course, February 1st we have Turmoil: The Coming Storm of Changes. We have been really excited to announce this last week that Chris Porter and Robert Kleinhenz is going to join our panel on profits in progress, while profits in politics is going to be featuring leadership in the governmental affairs and legislative industries around the builders, the Apartment Association, and the California Association of Realtors talking to us about what they got watered down in 2019 and what to expect in 2020. Turmoil is not all about a recession. Half the day is going to be on timing, and the other half is going to be where RISAs is going to pop up. That has nothing to do with the economy but could impact the economy. And that’s politics and change. So you won’t want to miss it, but we’re very excited to announce those. If you’re interested in signing up, go to thenorrisgroup.com/turmoil. February 10th: 6 Things to Succeed in 2020 with L.A. South REIA. March 19th is our Florida boot camp. So if you’re interested in attending, you’re gonna want to sign up early because you got some homework before we go. That is on our calendar. So you won’t want to miss that. April 1st: 6 Things to Succeed in 2020 with IVAR. All of our events you can find on thenorrisgroup.com under that Events tab under Live Events and Training. For hard money loans, including fix and flip, buy and hold, and new
construction, as well as accessory dwelling units, hit that hard money tab. And for passive investing with the Norris Group, hit that Invest tab. With that, have a fantastic weekend and we’ll see you next week.