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Could renovated foreclosure resales help solve the nation’s increasingly complex affordable housing puzzle? An estimated 140,000 renovated properties purchased at foreclosure auction or bank-owned auction were resold to owner-occupant buyers between January 2020 and December 2021. However, they’re down 2.4%
According to the National Community and Transportation Preference Survey by the National Association of REALTORS®, 53 percent of Americans prefer walkable communities. Groceries, utilities, transportation, and health costs are all affordable in Columbus when compared to the remainder of the U.S. Convenience steps away.
Additionally, certain renovations, such as updating the building’s exterior, only need to be done once for a multifamily property; whereas renovations to single-family properties would need to be done individually, resulting in multiple projects for each type of update.
Features like walkability and easy access to public transportation are considerations for many clients these days. Many new resort communities often hire one brokerage or, in some cases, one agent to represent their listings. An in-depth knowledge of home renovation and a keen eye to spot diamonds in the rough.
Fuel to fill our vehicle gas tanks and to transport goods weigh heavily on inflation; 18% of the Consumer Price Index is for transportation costs – the second largest component of the CPI after housing/shelter (42%). Commercial real estate brokerage Savills reports 20% of city office space is vacant – an all-time high.
Census data suggest that more than 2M additional homes will reach their “prime remodel” years through 2027 – a time when homes tend to undergo their first major kitchen and bath renovations. such renovations to these homes (between 20 and 39 years old), with about 200,000 of those projects running north of $25K each.
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