As homeownership surges in demand, rental prices are taking a hit in many large cities. Rents fell in 37 of the nation’s 100 largest counties in December 2020, with rental prices in some of the traditionally highest priced tech hubs seeing some of the biggest drops.“Some of the major factors that attract renters to dense downtowns—proximity to work and restaurants and fun things to do—are not currently relevant,” says Danielle Hale, rea
Short-term rentals have been gaining popularity in the pandemic as homeowners look to these spaces as private getaways. For Airbnb, the average length of stays at its host homes has increased to six days and rural units are being booked more frequently since the pandemic. Some hosts have converted their units into long-term housing to accommodate the growing demand.QuoteWizard, a company that offers insurance quotes and resources, recently looked
Rising home prices and low inventory are putting pressure on first-time home buyers, but record-low mortgage rates and a hot market during the pandemic are encouraging many to jump-start their home search. In December, first-time buyers accounted for 31% of existing-home sales, according to the National Association of REALTORS®.Which places offer some of the best values for those entering homeownership for the first time? Researchers with reloca
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Mortgage rates headed back down this week, continuing to hover near all-time lows. “As the market reacts to a new administration in Washington and COVID-19-driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist.Also, the Federal Reserve announced this week that it will leave both interest rates and its bond-buying program unchanged, both actions likely helping
Pending home sales reached a record high for December last month as the unseasonable housing surge continued in markets across the country during the COVID-19 pandemic.Pending sales were up 21.4% year over year in December, reaching the highest reading for a December on the National Association of REALTORS®’ Pending Home Sales Index. All major regions of the U.S. recorded double-digit increases annually.However, the index—a forward-looking i
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Home buyers better hurry: This month may offer the best time of year to get a mortgage. But February can offer some of the best rates too, according to a new study from Haus, a home-finance startup.The firm studied seasonality, loan size, credit scores, and other factors that play a role in mortgage rates. Researchers found that in January, lenders tend to offer discounts of nearly 20 basis points compared to the time period between June and
Home seller profits are soaring as home prices set new records in the pandemic. Home sellers nationwide in 2020 saw a home-price gain of $68,843 on the average sale—that is up from $48,500 two years prior, according to new research from ATTOM Data Solutions, a real estate research firm. Seller profits increased in more than 90% of the housing markets tracked, too.Home seller equity for single-family homes and condos represented a 34.7% return o
Housing inventories aren’t being replenished fast enough for home shoppers. As a result, they’re finding fewer and fewer home choices.At the end of December 2020, housing inventory was 23% lower than a year earlier and sitting at an all-time low of 1.9-month supply at the current sales pace, according to the National Association of REALTORS®.The housing markets with the lowest inventory in the third quarter of 2020 were:Austin, Texas: 0
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