Housing Is Almost Augmented, Goat-Like and Full of Cicadas

May 28, 2021

As the long weekend approaches, my work attitude is terrible so I need to share a bunch of clips this week:

his short film Sight imagines a world wearing contacts that augment reality. We’re almost there and I’m wondering if it is something to look forward to.

And if that’s too heavy for you as we head into the holiday weekend (NSFO):

@ivyandsophiesmith

There's a fucking goat outside ##viral ##goat ##kidsswearing ##2yearold ##funny

♬ original sound – ivyandsophiesmith

And consider this addition to your Memorial Day Cookout via Brood X:

But I digress…

We’re finally arriving at Memorial Day weekend. Let’s make sure we honor the men and women who died while serving in the U.S. military.

But I digress again…

House Price To Rent Ratio At Highest Level Since At Least 1975

Using the income approach to valuation, housing prices as they relate to rent are at their highest level ever tracked and 1% above the housing bubble peak per the St. Louis Fed.

One key difference from the housing bubble era: homeowners today have greater home equity and less mortgage debt, on average.

I’ve tracked this ratio in Manhattan since 1991 and the 1Q21 rose to a new ratio record:

The income approach looks at the asset by how the economics are driving the value. The disparity between income and sales approaches to value might indicate that there is a greater value placed on occupancy than revenue potential and now, coming out of the COVID-lockdown the potential increase in that disparity could further be expanded.

Remember When Mortgages Rates Weren’t Unbelievably Low?

In 1981, a 30-yera fixed rate was nearly 17%. I’d love to get 14% rate on a CD in today’s economy. 😉

Real Estate Professionals Tend To Marry Real Estate Professionals

Here’s a super cool look at who we marry. Flowing Data provided a look at Jobs that Marry Together the Most.

Real estate brokers tend to marry real estate brokers:

Getting Graphic

My favorite charts of the week made by others

Appraiserville

(For earlier appraisal industry commentary, visit my old clunky REIC site.)

Real Estate Appraisers Tend To Marry Real Estate Appraisers (And Teachers)

I spoke about this post: Jobs that Marry Together the Most earlier, but given my career as a real estate appraiser, I’m guilty as charged.

OFT (One Final Thought)

In light of Father’s Day arriving soon, this fantastic short film by Fahnon Bennett is absolutely worth your time. I’ve had the pleasure of working with him via Douglas Elliman for many years.

And one more final thought because, well, I need to:

Brilliant Idea #1

If you need something rock solid in your life (particularly on Friday afternoons) and someone forwarded this to you, or you think you already subscribed, sign up here for these weekly Housing Notes. And be sure to share with a friend or colleague if you enjoy them because:

– They’ll eat more cicada tacos;
– You’ll be more augmented;
– And I’ll look for that f**king goat.

Brilliant Idea #2

You’re obviously full of insights and ideas as a reader of Housing Notes. I appreciate every email I receive and it helps me craft the next week’s Housing Note.

See you next week.

Jonathan J. Miller, CRP, CRE, Member of RAC
President/CEO
Miller Samuel Inc.
Real Estate Appraisers & Consultants
Matrix Blog
@jonathanmiller

Reads, Listens and Visuals I Enjoyed

My New Content, Research and Mentions

Recently Published Elliman Market Reports

Appraisal Related Reads

Extra Curricular Reads