Real Estate Digest – June 2019

Real Estate Industry Lacks Strategy
for Climate Change, Study Finds

1The real estate industry has been very slow in adopting new standards to deal with the growing effects of climate change, according to a new study published by the Urban Land Institute, a nonprofit research institute and Heitman, a real estate investment firm.
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Weekly Mortgage Applications at Highest Level in 9 Years

2 Rising rates are impacting homeowners who want to refinance. However, homebuyers are not pulling away from the market.

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Rents Increase as Airbnb Listings Increase

3A new study done by researchers at UCLA and the Marshall School of Business, University of Southern California, uncovered a correlation between Airbnb and city rent increases. The study aimed to apply the findings of previous research on rental prices in Boston, Mass., in determining Airbnb’s impact on U.S. rental markets overall. The Boston study revealed that as the number of active Airbnb listings in the city grew, rents increased.
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Millennials, Gen Xers Purchasing More Multi-generational Homes

4According to the National Association of Realtors’ 2019 Home Buyer and Seller Generational Trends, the number of Gen Xers and millennials purchasing multi-generational homes is on the rise. One in six Gen Xers purchased a multi-generational home with 52 percent reporting they did so because their adult children have either never left home or moved back. Older millennials seem to have more in common with Gen Xers and younger boomers with 9 percent having bought a multi-generational home to take care of parents or spend more time with their parents.
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Largest Metros Where Residents Pay Highest, Least Property Taxes

5A new study from LendingTree reveals the impact of the new tax law on U.S. homeowners. The Tax Cuts and Jobs Act, which took effect in 2018, changed how much homeowners pay in property taxes. In fact, it has dramatically shifted the amounts homeowners in the country’s largest metro areas pay in comparison to smaller areas.
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Homeowners Underestimate Remodeling Costs

6Homeowners are not realistic when it comes to estimating the true costs of home improvement projects says a new study from Discover Home Equity Loans.
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Craft Breweries Boost Local Property Values

3A new study from the University of Toledo found local craft breweries boost nearby property values. In Charlotte, N.C., alone, 21 craft breweries opened between March 2009 and October 2016, a surprising find which prompted the Toledo-based researchers to investigate how the new breweries impacted the area.
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Going Green Increases Home Prices

4A recent Zillow analysis found it pays to go green if you are trying to sell your home. Homes that feature solar energy systems sold for 4.1 percent more on average than their non-green counterparts in 2018, according to the study.
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Builder Confidence Rises, Affordability Remains a Concern

4The nation’s homebuilders enjoyed strong demand this spring. However, they continue to see potential buyers being hindered by high home prices.
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5 Tips for Selling New Construction

4Most experienced real estate agents will say selling a new construction project is significantly different from selling an existing property. In many cases, selling new construction is quite challenging and requires both perseverance and patience from the real estate agent. Read on for details.