If your real estate business continues to feel the effects of the pandemic, you now have an additional two months to apply for a loan through the Small Business Administration’s Paycheck Protection Program. On Thursday, by a bipartisan vote of 92–7, the U.S. Senate passed the PPP Extension Act of 2021, which extends the application deadline through May 31, 2021. It also gives SBA lenders an additional 30 days, through June 30, to process
New homes remain in high demand among home shoppers, but sales are starting to fall as builders slow down inventory. Persistent delays from supply shortages, rising material costs, and labor shortages continue to press on the homebuilding industry as builders frantically try to meet the surging demand for new homes since the pandemic.Sales of newly built single-family homes in February plunged 18.2% month over month to a 775,000 seasonally adjust
Smaller outlying markets are among the hottest housing markets in the nation. In particular, several California markets are seeing rising demand for housing, but it’s mostly the smaller cities within the Golden State that are seeing the most activity as affordability becomes a more pressing issue.A year ago, realtor.com®’s monthly analysis of the hottest housing markets was once dominated by large California markets like San Francisco and Sa
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The buying frenzy continues as multiple offers become the norm and buyers offer thousands or tens of thousands above the asking price to try to get the home they want. In many cases, buyers also are increasingly waiving appraisals and even some inspections to make their offers stand out.Buyers are also feeling a greater sense of urgency as mortgage rates begin to rise, and they’re eager to lock in a low rate ahead of any further increases.
Following months of sharp gains, existing-home sales reversed course in February, falling 6.6%, the National Association of REALTORS® reported Monday. However, the dip—precipitated by a persistent inventory crunch that’s getting worse—isn’t necessarily a significant drag on the real estate market, says NAR Chief Economist Lawrence Yun. “The market is still outperforming pre-pandemic levels,” he says.Despite the supply challenges, all
Sub-3% mortgages are slowly fading into the rearview mirror as the 30-year fixed-rate mortgage continues to inch up. The 30-year fixed-rate mortgage averaged 3.09% this week, Freddie Mac reports.Economists continue to remind consumers that mortgage rates are still near historical lows and are hovering around 3%. “Even though mortgage rates will likely continue to rise later this year, with the Fed keeping interest rates low, mortgage rates
Construction on new homes weakened in February as material costs—notably on lumber—continued to challenge growth in new-home construction.Housing starts—including for single-family and multifamily building—fell 10.3% to a seasonally adjusted annual rate of 1.42 million units in February, the U.S. Department of Housing and Urban Development and Census Bureau reported Wednesday. Broken out, single-family starts fell 8.5% last month to a 1.0
Baby boomers tended to make up the majority of sellers last year—at 43%—and they also saw the highest profits, too.Overall, home sellers of all age groups who sold their homes last year saw a median gain of $66,000 more than what they originally purchased for—a $6,000 increase compared to the previous year. But for sellers ages 66 to 74, they saw a median gain of $100,000 in equity, according to the National Association of REALTORS®’ “
Energy efficiency is on many buyers’ minds when they shop for new-home construction, according to a consumer survey from the National Association of Home Buyers. The NAHB surveyed more than 3,000 home buyers—both recent and prospective—on the features they most desire in their new home.Many buyers said they’d go with the more sustainable option, such as the use of more durable materials in their home, when presented the option.When the co
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