Here's this week's roundup of news and resources, just for you.
Quick takeaways:
Climate concerns cause natural gas bans for home use while battles ensue.
Some housing markets are hotter than others -- but none are languishing.
What Realtors need to know about generational differences in home buyer preferences.
Do declining production and profits spell the end of the mortgage boom?
The median gross income for Realtors fell $6,000 in 2020 from the prior year.
Read on for our coverage.
Battle Brews Over Banning Natural Gas in Homes
Major cities across the U.S. are raising concerns over the effects natural gas used in homes for cooking and heating may have on the environment, with many cities wanting to phase out the use altogether, in an effort to combat climate change. Some states have proactively outlawed the prohibition, claiming it to be too restrictive and costly. 1
While the Market is Still Hot, Here's Where Homes Are Selling the Fastest... And Slowest...
Homes across the U.S. sold an average of three weeks faster in April than the same time last year, with some cities showing quicker turnover than others. Yet even where sales are slower, the average home is still taking roughly the same amount of time to sell as it did a year ago. 2
From Millennials to Baby Boomers, Home Buyer Preferences Differ by Generation
The NAR's generational trends report reveals that each generation is seeking something different in a home, with some similarities. And despite an increasing reliance on the internet to help homebuyers manage the process, they still seek the help of Realtors to find the right property and negotiate the terms of the sale. 3
Decreasing Production and Profits May Indicate a Weakening Mortgage Market
The National Association of Realtors® annual Member Profile, a report that takes a deep dive into members' business activity and demographics, cited that the median gross income for Realtors was down last year as compared to 2019, even though 2020 recorded the highest number of homes sold in over 14 years. Lack of inventory was identified as the biggest contributing factor. 5
Have any questions? Reach out to us. We are your home loan experts and are up to date with all the market industry information. kevnik@kevnikmortgage.com
Sources: 1 realtor.com; 2 realtor.com; 3 mpamag.com; 4 housingwire.com;
5 kqfinancialgroupblogs.com - www.nar.realtor
