As the pandemic caused by COVID-19 has continued, more young adults have chosen to move back home with their parents. In 2020, the share of young adults aged 25 to 34 living at home rose to the highest share recorded since 1960: 17.8%, the National Association of REALTORS® reports. That percentage remained high in 2021 …
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Jan 31
Hikes Loom as Fed Announces Increases in March
In an effort to tame inflation, the Federal Reserve announced it soon will need to raise its benchmark interest rate—the first time in more than three years. That likely will put pressure on mortgage rates, and even though the Fed’s benchmark rate doesn’t directly affect home borrowing rates, they do often have an impact. The …
Jan 31
Home Seller Profits Averaged $94K in 2021
Home sellers in 2021 may have been a little shocked at the profit they made selling their homes. A report shows that home sellers nationwide realized a profit of $94,092 on a typical sale in 2021, up 71% from two years ago, according to ATTOM Data Solutions, a real estate data firm. Home seller profits rose …
Jan 31
New Year New Home
Jan 27
Rising Rates May Spark Buying Spree
The fear of missing out, or “FOMO” as it’s called on social media, could prove to be a strong motivation for potential home buyers to enter the market quickly as mortgage rates rise. The potential loss of homebuying power may “supercharge the housing market ahead of the spring homebuying season,” says Mark Fleming, chief economist …
Jan 26
Fewer Buyers Waiving Contingencies
Home shoppers are showing less willingness to waive appraisals, home inspections, or other contract contingencies during the purchase of a home compared with just a few months ago, according to the December 2021 REALTORS® Confidence Index Survey, a survey of REALTOR® transactions conducted by the National Association of REALTORS®. Nineteen percent of buyers waived the …
Jan 25
Skip the Spouse, Buy the House?
A growing number of single women are moving ahead with a real estate purchase. More than two-thirds of single women recently surveyed said they’d rather not wait until marriage to purchase a home, according to a Bank of America survey that suggested more single females are “skipping the spouse ahead of the house.” Eighty-seven percent …
Jan 25
Home Buyers Taking on Supersized Loans
Applications to purchase new homes remain skewed toward higher-priced homes, the Mortgage Bankers Association reports. The average loan size for a new home soared to a record high last month, reaching $423,102, the MBA reports. That marks an increase from $414,114 in November on new-home loan sizes. Higher sales prices are following higher building costs. …
Jan 24
Can New-Home Starts Maintain 2021 Highs?
Builders ramped up construction on new homes last year as buyers eagerly sought more housing options. Single-family housing starts jumped 13.4% in 2021 compared to 2020, the Commerce Department reported Wednesday. But builders say supply-side challenges pose challenges to keeping that pace in 2022. In December, builders pointed to supply challenges as the main culprit …
Jan 24
Kitchen Pantries a Sought-After Amenity
The kitchen pantry has become a craved amenity in more homes today. They may be worthy of your attention if staging the space in a home listing. Larger, more functional pantries are a popular add-on in home remodels, according to the latest trends study released by the National Kitchen & Bath Association. Sixty percent of …
Jan 20
Buyers May Find Opening With Mortgage Credit
Buyers May Find Opening With Mortgage Credit Mortgage credit availability loosened in December, even as house hunters continue to face higher prices that are hampering affordability, according to the Mortgage Bankers Association. MBA’s Mortgage Credit Availability Index posted its highest reading since May 2021. However, credit availability is still 30% below pre-pandemic levels. “Credit …