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
Green has become a popular color in kitchens. Appliance manufacturers are reporting an increase in demand for new, custom-colored appliances in green, Forbes.com reports. Also, many designers are calling cabinets that have been painted green a rising trend to watch in 2021, whether the hue is displayed on all the surrounding cabinets or reserved for the kitchen island.The appliances aren’t quite matching the likes of the 1970s avocado-green cra
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Even as home prices rapidly escalate, many first-time home buyers—a group economists long feared would be priced out of the market—are finding they actually have advantages over repeat buyers: more flexibility in the transaction and access to a greater variety of financing options. Flexibility is particularly helpful when shopping for a home in today’s competitive market, characterized by commonplace bidding wars.Many repeat buyers require
The McMansion, which was popular in the 1980s and ’90s, is having a renaissance as demand surges during the pandemic for larger properties with expansive yards. Homes that are 4,000 square feet or more sold 70% faster than smaller homes nationwide in February, according to realtor.com®.Realtor.com®’s research team evaluated the 150 largest metros for the highest percentage of single-family listings that are 4,000 square feet or more. They t
Lifestyle improvement has emerged as the main motivator for renters looking for new spaces a year after the COVID-19 pandemic began, according to a new survey from RentCafé. Back in March 2020, the top renter preference centered around pricing.In the latest survey, 41% of renters chose “open-air amenities” and “more space” as their most essential apartment features, outranking work-from-home amenities like a home office (5%) or a “good
About John I have over 20 years of experience selling, acquiring, listing and rehabbing both residential and commercial properties, as a licensed Realtor in California and as an investor and recent licensed Realtor in the state of Texas. In Southern California, for many years I owned and managed many properties throughout southern California and assisted both investors and residential home buyers acquire properties negotiating to the best possibl
The 30-year fixed-rate mortgage continued to move higher this week, now averaging 3.05%, Freddie Mac reports.“It looks like rates in the 2% range are over while current mortgage rates will likely be the lowest,” Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog. “Since the pandemic struck our country one year earlier, year-over-ye
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