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.
Real Estate News this Fortnight
- The Housing Market Takes One Step Forward—And Two Steps Back
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.
- The 30-Year Mortgage Rate Has Dropped To 2.98%
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
- Young Adults’ Financial Plan For The Future
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.
- The Demand For Warehouses Soar
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 Launches Real Estate College Program
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. Check out last fortnight’s news digest here.
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