Local gardening events

By By Kathy Huber SATURDAY

Galveston County Master Gardener Annual Fall Plant Sale

Plant information 8-8:50 a.m., 9 a.m.-1 p.m. sale at Galveston County Fair Grounds in Jack Brooks Park-Rodeo Arena, Texas 6 and Jack Brooks Road, Hitchcock; aggie-horticulture.tamu.edu/galveston/index.html. Free.

Starting a Community or School Garden Workshop

Urban Harvest event. 8:30 a.m.-2:30 p.m. at University of Houston Downtown, 1 Main; register at 713-880-5540 or urbanharvest.org/classes-calendar. $20.

From: Gardening

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
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Hurricane Florence: Nearly $30 Billion in Estimated Losses

By Susanne Dwyer

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Earlier this month, Hurricane Florence blasted through the Carolinas and Virginia, leaving a path of flood and wind damage in its wake.

According to an analysis by real estate data provider CoreLogic, residential properties in the Carolinas and Virginia sustained between $19-$28.5 billion in damage, which includes impact from both inland flooding and storm surge. Of that amount, an estimated $13-$18.5 billion is in uninsured losses. Flood losses insured by the National Flood Insurance Program (NFIP) are estimated to be $2-$5 billion, and wind losses are estimated to be an additional $1-$1.5 billion.

In total, CoreLogic estimates that flooding and wind damaged 487,000 residential homes in North Carolina, 109,000 in South Carolina and 28,000 in Virginia.

The House recently passed a five-year FAA reauthorization with a bill—the Aviation, Transportation Safety, and Disaster Recovery Reforms and Reauthorization—that includes relief funding designed to expedite recovery efforts for Florence-impacted areas. The FAA’s current authorization was set to expire on September 30; however, the House approved a one-week extension and the Senate is expected to vote shortly (at press time), according to Aviation International News.

“…Even today, over a week after the storm made landfall, flooding remains a significant concern for families in both North and South Carolina,” said NAR President Elizabeth Mendenhall in a statement. “In these times, we are reminded of the importance of peace of mind for property owners with access to quality and affordable flood insurance, and maintain our call for Congress to pass responsible, long-term NFIP reauthorization. We commend the House for passing H.R. 302, and urge the Senate to take up this important legislation quickly.”

Dominguez_Liz_60x60_4cLiz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893

5 Secrets for Getting the Best Last-Minute Travel Deals

By Susanne Dwyer

Summer is slipping away, and if you’re feeling the heat but think you’ve missed the boat on vacationing, the consumer editors at Reader’s Digest say it’s not too late to find a bargain.

Granted, the best deals on air travel and some vacation packages are offered months in advance. But Digest editors wrested a few cool tips from Toronto-based travel agent Brian Simpson on getting the best deals on last-minute travel:

Don’t confuse “last-minute” with “short notice.” Last-minute travel is generally accepted to mean short-notice travel, taking place within about 14 days from when you booked. However, short-notice travel means you show up at the airport and buy your ticket, as in many a rom-com movie. This method will cost you an arm and a leg, but savings of 30 to 50 percent are fairly easy to find if you can book two weeks before you pack.

Airfare deals need the most sleuthing. The best last-minute deals are often found in package deals, which include the airfare. Last-minute deals on airfare alone are rare, although tour operators needing to fill a charter flight will sometimes offer really low prices, so that’s the place to start looking if you’re looking for late-date airfare.

Mid-week travel is best. Traveling on Tuesday, Wednesday or Thursday can save you big bucks no matter how far ahead you book. For last-minute travel, it’s crucial, so plan a Wednesday to Wednesday vacation if you can.

Be savvy about last-minute hotel deals. The best path for late-date hotel deals may be with Priceline, where you can name your price. Hotels like it because it helps them to fill empty rooms. But you won’t know which hotel has “won” your business until you’ve accepted the deal, so it may not be the best choice if you are really choosy.

Last-minute travel is best for adventurers. You’ll find the best deals if you are willing to take a bit of potluck about destination. The search may be less successful if you’re stuck on one place and have no flexibility on vacation dates.

For the latest real estate news and trends, bookmark RISMedia.com.

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From: Home Spun Wisdom

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
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Beware Location Remorse: Over a Third Have ‘Neighborhood Regret’

By Susanne Dwyer

You can change a house—location is tougher.

According to new research by Trulia, 36 percent of Americans have “neighborhood regret,” or would have moved to another neighborhood than the one they reside in today. The feeling is heightened in metros, where 46 percent are dissatisfied with their pick, but less pronounced in rural areas (31 percent) and the suburbs (30 percent) The portal surveyed 1,000 Americans in Austin, Chicago and San Francisco who moved in the past three years.

What makes a neighborhood suitable? Forty-eight percent of those surveyed were motivated by the “vibe,” 37 percent were affected by crime rates, and another 37 percent were attracted to easier travel to work. Attributes that led to regret? Lack of public transit, noise and traffic.

Is your neighborhood a problem? For future moves, prepare through research. Look up neighborhood photos—something just 38 percent of those surveyed did—and plan a time to visit. Only 37 percent explored the neighborhood’s popular spots, and 47 percent did not go at night. Remember, as well, that your agent is an expert on the local market. Contact them for help with your move.

For more information, please visit www.trulia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893

Housing in 2020: Construction Costs Grow, Mortgage Rates Slow

By Susanne Dwyer

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Where will housing be in 2020? According to the latest Metrostudy predictions, if all continues on its current track, construction costs could continue to increase, and mortgage rates could reel in.

While rates have increased in the last six months, impacting affordability, the rise is not significant according to historical trends, says Mark Bound, chief economist and senior vice president at Metrostudy, a provider of primary and secondary market information to the housing and residential construction industries. In the long term, Boud predicts mortgage interest rates will top out at 5.8 percent in 2020 and 2021, eventually being pulled down by slower economic growth—and because of tighter lending practices, the market environment will not become as dire as the last housing bubble.

As for inventory, it is significantly under-supplied, while homes are increasingly overvalued; however, the risk of a price collapse is small due to the tight market, and Boud expects the cycle of under-supply to plateau in 2020. The lack of new inventory is, in part, in response to trade increases, as many of the imposed tariffs—specifically the 20-plus percent tariff on lumber imports, and 10 and 25 percent tariffs on aluminum and steel imports, respectively—directly impact construction efforts.

These factors could lead to an increase in overall construction timelines, as well as an increase in construction costs by at least $2,000 per house, according to Boud. More homes in the upper price ranges are being built, while inventory under $400,000 is lower, in some cases. Overall, the national market is becoming top-heavy, which typically only occurs where land is more expensive, such as in California, Boud says.

Remodeling activity continues to rise in response to homeowners staying in their homes for longer, as well as the continuing trend toward purchasing existing homes, which triggers renovations. According to Boud, this is most common in coastal markets, or markets that have high appreciation rates, such as Texas.

Something to watch? Inflation. Boud says inflationary pressures are slowly building—inflation rose from 2.4 percent in March to 2.9 percent in August—but in a few years, the national debt could slow economic growth, which, in turn, could slow down rising interest rates.

Another concern? The current downward trend of the 2-10 Treasury yield spread, which could see negative figures in about a year, may be a sign that a recession is in the cards.

However, the current economy is healthy, Boud says. In the past 12 months, 2.4 million jobs have been generated, increasing demand for housing and pushing the unemployment rate down. Additionally, housing starts are fairly stable, forecasted to be 1.28 million in 2018, and increasing to 1.33 million in 2019 and 1.345 million in 2020, before plateauing.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893

401(k) Auto-Enrollment Connected to Early Withdrawals, With Housing Implications

By Susanne Dwyer

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With Social Security trust fund reserves waning—predicted to be depleted by 2034, leaving Social Security unable to maintain full scheduled benefits—and the number of retirees expecting to receive benefits increasing, more and more Americans are relying on 401(k) savings to support their retirement living. In fact, Statista estimates there are 41.2 million households who presently own a 401(k) plan in the U.S.

How does auto-enrollment fit in with these tax-advantaged savings accounts? There’s a clear benefit, as recently determined by 401(k) record-keeper Alight Solutions LLC in its 2017 Trends & Experience in Defined Contributions Plans report. Far more individuals contribute to a 401(k) with an auto-enrollment feature (85 percent) than to plans without it (63 percent).

While that should lead to higher savings rates and stronger financial health for future retirees, there is a glaring concern: Increases in auto-enrollment are leading to more early withdrawals. According to Retirement Clearinghouse LLC, over 60 percent of 401(k) participants with balances below $10,000 liquidate their accounts after leaving a company, reports the Wall Street Journal.

What’s causing this increase in withdrawals (also known as leakage)? Job changes lead to low 401(k) balances, which are largely cashed out due to company payout checks that can easily be deposited. The alternative? Having to fill out burdensome paperwork to transfer the funds into a tax-advantaged account. Others use their funds as a type of loan regardless of penalties incurred.

Although small loans or early withdrawals may not seem like much in the grand scheme of funds necessary to support retirement living, these can add up to a costly dip in long-term savings. While statistics by the University of Pennsylvania’s Wharton School show that most 401(k) borrowers pay themselves back (with interest), 10 percent default on nearly $5 billion per year.

How will this impact retirement-incentivized real estate? A survey conducted last year by The Hartford Advance 50 Team and MIT AgeLab found that 73 percent of surveyed adults over 45 strongly agreed with the statement “What I’d really like to do is stay in my current residence for as long as possible.”

That may not be achievable for a majority of retirees. Less funds to support retirement living may lead to more move-down buyers, as retirees struggle to pay off remaining mortgage debt on bigger homes while also maintaining their current costs of living. Additionally, aging in place no longer means simply staying in their current home, as improvements are necessary to ensure their safety and comfort, and these modifications can be costly.

Independent living in a safe format is merely one consideration. According to a Merrill Lynch Finances in Retirement Survey last year, the average cost to retire has increased to $738,400. The average balance in a 401(k) account is $102,900, according to Fidelity.

How much does auto-enrollment and early withdrawals impact retirement moving trends? Participating employees are more likely to reduce their potential auto-enrollment gains by as much as 42 percent, withdrawing an average of $850 more than employees who voluntarily enroll. This could lead to massive losses in retirement savings down the road.

When taking overall auto-enrollment savings into consideration, however, those who participated saved, on average, $1,200 more in eight years (in 2004 dollars) compared to employees hired only a year earlier but who were required to sign up on their own, according to the Alight report. Additionally, companies offering auto-enrollment are largely converting more employees, who would not typically contribute, into retirement savers.

Younger workers should start seeking employment with companies that offer 401(k) auto-enrollment now, and should refrain from pocketing low balances should they transfer jobs or withdrawing until they have reached retirement age. Additionally, in order to truly benefit from auto-enrollment and build up savings, Congress may have to impose added restrictions on low-balance payouts in response to job transitions, as well as make it easier for auto-enrolled contributors to transfer funds without the hassle of complex paperwork.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893

Challenged by a Down Payment? The Easiest Markets to Save For

By Susanne Dwyer

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One of the biggest challenges for first-time homebuyers is saving.

Coming up with a down payment is a hurdle for the majority of millennials, shows study after study—but, there are areas where the average earnings are enough to save sufficiently, according to an analysis recently released by RealEstate.com. The easiest market? Chicago, where the average first-timer can save 20 percent for a starter in just over three years.

1. Chicago, Ill.
Annual Household Income for Millennials: $50,500
Annual Millennial Savings: $10,821
Median Starter Value: $177,300
Down Payment (20%): $35,460
Savings Timeline: 3 years, 3 months

2. Dallas-Fort Worth, Texas
Annual Household Income for Millennials: $50,600
Annual Millennial Savings: $10,843
Median Starter Value: $185,400
Down Payment (20%): $37,080
Savings Timeline: 3 years, 5 months

3. Detroit, Mich.
Annual Household Income for Millennials: $43,100
Annual Millennial Savings: $5,388
Median Starter Value: $96,700
Down Payment (20%): $19,340
Savings Timeline: 3 years, 7 months

4. Baltimore, Md.
Annual Household Income for Millennials: $54,300
Annual Millennial Savings: $11,636
Median Starter Value: $214,000
Down Payment (20%): $42,800
Savings Timeline: 3 years, 8 months

5. Indianapolis, Ind.
Annual Household Income for Millennials: $39,400
Annual Millennial Savings: $6,567
Median Starter Value: $122,500
Down Payment (20%): $24,500
Savings Timeline: 3 years, 9 months

6. Pittsburgh, Pa.
Annual Household Income for Millennials: $41,700
Annual Millennial Savings: $5,212
Median Starter Value: $103,600
Down Payment (20%): $20,720
Savings Timeline: 4 years

7. Cleveland, Ohio
Annual Household Income for Millennials: $42,900
Annual Millennial Savings: $5,362
Median Starter Value: $109,600
Down Payment (20%): $21,920
Savings Timeline: 4 years, 1 month

8. St. Louis, Mo.
Annual Household Income for Millennials: $43,200
Annual Millennial Savings: $5,400
Median Starter Value: $119,900
Down Payment (20%): $23,980
Savings Timeline: 4 years, 5 months

9. Austin, Texas
Annual Household Income for Millennials: $50,700
Annual Millennial Savings: $10,864
Median Starter Value: $249,700
Down Payment (20%): $49,940
Savings Timeline: 4 years, 7 months

10. Washington, D.C.
Annual Household Income for Millennials: $67,900
Annual Millennial Savings: $14,550
Median Starter Value: $343,000
Down Payment (20%): $68,600
Savings Timeline: 4 years, 9 months

The analysis factored in first-time homebuyers’ household income (median), plus the cost of a down payment on a median starter. (Twenty percent is ideal, but not a requirement.)

“Contrary to popular belief, millennials want to buy homes, but high home prices, low inventory and stagnant wage growth are some of the many factors that may be driving would-be buyers into delaying homeownership,” says Justin LaJoie, general manager of RealEstate.com. “However, in certain U.S. housing markets first-time buyers can find some relief; they just need to know where to look.”

RealEstate.com is part of Zillow Group.

For more information, please visit RealEstate.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Challenged by a Down Payment? The Easiest Markets to Save For appeared first on RISMedia.

From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893