Builders are on the path to complete more new apartments in 2020 than in the past 40 years. In that feat, they’re increasingly targeting the luxury sector for adding new apartments.About 371,000 new rental units are set to arrive across the country this year, a 50% increase over the number of new units that were completed last year, according to an analysis from RealPage. About 80% of that new supply is expected to come from luxury developments
Homebuyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows.“The mortgage market saw a strong start to 2020,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA. “
A downsizing trend is occurring in new-home construction, with the declining number of bedrooms in newly built homes a solid sign of the change. The U.S. Census Bureau’s survey of construction data confirms that the number of bedrooms in the typical newly constructed single-family home is dropping.The number of new single-family homes that were started with four bedrooms or more dropped from 44.8% in 2017 to 43.5% in 2018, continuing a trend th
A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new study from LendingTree that compares very good credit scores to fair ones.A fair credit score is considered in the range of 580 to 669, while a very good credit score ranges from 740 to 799.The average borrower with a fair credit score will pay about $261,076 in total interest over the lifetime of their mortgage. On the other hand, a borrower with a
The median age of a home buyer has risen from 31 in 1981 to 47 in 2019, according to research from the National Association of REALTORS®.But the median age of the segment of first-time buyers has actually changed very little over the past three decades, staying between 28 to 32.Instead, the number that has changed the most significantly since 1981 is the rise in the age of repeat buyers, Jessica Lautz, vice president of demographics and behavior
High home prices may be stymieing job growth in some metros. Over the last five years, affordability has worsened in areas that have seen a decline in job growth, according to a report released Wednesday by the National Association of REALTORS®.Affordability rankings declined in 81 metro areas—in the third quarter of 2019, 34 of them saw non-farm job growth fall faster than compared to the national rate over the previous five years.These 81 me
Seventy percent of homeowners admit that they’ve copied their next-door neighbor’s decor. The most common similarity was to their neighbor’s indoor furniture, according to a new international survey from the U.K. of 2,275 homeowners from My Job Quote, a job network resource.And while imitation can be the sincerest form of flattery, most homeowners say—65%--say that they’re uncomfortable when they learn a neighbor has copied them. Yet, w
Stainless steel can be tough to keep sparkling, particularly the kitchen sink. Stainless steel can be prone to scratching, and hard water can leave behind marks. Further, very hot items that come into contact with a stainless steel sink can cause it to become discolored, known as “blueing.”So, how do you keep your stainless steel sink shining during showings? Houzz, a home remodeling website, interviewed designers to find out, and the best ap
Most buyers have “hardwood floors” and “granite countertops” on their minds when reading listing ad copy, but their preferences can differ somewhat after that. Depending on where consumers live, they may be more apt to be drawn to listing ads that point out the “cozy fireplace,” “pool,” or “brick home.”Point2 Homes, an online real estate marketplace, analyzed more than 1.2 million listings in July 2019 to see the most common w
On average, homeowners spend about 13 years in their home before they move. That means they are staying put longer, with the median home tenure rising by 3 years since 2008, the National Association of REALTORS® Economists’ Outlook blog reports on data from the American Community Survey.But that can vary quite a bit among the country’s 100 largest metro areas. Residents out West, for example, tend to move more often. NAR’s blog highlights
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