CNBC article says more than a third of homes nationwide are selling above asking price
Competition in this spring's housing market is hotter than ever, thanks to high demand and record low supply. Selling a home has likely never been easier, and while that may sound like great news for real estate agents, there is a problem: They are desperate to find listings.
By the numbers, there are now about twice as many working real estate agents as there are listings. Spring is usually the time of year when the most listings come on the market, but this March there were 20% fewer homes listed than last March.
Potential sellers have several concerns, the largest being that they are afraid they won't be able to find or afford another home. Not only are home prices incredibly hot, up over 11% year over year, according to the S&P Case-Shiller home price index, but rents are also rising fast. Click here to continue reading the article.
A new survey from the National Association of Realtors® reveals that home staging continues to be a significant part of the home buying and selling process. The biennial report, the 2021 Profile of Home Staging, examines the elements of home staging, including the perspectives of both buyers' and sellers' agents, the role of television programing and the expectations of buyers.
Buyers' agents overwhelmingly agreed, as 82% said staging a home made it easier for a buyer to visualize the property as a future home.
These agents also said that visuals themselves are helpful, even more so in relation to buying a house during the coronavirus outbreak. Eighty-three percent of buyers' agents said having photographs for their listings was more important since the beginning of the pandemic. Seventy-four percent of buyers' agents said the same about videos, and 73% said having virtual tours available for their listings was more important in the wake of COVID-19. Read more of the report's insights by clicking here.
Americans' attitudes toward where to put their money have shifted over course of the pandemic
Which is the better investment, owning a home or owning stocks? If you ask most Americans, chances are they prefer the former. A new study from the Federal Reserve Bank of New York examined consumer preferences toward being a homeowner and how their attitudes have changed over the course of the COVID-19 pandemic. Survey participants were asked to rate which was the better investment - a home or financial assets such as a stocks - and what factors contributed to their choice.
The study found that over 90% of respondents preferred owning their primary residence rather than investing in the stock market. A majority of survey-takers also favored the idea of being a landlord to purchasing stocks, with more than 50% of the participating households preferring to own a rental property. The complete article can be read by clicking here.
