Mortgage rates have remained at or below 3% for nine consecutive weeks. “Many home buyers can benefit from these low rates while home prices are reaching record highs,” Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, says at the association’s Economists’ Outlook blog.Mortgage rates can make a big difference to what home buyers can afford. The following chart from NAR shows how much
Extra space for extended family and pets and a home office have risen to the top of wishlists among house hunters. And that desire for more space is driving many home buyers’ decision to purchase a new home in the coming year, according to a new realtor.com® survey of 1,200 home shoppers.Also, the eagerness for greater outdoor space is prompting terms like “fenced yard,” “acres,” “backyard,” “front porch,” “garage,” and “
Builders can’t build fast enough as home buyer demand continues to surge. But rising material costs are proving a challenge, making it more difficult to keep new homes within buyers’ and builders’ budgets.Still, the construction of single-family homes rose 4.2% in May, despite the rising costs. But they are poised to slow again as single-family permits—a gauge to future construction—declined to the lowest pace since September 2020, the
Investors are growing concerned that it may be more difficult to make money in flipping homes amid a frenzy of home buying activity lately that has sent home prices climbing.Home flipping profit margins dropped in the first quarter. Only 2.7% of all single-family homes and condos in the first quarter were considered a house flip—transactions that occurred within 12 months of one another. That is down from 4.8% during the fourth quarter of
Lumber prices are falling quickly from record highs, and that may be happening at the right time for the new-home market. Home builder sentiment sank to its lowest level since August 2020, with builders blaming increasing material supply challenges for their outlook, according to a newly released report from the National Association of Home Builders. Builders said that declining availability for softwood lumber and other building materials i
U.S. median rental prices have surpassed pre-pandemic growth and are now at their highest point in two years, according to realtor.com®’s latest Monthly Rental Report.Monthly rents rose 5.5% year over year and averaged $1,527 in May. One-bedroom and two-bedroom rentals climbed to the highest levels since May 2019 at $1,718 and $1,422, respectively. Rents for studio apartments rose for the first time in the last 10 months, reaching a median of
About Kyron Kyron Johnson has been in the real estate business as a licensed broker since 2008 and licensed as an attorney since 2005. As a native to the Ventura County area, he is very familiar with the area market and its many quirks. He enjoys helping clients find the property that suits them best, and there's nothing more rewarding to him than a satisfied client.iPro was founded on the idea of building a better living with champion real estat
The pandemic has undeniably fueled interest in real estate and homeownership. Some metro areas have seen a bigger rise than others.“The pandemic drove increased home buying interest in the types of livable communities that offer home buyers good value for their money and a decent number of homes to choose from,” says Danielle Hale, realtor.com®’s chief economist. “Some markets like Albany, Sacramento, and Buffalo clearly benefited from a
Companies from Google to WeWork want to help employers cut down on Zoom fatigue with a new approach to communications: holograms for the workplace.Alphabet Inc.’s Google in May revealed Project Starline, an effort to create a video-chat system with screens that give participants three-dimensional depth.WeWork last month announced a partnership with ARHT Media Inc., a hologram technology company, to bring holograms to 100 WeWork bui
With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com.What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10
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