Paint Shortage Adds to Construction, Remodeling Woes Fewer paint products are hitting store shelves, resulting in shortages that could hamper summer home improvement projects. “Some of the most commonly used paints are out of stock,” Mike Marcewicz, founder of Mike’s Painting and Home Improvements, told Bay News 9 in St. Petersburg, Fla. COVID-19 restrictions …
Tag: News
Jun 07
Surging Home Prices Are Set for a Cooldown
Surging Home Prices Are Set for a Cooldown The U.S. median home price continued to post double-digit appreciation in May and reached a record high of $380,000, realtor.com® reports. But the rate of price growth has shown signs of slowing for the second time in 13 months (15.2% year-over-year in May compared to 17.2% annually …
Jun 07
Drone Use May Be on the Rise
Drone Use May Be on the Rise Real estate pros have increasingly been using drones to capture aerial photos and videos of their listings or even the interiors. New Federal Aviation Administration rules may even allow for greater use too. The FAA has recently eased some restrictions and expanded some drone rules by authorizing operations …
Jun 04
Builders Reporting Material Shortages Hits Record High
Builders Reporting Material Shortages Hits Record High The challenges to build a home continue to mount for the nation’s builders. Material shortages—such as for lumber, appliances, windows, and doors—are at the tightest levels in history, the National Association of Home Builders reports. About 90% of builders recently surveyed across the country reported shortages of appliances, …
Jun 04
Buyers’ Pets on Home Tours
Some home buyers are seeking their pets’ feedback as they tour homes for sale. Twenty percent of 1,000 U.S. adults surveyed by Ally Home in April said they bring their pets to look at homes. Women are more likely to bring their pet with them on a house hunt than men—24% versus 15%, respectively. “Purchasing …
Jun 03
Paint Violations Surge in Remodeling Boom
Paint Violations Surge in Remodeling Boom As home remodeling increases, the EPA is warning remodelers to take special precautions in older homes and watch out for lead-based paint violations. Lead-contaminated dust from chipped or peeling lead-based paint in homes built prior to 1978 is one of the most common causes of elevated blood levels of …
Jun 03
New Refi Program
New Refi Program Fannie Mae will launch RefiNow this week, which could help lower-income homeowners save hundreds of dollars a month on their mortgage payments. The program, which begins June 5, aims to help about 2 million homeowners lower the interest rates on their mortgages. Eligible homeowners could save an estimated $100 to $250 a …
Jun 02
Lenders Set to Resume Foreclosures in July
Lenders Set to Resume Foreclosures in July Pandemic-related moratoriums on foreclosures and evictions are set to expire June 30, and some lenders plan to start resuming foreclosures in July. About 2.1 million homeowners are still in mortgage forbearance, according to the Mortgage Bankers Association. As of April, about 1.8 million households who aren’t in forbearance …
Jun 02
Mortgage Rates Dip Back Below 3%
Mortgage Rates Dip Back Below 3% Ultra-low mortgage rates returned this week, with lenders offering home buyers and refinancers a chance once again to lock in a rate below 3%. But the National Association of REALTORS® warns that these low rates in the 2% range won’t last much longer, and mortgage rates likely will edge …
Jun 01
Will We Ever Shake Hands Again?
Will We Ever Shake Hands Again? After more than a year of masking and social distancing, more people are returning to a normal routine as COVID-19 vaccines blunt the effects of the pandemic. But with more coronavirus restrictions coming to and end, many people are wondering what the workplace will look like moving forward and …
Jun 01
Contract Signings Fall as the Market Awaits More Inventory
Contract Signings Fall as the Market Awaits More Inventory he lack of inventory continued to chip away at pending home sales last month, but the home-buying craze is still going strong. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—fell 4.4% month-over-month in April. Still, pending …
May 27
How High Above Ask Must Buyers Go?
Bidding wars have become the norm, but the bigger dilemma buyers face is how much higher the asking price will be in that competitive offer situation. In Marin County, Calif., a recent listing for a 1,305-square-foot home with a single bathroom sparked an intense bidding war. The home was listed at $1.298 million. The real …
