Buying B&Bs to Convert into Single-Family Homes
COVID-19’s impact on bed-and breakfasts has prompted some to close, with revenues in 2020 down 43.7% from 2019. But some are being purchased to use as personal homes.
Student Loan Debt Keeping Most Millennials from Homeownership
NAR report: 60% of millennials who aren’t homeowners say student loan debt is delaying their ability to buy a home; 51% of all student loan holders say the same. And 36% of student loan debt holders say student loan debt delayed their decision to move out of a family member’s home.
Here Are the Most Popular U.S. Cities for Second Homes
Survey: Second homes account for 5.4M U.S. housing units. Miami ranks in the top 5 most popular big cities for second homes; Miami Beach is No. 1 for small cities.
U.S. Annual Home Prices Gain a Record 18% in July
CoreLogic: That’s the biggest 12-month gain since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.
Best Time to Buy a House Might Be Now in These Metros
Between now and Oct. 17, most markets across the country will have more homes for sale, lower prices and less buyer competition, according to Realtor.com data.
Homes in ‘Zoom Cities’ Sell in Less Than a Week
Such cities tend to be medium-sized metros, often near college towns. Riverview, Fla. was in the top 10 most competitive cities for homebuyers in July, says Redfin.
The Race Is on for Built-for-Rent Land
The percentage of built-for-rent land sales is predicted to double or triple in the next few years; in Fla., demand is rising in St. Cloud, Pensacola and Port Charlotte.
How Hurricane Ida Will Affect Your Insurance Rates
Experts say Ida will drive up rates for reinsurance, which is what insurance firms must buy to guarantee they can pay all claims after a disaster. That’s the pipeline that Hurricane Ida’s higher costs will travel to be passed on to Fla. insurance policyholders.
Foreclosures May Bring More Zombie Properties
ATTOM: About 1.5M to 2M homeowners are already in some kind of forbearance, and the CFPB has now paved the way for proceedings to begin on vacant homes.
Borrowers Withdrew $63B in Equity in Q2
Black Knight: As a result of rising home values, the average homeowner could refinance their mortgage and withdraw $173,000, while keeping 20% equity in their home.