Today’s real estate trends reflect the reality that, after months of quarantine, Americans who have not been economically impacted by the pandemic are looking at their homes and realizing that they want something bigger and better. “Everybody that ever wanted to do anything is doing it now,” says Stacey Oestreich, a saleswoman for Douglas Elliman in Westchester County, New York. “There has always been the holdback, but now they’re doing it. If they wanted to move out of state, they’re doing it. If they always wanted Mom to come live with them, they’re doing it.”

1. Location Independence

After months of remote work, buyers are cutting ties with the cities where they work, looking for more space and privacy in the suburbs, the country, and second-home destinations like South Lake Tahoe, Palm Beach, Hawaii, and the Hamptons. They are looking for larger homes, on large lots. Some are buying land when they can’t find what they want in a frenzied market. “They’re moving farther afield,” says Andrew Cogar, president of Historical Concepts. His architectural firm has seen an uptick in business in Maryland, the Carolinas, and Virginia. “Everyone is on Zoom. You can set up your base anywhere.”

2. A Multi-Purpose Sanctuary

As Americans work, study, and exercise at home, they are expecting much more from their homes. “People are digging into their homes in a way that we haven’t seen since the 1950s,” says designer Patrick Mele. “People want to make their homes as singular and interesting and particular to them as they can.” They want space to exercise, and not just on a Peloton bike in the bedroom but in a light-filled room that can rival that canceled SoulCycle membership. They want a dedicated home office, and probably two, with good lighting and an elegant backdrop for a Zoom call. “The pandemic reaction is all about being inside your bubble,” says Mala Sander, an associate broker with Corcoran in the Hamptons. “You are making your bubble as beautiful and accessible as possible.”

3. A Home, Not Just a Showpiece

Suzanne Kasler’s design clients are looking for spaces that are as comfortable as they are welcoming, with durable fabrics that will hold up to extra use. “Having a more comfortable and more accessible and more usable house is important because everybody is home and they need a place to go,” says Kasler. The home office, arguably the biggest “must-have” of the moment, needs to be functional, not just attractive, even if that means the printer is no longer hidden inside a cabinet. Homeowners are “not apologizing that it is a working office,” Cogar says. “Desk spaces get bigger, lighting gets better.”

4. Second Home, Primary Destination

The second home has taken on a central role for homeowners who retreated to theirs during the pandemic, and many homeowners are adding upgrades more typical of a primary residence, like more storage and expanded kitchen pantries. Those who didn’t own a second home before the pandemic are looking to buy one now, focusing on properties that could be used on a regular basis, with space for the children to study, and good wireless networks so the family can work, not just play.

Second-home markets are seeing a surge in buyers. “When I was a kid, I always said people come [here] to spend their money, not make it,” says Whitney McGurk, a sales associate at Brown Harris Stevens in Palm Beach, Florida. “Now they’re moving their businesses here” and staying longer.

5. Outdoor Expansion

Pandemic life has been one lived largely outdoors, so homes with ample outdoor space are selling fast. Homeowners want those spaces to be welcoming, with pools, cabanas, and outdoor living rooms with features like a fireplace, a television, a bathroom, and a kitchen with a pizza oven. Homeowners are also looking for quiet nooks so they can escape without ever leaving. Barn houses, sheds, garages, and carriage houses are being converted to artist studios, home offices, or classroom space for the children. Landscape architect Miranda Brooks says some of her clients are now living in the country full-time, experiencing their homes in a different way than before. As the world rapidly changes around them, she says, “They are sort of reimagining their lives.”

Article Source: [www.architecturaldigest.com]

Millennials continue to move away from cities during the pandemic in search of more affordable housing and space to raise a family, according to Realtor.com’s annual list of hottest ZIP codes in the USA.

Half of this year’s top markets are suburbs in the Northeast, including Rochester, New York; Melrose, Massachusetts; South Portland, Maine: Hudson, New Hampshire; and Worcester, Massachusetts.

A few factors contribute to their popularity, including easy access to both downtown amenities and outdoor space, relative affordability in a strong local economy and a large number of millennial homebuyers, the report shows.

These are the top 10 hottest ZIP codes for housing:

1. 80911: Colorado Springs, Colorado

This ZIP code is on the southern edge of Colorado Springs and about 1.5 hours from Denver. The area offers residents a great quality of life, including affordable homes, especially compared with Denver, according to Hale. The median listing price is up 6.5% year-over-year but 39% lower than the metro and 13% lower than the national median.

Average number of days on the market: 13
Median list price: $287,000

2. 43068:  Reynoldsburg, Ohio

The area, which has easy access to downtown Columbus attracts young and growing families with its quiet suburban feel. The median-priced home is 37% less than the metro and 38% less than the national median.

Average number of days on the market: 17
Median list price: $204,000

3. 14617: Rochester, New York

Rochester is New York’s third-largest metro area. This ZIP code is along the Genesee River and southern shore of Lake Ontario. The median listing price is up 16.6% year-over-year, but 35% lower than the metro and 51% lower than the national median.

Average number of days on the market: 18
Median list price: $162,000

4. 02176: Melrose, Massachusetts

This is 10 miles north of Boston and attracts many young families who are looking for space but still want to enjoy a quick commute to the city. The median listing price is 2% higher than the metro and 95% higher than the national median.

Average number of days on the market: 19
Median list price: $644,000

5. 04106: South Portland, Maine

South Portland is a short drive from Portland Head, Maine’s oldest lighthouse. This ZIP code is on Casco Bay and is part of South Portland, offering a slightly more affordable option compared with the city of Portland, while still being close to downtown. The median list price is up 4.2% year-over-year. Asking prices are 9% lower than the metro overall, but 14% higher than the U.S. median.

Average number of days on the market: 21
Median list price: $377,000

6. 66614: Topeka, Kansas

This location is on the western side of Topeka, the state capital. It attracts move-up and first-time homebuyers because of affordability and close proximity to shopping and entertainment. The median listing price is 14% more than the metro but 44% lower than the national median.

Average number of days on the market: 19
Median list price: $184,000

7. 03051: Hudson, New Hampshire

Many families looking to escape the busy Boston area head just over the border, according to Hale. Known as “tax free” New Hampshire, locals enjoy a lower cost of living with no state income or sales tax. The median listing price is 12% lower than metro as a whole.

Average number of days on the market: 22

Median list price: $350,000

8. 01602: Worcester, Massachusetts

Worcester, an hour outside Boston, is a hot spot for families and retirees looking for three- or four-bedroom homes. Rising home prices have pushed it out of reach for many first-time homebuyers. Worcester State University is in the heart of this ZIP code and is one of the largest employers in the area. The median listing price is 14% lower than metro as a whole and 4% lower than the national median.

Average number of days on the market: 21
Median list price: $318,000

9. 22152: Springfield, Virginia

This area, inland of the Potomac River, offers a mix of townhomes and single-family homes that provide options for first-time and move-up buyers as well as considerable green space with Pohick Creek Stream Valley Park to the east and Lake Accotink Park to the north. The median listing price is 8% higher than the rest of the metro and 68% higher than the national median.

Average number of days on the market: 7
Median list price: $553,000

10. 27604: Raleigh, North Carolina

Raleigh’s affordability draws many buyers from more expensive cities. The area offers residents a variety of basketball programs to watch, including Duke University, North Carolina State University and the University of North Carolina-Chapel Hill. The median listing price is 27% lower than the metro and 17% lower than the national median.

Average number of days on the market: 25
Median list price: $273,000

Read Full Article [www.usatoday.com]

The coronavirus pandemic has remade what’s normal, and home buying is no exception. Typically, the real estate market tends to hit the brakes in the fall, as kids return to school and families juggle work, extracurriculars and the upcoming holidays.

But that’s not what’s happening as we head into the second week of September, closing in on the official start of fall: Sept. 22. Homes are getting snapped up faster as home values rise and mortgage rates continue to slide.

“Home sales are currently stronger than they were pre-pandemic and show no signs of slowing,” says Cheryl Young, senior economist at Zillow. “Demand is being fueled by low mortgage rates. We’re also seeing deferred home buying as the economy and housing market pressed pause in the spring.”

The median listing price on single-family homes grew for the 17th straight week, jumping 10.8% year-over-year, which is the most rapid growth in over two years. Meanwhile, mortgage rates have broken new records. The average rate on the 30-year fixed-rate mortgage is now at 2.86%, and the 15-year hit 2.37% this week—both all-time lows, according to Freddie Mac’s recent Primary Mortgage Market Survey.

Read Full Article [Source: www.forbes.com]

US SALES OF EXISTING HOMES JUMP 20% AFTER A 3-MONTH SLUMP

While the number of Americans buying homes is increasing as the coronavirus spreads across the country, now may not be the best time to sign a mortgage contract, according to Realtor.com. Contrary to the myth that it’s a “terrible time to sell a home,” the seller’s market is hot, putting some buyers at a disadvantage, the real-estate website reported.

“Buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer,” Danielle Hale, chief economist at Realtor.com, said in a statement. Overall home listings dropped in July, and with buyers competing against each other, more are likely willing to make higher bids for certain properties, according to the website.

Consequently, housing prices are rising in most major U.S. metropolitan hubs as Americans adjust to working from home to avoid coronavirus infection. A number have opted to give up tiny downtown dwellings for larger living spaces and yards in the suburbs.

HOME PRICES CLIMB TO RECORD IN CORONAVIRUS PANDEMIC AS BUYERS SEEK SPACE

In the second quarter of 2020, a whopping 96 percent of metro areas showed home price appreciation, and 15 cities reported double-digit growth, according to data from the National Association of Realtors.

Read Full Article [Source: www.foxbusiness.com]

DAWGS team of vacant property specialists has long promoted the benefits of steel over alternative materials when it comes to securing vacant property. A survey conducted by DAWGS validated their position, that steel is the preferred material used by vacant property owners and manager to secure their properties. The survey also highlighted concerns vacant property stakeholders face if a property is not property secured.

The goal of the survey was to poll investors, owners, rehabbers, asset managers and sellers of vacant property to understand the issues they face when securing a vacant property in economically distressed areas. The survey also provided insight into the preferred method/material used to secure vacant properties in economically distressed areas.The survey revealed that when securing vacant property in economically distressed areas, hands down, steel is the preferred material over plastic clear boarding and plywood:

Security Concerns

The top vacant property security concerns were different for realtors, for owners and for investors. Realtors top concern was safety when showing a property. For rehabbers, the main concern was theft of materials or tools from the job site. Investors and asset managers were concerned about the liability of fire or crime at the property. The aggregate of security concerns for all respondents listed liability of fire or crime at the property as the top concern:

Where all respondents did agree – was that steel is their material of choice used to secure vacant properties. Steel was revealed as the best choice to mitigate the risks and security concerns associated with securing vacant properties in economically distressed neighborhoods.

For anyone who works with vacant property in economically distressed areas, property managers, asset managers, rehabbers or realtors, the material used to secure and protect their property interests really does matters. It is clear from the DAWGS vacant property security survey that steel is the material of choice.

As rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term.

Resilience Found in the Market for Second Homes

The coronavirus pandemic has not only pushed apartment dwelling New Yorkers to seek more space and nature outside of the city, it has also untethered them from their downtown workplaces as companies have embraced remote working. The result is a phenomenon that boasts the benefits of “co-primary” homes:

“Secondary homes are more popular than ever. People may own or rent smaller homes close to their office. Buyers are realizing that they may not have to go to their office each day.  Virtual jobs are in place and employers are seeing the positive results…Expansive, private yards and especially those with a pool are surely a winner!  Bidding wars are more common than ever with some homes going in one day with five different competing offers.  Everyone is enjoying being close to beaches, beautiful neighborhoods and homes.” (Pat Mayer, Diane Turton Realtors)

For those that are confident financially, instead of trading up in the city or simply purchasing a second seasonal home, these residences function more as equal homes to their current address. As the mindset shifts in how people think about a primary residence, we are seeing people lengthen the tether that connects work and home, allowing them to spend more time in an alternate residence. However, homes boasting traditionally desirable amenities have proven to have a tight grasp on their desirability:

“Whether someone is looking to purchase a vacation home for their own family or if they are looking to purchase a Vacation Rental with income potential, I usually direct them to the current towns with attractions and areas to kayak, paddleboard, restaurants, dog parks, running or cycle paths, and more.” (Kaycee Cavicchia, Jersey Shore Realtor)

rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term.

Read Full Article [Source: www.njlenders.com]