Americans Want Distance From Neighbors Americans want more social distance from their neighbors. A new Pew Research Center study finds a shift in home preferences since the pandemic with more consumers saying they want a larger home, even if it means local amenities are further away. That marks a shift from 2019 when more Americans …
Tag: News
Sep 01
Mortgage Rates Barely Budge
Mortgage Rates Barely Budge Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%. “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to …
Sep 01
Dip in Contracts
Dip in Contracts The housing market took a slight dip in contract signings in July, but that could potentially mark an opening for home buyers who have been shut out by fierce competition over recent months. The National Association of REALTORS® reported this week that pending home sales dropped by 1.8% in July compared to …
Aug 31
Apartments Could Ease Market Pressure
Apartments Could Ease Market Pressure Apartment construction has been ramping up this year. More than 330,000 new rental units are to arrive on the market in 2021, continuing a four-year high in multifamily construction, according to RentCafe’s latest Apartment Construction Report. “The pandemic shifts and resurgence of the residential rental market bring new residential supply …
Aug 31
Starter Homes Still Cheaper Than Renting
Starter Homes Still Cheaper Than Renting Aspiring first-time home buyers may not want to give up on that competitive house hunt: In many markets, they could save money by owning. Buying a starter home is more affordable than renting in nearly half of the largest U.S. metros, according to a new study released by realtor.com®. …
Aug 30
Drop in Lumber Prices Could Save $40K Per Home
Drop in Lumber Prices Could Save $40K Per Home Doug Yearley, CEO of the luxury home builder Toll Brothers, told CNBC that the recent drop in lumber prices is prompting some significant savings on the cost to build a home—but home buyers shouldn’t expect to see those savings. While lumber prices are falling, other …
Aug 30
Property Taxes Are About to Rise
Property Taxes Are About to Rise Skyrocketing home prices over the last year may soon hit current homeowners in the form of property taxes. Housing experts are predicting property taxes to climb higher in 2021 than the 4% uptick in 2020. Many city governments lost revenue during the COVID-19 pandemic and, as reassessments kick in, homeowners …
Aug 25
Tiny Homes Interest Grows as House Prices Climb
Tiny Homes Interest Grows as House Prices Climb Tiny homes—those typically under 600 square feet—are facing increased demand as housing affordability remains a growing issue. While many home buyers have looked to supersize their homes during the pandemic, other buyers are finding homeownership may be more attainable by downsizing into a tiny home. Eighty-six percent …
Aug 25
Hopeful Buyers
Hopeful Buyers More homes are coming onto the market and as they do, home buyers are eager to snatch them up. Existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 2% in July compared to June, reaching a seasonally adjusted annual rate of 5.99 million, the National Association of REALTORS® reported Monday. …
Aug 24
Cheapest Places to Rent
Cheapest Places to Rent Apartment rents are on the rise, but not everywhere. That said, “finding a cheap apartment often feels like winning the lottery,” notes Apartment Guide, a listing and resource for apartments nationwide, in a recent study. Renters Are Facing Bidding Wars Too Single-Family Rents Post Sharpest Increase Since 2005 Apartment Guide identified …
Aug 24
Mortgage Rates Barely Budge, Remain Below 3%
Mortgage Rates Barely Budge, Remain Below 3% The 30-year fixed-rate mortgage held near last week’s average and continues to average near historical lows and under 3%. “Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. …
Aug 23
Fewer New-Home Starts
Fewer New-Home Starts The decrease in new-home construction affects the overall housing market, including the rental market, says Lawrence Yun, chief economist of the National Association of REALTORS®. Housing starts in July dropped 7%, and single-family home construction within that fell 4.5%, the Commerce Department reported Wednesday. “Rents will be soaring in the coming months, especially …
