Information and events for homeowners, travelers and anyone who enjoys the coast.
In the past six years China has posed an increased interest in U.S. residential real estate to the point where they have become the top foreign buyer, according to the National Association of Realtors. Despite any tension between the two governments, politics seem to not affect their investments.
The US is not only a trusted location for foreign assets but is now offering services that specifically cater to China's interest in the home market. In previous years, these purchases were done mainly in cash. Lending was not an easy option for foreign buyers so the market mainly attracted the upper class due to their not needing a mortgage. These were typically million dollar home purchases. Now, there are companies that target Chinese buyers, expanding the home search to include lower priced properties sought out by the middle class.
Read more here on CNBC.com and another article here on BloombergQuint.com
It's easy to forget the storm damage when you live in an area that's unaffected, but let's not let our friends on the Florida panhandle that are still suffering form Hurricane Michael. Michael was the third most powerful storm to make landfall in the continental US since the Labor Day Hurricane of 1935, and it's going to take time and your donations to heal.
The RedCross.org is a great place to start. You can donate your efforts as a volunteer, supplies and much needed cash to provide for rebuilding.
Another great outfit that's on the ground floor helping families in need is SaveTheChildren.org.
There are many organizations that can make a difference, please find one. After all, you never know when you could be on the receiving end. Bench stock a little good karma and be a part of the recovery effort.
Rising interest rates spark concern over not only new builds and ability for owners to purchase, but what the impact will be on rental rates. These two article (below) about the 7 year peak in mortgage lending rates cites what has happened when rates rise, essentially new construction halts while the market regulates. With stable demand and a thriving economy, I would expect rental rates only to rise.
The lag in new construction traditionally drives home prices up by approximately 8 percent. Read the article here on FreddieMac.com. What's not discussed is the rising costs of construction that will escalate, the increased cost of resources and population growth rates, demand for rentals are sent to increase. The article details how future increases would affect various market participants—borrowers, lenders, real estate agents, and home builders.
Industry statistics from several sources in this very well done report from VRMA.org displays a detailed graphics for multiple market segments. And, it's especially good for the southern markets!
We thought it would be a good idea to offer some home maintenance tips for those coastal homeowners who may not know where to start when keeping up with their homes. The following home maintenance tips are just some maintenance pointers to ensure your beach house stays in tip top shape year round.
With significantly more salt in the air, it’s important to regularly have your HVAC system serviced while also make sure that your air filters are replaced monthly.
Prior to hurricane season it’s important to check all of your windows and doors to ensure that they’re properly sealed. It’s a good idea to check any weatherstripping. Penetrating water can result in deterioration of window sashes, blinds, flooring and even framing systems. Taking the inexpensive measures now to prevent costly repairs in the future.
With significantly more salt in the air it’s important to periodically wipe down all surfaces including doors and windows. While it may seem comfortable to leave windows and doors open, the salt air can in fact result in damage to appliances and interior finishes if proper cleaning methods are not practiced.
Many beach houses are not protected by shade, so they can become weathered quickly. Pressure washing is an easy way to remove salt and dirt while also removing any other growth or pests.
Another annual home maintenance tips that's relatively inexpensive is sealing your deck. Salt air and the prolonged exposure to the hot, summer sun is brutal on any surface and it’s best to go ahead and plan to reseal every year.
Always inspect the exterior of your home to look for damage, missing shingles or anything else that may need the attention of a professional contractor. Catching it early on and save your money down.