Love It Or List It? Americans Are Renovating Rather Than Moving

By KIMBERLEY HAAS New data shows that 79% of Americans would rather renovate their current home than move to a different one and with $420 billion spent on remodeling projects in 2020 those in the mortgage, real estate, and building industries are taking notice. Discover Home Loans commissioned a national survey of 1,531 homeowners. The independent survey research firm Dynata fielded the first of the online surveys in January and found that nearly four in five people would rather make improvements on their homes than move in the current housing market. The maximum margin of sampling error was +/-3 percentage points with a 95% level of confidence. ​ The top five reasons given for why homeowners would rather renovate are:…

Millennials, Gen Z To Play Major Role In 2022 Housing Market

As homebuyer demographics change, Millennials and Gen Z are set to play a major role in the housing market this year, according to a new report from ServiceLink. ServiceLink’s 2022 State of Homebuying Report uses information from 1,000 homeowners who purchased a home in the last five years to analyze generational trends in homebuying. The report found that Millennials and Gen Z are making big moves in the housing market and are open to non-traditional routes to homeownership. “As bidding wars, low inventory and rising interest rates continue to intensify the competition, buyers have had to get creative in order to come out ahead in this challenging real estate market,” said Dave Steinmetz, president of origination services, ServiceLink.  “Our study…

Condo Prices Hit Record High As Shoppers Seek Affordable Options

Condo prices hit a record high– $319,000, up 14.6% YOY and 22.7% from before the pandemic— as buyers priced out of the single-family market turn towards more affordable options, Redfin reported. This is a turn-around from the beginning of the pandemic when American buyers wanted to avoid crowded areas, causing condo sales to drop by 48%.  But as pandemic fears subside and home shoppers face stock shortages and price appreciation in the single-family market, condos are making a comeback. Gen Z in particular is reviving urban hotspots assumed to be dying out due to Covid-19. “Big cities are appealing for a host of reasons—big cities offer diverse job opportunities. Big cities offer many amenities that are not available in smaller…

Morning Roundup (3/8/2022)– Working With Professionals In Person Is Important When Buying Property

Good Morning! Today is Tuesday, March 8. Ukrainians defended two crucial cities yesterday, shooting down three Russian fighter jets over Kyiv and preventing troops from entering Mykolaiv, on the Black Sea coast. Florida will recommend that healthy children not get a vaccine, contradicting the C.D.C. The Mortgage Note Reports Working With Professionals In Person Is Important When Buying Property: The CEO of Comey & Shepherd in Cincinnati says there is something to be said for working with realtors and mortgage lenders in person at a time when it seems like more and more of the home buying process can be done from a cell phone. Big City Glow Up: Gen Z is reviving urban hotspots assumed to be dying out …

Gen Z Renters Reviving Once “Doomed” Cities

Gen Z is reviving urban hotspots assumed to be dying out due to Covid-19, a new report from RentCafe found. Gen Z is the only generation to see a spike in renting activity in the last year, up by 21% while the share of rent applications from all other generations dropped.  They account for a quarter of all rent activity nationwide and pushed the number of applications for apartments from renters of all generations up an average of 10%. In 2020, Zoomers were stuck in their families’ hometowns or in their college towns. But now, following promises of job opportunities and vibrant living, they’re renting in cities once thought doomed in the wake of the pandemic. Compared to 2020, there…