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☆ A woman who thought she could work remotely bought a house 1,000 miles from home. Now she's been called back to the office.
▼ + stars: | 2023-02-03 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Jamie Sexton, 44, bought a house in Oregon when she didn't think she could afford San Diego prices. Sexton was told she could work remotely but is now being asked to return to her California office. She was paying $4,000 a month to rent a two-bedroom home in La Jolla, a coastal suburb 20 minutes north of downtown San Diego. She didn't think she could afford to buy in San Diego, where homes cost $900,000. Did you buy a home with remote work in mind, and have since been called back to the office?

☆ I felt pressured to buy a nearly $1 million house at age 27 — and I deeply regret it
▼ + stars: | 2023-02-03 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

She wasn't ready but thought if she waited, she'd never be able to afford a house. She talked about the pressure to buy and how she had to change her life to afford homeownership. We were saving around $4,000 a month, so we thought that a $6,000 monthly mortgage payment would be doable. Our take-home pay each month is a bit more than $11,000, and our monthly mortgage payment is about $6,800. We've realized we're going to have to make some substantial lifestyle changes to be able to afford the house.

☆ A Las Vegas couple purchased an abandoned farm in Pennsylvania for $220,000 and has been renovating it for 5 years. Here's what it looks like now.
▼ + stars: | 2023-02-02 | by ( Jordan Pandy | Libertina Brandt | ) www.businessinsider.com time to read: +2 min

DeWitt and Jean Paul bought a 31-acre abandoned farm in Pennsylvania in 2018 and moved from Nevada. The property has a main house, a small house, and three barns — all of which they are renovating. Those structures include two small barns, a large barn, a small house, the main house, and a garage/workshop. Once the small house is completed, they plan on renting it out on Airbnb. The main house has already been changed dramatically, and still needs work.

☆ I moved to Florida for cheaper housing and lower taxes, plus I'm avoiding downsides like traffic and crowds
▼ + stars: | 2023-01-30 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Tony Stanol moved to Sarasota, Florida from California and prefers the East Coast oasis. They sold their 3,500-square-foot home in Calabasas for $1.2 million, according to Stanol, and have been renting a 2,400-square-foot home in Sarasota, Florida for nine years. I'm from New Jersey, worked in New York for most of my career, and raised a family in Connecticut. Once my two daughters had graduated and were out of the house, my wife and I were empty nesters in Calabasas. I've been renting in Florida for nine yearsWe sold our house in Calabasas for $1.2 million.

☆ I've worked remotely from 15 different countries. Here's what I've learned and what I'd never do again.
▼ + stars: | 2023-01-26 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

In addition to Italy, over the last five years, Cook has worked in Kenya, Thailand, and 12 other countries. At the time, startups were the only type of company I found that were open to fully remote work. When I started doing this in 2018, remote working like this wasn't as common as it is now. Now, since more people have access to this life because of remote work, a number of companies have cropped up for this exact kind of thing. Cook serving another participant in the Italy program during dinner.

☆ A 34-year-old first-time homebuyer with a 6.99% interest rate said she regrets the house she just purchased. Do you have buyer's remorse?
▼ + stars: | 2023-01-15 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Buyer's remorse could be even more common now for those who bought when prices and rates were high. "I did the dumbest thing possible in buying the peak of the market and the peak of interest rates," she told Insider. After record lows in 2021, interest rates on a 30-year mortgage reached as high as 7.08% in December 2022, according to Freddie Mac. Rates have since dipped and are currently around 6.33%, and sellers are offering concessions like paying for repairs and buying down buyers' mortgage rates. The Richmond buyer with the 6.99% rate is feeling the pain.

☆ How a handy businessman found a derelict castle on Craigslist and transformed it into a thriving Airbnb with rooms from $369/night
▼ + stars: | 2023-01-12 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

After years of renovations, Smith opened the castle to travelers booking rooms on Airbnb and Vrbo. "Everybody loves a castle," Smith, 57, told Insider. Smith turned the castle from rundown to traveler-readySmithmore Castle is nestled in the Blue Ridge Mountains on 121 acres of land. Smith has seen an increase in bookings each year since he listed the castle's rooms on Airbnb and Vrbo. Robert SmithSome Airbnb hosts have reported a slowdown in bookings since spring 2022, prompting fears of an "Airbnbust."

Proptech customers, employees, and investors said they went from delighted to disillusioned. Proptech investors eager to capture these trends pumped $32 billion into the industry in 2021. As markets deteriorated, disillusionment set in among proptech customers, investors, and employees. Some customers say they were disappointed buying homes via proptech startupsReal-estate startups like Divvy Homes and Better launched under the auspices of helping customers afford quality homes. Investors in proptech firms are taking financial hitsYou don't need to ask proptech investors whether they're disappointed in the sector's performance — just look at share prices.

☆ 6 reasons why moving to Florida can be a major disappointment, from surprisingly high tax bills to severe storms that 'should be an eye opener'
▼ + stars: | 2023-01-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

"The appreciation rates that we've seen in South Florida have been much higher than the national average," Bordenaro said. Newcomers moving to Florida have also been shocked at property tax bills that are higher than they expected, Insider's Kelsey Neubauer reported. Because of rising sea levels, many homes in South Florida are at a higher risk for disaster, which makes it more expensive to insure them. According to Bordenaro, Miami is attempting to alleviate the traffic issue by constructing more lanes and new exits, but the going road work only leads to more traffic. "Depending on where you come from, it can be tough to make friends with the locals," Bordenaro said.

☆ I borrowed $150,000 against my home to buy another property to list on Airbnb. It was worth it even though rising rates boosted my monthly costs by $140.
▼ + stars: | 2023-01-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Tate Cline cashed out $150,000 of his home's equity to buy and revamp a 26-acre property for Airbnb. (According to financial services company Bankrate, the current average 10-year HELOC interest rate is 7.37% as of January 4.) I used a HELOC loan for the purchase of a property in southern Ohio, in a place called Hocking Hills. I'm using HELOC for the whole thing. I'm going to do an adjustable-rate mortgage.

Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked 20 of these young industry experts and innovators to offer predictions for 2023. 2022 wreaked havoc on the housing market: Mortgage rates rose at a fast clip, bidding wars cooled, the Airbnb market shifted, and some high-flying proptech darlings crashed back down to earth. Insider picked 30 rising stars of commercial and residential real estate who're transforming the way homes are sold and offices get built. Here are the predictions for 2023 from our rising stars:

☆ Americans are still moving to Florida. They might regret it.
▼ + stars: | 2022-12-29 | by ( Jacob Zinkula | Jordan Pandy | ) www.businessinsider.com time to read: +4 min

The state's population has been steadily increasing for decades. But some that have moved to Florida will come to regret the decision — and may ultimately move out. A nearly 14,000-member Facebook group for people moving out of Florida has cited severe weather, low wages, crowded beaches, changing politics, and steep housing prices as reasons people left. Nicole Panesso lived in Florida her whole life until moving to Tennessee earlier this year, she previously told Insider, citing low wages and high expenses as reasons why. For Greg May, Florida's high temperatures were the main reason he left for North Carolina, he previously told Insider.

☆ Millions of people are still moving to Florida. They might regret it.
▼ + stars: | 2022-12-29 | by ( Jacob Zinkula | Jordan Pandy | ) www.businessinsider.com time to read: +4 min

☆ Dreaming of a fresh start? These 25 towns and cities will pay you as much as $20,000 to move there.
▼ + stars: | 2022-12-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Places across the US offer cash, homes, and other perks to lure remote workers and other relocators. Insider rounded up 25 states, cities, and towns that will reward you to move there in some way. "When I look back, that grant was the tipping point that made it a little easier for me, my husband, and our five children to choose this particular path," Milliman told Insider in September. "We're definitely on the right path," Quincy mayor Mike Troup told Insider. Insider rounded up 25 places across the US that are dishing out perks to anyone who moves there.

☆ A woman who moved to Portugal halved her monthly expenses but laid out some expected costs and stresses of moving abroad
▼ + stars: | 2022-12-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

She and her husband moved with their son to Portugal in October to lower their cost of living. Frances Bo Cordova, 32, her husband, and her four-year-old son left the Bay Area for Porto, Portugal in October. "The D7 process is definitely not for the faint of heart," she said. Porto, Portugal, where Cordova and her family moved. But because the visa process takes months, she had to pay the $1,000/month rent on the apartment for several months before even stepping foot in the country.

House bows are becoming a popular way for real-estate agents to add pizzazz to newly sold homes. House bows are often purchased by local realtors to celebrate closings or drum up interest in a property, and by particularly spendy gifters looking to surprise their family members or spouses with a new abode. King Size BowsSteven Rosenfield, the owner of Giant Bows in Old Lyme, Connecticut, has observed a similar bump in business. Hughes charges around $600 plus shipping for an average 6-foot, two-loop house bow. A King Size Bow used for decoration.

☆ I'm a 41-year-old Airbnb host whose revenue fell nearly 10% this year, and I plan to keep dropping my nightly rates as competition from other hosts heats up in 2023
▼ + stars: | 2022-12-19 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Jared Tye converted his long-term rental in Cross Roads, Texas, to an Airbnb in 2021. In 2021, his property made $62,000 with 181 nights booked, but revenue dropped over $5,000 in 2022. Tye's four-bedroom house made him over $62,000 in revenue in 2021, but he has found it harder to stay booked at the same prices in 2022. [Editor's note: According to documents provided by Tye, nights booked in 2022 were only seven less than 2021. Cross Roads, Texas, is a rural town more than 40 miles north of Dallas.

☆ Those deciding whether to rent or buy in 2023 are stuck: Rents are expected to increase more than home prices, but it will still be costly to buy.
▼ + stars: | 2022-12-04 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Rents are expected to grow more than home prices in 2023, according to Realtor.com. But mortgage rates are also expected to grow, potentially negating any advantages to buying. However, mortgage rates are expected to rise more than they already have this year. A 2023 housing forecast from Realtor.com predicted a 7.4% average for mortgage rates in 2023, which would push homebuyers' monthly payments up and generally make homeownership more costly. According to Realtor.com, mortgage payments will likely increase by 28% in 2023, making the typical monthly payment about $2,430.

☆ A 31-year-old mortgage broker who's been laid off twice decided to open a bakery and she's never been happier: 'I don't have the stress of wondering if I'm going to be laid off tomorrow'
▼ + stars: | 2022-11-30 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Taylor Audet was in mortgage lending for eight years and was laid off twice. Mortgage lending's turbulent job marketThe mortgage business has had a choppy two years in relation to staffing. "I'm in a small town, a small community, so you get to help people with their financial needs and that's pretty special." Taylor AudetWhile away from lending, Audet tapped into a hobby of hers that she always enjoyed: baking. "I don't have the stress of wondering if I'm going to be laid off tomorrow," she said.

☆ A town in Italy is going to pay people $31,000 to move there, but there's a catch. You must buy and fix up old abandoned homes to get the cash.
▼ + stars: | 2022-11-29 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Presicce, Italy is providing roughly $30,000 to people who move to the historic town. It's just the latest small Italian village to try to lure newcomers by dangling major incentives. Other Italian towns experiencing population declines and struggling with derelict properties have instituted similar programs. According to Italian listing site Immobiliare, homes in the Presicce-Acquarica comune normally sell for 669 euros, or about $690, per square meter. A typical home of 46 square meters, or about 500 square feet, would normally cost just over $31,000.

☆ Meet 30 rising stars of real estate who are transforming the way homes are sold and offices get built at firms like Blackstone, Redfin, and CBRE
▼ + stars: | 2022-11-29 | by ( Robert Davis | Dan Latu | Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Meet Insider's third-annual slate of emerging talent in commercial and residential real estate. We selected 30 young professionals 35 and under whose leadership spans a vast industry. Insider has tried to capture the brightest of the bunch in our third-annual Rising Stars of Real Estate list. But real estate isn't all about making money. Presented in alphabetical order by last name, here are the rising stars of real estate for 2022.

☆ A 37-year-old making $85,000 a year is struggling to find a place to rent or buy in California, and it's a sign of how hard it is to find housing that feels affordable
▼ + stars: | 2022-11-26 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Brittany Phillips made $85,000 a year in California and still struggled to find an affordable home. Her story shows how hard it can be to secure stable housing in certain areas despite a good salary. The single mom of one packed her bags for Florida and moved in with her mother in Panama City Beach, Florida, in August. Before she decamped to Florida, Phillips, 37, moved regularly to find more affordable places to live. Brittany PhillipsAs she grew tired of scratching and clawing just to stay afloat, Phillips moved in with her mother in Florida.

☆ See a new tiny-home community where former inmates can live for free to get back on their feet
▼ + stars: | 2022-11-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

A New Jersey nonprofit built a tiny-home community for recently released inmates. The nonprofit hopes that the tiny homes will establish a sense of community and better integrate participants back into society. Paul Taggines, Chief Operating Officer of The Kintock Group, showing off one of the tiny homes. Pallet has built tiny homes in 11 different states across the country from California to Massachusetts. While there is no regulated size, typically tiny homes are less than 600 square feet.

☆ People investing as little as $1,000 for partial ownership of a property share how they did it, the risks, and the rewards
▼ + stars: | 2022-11-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Several real-estate investing startups allow people to buy portions of properties instead of whole homes. Though he bought a personal residence for himself in 2020, the Eagle Mountain, Utah resident didn't have enough cash on-hand to purchase an investment rental property. A growing number of startups like Fintor — including Arrived Homes, Fundrise, and others — are making real-estate investing more accessible for the average person using the "fractional ownership" model. Fundrise also allows investors to buy shares of Fundrise the company itself through a primary offering, which Kelkile has also done. Tyler Witty, a 47-year-old who owns an exterior cleaning company in Richmond, Virginia, already owns three investment properties.

☆ The cooldown in home prices was a 'once-in-40-years' move, worse than the 2008 crisis that foiled algorithms, said the CEO of America's largest home-flipper
▼ + stars: | 2022-11-19 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Opendoor CEO Eric Wu says the company's algorithm didn't predict housing market shifting so quickly. The quick market shifts rivaled those of the housing crisis of 2008, he said. Opendoor's forecast did factor in higher interest rates, according to Wu, but not for home price appreciation to shift alongside it. "We were pricing in the interest rate movements" but didn't also account for the dramatic shift in home prices, he said. According to Wu, Opendoor tested previous market conditions, but the speed of the most-recent shift was far greater than previous shifts — including the 2008 financial crisis.

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