Home sales are rapidly increasing during the pandemic, but the most dramatic spike is occurring at the top of the market. Sales of homes costing $1 million or more have more than doubled since last year. “I don’t ever recall home sales doubling in a 12-month time span,” Lawrence Yun, chief economist for the National Association of REALTORS®, told NPR. This is “very unusual.”Home sales in luxury vacation hotspots have accelerated since
Renters are increasingly showing desire for a single-family home with a yard or other outdoor area, a potential golden opportunity for builders to grow the single-family built-for-rent market. “The COVID-19 pandemic has many persons decamping from the big city to outlying areas in search of housing types that are more suburban in nature, which closely mirrors what built-for-rent communities are delivering,” says Scott Adams, senior princ
The pandemic has not dampened home appreciation. In fact, high buyer demand is prompting home prices to surge. In the third quarter, the average home sale generated a gain of $85,000, up from $66,000 a year ago, according to data from real estate research firm ATTOM Data Solutions. That $85,000 translates to a nearly 39% return on investment compared to the original purchase price.“Home prices and seller profits across the nation continue racki
The 30-year fixed-rate mortgage hit its 11th record of the year this week, averaging 2.80%—the lowest rate ever recorded by Freddie Mac.“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. Th
Single-family homeowners with FHA-insured mortgages who are struggling financially amid the pandemic now have through Dec. 31 to submit an initial forbearance request. The U.S. Department of Housing and Urban Development announced this week that it's extending the deadline, originally set for Oct. 30, for those needing to make an initial COVID-19–related forbearance request to their lender.The change puts FHA’s forbearance
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
iPro currently deals throughout the states of California, Texas, Florida, and New York. We continue to strive and broaden opportunities for real estate professionals and consumers. Visit iprore.com for the latest information and links.Click here for information on becoming a salesperson.
As October began, homebuilding starts were up more than 8% compared to a year ago. But that increase in new homes on the market is still not enough to meet demand, says Lawrence Yun, chief economist of the National Association of REALTORS®. Housing starts in September were at a 1.42-million-unit production level on an annualized basis, but Yun says the annualized number of permits, 1.55 million homes, will better meet housing demand. Permit
The need for curb appeal continues to increase, especially as many local buyers hesitate to enter unfamiliar homes and distant buyers narrow their home-shopping lists from afar in the pandemic. A dismaying front yard may prompt them to move on, whether in person or on the internet.“You only get one chance to make a first impression, and it happens when a potential buyer sees the exterior of your home,” Kate Rumson, interior designer and Trane
Austin, Texas, has become the most sought-after city among millennial renters this year, according to a new study from RentCafe, a nationwide listing service for renters. Millennials have overtaken baby boomers as the largest generation in the U.S. to date. They also make up the majority of the workforce. So the real estate industry has always watched where they call home.RentCafe analyzed 13 million renter applications nationwide to identify the
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
