The pandemic has prompted many homeowners to take on updates and renovations projects. More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey from Porch.com, a home remodeling website.What’s more, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with
Mortgage applications have been on the rise in the last few weeks, and a housing report from the National Association of REALTORS® on Wednesday finally saw that translate into higher sales—in a big way. NAR reported that existing-home sales surged to a record pace in June, increasing nearly 21% compared to May.For the ninth consecutive week, mortgage applications posted annual gains, and those increases are widening too. This signals that
Existing-home sales rebounded at a record pace in June, following three consecutive months of sales declines, the National Association of REALTORS® reported on Wednesday. Each of the four major regions of the U.S. posted month-over-month increases in June, with the West posting the largest jump.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 20.7% from May to a season
Landlords are finding little room to raise rents on single-family homes. Single-family rents increased 1.7% annually in May nationwide, their slowest rate in nearly a decade, according to a new report released by CoreLogic, a real estate research data firm.Single-family rentals comprise 35% of all rental housing in the U.S.Prior to the pandemic in February, rent growth for single-family homes was at its highest pace in four years.“Single-family
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What’s cooking in kitchen design in 2020? White kitchens, granite, and modern designs still reign supreme, according to a new study of 500,000 Instagram posts in the U.S., conducted by Wren Kitchens.Instagram has emerged as a popular place to share home design pictures and offers insights into trends based on the most Insta-worthy kitchen styles, features, and colors, according to Wren Kitchens.Overall, the modern kitchen style,
Foreclosure filings—including default notices, scheduled auctions, or bank repossessions—dropped 44% in the first six months of 2020 from the same time period a year ago. They are also at a record low, despite the global pandemic and skyrocketing unemployment, ATTOM Data Solutions reports in its Midyear 2020 U.S. Foreclosure Market Report.A total of 165,530 U.S. properties received a foreclosure filing in the first six months of this year.But
Some home buyers are feeling confident enough to proceed with a home purchase after a virtual tour. The latest sight unseen mega-deal occurred last week for a private island off the coast of Ireland. An anonymous European buyer purchased the entire 157-acre island, known as Horse Island, for more than $6.3 million without ever seeing it in person. Negotiations mostly took place over WhatsApp. The agent said the buyer viewed a video of the island
More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Real estate investors are scrutinizing second-home markets in hunt for growth opportunities, even during the pandemic. After all, “travel doesn’t stop when the economy weakens, it changes where people travel,” a new report from Rented Inc., a rental management site, and Weiss Analytics notes.“In 2020, travelers want to stay closer to home and they are seeking genuine experiences. High on the list are Instagram-worthy, outdoor locations, a
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