This week in Styldod’s real estate news digest, we introduce you to the exciting hues of BEHR X Zillow’s new home color palette that can boost home prices by 1.6%. This digest will also update you about the student housing situation in the country, and other latest happenings in real estate. Read on to learn about the progress of iBuyers in the United States, and China coming back to the country’s real estate market.
iBuyers’ purchase levels have resumed to pre-pandemic levels. According to a real estate news report by Redfin, they are acquiring properties inexpensively and selling them off in a record 13 days. iBuyers or instant buyers who purchase homes within a few days of coming online help sellers save on plumbing, painting, and other maintenance costs, and these services are offered by Real estate brokerages like Redfin and Coldwell Banker. iBuyers purchased 0.5% of homes that sold across 418 metro areas in the first quarter, driving up iBuyer purchases to 20.6% in the first quarter when compared to the previous quarter.
Source: Realtor Magazine
A housing sticker shock has affected college students this fall. Real estate news says the shortage of affordable real estate inventory pushed rental prices to a new high of $1,575, which is an 8.1% increase year-over-year. With prospective homebuyers opting for rental, and many university towns becoming retirement and remote work destinations, students face challenges like never before. According to a study by Realtor.com, 1/3 college students have not yet finalized fall housing arrangements as the course of the pandemic and uncertainty in reopening dates are causing delays, 44% of college students have been affected by the sticker shock, and 1/10 students reported they could no longer afford to live off-campus this fall.
BEHR paints have partnered with Zillow to curate a color palette of interior paint colors to increase homes’ ROI. Based on findings from a paint analysis commissioned by Zillow in 2021, real estate news tells this 12-color palette consists of whites, greys, neutrals, and a range of blues that could increase the price homebuyers are willing to pay by 1.6% or $5,000.
Source: Yahoo Finance
International investors seeking permanent residence in the US in return for a real estate investment have happy news - the government has temporarily reinstated EB-5 investment at $500,000. However, two new bills are circulating in the US Senate, asking for a higher investment amount by September 2021. So between now and September 30 is the best time to secure an EB-5 project for international investors.
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According to the National Association of Realtors, foreign buyers’ purchases of US homes fell by 31% during April 2020 and March 2021. China, Canada, India, the UK, and Mexico were the top five countries for sales of US residential properties. Purchase is at its lowest unit and dollar volume since 2011, with only 1,07,000 properties bought by international buyers, according to real estate news. “The big decline in foreign purchases of homes in the U.S. in the past year is no surprise, given the pandemic-induced lockdowns and international travel restrictions,” says Lawrence Yun, NAR’s chief economist.
With home purchases by iBuyers shooting up, International buyers returning to the market, and EB-5 investments being restored at $500,000, the real estate industry has reason to rejoice in the coming weeks. However, the rise in rentals is alarming for university students. Also, don’t forget to take a color out of the BEHR X Zillow color palette for your next real estate client’s home makeover.
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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 companies like ReMax, Coldwell Banker, Keller Williams. Know more about us at https://www.styldod.com.