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Economic Recovery Propelling Rising Prices and Higher Average Relocation Costs

| May 14, 2021

rising average relocation costsShaking off the pandemic-driven slowdown, the country’s GDP grew 1.6 percent in the first quarter. The Fed is expecting 6.5 percent growth for the year—the fastest increase since 1984.

Meanwhile, the consumer price index rose 0.8 percent in April after increasing 0.6 percent in March, according to the U.S. Bureau of Labor Statistics. Overall, the index is up 4.2 percent year over year, the most significant 12-month increase since 2008. More robust demand for goods and services—everything from gasoline to food to building supplies, appliances and vehicles—boosts prices across the board.

According to Berkshire Hathaway Chairman and CEO Warren Buffett, “We are seeing very substantial inflation. It’s very interesting. We are raising prices. People are raising prices to us, and it’s being accepted. We’ve got nine homebuilders in addition to our manufactured housing operation, which is the largest in the country. So we really do a lot of housing. The costs are just up, up, up. Steel costs, you know, just every day they’re going up.” Berkshire owns Clayton Homes, one of the nation’s largest homebuilders, and other housing-related companies, such as Benjamin Moore paints and Shaw flooring. Read More

A More Balanced Real Estate Market in 2019?

| December 13, 2018

While all real estate markets are local, recent data suggests that even the hottest US sellers’ markets are beginning to cool down. For companies that relocate employees, that should be mostly good news as we look at the real estate market in 2019.

“The signs are pointing to a market that’s shifting toward buyers,” says Danielle Hale, chief economist of realtor.com®. “But in most places, we’re still a long way from a full reversal.”

The real estate market has more than recovered from the 2008 economic crisis, and some coastal cities seemed to be entering bubble territory. The median home price in Manhattan rose from $400,000 in 2000 to $1.29m this year. During the same period, the median in San Francisco increased from $415,000 to $1.35m. Part of this growth is driven by booming local economies and constraints on new housing construction—particularly of the more affordable variety. Read More

Buying an older home?

| October 21, 2014

Buying an older home?10 considerations before signing on the dotted line

You’re relocating and have a few days to find your dream house – or at least a house you can call home. New homes sparkle, but older homes have character. Plus, you’ve been watching DIY shows on TV that have convinced you to give one a try.

Before you sign on the dotted line, there are some things everyone should consider when buying an older home.

Lead paint: If the home was built before 1978, the year lead paint was banned, it should be tested by a certified lead inspector. Lead dust is released when you sand or scrape old paint. Read More

Relocating? Should you rent or buy?

| June 6, 2014

 

Community of mutli coloured paper houses in a circleIf the real estate crash taught us anything, it’s that the old rules don’t work anymore, especially for those dealing with a relocation. Recently, TRC has seen a number of transferees opting to rent in a new location rather than buy. Many more have stopped looking at a house as an investment, but rather the place they call home.

The New York Times recently conducted an analysis that found in many of largest metro areas in the United States – New York City, the San Francisco Bay area, Los Angeles, Boston, Miami and Washington, D.C. – prices have risen so quickly that buying property is beginning to look like a perilous investment, with some experts concerned that a price correction is in the offing. Read More

Boom town or bust: America is a mixed-bag when it comes to home sales

| May 5, 2014

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Job growth. New construction. When it comes to hot U.S. housing markets, the two go hand-in-hand. Although home prices are still creeping up, the latest Standard & Poor’s Case-Shiller 20-city index reports that they rose more slowly this February than a year ago. Many experts point to the harsh winter that kept home buyers in front of the fireplace rather than out buying another home, and are hoping that the spring market will heat up home sales.

Online real estate site company Zillow took a look at recent data and reports that this spring it’s a seller’s paradise in five areas of California, San Jose, San Francisco’s Bay Area, Riverside, Los Angeles and Sacramento, and two areas in Texas, San Antonio and Dallas-Fort Worth. Other cities enjoying robust home sales include Seattle, Wash., Denver, Colo., and Washington, D.C. Read More