Sales of newly built single-family homes dropped 5.9% in April compared to March, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported on Tuesday. Sales are dropping, and builders are blaming affordability as the main culprit for why.New-home sales prices have jumped 20% compared to a year ago.“Affordability factors are clearly affecting new-home sales,” said Chuck Fowke, chairman of the National Associatio
Consumers’ email inboxes are constantly being flooded with messages. How do you make yours stand out? Use effective subject lines that make them take notice.A recent consumer survey from ActivePipe, an email marketing firm, found the following subject lines generate the most opens on emails that are sent from real estate professionals:“Just Sold in Your Area”“Real Estate Market Snapshot for Your Area”“Have You Been Wondering What Your
It’s mosquito season. Some metros may face swarms of these biting insects more than others. Some properties may be unintentionally attracting them, too.Mosquitoes tend to become more active when temperatures rise above 68 degrees overnight. Mosquitoes tend to be most present between dusk and dawn, according to Orkin, a nationwide pest control service firm. “Like many insects, mosquitoes need a food source, favorable temperatures, and a proper
All-cash sales of existing homes comprised a quarter of transactions in April as competition in the housing market continued, according to the latest REALTORS® Confidence Index Survey. This marks an increase from 15% of similar sales a year ago and 20% in 2019, the survey shows.Despite low mortgage rates, more buyers are bringing cash to make their offers stand out in a bidding war.The uptick in cash buyers is most prominent among non-first
Many renters have been on the move during the pandemic or are planning to move soon, according to a new survey from property management software company Entrata. Twenty-two percent of renters moved to a larger apartment with more space over the last year while 46% say they’re planning a post-pandemic move. Financial limitations are the main reason renters say they’re continuing to lease instead of buy, with 39% of survey respondents say
Existing-home sales posted their third consecutive month of declines despite soaring home buyer demand nationwide. Despite record-high home prices, buyers remain active in the market, but the lack of homes for sale is constraining activity.However, a turnaround to ongoing inventory woes could be on the horizon, said Lawrence Yun, chief economist of the National Association of REALTORS®.Existing-home sales—completed transactions that include si
As the economy continues to strengthen, mortgage rates are heading upwards. The 30-year fixed-rate mortgage increased from its 2.94% average last week to 3% this week, Freddie Mac reports.“Mortgage rates are more likely to continue to rise than fall throughout the rest of 2021,” Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, writes on the association’s Economists’ Outlook blog. “The eco
Opportunity zones—federally designated areas that are ripe for investment and revitalization—are benefiting from the housing boom, too, as they see prices increase to the likes of more affluent places. In the first quarter of 2021, 75% of opportunity zones with sufficient data saw median home prices rise annually. Two-thirds of them saw prices rise by at least 10%, according to a new report from ATTOM Data Solutions.Opportunity zones were est
Real estate pros are report homes fetching multiple offers to the likes of 20 or even 97 bids on listings as the homebuying frenzy continues. To win in a bidding war, buyers may be willing to waive contingencies and stretch their budgets to the absolute max.Some buyers are offering $100,000 above asking price, Debbie Barrera, a broker at Realty Austin in Austin, Texas, told The Wall Street Journal. She even had a buyer offer $500,0
The median rent in the 50 largest metros nationwide increased 2.7% year over year, the largest growth since the beginning of the COVID-19 outbreak, according to a new report from realtor.com®. The nation’s largest tech hubs are seeing some of the biggest rebounds in rental prices as more technology firms announce return-to-the-office plans.The U.S. median rent in April averaged $1,483, the fastest growth since March 2020. Prior to the pan
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