Dozens of raging wildfires in the West are threatening to send lumber prices soaring again. Lumber prices had been cooling in recent weeks, giving builders—and, ultimately, new-home buyers—hope for more affordability. Remodeling costs also were set to benefit. But the relief may be short-lived, as lumber producers are warning price hikes are on the horizon if the Western wildfires aren’t...
Competition for condos is growing fierce, as most are selling above list price and in a record 22 days, according to a Redfin analysis of nationwide MLS data and public county records. Additionally, existing condo and co-op sales in June surged nearly 57% year over year, the National Association of REALTORS® reported Thursday. Nearly 42% of condos sold above their asking price—more than double the rate...
Posted by Tristan R. Pettit, Esq. in Fair Housing / Discrimination, Protected Classes, Screening Tenants I am often asked whether or not a landlord is able to legally decline to rent to a tenant that is receiving "rent assistance." I believe that the primary reason that landlords are unsure of the answer to this question is because Wisconsin's Open Housing Act (Sec. 106.50, Wis. Stats.) prohibits a...
Plants can help brighten indoor spaces and may offer other mental and physical health benefits. As such, it’s no surprise indoor plants are one of the favorite accessories of home stagers. Research has linked indoor plants with reduced stress, increased productivity, and improved quality for the home’s air. Some of the most effective house plants to improve the air quality are areca palms, Boston...
Homebuilders started on more homes at the end of the year, up by double-digit margins and the highest construction numbers since September 2006. But rising lumber prices and increasing regulatory costs pose risks to future production, the National Association of Home Builders notes. Overall housing starts, reflecting single-family and multifamily construction, rose 5.8% in December 2020 to a seasonally...
All net household growth over the next two decades will be from minority households, a new report released from the Urban Institute finds. Between 2020 and 2040, researchers project about 16.1 million net new households will be created. In that time period, Hispanic households are expected to increase by 8.6 million, Black households will grow by 3.3 million, and households of other races—mostly Asian...
For nearly a year, mortgage rates have remained near historic lows. The 30-year fixed-rate mortgage fell this week to average 2.77%, Freddie Mac reported. Its lowest average on record was 2.65%, recorded earlier this January. “We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher,” says Sam Khater, Freddie Mac’s chief economist. “However, we...
Joe Biden was sworn in as the 46th U.S. president on Wednesday, taking the reins in the nation’s response to the COVID-19 pandemic and the ensuing economic shakeout, a deeply divided country, and a host of other challenges. But he’s already signaled that several real estate issues are on his administration's to-do list. The National Association of REALTORS® applauded Biden's inaugural speech that...
A new housing report shows 73.9 million Americans reside in a community with a homeowners association or condominium board. That is more Americans than ever, according to the Foundation for Community Association Research. California now leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with...
As more work is done remotely, some Americans are deciding to make an early move to their retirement locale. Many employers are offering employees the option to work from home for the rest of the year due to the COVID-19 pandemic, and some have adopted remote work as a permanent option. Freed from the bounds of a commute, many older Americans are deciding to move now. “The pandemic was unexpected,...
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