As a real estate agent, you need to be on top of the latest happenings, developments, and forecasts in the industry to stay relevant. This fortnight, Styldod’s real estate news digest talks about the drop in mortgage rates, the increase in median list prices across the country, the introduction of a real estate college program, and more.
In June, the good news is more houses hit the hot real estate market; however, home prices still skyrocketing has been bad news to buyers for a while. The number of new listings in the housing market rose 10.9% in June compared to May 2021, but the shortage of properties has pushed median list prices to $385,000. “It’s a shift away from an overheated market to a new normal,” says Realtor.com® Senior Economist George Ratiu.
Freddie Mac has reported that the 30-year mortgage rate has dropped to 2.98% from last year’s 3.07%. This real estate news gives home buyers another chance to cash lower rates this week. “Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist.
Source: Realtor Magazine
A study by Zillow found that 3/5 young adults plan to put the money saved during the pandemic into a down payment on a home. This real estate news comes as a surprise from the ‘rent forever generation’ consisting of millennials and Gen Z. Social media influencers and celebrities have impacted youngsters to make this decision, despite a global pandemic. However, 64% of participants said they would use the saved money for everyday expenses.
As businesses expand their e-commerce services and faster delivery takes precedence, the popularity of warehouses has soared across the country in this week’s real estate news. Chain retailers like Walmart, Target, and Costco are trying to catch up to Amazon who has been gobbling up warehouses for a while. As a result, the appetite for warehouses has increased in cities such as Columbus, Savannah, and along the coasts of Southern California. “We’ve been on a long-term journey of shifting consumer behavior from buying in stores to online,” says commercial real estate services firm JLL.
Urban Land Institute has received a $1 million donation from Bruce Etkin, a chairman of Etkin Johnson Real Estate Partners. This amount will be put forward to creating an education program for aspiring real estate professionals. The program touted to begin in the 2021/ 2022 school year will accommodate 80-100 students. In addition, participants will get a ULI Associate Membership, among other resources.
With the 30-year mortgage rate dropping below 3%, and the demand for residential homes and commercial warehouses rising, the coming weeks seem good. Also, with the introduction of formal real estate college programs and interest among youngsters in buying properties, the future of real estate looks promising indeed.
Styldod’s real estate news digest drops every fortnight. So scroll down to subscribe to our newsletter and stay updated with the news that matters to you.
Styldod is a design tech company that aims to simplify real estate marketing and help agents present homes in their most favorable light online by reimagining and automating the listing photography process. Having begun as a virtual staging company, today, Styldod has affordable and best-in-class products and services for every facet of real estate marketing and photography. Styldod’s suite of services includes virtual staging, image enhancements, floor plans, virtual renovation, 3D renders, 360-degree virtual tours, and Matterport virtual staging, to name a few. We're trusted by over 10,000 realtors from all over the US and from agencies like ReMax, Coldwell Banker, Keller Williams. Know more about us at https://www.styldod.com.