A home often represents about 90% of the total wealth of a household. Homeownership often has long been pointed to as a way to build wealth over the long run. It also could help narrow racial income and wealth inequity gaps, writes Gay Cororaton, senior economist for the National Association of REALTORS®, at the association’s Economists’ Outlook blog.But how much wealth potential can you gain over time? Cororaton offers the following scenari
Home remodeling has surged since the pandemic began, but many of the projects initially were smaller in scope. That is reversing as homeowners decide to go bigger with their renovation plans and beyond the DIY projects that dominated during the early stages of the COVID-19 outbreak.Homeowners are increasingly undertaking larger remodeling projects, including expanding and rearranging floor plans as they look to create dedicated home offices or in
About 28.6 million baby boomers retired in the third quarter of 2020 alone, according to Pew Research Center data. Some Americans are retiring earlier than they originally intended to due to the COVID-19 pandemic.That has prompted a growing number of new retirees to seek out the perfect place to ride out their golden years in retirement—and Florida isn’t the only place they’re targeting.“Retirees might be able to cash out pretty significa
Home buyers may not be happy: The 30-year fixed-rate mortgage topped the 3% threshold, averaging 3.02% this week, Freddie Mac reports. Despite the uptick, economists note that mortgage rates remain near historical lows.Since reaching an all-time low in January, mortgage rates have risen by more than 30 basis points, “and the impact on purchase demand has been noticeable,” says Sam Khater, Freddie Mac’s chief economist. “While purchase act
Americans are having fewer children, and the trend is apparent among home buyers, Jessica Lautz, vice president of demographics and behavioral insights at the National Association of REALTORS®, writes at the association’s Economists’ Outlook blog. The trend of a “baby bust” will likely continue even after the pandemic, Lautz notes.The fertility rate in the U.S. fell by 1% in 2019, reaching an all-time low compared to the last 100 years.
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The pandemic has ushered in a wave of first-time home buyers. But it may not be entirely prompted by the pandemic: Millennials are now the largest cohort of the population and were already starting to settle down before COVID-19. The median first-time home buyer age is 32.In January, first-time buyers comprised 33% of existing-home sales, according to the National Association of REALTORS®.But the presence of first-time buyers is higher in some l
Painting is one of the easiest DIY tasks with often some of the best results when preparing a home for sale. But homeowners shouldn't forget that technique is important. A botched painted job can make a room stand out in the wrong way.Apartment Therapy recently highlighted several telltale signs of an amateur paint job. Make sure your listings don’t have one of these signs, including:Inconsistent coverage. Homeowners may be tempted to go s
In Denver, real estate pros are reporting that some listings are seeing more than 100 showings in one weekend and are then receiving more than 20 offers. Buyers are being told to expect going 20% above the list price if they want a home. Markets across the country are reporting the same.The spring homebuying season is expected to be fierce for house hunters.Here’s the reason: More than 200,000 new listings have been absent from the U.
The drive-thru lane is growing in demand during the pandemic among commercial spaces as more restaurants find it the perfect socially distanced workaround to continue to conduct business. Many restaurants have had limits on seating capacity during the COVID-19 outbreak, which has led them to turn to their drive-thru business to keep sales high.As a result, commercial spaces that offer drive-thru lanes are a particularly hot commodity. A
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