New Report Reveals Massive Shifts in Tenant

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A recent study by Zumper, an online rental marketplace, reveals massive shifts in renter behavior and historic market changes for renting in 2020.

The company’s “State of the American Renter” report for 2020 was based on surveys of more than 14,000 Americans conducted between June 2020 and August 2020. It demonstrates how the coronavirus pandemic is altering renter behavior and reversing rental market trends. Key findings include:

  • Renters are moving back in with mom and dad. Nearly 50% more renters are moving back in with their parents, with Millennials moving most often.
  • The majority of renters are under financial stress, with tenant unemployment at 12.7%.
  • Renters are moving more than ever before. A quarter reported moving to a new city within the past year, up 33% from 2019.
  • Renters are abandoning expensive cities in favor of cheaper, often neighboring, markets. For example, Bay Area residents are moving to Sacramento.
  • The country’s priciest cities are seeing the sharpest rent declines. The median rents in San Francisco, New York, Boston, Oakland, San Jose, Washington, D.C., Los Angeles, and Seattle declined 15% from the start of 2020.

The post New Report Reveals Massive Shifts in Tenant first appeared on Century 21®.

Source: century21.com

Buyers Can Expect More Fixer-Upper Homes for Sale Than in Years Past

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Rising home prices and tough buyer competition may be giving sellers more flexibility to list their home for sale “as-is” without needing to fix it up. A new Zillow analysis shows there are 12 percent more fixer-uppers for sale now than five years ago.

Zillow identified the number of fixer-upper homes listed for sale beginning in 2011 and ending in 2015, and compared them to overall for-sale inventory trends.

To identify fixer-uppers, Zillow mined historical listing descriptions for phrases like “fixer-upper,” “TLC” and “needs work.”

Nationally, expensive fixer-uppers, or those priced within the top third of their markets, saw the biggest surge in inventory over the past five years, rising nearly 35 percent.

Conversely, affordably priced fixer-uppers, or those valued within the bottom tier, increased less than 3 percent.

So what’s happening?

There aren’t enough homes on the market to accommodate buyer demand in many U.S. metros. As a result, sellers have the luxury to list their home for sale “as-is” because they know it will likely still sell, even if it needs a little TLC.

For example, in Seattle, one of the nation’s hottest housing markets, for-sale inventory has decreased 10 percent over the past five years; however, fixer-upper listings increased 33 percent over the same time period.

“Across the country, homes are selling fast and for high prices,” says Svenja Gudell, Zillow’s chief economist. “Sellers are in the driver’s seat, with the freedom to list their home for sale ‘as-is’ without worrying about price cuts or the home sitting on the market. And without sufficient new construction, the housing stock has aged, so home buyers are finding more and more homes on the market in need of a little TLC.”

Curious if there are more fixer-uppers in your area? Local data is available in Zillow’s full report.

Related:

  • 4 Tips for Buying a Fixer-Upper
  • 3 Situations Where It Pays to Buy a Fixer-Upper
  • Embracing the Mess: Renovating a 1970s Fixer

Source: zillow.com

Homie’s Las Vegas, Nevada Housing Market Update October 2020

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As the Las Vegas fall season comes around, the Las Vegas market keeps on going up. Read below for Homie’s update.

In October, the real estate market saw growth on most fronts including the number of listings, number of units sold, and in terms of median listing price and sales price. However, units available and availability went down year-over-year. With that said, we’re still seeing the market continue to grow month-over-month which might indicate that buyers and sellers are becoming more comfortable in the existing real estate market.

Here’s the full breakdown:

Monthly Sales

According to the data from the GLVAR® from October 2020, Las Vegas real estate realized a 6.8% increase in the number of single-family units sold compared to 2019. 

 

List Price

Average new list prices stay strong year over year as October records a 9% increase in new listing prices for single-family units and 8.8% increase for condo/townhouse units. 

*Data from the GLVAR® from October 2020 and October 2019

 

Sale Price

Property prices continued to grow as this seller market keeps on strong. We saw an 8.8% increase in year-over-year median price for single family units, and also a 14.3% increase in year-over-year median price for condos and townhouses.

*Data from the GLVAR® from October 2020 and October 2019

 

Days on Market (DOM)

We saw the Average Cumulative Days on Market continue to decrease in October 2020, as demand for this market continues to go strong. Now averaging an insanely brief 33 days on market versus 81 Average Cumulative Days on Market in 2019. This is a strong indicator that the real estate market will continue to remain strong. 

*Data from the GLVAR® from October 2020 and October 2019

 

Want to Know How Much Your Home’s Value?

Want to know how much your home is worth? Click here to request your home value report [https://www.homie.com/home-value-report]

 

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

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The post Homie’s Las Vegas, Nevada Housing Market Update October 2020 appeared first on Homie Blog.

Source: homie.com