The latest data from the NAHB revealed that the areas with the shortest commute times experienced the fastest homebuilding growth in the first quarter of 2021, with those areas posting average year-over-year growth rates of 22.2%. There are a number of factors as to why this is the case, but while longer-commute areas were losing market share, those lower-density, shorter-commute counties continued to be in high demand. The lower land pricing combined with less regulations also make these areas easier for homebuilders to meet the demand and build out quickly. “With the shift to telework brought on by the COVID-19 pandemic, housing demand continued to show the strongest gains in lower density markets in the first quarter as people have flexibility to live further out and even outside some metro areas,” said NAHB Chairman Chuck Fowke. “Given the regulatory burdens and lack of lots in higher density, higher cost markets, builders are better able to meet demand in suburban, exurban and rural areas because of the lower cost to build.”
Wellness Features Pay Off for Remodels, Sales, and New Homes
While the wellness trends in homes is heating up in our post-pandemic world, the item most likely to deliver the best return may surprise you. Zillow analyzed 220 home features across 1.4 million home sales in 2020 and found that the best way to make the most dough on the sale of your home is through a steam oven. According to the data, steam ovens led to a 4.9% increase in sale price, followed by a hot tub/sauna with 1.7%, zen gardens at 1.5% and touchless toilets at 1%. While the world returns to normal, the desire for home health features is unlikely to subside anytime soon, making now a great opportunity for builders and communities to add these features to their latest developments.
Hot Housing Market Leaves People Afraid to Trade Up
The housing market continues to set sales records and is scorching hot. This means that homeowners have seen a boom in their equity, and with mortgage rates near historic lows, it would seem that many would be cashing in and moving on up to a new home. The problem is the historic low inventory has continued to drive prices out of reach for many buyers, leaving them between a proverbial rock and a hard place. It seems unlikely that the inventory will catch up at a meaningful rate anytime soon and we likely won’t see pricing levels normalize until more homeowners decide to sell.
Short Commute Areas See Fastest Pace of Home Building
Most Common Real Estate Marketing Mistakes And How To Avoid Them
The market is hot and buyers seem to be lining up within hours of listing, making some wonder whether marketing is even necessary. However, in order for buyers to come to you in the first place, you need to differentiate yourself from the seemingly endless pool of realtors and build your brand to win new listings. Whether it’s casting too wide of a net, underutilizing social media tools, or overselling to prospective buyers, here are 13 real estate marketing mistakes to avoid.
4 ways your home’s design could actually impact your health
Interior design is more than making a room feel cozy and inviting. Now more than ever, interior designers and builders are incorporating healthy home features to appease a newly aware and risk-averse buyer pool. While flex-spaces for working and schooling at home, gyms, and outdoor spaces will remain popular, there are other features that will help bring in new buyers. Here are four ways to increase the infection prevention of a home.