Permits for residential construction are up 14% compared to a year ago, according to Census Bureau data, showing that development of new-home communities is ramping up amid surging buyer demand. Permits are a gauge of future home construction. “Builders are looking to grow wherever they can right now,” Rick Palacios Jr., an analyst with John Burns Real Estate Consulting, told realtor.com®. “COVID-19 has ignited demand in markets where ther
New in-ground residential pools saw a 21% uptick in 2020 compared to 2019. States like Arizona, Texas, and Florida saw permits rise by up to 30%, Janay Rickwalder, a spokesperson for the Pool & Hot Tub Alliance, an industry research group, told The Escape Home.“This is historic growth for the industry—the next closest period was in 1983 with 16% growth over a much smaller base,” Rickwalder says.Hot tubs are also in demand, with some are
Many renters want more from their apartments. Nearly 40% of more than 3,000 American renters said they’d be willing to pay up to $100 more for new apartment amenities. Men are willing to pay more—$200 or more—for new amenities, according to a new survey from Apartment Guide.That’s because more than one-third of overall respondents said they aren’t happy with their apartment’s current amenities, according to the study.To make them happ
The pandemic has prompted more renters to seek out additional space, but owning a single-family home may not be attainable. As such, single-family rentals have become a growing business—one that is attracting homebuilders.Lennar, one of the nation’s largest homebuilders, announced it was creating the Upward America Venture, a platform that will acquire single-family homes to rent in high-growth markets across the country. It hopes to use that
If your real estate business continues to feel the effects of the pandemic, you now have an additional two months to apply for a loan through the Small Business Administration’s Paycheck Protection Program. On Thursday, by a bipartisan vote of 92–7, the U.S. Senate passed the PPP Extension Act of 2021, which extends the application deadline through May 31, 2021. It also gives SBA lenders an additional 30 days, through June 30, to process
New homes remain in high demand among home shoppers, but sales are starting to fall as builders slow down inventory. Persistent delays from supply shortages, rising material costs, and labor shortages continue to press on the homebuilding industry as builders frantically try to meet the surging demand for new homes since the pandemic.Sales of newly built single-family homes in February plunged 18.2% month over month to a 775,000 seasonally adjust
Smaller outlying markets are among the hottest housing markets in the nation. In particular, several California markets are seeing rising demand for housing, but it’s mostly the smaller cities within the Golden State that are seeing the most activity as affordability becomes a more pressing issue.A year ago, realtor.com®’s monthly analysis of the hottest housing markets was once dominated by large California markets like San Francisco and Sa
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The buying frenzy continues as multiple offers become the norm and buyers offer thousands or tens of thousands above the asking price to try to get the home they want. In many cases, buyers also are increasingly waiving appraisals and even some inspections to make their offers stand out.Buyers are also feeling a greater sense of urgency as mortgage rates begin to rise, and they’re eager to lock in a low rate ahead of any further increases.
Following months of sharp gains, existing-home sales reversed course in February, falling 6.6%, the National Association of REALTORS® reported Monday. However, the dip—precipitated by a persistent inventory crunch that’s getting worse—isn’t necessarily a significant drag on the real estate market, says NAR Chief Economist Lawrence Yun. “The market is still outperforming pre-pandemic levels,” he says.Despite the supply challenges, all
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