Hotels have been severely affected during the pandemic as stay-at-home orders and Americans’ caution cut down domestic travel. But they’re hopeful for a turnaround as the vaccine rollout continues, and they’re putting more focus on one area of their business: weddings and wedding receptions.Nearly half of all couples who had planned a wedding in 2020 either postponed their wedding until 2021 or later or held a small ceremony and delayed the
Beware: Your buyers could struggle to be approved for a home loan. As lenders tighten standards, home loan approval is becoming more difficult, The Wall Street Journal reports.The Mortgage Bankers Association reports that mortgage credit availability, which measures lenders’ willingness to approve mortgages, is at its lowest level since 2014.“Because mortgage credit is more difficult to obtain, it is a more competitive environ
While home prices are quickly rising to the point of pricing out some buyers, low mortgage rates have helped to offset some of those higher prices.The median home price of single-family homes and condos in the first quarter of this year was still more affordable than the historical averages of 52% of the 552 counties analyzed by ATTOM Data Solutions. However, that figure is down from 63% in the first quarter of 2020 and from 95% in the first quar
The median age of the nation’s owner-occupied housing stock is 39 years. An area’s age of housing could be an important measurement for the real estate market.As Na Zhao, senior economist at the National Association of Home Builders, explains on the association’s Eye on Housing blog: “The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will r
The pandemic may be shifting consumer preferences about what makes the best investment. A new study from the Federal Reserve Bank of New York asked respondents to rate which is a better investment: a home or a financial asset such as stocks?Ninety percent of respondents chose owning a primary residence over investing in the stock market. Additionally, more than 50% of survey respondents say they preferred to own a rental property over purchasing
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Across the Midwest, farmland prices are rapidly climbing, fueled by a recent rally in grain markets and low interest rates, The Wall Street Journal reports. Prices are rising even higher than the previous farm boom about a decade ago.Farmland values increased during 2020 as higher grain prices buoyed revenue for farmers. Land prices in the region that covers parts of Illinois, Indiana, Iowa, Michigan, and Wisconsin saw a 6% increase las
Pending home sales dipped for a second straight month in February, the National Association of REALTORS® reported Wednesday. Each of the four major U.S. regions witnessed month-over-month declines last month, while results were mixed in the four regions year-over-year.The declines come not from a cooling market, but from a red-hot one in which inventory is scarce. “The demand for a home purchase is widespread, multiple offers are prevalent, an
A bridge loan may help your buyer fund their next home before completing the sale of their current home. Essentially, it’s a way to take out a loan against their current home to make a down payment on a new home. This temporary loan is helping some buyers be able to waive a contingency for the sale of a home in a bidding war for a home and help their offer stand out more to the seller.After all, some sellers who are juggling many offers for the
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