Top 5 REALTOR® Updates | Week of August 3rd
Check out these fives real estate updates to help you stay in-the-know with the latest happenings in our industry.
1. The 20 Hottest Housing Markets Right Now (spoiler alert: Denver's #2!)
The U.S. housing market may be finding more balance, according to a new report from realtor.com®. For the first three weeks in July, the median list price rose to $234,000 nationwide, up 7 percent year-over-year, while inventories of for-sale homes rose and the median days on the market increased to 69 days. However, some housing markets continue to see rapid growth. Realtor.com® found that 20 markets receive 1.5 to three times the number of views per listing compared with the rest of the nation. Inventory in those markets is moving 24 to 41 days quicker than the national average. Read More...
2. New Rental Units Too Pricey for Most Renters
Much of the recent multifamily construction has focused on the luxury segment, which is pricing renters out of the market, according to Harvard University Joint Center's 2015 State of the Nation's Housing Report. The rising costs in multifamily development pushed the median asking rent for newly constructed rental units up to about $1,290 per month as of 2013. That marks an increase of $180 compared to 2012, according to U.S. Census Bureau data. Meanwhile, the typical renters' incomes rose by just $60 a month, going from $32,000 in 2012 to $32,700 in 2013, according to the American Community Survey. Read More...
3. The 10 'Easiest' Places to Buy a Home (here's a list Denver is definitely not on)
Visitors to realtor.com® reported in June that their top difficulties in house hunting were finding a home that met their needs and finding one that fit within their budget. A limited number of homes for-sale means buyers are having fewer choices. Are some markets making it easier for home buyers? Realtor.com® has launched an EasytoBuyIndex, looking at the 50 largest metro areas in the country to determine the 10 easiest places to buy a home. The new index takes into account: the total costs of home ownership, whether it's a buying or renting market, and local factors such as insurance, taxes, and supply of affordable inventory. Read More...
4. Millennials Seek Out Communal Living Spaces
Co-living spaces with dorm-style apartments are becoming a rising trend among millennials, and the businesses that offer these living arrangements have one goal in common: to create and foster community. Though the idea of cohousing is not new, many businesses are trying to market to younger generations by advertising not only a unique community but a chance to network, share resources, and make friends. Pure House is one such business that tries to attract people who want to be a part of a certain type of community—although the apartment rentals often come with expensive, unconventional lease agreements. Read More...
5. 72% of Borrowers Rejected in Loan Program
An alarming number of borrowers are being rejected from a federal mortgage-assistance program that sets out to help make monthly mortgage payments more affordable so owners can remain in their homes, a federal watchdog report shows. Seventy-two percent of struggling borrowers who apply to the Troubled Asset Relief Program are rejected from mortgage servicers. "There is a massive lost opportunity for an emergency program designed to help home owners through the crisis if only 20 percent to 30 percent of families seeking help from HAMP actually get into HAMP," says Christy Romero, special inspector general. Read More...
