Every month it seems property market figures either stay the same or decline, but recently, experts have been suggesting that there is light at the end of the tunnel. In their 30 May monthly report, Nationwide Building Society declared that the market is ‘gradually gaining momentum’, reporting a 1.1% annual increase in property prices—the fastest annual rise reported since November, 2011.
As we slowly start to see signs of recovery, has the economic downturn had a long-term impact on buyer behaviour?
Price vs. Quality
Property portal Rightmove (20/05) recently suggested that buyers have dramatically altered their priorities since the recession. Price and quality are analysed in far more depth as buyers try to get the very best value for their money, and many are now thinking about the ease of re-selling a property before they’ve even purchased it. With a more selective buyer population, we’ve put together 10 tips for selling a home in the UK. When it comes to home improvements, sellers should be making these before they enter the market. You wouldn’t invite people around for a party and then start blowing up balloons and making sandwiches, so why put your house up for sale and then start the DIY? (more…)
Mortgage appraisals … no matter how much a buyer loves a house and feels confident in their selection, the mortgage appraisal process often creates that moment of anticipation and concern while waiting for those important results. Will the appraisal confirm the offer amount? Will the buyer have to bring additional money to the closing table? Will everything work out as the buyer hopes?
As a whole, the real estate market is improving throughout the U.S., which may make this important step in the purchase process a critical issue. Cartus Home Loans explores the potential appraiser shortage and impact of inventory on the appraisal process.
Shortage of Home Appraisers
Many home appraisers left the field during the real estate downturn. As a result, securing an appraiser may prove to be difficult, leading to delays in the process. This shortage may impact the transferee’s timing, as well as affect corporations through increased costs for temporary living and storage if the appraisal process delays a closing.
Impact of Market Inventory
Due to the lack of market inventory in many locations, when a desirable property does become available, relocation buyers are often forced into a bidding war to secure the contract. On occasion, a buyer may submit offers over list price by a substantial amount in some markets.
When those winning contracts are submitted to the lender, the process begins on securing an appraisal. The purpose of the home appraisal is to assure the lender that the value of the property is appropriate. In a leading edge market, where prices are rising quickly, it can be difficult for the appraiser to secure the data necessary to support the negotiated contract price.
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Older homes have a lot of character and are often the best buys on the market. But they may also have issues that are worth reading up on. For instance, back in the 1990s, home builders used a synthetic stucco product that proved extremely problematic. Though attractive and inexpensive when compared with traditional stucco, the product was unable to drain moisture. This resulted in significant damage to the exteriors and underlying structures of many homes and commercial buildings.
Subsequently, the construction industry modified these systems to provide drainability, which proved to be successful as long as flashing and drainage systems were installed correctly.
But memories of such faux pas can be short; these days, another new product is being touted as an economical alternate for genuine exterior stone. It is called Manufactured Stone Veneer, or MSV; it’s concrete that has been cast and molded to look like real stone, but it may be even more troublesome than synthetic stucco because it holds even more moisture than its predecessor.
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By Kelly Burtar
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Also posted in Americas, Cartus News
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Tagged buying an older home, housing, manufactured stone veneer, mold, MSV, Real Estate, relocation, Supply Chain Mgmt, synthetic stucco, termites, Trusted guidance, US Inspect
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Thailand has been referred to as one of the most desirable locations for expats, and in our latest installment in the On The Ground video series , Leo Alexandersen, from Cartus’ global network provider Pacific Orientation Relocation Services, points to the many reasons why.
Sunset over Wat Arun, Bangkok.
Employees relocating to Bangkok, the main assignment location in Thailand, will find ample housing options, good medical care, and international schooling choices that are typically in close proximity to popular expat areas—a feature not found in many emerging market locations. Outside of Bangkok, housing and infrastructure can be a bit more challenging. Regardless of where you are in the country, cross-cultural issues and language can still present challenges, and gaining familiarity with customs and “do’s and don’ts” goes a long way toward enhancing productivity and building relationships.
Luxurious and varied travel destinations, a vibrant restaurant scene, and Thailand’s reputation as the “kitchen of the world” make this a country many employees hate to leave. This video may have you packing your bags, as well!
Email this contributor at
Ashley.Barry@cartus.com
By Ashley Barry
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Also posted in APAC, Emerging Markets, Intercultural, Relocation Tips
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Tagged Bangkok, emerging market relocation, emerging markets, international assignment, relocations to Bangkok, relocations to Thailand, Thailand, Trusted guidance
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In my role with Cartus in France, I see how current trends in the property market affect rental prices and the availability of housing on a day-to-day basis. In this first Paris Market Watch, we review recent developments in the rental market and examine the impact on international assignees and their families moving into France.
Lack of availability in Paris rental market
High demand for rental accommodation continues to push up prices in Paris, so as tenants opt to stay longer in their current property, it leads to a lack of availability. With this in mind, should relocating employees’ property criteria be too strict, their search for a home may be a challenge. (more…)
By Isabelle Grimbert
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Also posted in EMEA
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Tagged assignee, Cartus Market Watch, EMEA, expatriate, global mobility, housing, international assignment, Paris, Real Estate, Rental, third party relocation, Trusted guidance
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