Weekly News Roundup Sellers Lower Home Prices Research, conducted by Redfin, showed that across the United States, 6.4% of home sellers have cut their asking price, which is the highest percentage since November 2022. The median asking price dropped roughly $3,000 to $416,623 in the last week, the first decline in six months. Additionally, for-sale…
Weekly News Roundup Las Vegas Condo Projects on the Rise Developers in the Las Vegas area have long emphasized building single-family homes, taking advantage of the once-vast tracts of developable land. But that is changing as wealthy locals and out-of-state buyers increasingly choose to purchase condos. Many transplants to the state income tax-free state don’t…
Weekly News Roundup High Interest Rates Freeze Residential Real Estate A “trifecta” of bad news on the housing market came out this week: Sales of new homes fell 4.7% in April from March. Sales of existing homes dropped by about 2%. And in May, homebuilder sentiment fell sharply into officially “bummed out” territory. It was…
Weekly News Roundup San Francisco Troubles & Bright Spot The city’s downtown core remains in recovery as office vacancy sits at all time highs due to remote work and tech layoffs, while deteriorating conditions and concerns about crime have taken some luster from San Francisco’s soaring glass skyline. Meanwhile, the city’s Jackson Square neighborhood, a…
Surging Rental Home Construction Developers are building new houses for rent at an unprecedented rate, aiming to capitalize on the steep home prices and higher mortgage rates that are forcing many Americans to keep renting. In 2023, 93,000 new single-family homes for rent were completed, according to estimates from housing consulting firm John Burns Research…
E-Commerce Supporting Retail Real Estate Store owners once viewed e-commerce as a mounting threat to their survival. Now, more bricks-and-mortar stores are thriving after integrating their properties with the online shopping experience. Shoppers browse in person to see, touch or try on items before ordering them online. They are picking up or returning purchases in…
Crackdown on Wall Street Real Estate New legislative proposals represent an attempt by elected officials to regulate Wall Street’s appetite for single-family homes. These lawmakers say that investors that have scooped up hundreds of thousands of houses to rent out are contributing to the dearth of homes for sale and driving up home prices. They…
Weekly News Roundup Investment Announcement We are negotiating the purchase of a compelling multifamily property in South Carolina after beating out higher bids. We spent many months looking for an ideal property to take advantage of ongoing migration and housing shortage trends. More information will be coming. Please email us to indicate interest in receiving…