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New construction vs. resale homes: How agents can guide buyers in today’s market

Housing Wire

With high prices and still stiff competition, those looking to buy a home in today’s real estate market need to consider every opportunity, including the choice between new construction or a resale home. Census Bureau, the median sale price of a new construction home in March 2024 was $430,700.

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Seattle documents renovation programs, tax relief for aging in place

Housing Wire

But a nonprofit organization in the Seattle area is seeking to help more seniors renovate their homes to age safely. The COVID-19 pandemic provided a boost to the organization’s funding for a time, but that also arrived in concert with a supply chain shortage that saw the cost of materials increase significantly.

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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I My renovated homes are] reducing the number of rental properties , which in our town has become a source of demise.” In 2019 the number was 200,000.

Inventory 435
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Relocation Trends for Buyers in 2022

Appraisal Buzz

Millennials Still Prefer Renovating. Although the Sun Belt has seen impressive growth, the homeowning population as a whole would rather renovate than relocate. Millennial homeowners led the way, with 75% of them renovating between 2020 and 2022. Greater Demand for More Space. Remote work has also impacted homebuying habits.

Buyers 370
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Homepoint looks to match broker partners with builders

Housing Wire

Homepoint’s “New Build program” connects homebuilders with business purpose construction financing through in-region mortgage brokers, with loan amounts up to $4 million per unit or $25 million per project.

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The non-QM outlook for 2022

Housing Wire

The housing supply constraints on the market also open up a few opportunities for non-QM growth. New construction has been hit hard by supply chain disruptions and materials and labor shortages, and inventory of existing homes is tight.

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The Reality of Major Home Renovations

Eppraisal

Renovations are a great way to boost home value and aesthetics. Here are some home renovation truths to prepare you for such an undertaking. For example, major renovations may require temporary housing, which can be a significant expense. Be realistic about what adds value to your home and what qualifies as a vanity renovation.