Survey: The majority of those firms also typically had 3 full-time RE licensees. Nearly 9 out of 10 firms, or 86%, were independent and non-franchised. WASHINGTON – The majority of real estate firms – 80% – operated from a single office and typically with three full-time real estate licensees in 2020, according to a new survey by the National Association of Realtors®. Nearly nine out of 10 firms – 86% – were independent and non-franchised. In honor of National Small Business Week, NAR released its 2021 Profile of Real Estate Firms, which surveyed Realtor® executives and senior managers to learn about
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Aug. report: Rental prices hit double-digit growth for the first time in two years and grew three times faster than in March 2020, prior to the pandemic. Over half of the 50 largest metros reported rents with double-digit gains over last year, including Tampa, Miami and Orlando. SANTA CLARA, Calif. – The U.S. rental market is booming. Rental prices hit double-digit growth for the first time in two years in August and grew three times faster than in March 2020 (prior to the onset of COVID), according to the Realtor.com® Monthly Rental Report.  Additionally, rents posted double-digit gains over last year
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Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years. MIAMI – Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years. Martins Realty Group CEO Bobby Martins calculates that around 180 million people will be in their prime home-buying years, whether purchasing their first home or looking to expand. Meanwhile, a survey by eXp Realty found 87% of respondents believed people should be homeowners, or should be trying to buy a home, by age 40.
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Freddie Mac: It’s down from 2.88% last week and close to the 2.87% the 30-year FRM was at this time last year. The 15-year FRM now stands at 2.11%. WASHINGTON (AP) – Average long-term mortgage rates dipped lower this week as economic prospects continued muted amid a wave of new delta variant coronavirus cases. They remained under 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage edged down to 2.86% from 2.88% last week. That’s very close to where the benchmark rate stood at this time last year, 2.87%. It peaked this year at
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Redfin analysis: In Aug., about 59% of offers on homes written by Redfin agents faced competition, a record low for this year and the lowest level since 2020. SEATTLE – Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars. In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April. There have
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COVID-19’s impact on bed-and breakfasts has prompted some to close, with revenues in 2020 down 43.7% from 2019. But some are being purchased to use as personal homes. NEW YORK – The COVID-19 pandemic is compelling some bed-and-breakfasts (B&Bs) to close. B&B revenue declined 43.7% nationwide in 2020 to roughly $1.3 billion compared with 2019, according to IBISWorld. The overall number of B&Bs has declined by roughly 1,400 to about 7,340. Some homebuyers are opting to purchase B&Bs for use as personal homes. Last year, Julia and Randall Hesse closed on a popular B&B near Boston, known as the Taylor
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By Swapna Venugopal Ramaswamy Between now and Oct. 17, most markets across the country will have more homes for sale, lower prices and less buyer competition, according to Realtor.com data. SANTA CLARA, Calif. – If you’re in the market to buy a home, the next five weeks might be a perfect time, according to a new report from Realtor.com. After a year marked by low inventory and high prices, most markets across the country will have more homes for sale, lower prices and less buyer competition between now and Oct. 17 compared with the average week of the year, the data shows. The
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NAR report: 60% of millennials who aren’t homeowners say student loan debt is delaying their ability to buy a home; 51% of all student loan holders say the same. And 36% of student loan debt holders say student loan debt delayed their decision to move out of a family member’s home. WASHINGTON – Sixty percent of millennials who aren’t homeowners say student loan debt is delaying their ability to buy a home, by far the most affected population, according to a new poll by the National Association of Realtors®. The findings also show that Americans burdened with high student debt
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CoreLogic: That’s the biggest 12-month gain since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June. NEW YORK – U.S. home prices increased 18% in July compared to a year earlier, according to a just-released CoreLogic Inc. report. The jump is the largest 12-month gain in the index since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June. “Home price appreciation continues to escalate as millennials entering their prime home buying years, renters looking to escape skyrocketing rents and deep pocketed investors drive
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By Ron Hurtibise Experts say Ida will drive up rates for reinsurance, which is what insurance firms must buy to guarantee they can pay all claims after a disaster. That’s the pipeline that Hurricane Ida’s higher costs will travel to be passed on to Fla. insurance policyholders. FORT LAUDERDALE, Fla. – Florida might have dodged a bullet from Hurricane Ida, but consumers in the Sunshine State ultimately won’t be able to escape its financial wrath. Insurance experts say Ida will drive up rates for reinsurance – which is insurance that insurance companies must buy to guarantee they can pay all claims after a
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