Stephanie Mojica

More Home Buyers Flocking to Florida

December 19, 2022 by Realty411 Team

By Stephanie Mojica

Five Florida cities have become the new hotspots for home buyers sick of historically high mortgage rates and housing prices, according to NewsNation. In Realty411’s analysis, this also opens opportunities for investors.

Redfin created a list of the 10 cities most popular for real estate searches, also taking into account the number of people trying to leave a city. While Sacramento, California grabbed the top spot on that list, here are the rankings for the Sunshine State of Florida.

3. Miami

5. Tampa

7. Cape Coral

8. North Port-Sarasota

10. Orlando

These are recent rankings, meaning that Hurricane Ian’s effects on Florida in September did not dampen people’s enthusiasm for moving there.

The rest of Redfin’s top 10 list is as follows:

2. Las Vegas, Nevada

4. San Diego, California

9. Phoenix, Arizona

10. Dallas, Texas

The cities that people most want to leave, according to a Redfin “net outflow” report, are:

1. San Francisco, California

2. Los Angeles, California

3. New York, New York

4. Washington, D.C.

5. Boston, Massachusetts

From the report, it appears that investors can buy homes in Florida, rent them out, and sell them in the future if that is part of their strategy. As always, do as much research as possible before making any type of investment.

Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.

These Three Real Estate Trends Have Potential in 2023

December 16, 2022 by Realty411 Team

By Stephanie Mojica

The talk about rising costs of living has seemed endless in 2022, but real estate investors shouldn’t lose hope just yet. Several real estate trends have a lot of potential for gains in 2023, Yahoo! Finance reported. Three of these seem like excellent options for Realty411 readers.

New construction is making a comeback.

COVID-19 regulations, supply chain disruptions, backlogged governmental entities, and labor shortages all but stalled new construction. However, these problems are greatly reduced nowadays. Also, cheaper land prices are a boon for companies wanting to build new houses.

“Starter” homes and condos still have appeal.

Older homeowners are selling their small single-family homes and condos to upgrade their lifestyles. This trend opens opportunities for investors and traditional buyers alike. As always, read the fine print for fees and community rules when buying a condo.

Multiple offers from buyers are still common.

Many houses and condos will still get three to five offers from buyers. This is helpful for investors looking to sell, but something to be mindful of when looking to buy a property. However, even when there are numerous offers, few residential properties sell for more than the listed price.

What Are Common Plumbing Problems That People Don’t Think About?

December 15, 2022 by Realty411 Team

By Stephenie Mojica

Whether you have a residential or commercial property or plan to buy one, it’s important to ensure that the plumbing is well maintained. REALTOR.com recently published a list of six common plumbing problems that people don’t necessarily think about.

While the fall and spring months are the best time for you (or a plumber) to check your pipes and other fixtures, any time is better than never. However, keep in mind that most plumbing issues surface during the winter. So, it’s best to get in the habit of looking for problems during the fall season.

Most landlords and other types of homeowners know the dangers of frozen pipes, water heater problems, stuck garbage disposals, and clogged drains. But what else should real estate investors keep an eye on?

1. Clogged cleanouts.

A cleanout is an outdoor pipe close to the home that usually sticks out of the dirt. This is an important pipe because it provides access to plumbing. If the cap or cover of the cleanout is open, cracked, or broken, then leaves or debris can clog it and cause a backup of water flow.

2. Cluttered gutters.

Leaves and debris are once again the typical culprits for this plumbing-related problem. Cluttered gutters can also damage your roof or foundation. Regularly cleaning your property’s gutters and inspecting them (and your downspouts) for cracks or damage will prevent most problems.

3. Root intrusion.

If your property is in a dry climate, sudden rain causes the roots of trees to expand in search of much-needed water. These roots can crack plumbing pipes. If you own a property with large trees, have a plumber perform a camera inspection so they can identify and rectify any issues.

4. Dirty sump pump.

Once again, the leaves and other debris associated with the fall season can spark year-round havoc. A dirty or clogged sump pump filter can cause standing water in your basement or shut the pump down too early. Slowly pour a bucket of water into the sump pit to see if everything operates normally; if not, call a plumber immediately.

5. Garden hose mishaps.

Put away all garden hoses before the temperatures drop. Unless your outdoor spigots are freeze proof, use foam covers to protect them. Otherwise, you risk problems such as flooding and pipes bursting or freezing.

6. Hidden or small leaks.

It may be tempting to ignore a tiny bit of rainwater leaking from the dining room ceiling, but the risk is not worth it. Even droplets of water can get into your electrical wiring and ignite a fire. Discolored spots or high water bills could signify a hidden leak; the assistance of a plumber is necessary if you suspect hidden or small leaks.

Houston Real Estate Investor, 26, Found Dead

November 30, 2022 by Realty411 Team

By Stephanie Mojica

Delano Burkes, 26, a Houston real estate investor, was found dead two weeks after disappearing, according to TheGrio.com.

Burkes’ body was found in the Houston Ship Channel on Monday, Nov. 28. He was last seen on Sunday, Nov. 13 with his friends in the Heights neighborhood in Houston — about 15 miles away from where his body was found.

Karen Jeffrey, the mother of Burkes, saw surveillance videos of her son leaving McIntyre’s bar at about 1 am the night of Nov. 13. She told journalists that he appeared “drugged or something.”

Friends who were with Burkes that night said it seemed like he was experiencing pain in his side. The group got separated that night, leading Burkes to leave the bar alone.

The Houston Police Department has been investigating Burkes’ disappearance as a possible homicide. The cause of death has not been determined.

Media reports did not reveal the nature of Burkes’ real estate investments. Burkes was a former football player at Texas A&M University.

Housing Prices Cooling in Once-Hot Markets

November 29, 2022 by Realty411 Team

By Stephanie Mojica

“Pandemic boomtowns” such as Austin, Boise, Las Vegas, Phoenix, and Sacramento are seeing downturns amidst a stagnating real estate market and an imminent recession, according to Forbes.com.

Typically, housing prices in these cities see consistent growth. However, double-digit percentage gains just aren’t happening anymore — especially with current mortgage rates. For example, Austin’s median price per square foot used to go up about 24% per year. This year, the figure was only 1.3%.

During the height of the COVID-19 pandemic, remote workers living in more expensive areas (especially the East Coast and the West Coast) flocked to Sun Belt destinations for high-quality living at a lower cost. As a result, home prices spiked by about 30%.

The dramatic drops in the stock and cryptocurrency markets are another contributing factor to investors seeing slowed growth in the value of their properties.

Sun Belt cities are far from the only ones seeing this problem, per Forbes.com. Even tech hubs such as San Jose, Oakland, and Seattle are no longer seeing double-digit gains in the value of residential properties.

10 Growing Real Estate Markets to Explore

November 18, 2022 by Realty411 Team

By Stephanie Mojica

Housing prices have skyrocketed throughout the United States, leaving budget-conscious buyers scratching their heads trying to find an affordable home in an area with plenty of work, educational, and recreational opportunities. The good news is that dream isn’t a lost cause. REALTOR.com recently released a list of 10 up-and-coming real estate markets.

1. Johnson City, TN

This Tennessee city of about 200,000 people is near the Appalachian Mountains. The average home price of $379,000 is about 10% less than the national average of $427,250 (as of September 2022).

2. Visalia, CA

For California, this city’s median home price of $400,000 sounds almost too good to be true. Visalia is in the San Joaquin Valley, about 40 miles from Fresno.

3. Elkhart, IN

This city’s average home price of $257,000 is roughly 60% of the national average. Elkhart is 15 miles from South Bend, 110 miles from Chicago, and 150 miles from Indianapolis.

4. North Port, FL

Florida is another traditionally expensive market, but this city of 75,000 isn’t one of them. The median home price of $548,000 is about 30% higher than the national average — but it’s Florida.

5. Fort Wayne, IN

Indiana strikes again with its budget-conscious homes and access to work, education, recreation, and travel. The average house price in this city of 265,000 is $300,000.

6. Lafayette, IN

This Hoosier State city of 225,000 has a median home price of $291,000 — roughly 70% of the national figure. Lafayette is about 60 miles from Indianapolis and 125 miles from Chicago.

7. Columbia, SC

For a capital city, an average home price of $309,000 is pretty darn good. The second-largest city in South Carolina, Columbia has a population of about 135,000.

8. Columbia, MO

As a major Midwestern college town, Columbia has a lot to offer its 125,000 residents. The median home price of $347,000 is 20% lower than the national average.

9. Raleigh, NC

Another southeastern state capital made this list, and Raleigh is undeniably one of the best cities in this part of the country. The average cost of a home in this city of 475,000 is $463,000.

10. Yuma, AZ

Another city west of the Mississippi made this list, with a median home price of $315,000. This city of about 75,000 is known for its sunny weather.