Here's this week's roundup of news and resources, just for you.
Quick takeaways:
COVID has had a real effect on where Americans want to live.
Extreme weather is a driving force behind where homeowners choose to buy.
A construction boom is unlikely to happen ─ just like the previous economic expansion.
The recent paint shortage is putting a halt on home improvement projects.
Listing photos are of the utmost importance, with a majority of people using the internet in their home search.
Read on for our coverage.
Pandemic Gives Way to Americans Relocating
While the number of people moving in the U.S. has been on the decline since the '80s, the COVID-19 crisis has caused a shift. Americans are now moving more often than they have in the past 30 years, and a key factor for the change is the ability to work remotely. With remote jobs often equating to higher income and the ability to live anywhere, people are now beginning to relocate to places they really want to be. 1
Inclement Weather Has Homeowners on Alert
In a recent survey, 68% of homeowners said they take locations that experience extreme weather into consideration when choosing a place to live. Tornadoes, hurricanes, and blizzards topped the list for severe weather that is most concerning to people.
The most popular ways people prepared for the weather was by charging phones, buying non-perishable food and canceling plans/preparing to stay indoors ─ spending an average of $150 for these preparations. The survey was conducted by Helitech, a waterproofing and foundation repair firm. 2
No Housing Construction Boom Without Aid From Government
Learning from past mishaps, don't expect a surge in new home construction unless the federal government steps in. During the previous economic expansion that began in 2008 and ended in 2019, "build more homes" was the mantra. However, that expansion was the weakest housing recovery in history due to overdevelopment. The housing boom became a bust. Trends show new housing demand will remain steady for the next several years, however, a construction boom will not happen unless the government provides deficit financing when the new home sale market weakens. 3
Paint Becoming as Scarce as Lumber
Paint products are flying off the shelves, but they aren't being replenished due to COVID-19 restrictions and a winter storm that hit Texas back in February. With many of the raw materials used to make paint coming from that state, it's having a real effect on the paint supply chain. And thanks to the surge in remodeling projects, finding paint is becoming an expensive issue for many Americans wanting to tackle home improvements. 4
How to Make Listing Photos Stand Out From the Crowd
With 97% of people searching for a house via the internet, according to the NAR's 2020 Profile of Home Buyers and Sellers report, a solid online presence is more important than ever. If you want your house listing photos to look their very best, Apartment Therapy suggests removing tall vases, small rugs and mismatched lightbulbs. 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 mpamag.com; 2 magazine.realtor; 3 housingwire.com;
4 magazine.realtor; 5 magazine.realtor
