From Realtor Mag
For the fifth consecutive month, existing-home sales continued to be resilient in the face of the pandemic, climbing nearly 27% compared to a year ago, the National Association of REALTORS® reported Thursday. [Read more…]
Home price appreciation reaches highest level since June 2018, though declines predicted
From Houston Agent Magazine
U.S. home prices continued their climb in August, rising 5.9% year-over-year, while prices for single-family homes increased 6.31%, according to the latest CoreLogic Home Price Index. [Read more…]
How long it takes to become a homeowner in Houston might surprise you
From Houston Culture Map
With the Houston real estate market booming right now, it feels like everyone is rushing to buy a house. But how long have these buyers been saving up for this huge purchase? [Read more…]
9 Easy-to-Ambitious DIY Projects to Improve Your Home
From Zillow
Whether you want a small project or a new challenge, these improvements can enhance your home and may boost its value.
Like many homeowners, you may have eyed a home improvement project in the past only to come up short on time or inspiration.
Don’t feel bad. Nearly half (43%) of all homeowners say their biggest challenge around home improvement decisions is finding DIY time, which also may explain why the same percentage of people say they have unfinished home improvement projects — typically two.
Since many of us are spending much or all of our time at home, now might be a good time to channel some of that cabin fever into a project that could add value to your home or infuse it with new energy. [Read more…]
Sellers Are Calling the Shots, But for How Much Longer?
From Realtor Mag
The housing market continues to outperform historical standards as prices accelerate to new highs and homes sell faster, according to realtor.com®’s latest Weekly Recovery Report. “Sellers are calling the shots in today’s market,” says Danielle Hale, realtor.com®’s chief economist. “Prices are rising and housing inventory is vanishing almost as fast as it appears.”
However, Hale points to two housing indicators that may hint at a turn in the market. Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks, Hale says. “This could be a hiccup in weekly activity, or, if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound,” she says.
Realtor.com®’s Housing Market Index reached a reading of 107.7 for the week ending Sept. 5. That’s 7.7 points higher than its pre-COVID-19 baseline in January. Buyer demand dropped 3.3 points since last week, and inventory showed improvement, rising 3.2 points higher—though it still remains below its pre-COVID-19 baseline.
Meanwhile, home prices continue to escalate. Median listing prices are up 10.8% annually, which is the fastest pace of growth in more than two years, realtor.com® reports. Time on the market is now 12 fewer days than a year ago. “Buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates,” realtor.com® reports. “This means homes are sitting on the market for much less time, despite notably higher price tags.”
Is the Second-Home Market Entering a Boom?
From Realtor Mag
Since the start of the pandemic, second homes in drive-to destinations have risen in popularity, John Burns Real Estate Consulting reports.
Numerous second-home markets are showing a climb in sales. For example, the Sierra Tahoe MLS reported its highest residential dollar volume on record in July, a 200% annual increase. Pending home sales in Bend, Ore., also jumped 150% annually in July. On the opposite side of the country, in the popular second-home market of Rehoboth Beach, Del., sales also have doubled on an annual basis.
“The psychology of ‘you only live once,’ or YOLO, is driving the surge in second-home sales,” according to a recent article posted by John Burns Real Estate Consulting. “Households who may have otherwise waited have decided now is the time to buy, often using funds that would otherwise be allocated to more traditional vacation travel. Today’s buyers are showing more interest in lifestyle and use than rental potential and future appreciation.”
The firm reports that many second-home buyers—most notably those with young school-age children—are looking for properties that are less than four hours from their primary residence. “They desire a getaway to ‘invest in family,’ as well as a place of refuge for the future,” John Burns Real Estate Consulting notes.
Prior to the pandemic, second homes were considered more for a weekend getaway, but now homeowners may be looking at these properties to enjoy for longer periods of time. If parents are working remotely and children are learning remotely, the needs for that second home may be differing, too. With longer stays in mind, buyers of second homes may place greater emphasis on ensuring high-speed internet, home offices, and learning spaces for their children, John Burns Real Estate Consulting reports.
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