Many Americans turned their attention to their homes during the pandemic. Home improvement big-box retailers reported a swarm of traffic as homeowners looked to spruce up their nests while sheltering in.What were homeowners working on?Outdoor spaces were fueling much of the demand, according to Houzz, an online home remodeling platform. For example, new decks or patios, pools, and fences have gotten a lot of attention.Homeowner Justin Sullivan sh
Let’s talk windows: Homebuyers care about them more than you may have considered.In a recent survey conducted by Homes.com, consumers said the most important exterior feature of a home is the size and amount of windows, followed by a porch or patio, when sizing up curb appeal.Homes.com surveyed more than 5,000 U.S. adults to learn their favorite home features, architecture, and more. (View consumers’ favorite architecture picks by state.)For
For the eighth time this year, the 30-year mortgage rate hit an historic low. Home buyers and refinancing homeowners could now potentially lock in the lowest rates Freddie Mac has recorded since it began tracking such data in 1971.“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” says Sam Khater, Freddie Mac’s chief economist.
Despite the pandemic, home values continued to climb in the second quarter, with 15.2 million residential properties in the U.S. considered “equity rich,” according to a new report from ATTOM Data Solutions, a real estate data firm. That means the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. About 28% of properties in the second quarter were equity rich, up from 26.5% in
Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday.The lack of supply and rising home prices also may be pressing on home buyers. The weekly headlines of mortgage rates hitting new lows also may be causing some buy
As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly
The “modern farmhouse” home style is the clear winner when it comes to American's favorite architectural home designs across the country, according to a new survey conducted by Homes.com. Respondents from 42 states voted it as their top housing style choice, with the highest appreciation shown in the Northwest, East, and Southeast parts of the country.Survey respondents said they like the modern farmhouse style because it looks “simple
Housing markets in the U.S. remain resilient against a pandemic, recession, and high unemployment. Cooped-up buyers have flooded markets this summer, and median list prices have jumped more than 9% over last year’s levels, according to realtor.com® data.“Right now we’re seeing markets recover faster where they’re able to contain the virus better,” says Javier Vivas, realtor.com®’s director of economic research. “Markets with stron
Social media can be a treasure trove for real estate pros looking to expand their business, connect with clients, and build strong brand recognition.“We don’t believe social media is the silver bullet, but it can be a great help in your business,” says Katie Lance, CEO and co-founder of Katie Lance Consulting. She spoke recently to hundreds of virtual viewers during the REvive! From Crisis Coast 2 Coast conference last week.The first step,
Landlords, brace yourselves: Your tenants are likely going to ignore some of your rules. Luckily, the most common offenses center around decorating and aren't too serious.The top offense? One in four tenants make holes in walls (often from nails). That offense is most common among renters aged between 25 to 34, according to a new survey of U.S. tenants conducted by iProperty Management.Also, 19% of renters surveyed say they’ve completely redeco
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