The DIY industry has been booming since the pandemic as more homeowners tackle house projects while sheltering in. But some projects may be doomed to fail.
Homeowners report spending an average of $184.13 to fix their failed DIY house projects, according to a new survey from Cinch Home Services, a home warranty company. Certain DIY projects may be more prone to end in mistakes: For example, one in five attempted bathroom DIY projects ended in failure.
Cinch Home Services surveyed more than 1,000 consumers about their recent DIY experiences—about 90% had taken on a DIY home project during the pandemic.
Remote work is likely going to continue in some form, but that doesn’t mean workers never want to head into an office again. Investors are betting on a post-pandemic surge in interest in workspaces located in suburban neighborhoods. To get ahead of what they foresee as a trend, they’re eyeing suburban residences and empty retail, with the thought of turning them into smaller office spaces that can be rented out.
Some startups and property management owners are offering flexible office spaces in the suburbs for remote workers who need a break from working from home. They’re touting furnished office space that can be booked by the day or month. For example, one such startup called Daybase is turning retail spaces into furnished offices that can be rented out in suburban locations. The company doesn’t want to replace corporate headquarters but rather to create a network of smaller office
The U.S. housing market is on a hot streak with double-digit annual gains in home prices, bidding wars, and surging buyer demand. That type of soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated.
“We have strong conviction that we are not experiencing a bubble in U.S. housing,” Vishwanath Tirupattur, a Morgan Stanley strategist, wrote in a note to clients this week.
Lawrence Yun, chief economist of the National Association of REALTORS®, agrees. He told Axios last month: “This is not a bubble. It is simply lack of supply.”
As owners remodel and buyers look for that perfect home, with the prospect of entertaining guests in the near future, entertainment updates are gaining in popularity.
The top entertainment updates to a home with the potential for the largest return on investment are centering around the backyard, basement, and kitchen, according to HomeLight’s Top Agent Insights for Spring 2021 report.
In the backyard, a fire pit with a bench or couch ranks as the number one backyard entertainment feature. Nearly 77% of real estate pros surveyed cited this as a top upgrade among home buyers in their market. More than half of real estate pros also cited ambiance with a warm glow from lighting as a top backyard entertainment upgrade. This could include the use of spotlights, string lights, and more.
Here’s welcome news for home shoppers: Borrowing costs got cheaper this week. Mortgage rates are back under 3% for the first time in weeks.
The 30-year fixed-rate mortgage averaged 2.97% this week, Freddie Mac reports.
The drop in rates this week followed a downward trend for the 10-year Treasury yield, which rates closely follow. The economy is gaining momentum, however, and consumers can expect mortgage rates to rise in the upcoming months, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes at the association’s Economists’ Outlook blog.
The 30-year fixed-rate mortgage continued to drop this week, heading back near the 3% range. The 30-year fixed-rate mortgage averaged 3.04% this week, Freddie mac reports. Mortgage rates are still below a year ago and remain at historical lows, which has proven a boon for the housing market, economists note. “Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” says Sam Khater, Freddie Mac’s chief economist. “The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.” Continue…https://magazine.realtor/daily-news/2021/04/16/mortgage-rates-near-3-again
At the start of the pandemic, gardening took on much greater importance as many homeowners and apartment dwellers feared going to their local grocery store or farmers market or even having groceries delivered, to the extent that they would rigorously sanitize them. Growing fruits, vegetables, and herbs seemed so much safer—and it became a fun family activity, pitching in together to till soil, water seedlings, and harvest yields.
April 14 is National Gardening Day, first marked in 2018 by Cool Springs Press, a publisher of home and garden do-it-yourself books, to acknowledge the hobby of gardening and encourage gardeners to share their knowledge. Even as the country begins to feel a bit safer with more people getting vaccinated, the gardening bug has remained with many homeowners.
Whether your clients are new to gardening or longtime aficionados, here are three tips you can share as the gardening season gets underway.
First-time home buyers are swooning over housing. Millennials are comprising the largest share of buyers at 37%, shows the National Association of REALTORS®’ newly released 2021 Home Buyer and Seller Generational Trends report. The youngest buying generation–Gen Z—is also starting to emerge. The majority of millennials and Gen Z buyers are first-time home buyers and are increasingly relying on real estate professionals to navigate their homebuying debut in what has become a very competitive housing market during a pandemic. In particular, younger millennial buyers—ages 22 to 30—were the most likely to cite a real estate agent as a prime information source they used during their home search at 91%, according to NAR’s survey. “Buyers used all tools available to them—whether it be a mobile device, yard sign or an online video–but at some point, nearly all buyers turned to an experienced agent to assist with the transaction,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “This is especially true among younger millennial consumers as they are likely first-time buyers and need help navigating the market and all steps involved in the process.” Continue…https://magazine.realtor/daily-news/2021/03/16/nar-study-young-adults-eagerly-entering-dominating-housing-market