The COVID-19 pandemic has caused a mass disruption to the way people live and work and prompted sweeping economic fallout felt throughout the world. Global leaders are still coming to grips with the long-term impact to the real estate industry.COVID-19 has accelerated many existing trends, including digitalization, dispersed working, and online shopping, panelists said at a webinar on Wednesday highlighting the Urban Land Institute’s newly rele
The 30-year fixed-rate mortgage averaged 3.13% this week, a welcome drop for many home buyers who may be closely watching the rising borrowing costs over the last few weeks.“After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields,” said Sam Khater, Freddie Mac’s chief economist. “As the economy recovers, it should experience a strong rebound in the labor marke
Homeowners may notice an increase in their property tax bills. Municipalities levied about $323 billion in property taxes on single-family homes in 2020, a 5.4% increase compared to 2019, according to ATTOM Data Solutions’ newest property tax analysis for nearly 87 million single-family homes in the U.S.The average tax on single-family homes nationwide in 2020 was $3,719—reflecting an effective tax rate of about 1.1%. But many areas of the co
Americans are more upbeat about the idea of selling, particularly as the vaccine rollout continues and latest round of stimulus checks are distributed. That could come as hopeful news as many markets face severe housing shortages and buyers are increasingly being left with few choices of homes for sale.Fannie Mae’s Home Purchase Sentiment Index rose by 5.2 points in March to a reading of 81.7. The components on the index that increased the most
Hotels have been severely affected during the pandemic as stay-at-home orders and Americans’ caution cut down domestic travel. But they’re hopeful for a turnaround as the vaccine rollout continues, and they’re putting more focus on one area of their business: weddings and wedding receptions.Nearly half of all couples who had planned a wedding in 2020 either postponed their wedding until 2021 or later or held a small ceremony and delayed the
Beware: Your buyers could struggle to be approved for a home loan. As lenders tighten standards, home loan approval is becoming more difficult, The Wall Street Journal reports.The Mortgage Bankers Association reports that mortgage credit availability, which measures lenders’ willingness to approve mortgages, is at its lowest level since 2014.“Because mortgage credit is more difficult to obtain, it is a more competitive environ
While home prices are quickly rising to the point of pricing out some buyers, low mortgage rates have helped to offset some of those higher prices.The median home price of single-family homes and condos in the first quarter of this year was still more affordable than the historical averages of 52% of the 552 counties analyzed by ATTOM Data Solutions. However, that figure is down from 63% in the first quarter of 2020 and from 95% in the first quar
The pandemic may be shifting consumer preferences about what makes the best investment. A new study from the Federal Reserve Bank of New York asked respondents to rate which is a better investment: a home or a financial asset such as stocks?Ninety percent of respondents chose owning a primary residence over investing in the stock market. Additionally, more than 50% of survey respondents say they preferred to own a rental property over purchasing
Across the Midwest, farmland prices are rapidly climbing, fueled by a recent rally in grain markets and low interest rates, The Wall Street Journal reports. Prices are rising even higher than the previous farm boom about a decade ago.Farmland values increased during 2020 as higher grain prices buoyed revenue for farmers. Land prices in the region that covers parts of Illinois, Indiana, Iowa, Michigan, and Wisconsin saw a 6% increase las
A bridge loan may help your buyer fund their next home before completing the sale of their current home. Essentially, it’s a way to take out a loan against their current home to make a down payment on a new home. This temporary loan is helping some buyers be able to waive a contingency for the sale of a home in a bidding war for a home and help their offer stand out more to the seller.After all, some sellers who are juggling many offers for the
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
