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The surge in renter households is outpacing the growth of homeowners in the U.S., increase in homeowner households, which now total 86.9 Redfin cited the boom in multifamily construction over the past few years as one reason why rents have remained stable. as there are now a record 45.6 million renters. That was up 2.7%
Department of Agriculture (USDA) have settled on new energy-efficiency standards for the construction of new single-family and multifamily homes. The “Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing” was published on Friday in the Federal Register, and will go into effect on May 28.
Mortgage and property tax payments are not the only expenses that prospective homeowners need to consider. Homeowners associations (HOAs) are commonplace, and more of them are requiring owners to pay up, according to a survey by Realtor.com. of new construction homes required buyers to pay HOA dues, compared to only 38.2%
In many markets, there was simply more new home inventory and some buyers who might have wanted to purchase an existing home were instead looking at new construction, said Bright MLS Chief Economist Lisa Sturtevant in a statement. Existing-home sales finished the year strong with a 9.3%
An overdue shift in homeowner attitudes about selling their homes is a major factor, Redfin reported. Recently, the “lock-in effect” has kept homeowners with historically low-rate mortgages from selling, but this effect is easing. New construction inventory has grown in recent months. year over year in September.
Why is homeowners insurance so expensive in the Upper Midwest? The growing prevalence of extreme weather events and the high cost of construction are pushing property insurers to significantly raise their prices , even in places you might not expect. All of which are exacerbated by the inflation of construction costs.
Now Sandoval, who was featured earlier this year in a Wall Street Journal article , is the one knocking on the doors of homeowners facing foreclosure or other distressed circumstances. She wants to offer those homeowners the resources and care that her mom and stepdad didn’t experience. “I There is nothing like that face to face.
Builders are feeling cautiously optimistic as they start 2025, buoyed by an ongoing shortage of inventory of existing homesmany of which are locked up by homeowners reluctant to sell due to elevated mortgage rates. While economists are happy with the level of construction in 2024, they say there is still work to be done.
The supply of new single-family homes is sinking, while accelerated multifamily construction is bringing more rental units online. These two factors have resulted in renter households growing at three times the rate of homeowner households, according to a new report from Redfin that crunched U.S. Census Bureau data back to 1994.
“Over the last decade or so, we have seen both homeowner and rental vacancy rates drop to record lows,” she said last week. “The homeowner vacancy rate should be closer to 1.5% This was driven by an increase in both single-family and multifamily construction. or 2%, and it’s still just barely above 1%.
With high prices and still stiff competition, those looking to buy a home in today’s real estate market need to consider every opportunity, including the choice between new construction or a resale home. Census Bureau, the median sale price of a new construction home in March 2024 was $430,700.
In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.
” Last week, following the release of construction data for September from the U.S. There are around 20% fewer homes on the market today than there were five years ago, mainly because so many homeowners locked in a low mortgage rate during the pandemic,” Redfin senior economist Sheharyar Bokhari said in the report.
A new report from Construction Coverage sourced by its researchers and data from the U.S. Census Bureau and Zillow identified the top metro areas in the country that contain baby boomer homeowners, identifying both the “top” and “bottom” 15 markets. of all homeowners being members of the baby boom generation. with 41.8%
Home renovation projects could bring a variety of safety and efficiency improvements to older construction, but anxiety is a key element keeping many homeowners from exploring renovation projects. This is according to a report conducted by Renewal by Andersen , a home improvement company. home equity.
The meeting focused on the implications for Black homeowners and agents. Many Black families moved to these neighborhoods in the 1960s after redlining and interstate construction forced them out of other areas. CAR President Heather Ozur and assistant general counsel Neil Kalin were key speakers.
Homebuyers and homeowners in California have a reason to celebrate. In announcing their departure from the Golden State, the two major insurers cited the increased wildfire risks in the state and rising construction costs. Since the start of 2023, CAL FIRE and the U.S. That is not a sustainable model,” Scalone said.
Right now, more multifamily units are hitting the market than at any time in the past 50 years, but detached homes arent seeing the same surge in construction , Zillow chief economist Skylar Olsen said in a statement. Weve also got the large millennial generation wanting to move into a larger space.
Like many localities across the country, Marin County leaders describe a housing crisis in their area that they hope to alleviate through the construction of more ADUs. They especially aim to serve those undergoing life transitions, like seniors.
The home equity prison Does this scenario sound familiar compared to the situations of the homeowners that you are encountering lately in your real estate business? If any of this resonates with your personal experience in the current market, you have officially entered the realm of interacting with homeowners in the post-pandemic economy.
While “homeowner tenure” has fallen slightly since its 2020 peak, the length of time that homeowners are remaining in their properties doubled to 11.9 homeowner tenure by year using county records. It added that data on homeowner tenure by generation is compiled by analysis of the U.S. years last year, up from 6.5
Maxine Waters (D), who represents a portion of the Los Angeles area that is impacted by the damage, is ready to reintroduce a bill at the federal level that would require a study to evaluate the damaging effects of wildfires and the response from the homeowners insurance market. What can we do to prevent what we can with construction?
Current homeowners who are locked into low mortgage rates and are staying in their homes longer are keeping the supply of existing homes low. New construction has not been able to keep up with demand. Over the past decade, the U.S. has averaged about 5.2 The ongoing lack of inventory was reflected in NARs report.
“The impact of this is good for homeowners. The company has notified customers that it will no longer accept new applications for home loans but will “continue to service all existing mortgage clients, including those with home equity lines of credit and homes already under construction.”
He also pointed to low mortgage rates as another positive for homeowners. Then you get a big increase in the number of existing homeowners choosing to sell their homes. What that tells me is that we really need more housing supply coming from new construction. Simonsen: Is there any recession risk now and as we look at 2025?
With the uptick in the severity and frequency of these natural disasters , as well as the rising costs to rebuild and reinsure, more real estate professionals and consumers are finding homeowners insurance to be a far greater concern than ever before.
If thats not enough, affordability is still a distant dream for most homeowners. Buyers want affordable new homes, yet new construction listings are still playing catch up with their high-priced counterparts. Construction loans Inventory levels in the real estate market arent what they used to be. Why is that important?
This was some of the perspective shared by Matt Cook, the director of business development at HomeTeam Inspection Service , who shared with HousingWire ‘s Reverse Mortgage Daily (RMD) how the growing number of older homeowners is impacting what he sees on a daily basis. Some feel like homes arent built like they used to be.
“As such, housing demand has shifted further toward the new home market, bolstering builder optimism and the ESR Group’s single-family starts forecast,” the group said.
Multigenerational housing gains steam to combat affordability pressures According to a recent survey conducted by OnePoll , 61% of homeowners cited multigenerational housing as their primary motivation for constructing an ADU. a garage or basement) or when modern offsite construction is used to build a new structure.
Buyer-generated content, including consumer reviews of builders, is now available on Zillow and will be viewable on builder profiles, community pages and paid new construction listings. In Zillows Consumer Housing Trends Report, it was revealed that 76% of new construction buyers say reputation is very or extremely important in a builder.
In the ongoing struggle for attainable housing, one positive development has been the increased availability of funding options for homeowners seeking to incorporate Accessory Dwelling Units (ADUs) into their properties. Draw structures for loans supporting new construction of ADUs, especially for prefab, are still “clunky.”
Sectors that were hit hardest by the pandemic led job growth last month, with jumps in leisure, hospitality, public and private education and construction – good signs for the housing industry. For housing, March gained 110,000 jobs in construction – a positive sign in an industry struggling with supply constraints. Labor Department.
The second view has had large amounts of cold water thrown on it in the past few years as older homeowners say they dont want to sell. The first view is less of a theory and more of an inevitability based on demographic trends. T]he fix for affordability challenges remains a strong supply expansion coming from newly built homes , Zillow said.
A private planning firm in California is launching a new tool to help local governments there prepare for a pending law designed to spur more construction of accessory dwelling units (ADUs). Digital tools like the ADU Plans Gallery reduce the time and cost of building ADUs and accelerate housing construction.”
The primary goal of the legislation and the AMAs was to ensure homeowners’ water needs were being met, by forcing builders and developers to obtain permission from the state before drilling for water. Arizona has long taken protective actions in the interest of water conservation.
The site, which was constructed throughout nearly all of 2024, launched post-live quality assurance (QA) and has been up for about a day, Burgard confirmed in an interview with HousingWire. Citi led creative testing throughout the year-long site design and build, and will conduct testing throughout 2025.
After enlisting a local architect who understood the needs of aging, a new ADU of 650 square feet was constructed after four years at a cost of roughly $400,000. San Jose, for instance, is allowing homeowners to sell ADUs on their properties as starter homes.
home construction at the onset of the pandemic. Second, homeowners have been reluctant to sell their houses due to mortgage rates, which have reached a two-decade high point. We have a fair amount of new-construction homes for sale, and thank goodness we do,” Nicole Dege, a Redfin Premier agent in Orlando, said in the report.
All 12 Federal Reserve districts have seen issues with a lack of housing inventory , which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. Chicago – Residential construction activity has been down modestly in this District.
In March, Jing Fu compared homeowners and renters’ major assets, debt and net worth, as well as differences between age groups. With the end of 2024 approaching, NAHBs Eye on Housing is reviewing the posts that attracted the most readers over the last year. As examined in a previous post, homeownership plays an integral role.
Exemptions would be provided to new construction and units with “substantial” renovation and rehabilitation. Department of Housing and Urban Development (HUD) announced $325 million in Choice Neighborhood grants for affordable housing construction and community development. Also on Tuesday, the U.S. since the start of the pandemic.
months, builders will halt the rate of growth for new construction plans as they did in 2018 and again for a brief period this year. months, the builders are ok with construction as long as new home sales grow. Our homeowners on paper look better than ever. If supply goes over 6.5 Hard pass.
Homebuilders responded to the shortage of homes for sale, accelerating new home construction, even as they face severe supply-side challenges, including rising building material costs and supply-chain bottlenecks, a lack of affordable lots, and difficulty in finding skilled labor.
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