Your Real Estate Market Snapshot for September 2016 from SFAR

Posted by Charlene Delaney

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are prosept-snapshotbable for the rest of the year but not guaranteed.

New Listings were down 1.5 percent for single family homes and 11.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 9.0 percent for single family homes and 2.3 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 5.4 percent to $1,216,875 for single family homes but decreased 2.6 percent to $1,012,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 4.2 percent for single family units and 14.8 percent for Condo/TIC/Coop units.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

Click here for full report: sfar_marketfocus_2016-sept

Your Digital Afterlife in the Cloud

Posted by Charlene Delaney

A couple of weeks ago I sent out the piece on how long we should save certain records. I received the below response from a dear client of mine and thought it was definitely worth sharing with you and something we should all think about and get a handle on.

Thanks for the information. It brings to mind something that my family lived through very recently.

I had an uncle die unexpectedly back in late August and his passing has left my aunt and cousins scrambling to pick up the pieces of his digital life. Since most of his records were electronic, there was no physical paper trail to figure out where the money was coming from and which debts needed to be serviced. Even worse: he was the executor of his sister’s living will who is in a hospice. He was sending money every month to pay for her care, but nobody knows from where the money was being drawn. My cousin called me in tears a few weeks ago, completely frustrated at her attempts to log in to his PC or his email account. She was hurt and angry that her father would subject the family to this ordeal. It was gut wrenching.

So now I want to remind people that online accounts are just as important as physical documents important at the end of life, if not more so as we continue to move more of our life into the ‘cloud.’ (So ironic since the cloud is a metaphor for the after-life!)

Another resource I’ve discovered is a list of digital “post death” services that can help the survivors. They would have to be setup ahead of time but they could be used, for example, to trigger an email with account and password information.

Hope this wasn’t too depressing! Just wanted to share this with you.

If you missed the previous piece, click here: How Long Should You Save Records?