January 2022 – Page 3

Word of the Day: Howbeit

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[hou-BEE-it] Part of speech: Adverb Origin: Location unknown, 15th century Definition: Nevertheless; however. Examples of Howbeit in a sentence “I’ve never been to Spain before, howbeit, I know a lot about the culture.” “Jerrod wasn’t interested in the squabble, howbeit, he was pulled into the argument.” About Howbeit This word stems from the contraction of “hough be hit” or “how be it,” meaning “”be it as it may, notwithstanding, nevertheless, yet; notwithstanding that.” Did you Know? “Howbeit” sounds like another word used more commonly in the 21st century: “albeit.” Both can be used as conjunctions and are, in fact, synonyms. Because “albeit” is a contraction of “all be it” and “although it be” from the late 14th century, it’s very possible that “howbeit” comes from the same Middle English origins.

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A new and innovative home design is offering a solution to housing issues in key segments of the California market. The Zomes Bioceramic Dome is an alternative to the traditional home design that’s affordable, energy efficient, earth friendly, toxin free, constructed quickly and a great investment. From shortages and rising prices to neighborhood tensions over land use, housing issues in California are affecting people across the state. Younger buyers struggle to find an affordable price point to enter the market, and middle-income families are priced out of convenient markets near town centers. Affordable housing solutions seem out of reach, and new home construction is not keeping pace with demand. California’s new SB 9 law is intended to address these issues by allowing greater flexibility in residential property use. The new law aims to stimulate residential development by allowing homeowners to take steps such as dividing property into two lots and building on each lot. “People are searching for affordable housing alternatives, said Karim Bishay, chief executive officer, Zomes. Zomes are an innovative and affordable choice for homeowners seeking to develop residential property under SB 9.” Inspired by the geometric shapes in nature and hand crafted from magnesium phosphate cement, a specialized carbon-neutral material, Zomes are constructed in the shape of a sphere or spherical ellipse. Passive cooling and heating combined with air-tight design creates comfortable indoor living spaces where temperatures are easily regulated. A Zomes home is constructed and installed in 7-10 days without the heavy equipment and machinery associated with the construction of a traditional home, and Zomes are adaptable. A Zomes home is easily installed on a divided lot, and can be moved anytime to another location. “The idea was to design a beautiful home that would last, a home influenced by the beauty of nature and geometry, said Bishay. Zomes are beautiful in design, yet structurally, it’s resilient and capable of withstanding severe conditions. We’re proud of what we’ve accomplished with the Zomes design.” Based in Petaluma, CA, Zomes is a business focused on designing and constructing hand crafted, earth friendly, bioceramic domes (https://www.zomes.com/).

Word of the Day: Sagacious

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[sə-GEY-shus] Part of speech: Adjective Origin: Latin, early 17th century Definitions: Having or showing keen mental discernment and good judgement Wise or shrewd Examples of Sagacious in a sentence “She could always rely on her mentor to provide sagacious feedback.” “The op-ed provided a sagacious viewpoint on the recent controversy.” About Sagacious To be sagacious means to be wise, but specifically showing keen judgment. It’s not just about intelligence, but it’s showing discernment. It could be described as using “street smarts” in addition to “book smarts.” Did you Know? You probably know sage as the spice that makes an appearance at Thanksgiving, but the Latin word “sagax” also means wise. Use sage as an adjective, or it can be a noun for a wise person. Sagacious can also be used for the adjective if you feel like it’s wise to use a longer word.

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Home price appreciation in suburbs expected to continue to outpace that in cities in 2022 – Housing experts are evenly divided on whether sales will rise or fall in 2022. – Bullish panelists point to expected inventory growth, while bears are concerned about worsening affordability. – The panel expects slower nationwide price growth in 2022, but doesn’t anticipate declining values. An outside panel of economists and housing experts is evenly split on whether sales will rise or fall in 2022 as concerns over worsening affordability collide with expectations for rising inventory. When asked whether sales will rise or fall in 2022 compared to 2021, 41% of participants in the latest Zillow® Home Price Expectations Survey1 (ZHPES) said sales will grow, 41% predict a slowdown, and 18% believe sales will remain roughly the same. There were about 6.32 million homes sold from January through November of 2021, the most sales in that time period since 2006. Of those, roughly 5.61 million were existing homes. Zillow’s own forecast calls for sales of existing homes to increase a bit in 2022, drawing on recent sales performance, household formation rates and the expectation that mortgage rates will remain relatively low, offering attractive financing for home buyers. “In America’s frenzied pandemic-era housing market, buyers and sellers have both defied expectations: Buyers have forged on in the face of record-fast price appreciation, and homeowners have steadfastly demurred from cashing in on this selling opportunity,” said Jeff Tucker, senior economist at Zillow. “The outlook for home sales in 2022 hinges on which side yields first. If buyers finally balk at unaffordable prices, sales volumes could fall. But if homeowners finally start listing their homes en masse, we could see a sales bonanza, cooling the pace of appreciation. Our expert survey panel was split right down the middle on which scenario to expect.” Panelists who foresee lower sales in 2022 point to financial strains on buyers as the main driving factors. Worsening home affordability was cited by 54% of respondents as the most important reason for a sales decline, while higher mortgage rates were noted by 28%. As home values skyrocketed in 2021 — up a record 19.3% year over year in November — affordability saw its greatest decline since at least 2014. Among those panelists who anticipate an uptick in sales, additional inventory is overwhelmingly cited as the key; 51% said an increase in existing homes listed for sale will be the most important factor, while 21% pointed to more new homes being completed and listed for sale. Inventory began to recover through the summer of 2021, but lost ground in the fall. Suburban strength expected to continueOver the past two years, home value growth in many large metros has been higher in areas with longer commutes to the downtown core, a reversal of past trends. Most ZHPES panelists believe these trends will continue in 2022, with 46% expecting growth rates in downtown to slow more than those farther out, compared to 34% who believe downtown values will rise faster than those in suburban areas. Faith that the shift to working from home is becoming more permanent and pronounced was the top reason behind respondents’ confidence in the suburbs. A demographic shift scored second, as a growing wave of young people form families and move to larger homes. Pandemic-related health concerns for dense living conditions and a loss of urban amenities due to COVID-19 were rated the least impactful. Price growth should ease while remaining positiveAlthough every respondent in this latest survey expects nationwide home price appreciation to slow in 2022 from last year’s record-breaking pace, the average of their long-term projections remains among the most bullish outlooks for home values in ZHPES history. On average, panelists expect home values to grow another 6.6% this year, and by 23.5% over the coming five years. “Although a handful of experts foresee a modest price correction on the horizon, none expect a crash, even as the confluence of unusual forces impacting U.S. housing markets continues to generate significant uncertainty,” said Pulsenomics founder Terry Loebs. Loebs said the range of home price predictions from panel participants is the widest he’s ever seen. The most optimistic group of experts expects more than 37% cumulative home value appreciation through 2026, while the most pessimistic group expects a gain of less than 8% over the same period. About Zillow GroupZillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About PulsenomicsPulsenomics LLC (www.pulsenomics.com) is an independent research firm that specializes in data analytics, opinion research, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, The Housing Confidence Index, and The Transaction Sentiment Index. Pulsenomics®, The Housing Confidence Index™, The Transaction Sentiment Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC. SOURCE Zillow

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Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced that the company has secured a $47 million construction loan from CoreVest Finance for SolTerra, a 131 single-family-home, build-for-rent project located in La Quinta, California, at the southwest corner of Auto Center Drive and La Quinta Drive. This project is a co-development in partnership with Argosy Real Estate Partners. “Single-family rental living has never been more attractive, with people desiring space and privacy, without skipping the amenities,” explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. “We believe this project will fill a significant void in the market for quality housing with ample square footage that allows residents to have the benefits of a single-family home, without the commitment and costs that come with home ownership.” Encompassing approximately 18 acres, the community will feature two different single-family product types, including 68 one-story homes averaging 2,188 square feet, and 63 two-story homes averaging 1,774 square feet. The community will also feature a shared amenity space, including a pool, clubhouse and outdoor entertainment area. Located 25 miles east of Palm Springs in the Coachella Valley, La Quinta has become a desert destination in recent years, attracting vacationers and snowbirds, as well as families seeking more affordable housing outside of coastal cities. The property is surrounded by high quality developments including the La Quinta Resort & Club, the Rancho La Quinta Golf Club and Lake La Quinta, as well as numerous restaurants and shopping venues. Brian Rupp, Shopoff Realty Investment’s EVP of Real Estate, added, “SolTerra will be a unique product type for La Quinta and one of the first of its kind in the area. The project will deliver new single-family rental homes that appeal to both families looking for single-family living, as well as vacationers and snowbirds looking for luxury, lock-and-leave rentals, with the same single-family living they enjoy at their permanent residences.” Shopoff purchased the land in 2016 and worked diligently with the City to secure entitlements. An adjacent, separate, 8-acre parcel entitled for hotel development is currently under contract for sale and will be developed independently. With construction financing now secured, site development has begun, and construction is anticipated to be completed in mid-2023. About Shopoff Realty Investments Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF. About Argosy Real Estate Partners Argosy Real Estate Partners is a manager of opportunistic, value-add, core-plus and Opportunity Zone real estate private equity funds focused on the lower middle market. AREP makes joint venture equity investments alongside operating partners in the multifamily, single-family build-for-rent, lodging, office, retail, industrial, and residential land asset classes. Argosy currently manages seven fully discretionary real estate investment funds on behalf of institutional investors, family offices and high net worth individuals in the U.S., Europe and Asia. For additional information please visit www.argosyrep.com.

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Affordability Expected to Be a Growing Challenge for Potential Homebuyers The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.5 points to 74.2 in December, as consumers continued to report substantially divergent views of homebuying and home-selling conditions. Overall, three of the index’s six components decreased month over month. In December, 76% of respondents reported that it’s a good time to sell a home, compared to the survey record-low 26% of consumers who reported that it’s a good time to buy. By comparison, in December 2020, 50% of respondents believed it was a good time to sell, while 52% believed it was a good time to buy. Year over year, the full index is up 0.2 points. “The HPSI’s underlying components changed dramatically in the last 12 months – particularly the two related to homebuying and home-selling sentiment – and we have seen the index drift slightly downward since March 2021, an indication that the housing market may begin to soften in the coming year,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Over the past year, low mortgage rates plus government stimulus programs helped increase mortgage demand, but the bidding-up of homes increased prices to record levels, making affordability a greater constraint for both first-time and move-up homebuyers. Among homeowners, the ‘good time to buy’ sentiment fell 30 percentage points over the past year to its current level of 30%; for renters it fell from 37% to 21%. Even though demand remains strong, a majority of consumers clearly have reservations about purchasing a home at current prices.” Duncan continued: “We currently expect mortgage rates to continue to drift modestly upward through year end, despite inflation concerns, which will likely compound the affordability concerns expressed by consumers in the HPSI. Recent MBS issuance data indicating a rise in average debt-to-income levels also backstop that concern, suggesting additional affordability constraints. Combined with our survey results showing rising expectations for higher rent prices among consumers, we believe some would-be renters may look to accelerate their home purchase timeline, helping to drive continued strong (though decelerating) home price growth. We do expect an increase in new homes to come to market later in 2022, which should provide some supply relief; however, it may not be enough to meaningfully affect home prices. As such, affordability is likely to be a growing challenge over the coming year.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased in December by 0.5 points to 74.2. The HPSI is up 0.2 points compared to the same time last year. Read the full research report for additional information. Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home decreased from 29% to 26%, while the percentage who say it is a bad time to buy increased from 64% to 66%. As a result, the net share of those who say it is a good time to buy decreased 5 percentage points month over month. Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 74% to 76%, while the percentage who say it’s a bad time to sell decreased from 21% to 17%. As a result, the net share of those who say it is a good time to sell increased 6 percentage points month over month. Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months decreased from 45% to 44%, while the percentage who say home prices will go down decreased from 21% to 19%. The share who think home prices will stay the same increased from 28% to 30%. As a result, the net share of Americans who say home prices will go up increased 1 percentage point month over month. Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 5% to 4%, while the percentage who expect mortgage rates to go up decreased from 58% to 56%. The share who think mortgage rates will stay the same decreased from 32% to 30%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months increased 1 percentage point month over month. Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 83% to 82%, while the percentage who say they are concerned increased from 15% to 16%. As a result, the net share of Americans who say they are not concerned about losing their job increased 2 percentage points month over month. Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago remained unchanged at 23%, while the percentage who say their household income is significantly lower increased from 13% to 17%. The percentage who say their household income is about the same decreased from 61% to 59%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 4 percentage points month over month. About Fannie Mae’s Home Purchase Sentiment IndexThe Home Purchase Sentiment Index (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier. About Fannie