All Forum Posts by: Dustin Ruhl

It’s the spring 2017 home-selling season and inventory is as low as it’s ever been. In fact, bidding wars are happening all over the U.S. in metropolitan areas and the heartland. With listings being so scarce, prices are rising and buyers are getting desperate. With an improved and increasing confidence in the country’s economy, buyers are clamoring to find homes within their price range. On the other hand, homeowners are slow to sell because they too would be faced with the same low inventory dilemma. Even rising mortgage rates are not deterring potential home buyers. Because of soaring job growth, especially in technology, competition is the fiercest in Denver, Seattle, and Oakland, California. And Grand Rapids, Michigan; Madison, Wisconsin; and Omaha, Nebraska are not far behind. Recently in Grand Rapids, a single listing brought in 40 bids! If anything, rising mortgage rates are an even greater incentive to buy sooner rather than later. Since the election, the 30-year fixed rate has increased by more than half of one percentage point. Savvy buyers understand that this trend could continue. Also, The Federal Reserve just increased its interest rate by a quarter point and intends to do so again later this year. Traditionally, this move causes borrowing costs to rise, which would put them at levels that haven’t been seen in ten years. In a few cities such as Miami and Manhattan, inventory has risen due to new construction, however, these areas are the exception. In Philadelphia, buyers are submitting full-price offers before homes are even on the market. Properties nationwide are selling in the first two weeks of being on the market.

Key Takeaways:

• The real estate market has become very competitive with homes for sale at its lowest rate in years and interest rates are rising.
• Real estate agents are getting creative and even calling home owners with offers from buyers for homes that are not for sale.
• Interest for a 30 year mortgage were at 4.3% last week and most likely grow to 4.7% by the end of 2017 and 5.5%in 2018.

"Homebuyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limited."

Read more: http://www.journalgazette.net/business/Homes-flying-off-market-18307909

Indy has recently become a destination spot for dining out and has been drawing international attention for it. Indy was just named a top city for dining by Zagat's Hottest Food Cities of 2016. In a culinary first, the popular Fletcher Place brunch spot Milk Tooth was named one of the world's best restaurants by Conde Nast Traveler, who also named Indy as a top underrated food city. Establishments such as B Spot Burgers, run by Utah Native chef Michael Symon or spokes and Steele run by Tyson Peterson are reasons why the city is receiving so much praise for its culinary talents. For the second time, a group of chefs have been invited to cook at the James Beard House in New York City this weekend. This is a top honor bestowed on the best chefs of the year. This time Indy will be represented by Alan Sternberg from Cerulean, Abbi Merriss from Bluebeard and Craig Baker who from 3 Floyds Brewing as well as Plow and Anchor. The city is proud to have these three talented chefs representing Indy at this event. The city, recognizing its culinary prowess is hosting its first city-wide restaurant week January 23-February 5th. The event called Devour Indy will showcase some of its best in dining experiences.

Key Takeaways:

• Indy's food scene is certainly making headlines, but we think you should try it firsthand.
• the ever-so-popular brunch spot in Fletcher Place, was named one of the best restaurants in the world
• Indy has not always been known for its food scene, but in recent years, people are starting to take notice. And the praise just keeps coming. Zagat recently named Indy one of the "Hottest Food Cities o

"Milktooth, the ever-so-popular brunch spot in Fletcher Place, was named one of the best restaurants in the world by Condé Nast Traveler, which is a first for Indy."

Read more: http://www.visitindy.com/indianapolis-indy-named-a-top-food-city-in-america-again

does that sound strange to anyone else?

hmmm, that gets me thinking....

Great find, thanks for the info.

@Jeff Wallenius thanks for the post, I learned something from that.

outstanding, good resource.

According to new information released by the National Association of Realtors, steady growth in the commercial real estate market is expected throughout 2017. Because of job growth and the demand for additional work space, office vacancies should fall by about 1.1-12.1%. Furthermore, industrial space will fall by about 1.3 to 7.1%, and rent availability should decrease from 0.7 to 11.2%. Last year was the 11th consecutive year of below average GDP growth. However, a modest expansion of about 2.4% is expected due to a boost in residential construction fueled by a renewed corporate optimism. Lawrence Yun, NAR's chief economist, explains that steady hiring along with low local unemployment rates are supporting increased wages and spending, which positively affects the demand for commercial property of all types nationwide. Meanwhile, with new apartment vacancy rates at approximately 6.5%, the multifamily property market will remain about the same for the year. In general, home ownership rates will stay about the same due to low supply and the challenges many face associated with affordability. The residential rental market should maintain stable growth, especially in metropolitan areas where sky high home prices and increasing mortgage rates make renting for at least another year inevitable for many.

Key Takeaways:

• Commercial real estate is expected to experience steady growth in 2017.
• Multifamily sector is projected to experience little change in availability as new apartments maintain vacancy rates at 6.5%.
• Home ownership rate will likely remain low due to ongoing supply and affordability challenges.

"Steady hiring and low local unemployment levels are finally supporting higher wages and increased spending, which in turn bodes well for sustained demand for all commercial property types."

Read more: http://www.mpamag.com/news/commercial-real-estate-to-grow-steadily-in-2017-61116.aspx

I am agree with @Pete Krentz.