Demand for homes in some of the lowest-cost neighborhoods in the country is surging in the red-hot housing market, prompting neighborhood revitalization projects to spread.U.S. ZIP codes where the median home price is less than $100,000 have posted a 42% jump in home values in the past three years, according to an analysis by CoreLogic and The Wall Street Journal. That’s double the increase in ZIP codes where the median price was between $
Super-fast 5G connection speeds could become a future selling point for homes. Eighty-seven percent of consumers say that a home with access to fifth-generation cellular internet speeds and networks makes the property more valuable, according to a new survey of 1,000 U.S. adults commissioned by Verizon. What’s more, 62% of real estate agents believe that the next year or two will bring more opportunities to advertise home access to a 5G network
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Housing inventory is at a record 50-year low, and with mortgage forbearance set to expire soon for millions of homeowners, the risk of foreclosure is on the rise for many households.In order to keep homeowners in their homes, and to avoid a further decrease in already scarce housing stock, action is needed on the part of lawmakers and GSEs, said the authors of a new paper titled Protecting Homeownership From the Impact of COVID-19, which was
Homes are selling quickly and that has caused a problem for many home sellers. With housing inventories at record lows and buyer competition strong, home sellers are finding it difficult to purchase a new home to move in to before they must leave their existing home. Some sellers are even declining offers on their current home because they can’t find a place to move to, or they’re exploring other options like short-term housing or asking for
Home searches are lengthening as buyers find themselves up against steep competition. Sixty-four percent of buyers who are actively engaged in the homebuying process reported searching for three months or longer without success, according to research from the National Association of Home Builders reflecting first-quarter data.These long-term home searchers increasingly are blaming bidding wars. Forty-five percent of house hunters looking for thre
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Appraisers are an integral part of the real estate sales process. It’s imperative that agents not only understand the fundamentals of the appraisal system but also follow the best practices for communicating with appraisers, especially while navigating today’s market.At an interactive session Thursday called “Ask an Appraiser” during the 2021 virtual REALTORS® Legislative Meetings, panelists shared best tactics for working with appr
After one of the swiftest economic declines in history at the start of the COVID-19 pandemic, the U.S. economy has experienced a significant recovery that began in the third quarter of 2020 and is continuing into 2021, experts said on Friday at the Commercial Economic Issues and Trends Forum. The panel discussion during the virtual REALTORS® Legislative Meetings explored the implications of the recovery for commercial real estate, pred
Not long ago, frenzied markets were limited to select metro areas like Seattle, San Francisco, Boston, and other tech hubs where young adults were moving.Now the tumult is everywhere.Existing-home sales prices are up 18.4% year over year, and every single one of the more than 180 metro areas tracked by NAR have seen year over year price increases. Indeed, the U.S. has seen 109 months of year-over-year housing price gains, said Jessica Lautz, vice
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