Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Real Estate

NAR: HereÕ what homebuyers really want

A third of buyers are focused on heating and cooling costs

When it comes to buying homes, most Americans are pretty unexceptional. The most in-demand properties are single-family homes, often in the suburbs, with three bedrooms and two bathrooms.

That’s according to a new report from the National Association of Realtors that put the median age of homes sold at about 27 years and the median size at 1,900 square feet. The data comes from a 129-question survey filled out by nearly 7,200 people who bought a home between July 2017 and June 2018.

While 86% of the market was existing home sales, it wasn’t necessarily driven by a love of old-fashioned architecture. About 63% of buyers cited either “better price” or “better overall value” as their reason for purchasing an older home. Only 21% attributed their choice to “more charm and character.”

Most of those who bought a new home were seeking to steer clear of unwanted chores. About 38% of new-home buyers said they wanted to “avoid renovations or problems with plumbing or electricity” and 31% cited the “ability to choose and customize design features” – another way of saying they didn’t want to renovate.

When asked about “environmentally friendly features considered very important,” 33% cited heating and cooling costs while 29% cited energy-efficient windows, doors and siding. Only 3% cited installed solar panels.

In the transient world we live in, the median distance between new and old residences stood out: for buyers who were between the ages 28 and 38 it was 10 miles, and for buyers between 39 and 53 it was 11 miles. In other words, families with younger children didn’t want to move too far.

For buyers between 54 to 63, the median distance between homes was 20 miles, and for buyers over the age of 64, it was 30 miles.

Just over half of buyers surveyed, 51%, bought in a suburb while 20% were in small towns and 13% in rural areas, according to the survey. The share of people buying in urban neighborhoods was 14%, up from 13% last year.

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

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