REI INK

Survey Shows Decrease in NIMBYism Over Course of Pandemic

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62% of Respondents Express Support for Real Estate Development, Compared to 49% in 2020 The pandemic, worsening housing crisis, and social changes of the past two years appear to have struck a significant blow against NIMBYism, according to a recent survey by coUrbanize, a technology company that powers community engagement in development and planning. 62% of respondents surveyed — all visitors to dedicated coUrbanize websites for real estate projects — described themselves as pro-development, compared to 49% of respondents in 2020. Projects most popular among respondents centered on housing. A majority welcomed affordable housing for senior citizens (76%); workforce housing for teachers, firefighters, and public servants (69%); affordable housing for people with disabilities (66%); single-family housing for middle-class families (64%); and affordable housing for veterans (63%).  “We attribute this support to a wider recognition of social inequities and to the housing crisis,” says Karin Brandt, CEO and founder of coUrbanize. She adds that public transportation, another popular project type among respondents (62%), may also be tied to such recognition. “When housing is not affordable in town centers where many jobs are located, workers have no choice but to move farther away. Public transportation is critical for economic mobility.” Respondents were somewhat less enthusiastic about retail projects (57%) and low-income housing (50%). The least welcomed projects were lab facilities (20%) and public housing (31%).  “We celebrate the overall increase in support for development, but there is still work to be done,” says Brandt. “For example, people continue to fear the prospect of public housing in their community, even though few respondents (20%) characterize their community as affordable. We believe that these fears stem from systemic racism, unconscious biases, and misinformation. Our ongoing objective is to combat such attitudes through education and communication so that we reach all stakeholders – not just the vocal NIMBYs.” She concludes, “If you want to change outcomes for communities, engagement needs to be equitable and meaningful. That’s the purpose of the coUrbanize platform in a nutshell.” The full report on the survey findings is available for download here.  About coUrbanize coUrbanize gives people a way to share their feedback and have a voice in a development or public planning process without having to go to a meeting – by simply posting a comment online or texting in their ideas — and having a two-way dialogue with the project team. More than 500 development and real estate teams have used coUrbanize to scale public outreach in a more inclusive way, have more productive conversations with the community, and ultimately build critical support for their projects. For more information, please visit www.courbanize.com.

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UNIN 18 Pamela | Consistency Mindset

Consistency Mindset: From Delivering Pizzas To A 9-Figure Real Estate Career With Pamela Bardhi

  Real estate is the industry that creates the most millionaires. But in order to break into the industry, you need the right mindset. You need consistency. Real estate markets are changing constantly, so you need to be prepared to pivot and you need to be consistent at that. That is why it’s important to start at your niche, and then you can build from there. Join Tim Herriage as he talks to real estate and life coach, Pamela Bardhi about how she went from delivering pizzas to creating a 9-figure real estate career. She was also featured in Forbes and Time Magazine at 27 years old. Discover how she made it in this industry by having the right mindset. Find out why real estate is really just a numbers game and how you can really know your math. Also, learn why you need to focus on your niche first before you branch out to other markets. So what are you waiting for? Go out there and start hustling. — Watch the episode here   Listen to the podcast here   Consistency Mindset: From Delivering Pizzas To A 9-Figure Real Estate Career With Pamela Bardhi A member of my family is here, Pam Bardhi. Thank you for stopping by. Thank you so much for having me, Tim.   I have known you for several months now. I have been following you online. I’m glad you were able to swing to Dallas. Why don’t you take a minute and tell the audience a little bit about yourself? I am the real estate underdog. If you notice on my title, it says, “Real estate underdog.” I went from delivering pizzas to a nine-figure real estate career. People are like, “Pam, how the hell did you do that?” There is a whole backstory to all of that, which I can get into. It’s totally up to you, but that is what happened. I made it through flipping properties in the Boston, Massachusetts market, but it didn’t start that way. I like to start each episode with what I call the bluff, the bottom line up front. When I was in the Marine Corps, they always told us, “Don’t bury the lead. The general has got to know the most important thing in case he has to get up,” or something like that. What I want you to do is take two minutes, pour into the audience, and talk about the most important things that you see in today’s economy, real estate market, and society in general. Things you think people should be doing or maybe staying away from at this phase in the market. The most important thing for you to know and understand when it comes to this is to know your numbers. Please never fall in love with the deal and the property. Fall in love with the numbers. One of the most critical things that I have learned throughout my real estate development career has been to know your numbers and analyze them properly. Leave a lot of buffer room and contingency for that construction budget because we all know what can happen. For example, I had budgeted a 20% contingency in every single one of my deals before COVID hit. Thank God I did because I needed that for my construction material. Otherwise, these are the types of things that people lose their shirts. As the market is shifting, make sure that you know your numbers like the back of your hand, and be conservative. I can’t stress how important that is. Not only that, but also focus on multiple exit strategies. You look at a property. If something comes across my desk, I need to look at it as a short-term rental, a long-term rental or if I can flip it, and all the different avenues that I can take with it before I do the deal. The second most important piece to that is before you ever put an offer on a property, you need to know roughly what your property margin is going to be in each of those exit strategies. If you know your numbers and you have multiple exit strategies, you cannot lose. The third thing that I would mention to you guys, especially in this market, because we came off of the summer season. Everyone is making money. Everyone is happy and driving. That’s great. Now you got to prepare for winter. What are you going to do about that? What comes next? Make sure that you have these multiple exit strategies, you have everything in place, and you know your numbers and profit margin in advance because it’s going to be very cool. There is this thing called math. They used to teach it in school, but they haven’t taught it in real estate in the last couple of years because you could say, “We will sell the house for $1 million.” It would sell, and if it didn’t, wait a month and it would. I was at a mastermind and somebody said, “These houses, I’m reducing the price three times in the first two weeks.” I was like, “Are you bad at math?” He was like, “What do you mean?” I was like, “Aren’t you running the average of the last three sold comps in the last 90 days, pricing it at that, and seeing that it’s going to take 25 days on the market?” He was like, “I hadn’t thought about that.” These people don’t have that experience and skillset. I know you’re a real estate agent as well. Talk about how people can maybe hone those skills that they need to be better at in this stage of the market. I come from three different angles of the real estate development game. I’m a licensed general contractor. I’m a real estate developer. I also have my real estate license. What’s interesting for me is I become a triple threat on a project because I can look at it

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WORD OF THE DAY: Aegis

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[EE-jis] Part of speech: Noun Origin: Greek, early 17th century Definition: The protection, backing, or support of a particular person or organization; (in classical art and mythology) an attribute of Zeus and Athena (or their Roman counterparts Jupiter and Minerva) usually represented as a goatskin shield. Examples of Aegis in a sentence “The humanitarian efforts were done under the aegis of the United Nations.” “Athena carried her aegis for protection.” About Aegis You’re likely to hear “aegis” used on the news today to talk about an organization or a country giving its support and protection. But the history of the word is as of a literal shield. In Greek, “aigis” means “shield of Zeus,” and in classical art and mythology the word “aegis” was always related to the shields of Zeus and Athena. Did you Know? In Greek mythology and art the aegis is represented in many forms, but in Homer’s “Iliad,” it’s attributed to Athena. “And among them went bright-eyed Athene, holding the precious aegis which is ageless and immortal: a hundred tassels of pure gold hang fluttering from it, tight-woven each of them, and each the worth of a hundred oxen.”

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CALIFORNIA, NEW JERSEY AND ILLINOIS AGAIN DOMINATE LIST OF VULNERABLE HOUSING MARKETS

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Chicago and New York City Areas Remain Most Exposed to Potential Downturns in Second Quarter of 2022; Other More-At-Risk Markets Scattered Around Nation; South Region Continues to be Less Vulnerable ATTOM, a leading curator of real estate data nationwide for land and property data, released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the second quarter of 2022. The report shows that New Jersey, Illinois and inland California continued to have the highest concentrations of the most-at-risk markets in the second quarter – with the biggest clusters in the New York City and Chicago areas. Southern and midwestern states remained less exposed. The second-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 33 of the 50 counties most vulnerable to potential declines. The 50 most at-risk included nine in and around New York City, six in the Chicago metropolitan area, and 13 spread through northern, central and southern California. The rest of the top 50 counties were scattered across the U.S., including three in the Philadelphia, PA, metro area. At the other end of the risk spectrum, the South and Midwest had the highest concentration of markets considered least vulnerable to falling housing markets. “The Federal Reserve has promised to be as aggressive as it needs to be in order to get inflation under control, even if its actions lead to a recession,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “Given how little progress has been made reducing inflation so far, the Fed’s actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens.” Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 575 counties around the United States with sufficient data to analyze in the second quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. The ongoing wide disparities in risks throughout the country comes during a time when the U.S. housing market faces headwinds that threaten to slow down or end an 11-year surge in home prices. Sales of both existing and new homes have declined as mortgage rates have almost doubled to 6 percent over the past year, and inflation remains near a 40-year high. However, the most recent risk gaps do not suggest an imminent fall in housing markets anywhere in the nation. Home prices have risen more than 10 percent in most of the country over the past year, with new highs hit in the vast majority of metropolitan-area markets. That has kept homeowner equity and home-seller profits rising. Those numbers have continued to improve as demand, buoyed by increasing household formation by young adults and rising wages has continued to outpace an historically tight supply of properties for sale. Amid that mixed scenario, home affordability is worsening, lender foreclosures on delinquent mortgages are up and the number of home sales is slowing, with local housing markets heading into that uncertain future facing significant differences in risk measures. Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, along with sections of California Thirty-one of the 50 U.S. counties considered most vulnerable in the second quarter of 2022 to housing market troubles (from among 575 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; and Philadelphia, PA, as well as in California. California markets on the list were mostly inland, away from the coast. The top 50 counties included two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island), seven in the New York City suburbs (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey and Rockland County in New York) and six in the Chicago metropolitan area (Cook, Kane, Kendall, McHenry and Will counties in Illinois and Lake County, IN). The three in the Philadelphia, PA, metro area that were among the top 50 most at-risk in the second quarter were Philadelphia County, along with Camden and Gloucester counties in New Jersey. Elsewhere, California had 13 counties in the top 50 list: Butte County (Chico), Humboldt County (Eureka), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto), San Joaquin County (Stockton) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk continue to have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 35 of the 50 counties that were most vulnerable to market problems in the second quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (102.9 percent of average local wages needed for major ownership costs); Riverside County, CA (67.6 percent); Rockland County, NY (outside New York City) (66.2 percent); Richmond County (Staten Island), NY (61.8 percent) and San Joaquin County (Stockton), CA (58.7 percent). Nationwide, major expenses on typical homes sold in the second quarter required 31.5 percent of average local wages. At

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WORD OF THE DAY: Grandiloquent

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[ɡran-DIHL-ə-kwent] Part of speech: Adjective Origin: Latin, late 16th century Definition: A lofty, colorful style of speaking intended to impress; Being vain or pompous in an overbearing style Examples of Grandiloquent in a sentence “The speech, while intended to be motivational, came across as grandiloquent with too many pretentious words and phrases.” “Instead of receiving the award humbly, she didn’t thank anyone in her grandiloquent acceptance speech.” About Grandiloquent While grandiloquence is an impressive word to add to your vocabulary, being a grandiloquent speaker isn’t so positive. You can alienate your listeners with too many flowery words or overblown phrases. To learn how to be a better speaker, consider joining a group like the Toastmasters, an organization devoted to teaching people how to be better communicators. Did you Know? Grandiloquent, coming from the Latin words for grand (grandis) and speak (landis), usually has a negative connotation of someone coming across as pompous. The next time you’re tempted to roll your eyes at someone’s speech, you could display your grandiloquence by pulling out this word.

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Housing Market Cooldown Persists Heading Into The Fall, According to Latest HouseCanary Report

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Volume of Price Drops Increased 95.5% Compared to the Same Period Last Year Monthly Nationwide Supply Continues to Trend Downward on the Heels of Elevated Interest Rates and Market Seasonality Net New Listing Volume and Contract Volume are Down Across Every Price Bin on a Year-Over-Year Basis HouseCanary, Inc., a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between August 2021 and August 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: “The nationwide supply shortage accelerated by the Fed’s rate hikes and economic concerns persisted through the end of the summer despite a slight increase in inventory back in June. Decelerating price growth, decreasing sale-to-list ratio, and an increase in median days on market are all indicators of a potential market normalization as both buyer and seller activity continue to cooldown. More and more would-be buyers are holding off on making offers as raised rates amplify perceptions of unaffordability. In response to the decreased demand, sellers are cutting listing prices or dropping out of the market completely, suggesting we may see the market shift in buyers’ favor as we head into the fall.” Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data. Total Net New Listings: Since August 2021, there have been 3,226,813 net new listings placed on the market, which is a 6.4% decrease versus the 52 weeks prior Percentage of total net new listings over the last 52 weeks, broken down by home price: $0-$200k: 14.6% $200k-$400k: 37.6% $400k-$600k: 23.9% $600k-$1mm: 15.9% >$1mm: 8.0% Percent change in net new listing activity over the last 52 weeks versus the same period in 2021, broken down by home price: $0-$200k: -25.4% $200k-$400k: -15.3% $400k-$600k: +9.5% $600k-$1mm: +14.5% >$1mm: +12.2% Monthly Net New Listing Volume (Single-Family Detached Homes): Monthly new listing volume was down 18.7% compared to August 2021 In August, there were 260,489 net new listings placed on the market, representing a 29.2% decrease year-over-year For the month of August, the percent change in net new listing volume compared to August 2021, broken down by home price: $0-$200k: -35.4% $200k-$400k: -31.9% $400k-$600k: -23.6% $600k-$1mm: -22.8% >$1mm: -25.9% Listings Under Contract: Over the last 52 weeks, 3,256,348 properties have gone into contract, representing a 9.8% decrease relative to the same period in 2021 Percentage of total contract volume since August 2021, broken down by home price: $0-$200k: 15.7% $200k-$400k: 38.4% $400k-$600k: 23.2% $600k-$1mm: 15.2% >$1mm: 7.5% Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price: $0-$200k: -22.9% $200k-$400k: -17.4% $400k-$600k: +3.6% $600k-$1mm: +7.3% >$1mm: +0.9% Monthly Contract Volume (Single-Family Detached Homes): For the month of August, there were 315,977 listings that went under contract nationwide, which is a 14.5% decrease year-over-year For the month of August, the percent change in contract volume compared to August 2021, broken down by home price: $0-$200k: -18.3% $200k-$400k: -18.7% $400k-$600k: -8.2% $600k-$1mm: -6.6% >$1mm: -15.0% Median Listing Price Activity (Single-Family Detached Homes): For the week ending September 2, 2022, the median price of all single-family listings in the U.S. was $433,473, a 13.1% increase year-over-year For the week ending September 2, 2022, the median closed price of single-family listings in the U.S. was $405,952,a 7.4% increase year-over-year The median price of all single-family listings in the U.S. is down by 1.8% month-over-month and the median price of closed listings has increased by 0.2% month-over-month About HouseCanary Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading services including valuations, forecasts, and transaction support. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

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