Below, you will find some helpful links to data and articles that reliable industry sources posted this month. We found them useful and interesting, so we decided to compile them to share with you. Any relevant links we have missed, feel free to drop in the comments!
Realtor Magazine- States Where a Refi Could Help Homeowners the Most
As of December 1, a new refinancing fee will be put in place that will affect many homeowners, so the time to refinance is now.
Realtor.com- See What COVID-19 Has Done to 2021’s Colors of the Year
The pandemic has had far reaching effects on how we live, and that includes how people are decorating.
National Association of Realtors- Obtaining Credit and Income Growth Expectations
How are current market factors affecting lending, credit, and future income growth?
Realtor Magazine- Young Adults Are Speeding Up Their Home Purchases
Millennials are changing when and why they are planning to purchase homes due to the pandemic.
Zillow- What are the Top Affordable U.S. Suburbs With a City Feel?
One of the most affordable options is right here in Hampton Roads
Realtor Magazine- Lot Sizes Down to the Smallest on Record
Lot sizes are trending down, but the region of the country in which they are found has a big impact on the average size.
Realtor Magazine- 44% of Owners Dissatisfied With Home Since Pandemic
Having to shelter in place is spurring people to dissatisfaction with their home, and will likely increase the number of people looking to move.
Realtor Magazine- Are Mortgage Rates Finally Stabilizing?
Exceptionally low for months, mortgage rates may finally be stabilizing near their current levels.
Realtor Magazine- Top 10 Cities for First-Time Buyers in 2020
Among the top cities in the country for first-time buyers is Virginia Beach, VA.
Realtor Magazine- Rich Americans Recover Wealth Amid COVID-19, Target Real Estate
Wealthy Americans, especially those with a net worth in excess of $30 million, have recovered from and seen growth through the pandemic-driven economic downturn. Now, they are fueling explosive growth of the luxury real estate market.
Despite desire for walkable communities holding steady, Millennial buyers (especially those with children) are least satisfied with their homes, and they are looking for more spacious options.
Realtor Magazine- Threats to First-Time Home Buyers’ Path to Ownership
Higher home prices mean higher down payment requirements. Coupled with more stringent credit requirements due to COVID-economy default concerns, that means first time buyers are finding it harder to purchase without help.
Realtor Magazine- Housing Affordability Weakens as Prices Surge
Despite a year-over-year growth in median income, the quick rise in home prices is driving down affordability indexes across the country.
Huge price increases in cities and a limited stock of starter homes in the suburbs are fueling an increase in overall pricing, and those purchasing a first home are compromising on size for affordability and location.
Forbes- Looking For Your First Investment Property? Follow These 13 Expert Tips
Buying an investment property is a great way to earn passive income, but the process of purchasing one can be intimidating. A Forbes panel of experts weighs in with tips on how to do it wisely.
Forbes- Thinking of Selling? 14 Simple Ways To Maximize The Value Of Your Home
Forbes’ team of experts weigh in on 14 simple things that your clients can do to maximize the value of their home when they go to sell.
Realtor.com- Why Are Home Prices Rising So High? Blame Record-Low Mortgage Rates
What are some of the market factors affecting home prices, and what is going to happen to home values when the market shifts?
Zillow- Homes are Selling Incredibly Fast, Regardless of Price -- Defying Seasonal Norms
Market times are low at all price points, and home sales show no signs of slowing down.
Zillow- Financial Anxiety, Ongoing Uncertainty Keeping Sellers on the Sideline
Despite favorable market conditions, many people are choosing not to sell their homes. Why?
National Association of Realtors- Love Letters or Liability Letters?
Could buyer “love letters” open Realtors up to Fair Housing Act violations?
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