The summer homebuying spree continues as buyers rush to apply for mortgages, CNBC reports. The COVID-19 pandemic and stay-at-home orders delayed the spring housing market and fueled pent-up demand that took off well into the summer, making “August the new April,” CNBC adds.Mortgage applications to purchase a home inched up 0.4% last week compared to the previous week, and are now 33% higher than a year ago, the Mortgage Bankers Association re
The pandemic is ushering in an era of cozier vibes in home decor. As more people stay home due to COVID-19, homeowners are looking for ultra comfort in their nests.The cozy theme is being shown off through warmer neutral shades. This marks a comeback of hues like tans, beiges, ivories, pale yellows, and mocha browns, reports Houzz, a home remodeling resource. “These shades mix well with the warm grays that also are popular,” Houzz notes. “T
Contract signings posted another big jump in July, the National Association of REALTORS® reported Thursday. This marks three consecutive months of growth as markets continue to roar back after facing initial closures from the COVID-19 outbreak this spring.Pending home sales are now up 15.5% year over year. Each of the four major regions of the U.S. saw increases in pending home sales, both month over month and annually. And NAR Chief Economist L
Buyers continue to rush to the new-home market. Sales of newly built single-family homes in July surged to the highest pace since 2006, jumping 36% higher than a year ago, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday.The Midwest saw the largest spike in new-home sales last month, a 59% month-over-month increase in July. All four major regions of the U.S. posted annual gains in new home sales.“Cons
Existing-home sales soared 24.7% in July, outpacing their record growth of 20.7% in June, when the nation’s economic reopening ignited homebuying activity, the National Association of REALTORS® reported Friday. Now 8.7% higher year over year, the strong rise in existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—is fueling optimism in the real estate market through the rest of the year.“The ho
Utility bills can add up, especially in a pandemic that has forced people to spend more time at home. On average, renters are spending between $100 to $150 per month on utilities, whereas homeowners are paying an average of $400 per month, according to Move.org.Home shoppers would be wise to inquire about the average utility costs of homes they’re looking at to help avoid sticker shock when they get their first bill. Move.org provides the follo
Home loan activity through the Department of Veterans Affairs has jumped to a new high, climbing 114% since the beginning of the 2020 fiscal year, according to VA data. Refinance loans are a big portion of the increase, with homeowners looking to lock in lower mortgage rates.During the first three quarters of fiscal 2020, the VA loan program backed more than 865,000 loans—a record high. The VA’s fiscal year doesn’t end until Sept. 30, and i
As mortgage rates remain low and people look for pandemic-safe getaways, vacation homes are growing in demand, according to Vacasa, a vacation rental management platform.“We’ve seen a surge in demand for vacation homes across our portfolio, and real estate transactions are up as much as 35% in some of our vacation rental markets across the county when compared to July 2019,” says Shaun Greer, vice president of sales and marketing at Vacasa.
Video tours are a growing method to help home shoppers narrow their prospects during the pandemic. But not being able to see the home in person has its limitations. Real estate professionals will want to be sure they zoom in on the right features and offer insights to help their clients avoid buyer regret—especially if they decide to make a “sight-unseen” offer.The kitchen can be a tough room to show off on video, but it’s often an import
Housing is giving a boost to the economic recovery and housing inventories. Single-family and multifamily construction jumped nearly 23% last month, the Commerce Department reports. This marks the highest production rate since February.Broken out, single-family construction jumped in July by 8.2% to a seasonally adjusted annual rate of 940,000. The multifamily sector, which encompasses apartment buildings and condos, rose 58.4% to a 556,000 pace,
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