DID YOU KNOW? Two Fed officials disagreed with the central bank’s decision to cut interest rates yesterday. Some view this as bad news, but I believe this is a good sign as it indicates a strong economy and interest rates are very low regardless.
DID YOU KNOW? Over the past decade, the Capitol Riverfront has been one of Washington D.C.’s most active development hubs, and experienced the largest boom in commercial real estate in its history. It's mix of commercial, retail, restaurants and residential with parkland and commuting access has proven to be very desirable. (Observer)
DID YOU KNOW? The FHA that insures loans for mostly first-time buyers, plans to announce today it will limit cash-out refinancings in its program. Borrowers will be able to pull cash out only when the new loan amounts to 80% of the value of the home or less, down from 85%. The policy change, expected to take effect in September, follows a sharp rise in the use of cash-out refinancings over the past several years. Officials believe this has added risk to the $1.3 trillion government mortgage program. (WSJ)
DID YOU KNOW? Harvard is in a league of its own as it pertains to producing High Net Worth Individual Alumni......around 13,650 in total! Stanford came in second followed by the University of Pennsylvania, Columbia and NYU. 84% of this wealth was self-made and just 7% solely inherited.
DID YOU KNOW? Three parcels of waterfront homes/land in Montauk, N.Y. just sold for around $42 million, closing the second biggest residential purchase in the Long Island, NY vacation community. (WSJ)
DID YOU KNOW? A SmartAsset study found Washington DC to be the 3rd most expensive city in the USA, behind New York and San Francisco. That means earning $132,857 qualifies as 'comfortable', paying $3,100/month in rent ($2,3m lifetime rent without inflation) for a two-bedroom apartment.
DID YOU KNOW? With $1.3 billion in funding, Opendoor pioneered iBuying, the online buying and selling of homes. Since its launch in 2014, it has bought and sold 50,000 houses in 23 cities across the U.S. In 2019, Opendoor is on pace to purchase $5 billion in homes. iBuying currently accounts for less than 1% of the $1.6 trillion annual real estate transactions in the U.S. Opendoor promises to alleviate many of the aggravations of moving, like the inconvenience of showings and open houses, and the average of 70 days from listing to close. You provide a few details of your home online. Opendoor generates an offer price and arranges inspections, and will complete necessary repairs once you choose your move-out date. Opendoor makes its money by reselling the home at a higher price and by tacking on a fee, paid by sellers, between 6 -13%! Most homes are simply painted with new carpeting. Another perfect example of why COMPASS CONCIERGE is a great alternative for sellers as it puts that profit in the hands of the consumer! (INC)