Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

There are too many big houses on the market, and it’s a problem

Blame the Boomers. They built massive retirement dream homes, and now no one wants them

There are scores of huge homes across the Southern U.S. that are simply sitting on the market, and sellers are settling for massive price cuts in order to move on with their lives.

What gives? Blame the Boomers.

According to a recent article in The Wall Street Journal, hordes of retirees with easy access to credit built their late-in-life dream homes across the Sunbelt in the early 2000s, only to discover that these huge, high-maintenance abodes didn’t exactly make for ideal living in their Golden Years.

But now, the style is out of date – and the price out of reach – for many of today’s home shoppers.

“These days, buyers of all ages eschew the large, ornate houses built in those years in favor of smaller, more-modern looking alternatives, and prefer walkable areas to living miles from retail,” the WSJ noted.

Areas with large retiree populations are feeling the pinch quite acutely, with the WSJ pointing to North Carolina’s Buncombe County; Scottsdale, Arizona; and Kiawah Island in South Carolina as examples of markets glutted with high-end homes that aren’t moving.

But things aren’t likely to turnaround any time soon.

The WSJ said the problem is expected to worsen in the 2020s as more Baby Boomers reach their 70s and 80s, an age where people typically exit homeownership.

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3d rendering of a row of luxury townhouses along a street

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