As home sale prices rise across the country amid the pandemic, wealthy buyers are seeking larger homes with more land in scenic destinations as remote work continues for their jobs and for their children in school. The pricing of those homes has also resisted the slowdown in other segments of the economy.“Luxury buyers are more resilient to economic conditions like the ones we’re having now,” Eliza Theiss, a senior writer at PropertyShark,
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No doubt, 2020 has been a uniquely challenging year. With unemployment still above pre-pandemic levels, the country coming to terms with longstanding racial inequities, Americans worrying about natural disasters and coming off a contentious national election, and the COVID-19 pandemic still raging, people are searching for reasons to feel gratitude this Thanksgiving.The housing market has emerged as an
With nearly half of Americans planning a move to reduce living expenses, according to a new study, many will be targeting cheaper towns. Move.org researched rent prices, utility costs, gas prices, and internet rates in the 75 largest U.S. cities to find the most affordable areas in the country. They identified the following 15 cities as having the lowest cost of living, factoring in average utilities, internet, monthly gas, rent for a one-be
Due to rising home prices, the Federal Housing Finance Agency announced Tuesday that it would raise loan limits for mortgages backed by Fannie Mae and Freddie Mac.In most of the country, the 2021 maximum conforming loan limit for single-family properties will be $548,250. That marks a 7.4% increase from last year’s limit of $510,400. The FHFA’s loan limits define the maximum amount that Fannie and Freddie can finance for a one-unit single-fam
More Americans were seeking a mortgage to purchase a home in the third quarter. Lenders issued about 1.05 million purchase loans in the third quarter, up 28% from the second quarter and 25% from a year ago, according to real estate data firm ATTOM Data Solutions. That represents the highest level since the third quarter of 2006.The metros seeing the largest quarterly increases in purchase mortgage originations in the third quarter were:Springfiel
Property owners in the majority of opportunity zones saw home prices climb significantly over the past year, according to a new report from ATTOM Data Solutions. Seventy-four percent of qualified opportunity zones saw median home prices rise from the third quarter of 2019 to the third quarter of 2020. Further, median home prices climbed by more than 10% in more than half of the 1,737 designated zones analyzed by ATTOM Data Solutions.The federal o
More buyers are being drawn to new-home construction during the pandemic. Construction of single-family homes last month soared to the highest level since the spring of 2007. New-home construction is up 8.6% from a year ago, the Commerce Department reported last week.The top performing new-home markets in October were Raleigh. N.C.; Denver; and Jacksonville, Fla., according to Zonda’s New Home Pending Sales Index, which reflects the number of n
Nearly half of more than 2,000 Americans recently surveyed say they plan to move soon to reduce living expenses, according to a new survey from LendingTree. Forty-six percent of respondents say they plan to relocate within the next year.The pandemic has motivated more Americans to consider a move. Sixty-four percent of remote workers say they are considering a move. Many consumers say the COVID-19 outbreak also has led them to change their living
As people spend more time at home, freed from long commutes and constant activity, they are discovering their priorities are shifting. Home shoppers are increasingly placing more weight on the neighborhood and how neighborly it feels since the pandemic, The Wall Street Journal reports.Real estate professionals told WSJ they’ve noticed that buyers are changing the way they shop for homes, and neighbors have emerged as a critical factor
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