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The Rilliet Report - July 2015

July 02 2015
July 02 2015

THE BUZZ

Hi [[autoname]],

Summer is here and real estate is on the rise. According to the National Association of Realtors, the Pending Home Sales Index is at its highest level in over nine years, since April of 2006.

Will this demand continue through the summer? According to First American Title's Chief Economist, Mark Fleming, the market continues to underperform in terms of market capacity. He cites affordability and economic uncertainty as the reasons for reduced demand: "True market values are beginning to meet or exceed the expectations that homeowners have for the value of their properties."

Lawrence Yun of the NAR supports these concerns. "Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages. Without meaningful gains in the new and existing supply, the goalpost will move further away for many potential buyers."

What do you think? Is it time to buy or time to sell? I'd love to hear from you. Happy summer.

 

JUST ASK

Q: How can I cut costs on my water bill this summer?

A: When it's time to water your lawn, try to do it in the early morning when there's little sunshine so that the water used isn't quickly evaporated. It also helps to give your lawn a deep soaking to make sure that water is reaching the necessary root systems. This helps to extend the length between each soaking.

When it comes to wasted water, your toilet and washing machine are the prime culprits. On average, nearly 20 gallons of water are flushed down the toilet per day, and 40 gallons of water are used for each load of laundry on a top loading laundry machine. To prevent your toilet from wasting water, try replacing a large object, like a brick, in the tank. This displaces much of the unnecessary water used during flushing.

 

MY TOWN

Last month I wrote about vacation homes. Since then I have read that per the National Association of Realtors, 41% of purchases were made in Florida and 16% in Arizona. California comes in third. The attraction is warm climates.

Almost half of all Canadian purchases are intended to be vacation homes. That said, for the first time in six years, Canada lost its ranking as the top foreign investor in U.S. single homes. China now tops the list.

The Canadian dollar was stronger in 2011-2012 and homes were purchased with all cash. Still, U.S. homes remain an attractive investment for Canadians because of the relatively low cost when compared to markets like Toronto, where the average cost of a detached home exceeds $1 million.

 

FYI

Welcome summer! I hope you take advantage of the longer nights and sunny days by heading out to some summer events. Here are some tips to great resources:

  • To score seats to sold-out shows, try SeatGeek. It's a search engine that scours the web for tickets and lets you compare listings. Plus, the interactive map shows you exactly where you will be sitting.
  • Want to take in a game? Here are a few key websites. Major League Baseball: www.mlb.com, and Major League Soccer: www.mlssoccer.com (July 29- FoxSports1 will present the All-Star Game, pitting top players against one of London's top teams).

I hope this summer's activities bring you many happy memories. Cheers!


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