180M People Could Be Looking for Homes in Coming Years
Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years.
NAR: 4 Out of 5 Real Estate Firms Operated from 1 Office in 2020
Survey: The majority of those firms also typically had 3 full-time RE licensees. Nearly 9 out of 10 firms, or 86%, were independent and non-franchised.
New Owners Fazed by ‘Hidden’ Costs of Homeownership
Realtor.com: About 44% of homeowners say they didn’t realize other costs, such as home inspection, document fees, property taxes, home insurance and title fees.
Realtor.com: National Rent Growth Hits Double-Digits in Aug.
Aug. report: Rental prices hit double-digit growth for the first time in two years and grew three times faster than in March 2020, prior to the pandemic. Over half of the 50 largest metros reported rents with double-digit gains over last year, including Tampa, Miami and Orlando.
Remote Workers Are Transforming Housing Markets
Since they can live and work anywhere, they’re heading to mid-tier cities nationwide, leading to a surge in home and rental price in these areas.
Bidding Wars Reach Their Lowest Level This Year
Redfin analysis: In Aug., about 59% of offers on homes written by Redfin agents faced competition, a record low for this year and the lowest level since 2020.
Mortgage Rates Dip Lower This Week; 30-year Loan at 2.86%
Freddie Mac: It’s down from 2.88% last week and close to the 2.87% the 30-year FRM was at this time last year. The 15-year FRM now stands at 2.11%.
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.