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The Market for Single-Family Rentals Grows as Homeownership Wanes

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The supply of owner-occupied housing in the United States has grown by 10 percent over the past five years, while rental housing has increased just 1 percent. Freddie Mac estimates the housing undersupply in the United States to be more than 275,000 homes.

“There is as much a shortage of homes in the rental market as there is in the home purchase market,” said David Howard, the executive director of the National Rental Home Council. “Demand for single-family rental housing has been on the rise, partly in response to the Covid pandemic, but also because of strong underlying demographic factors.”

The shift appeals to landlords, as well, as renters in single-family homes tend to stay longer and have lower delinquency rates. NexMetro Communities, whose 23 neighborhoods carry the shingle Avilla Homes, has seen renter retention rates increase 20 percent since early 2020. For investors and landlords, built-to-rent properties increasingly offer a higher return, one that continues to pay dividends year over year. “With so many landlords stuck with nonperforming tenants, built-to-rent offers a higher capitalization rate than property development and sales,” said Justin Abdilla, a real estate lawyer. “Why slaughter the sheep when you can shear it?”

Nicolette Boxe, an investor and real estate agent in Leesburg, Va., agrees. After years of buying and renting properties one by one, she is now building a community of two-story, three-bedroom townhouses in her hometown, DeRidder, La. The homes, which each come with an electric car port and a small backyard, will rent for around $2,000 a month. They’ll stand out in DeRidder, she said, and that’s the point.

“We’re trying to give people an urban-city feel, even in Louisiana, where people aren’t accustomed to it,” she said.

In NexMetro’s communities, surrounding Phoenix, Dallas, Denver and Tampa, “residents are primarily renters by choice,” said Mr. Hartmann, the chief executive. “They have the wherewithal to buy, but are choosing to rent because of their life stage and preference. For them, it’s a lifestyle play.”

Micaela Cullender, 22, a fraud specialist for Goldman Sachs, chose the Avilla Heritage community in Grand Prairie, Texas, near Dallas, after noise from neighbors in her apartment building became intolerable while she was working from home. She and her fiancé, Tate Stavenhagen, were going to buy a home after getting married. After living at Avilla, where they have 10-foot ceilings and quartz countertops, they are planning to build a home with amenities on par with those of their rental.

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Mortgage rates may spike 30% next year

Mortgage rates may spike 30% next year, according to a new forecast

As if the housing market weren’t complicated enough these days, the Mortgage Bankers Association says higher rates are on the way—and homebuyers at the end of 2022 could be paying nearly 30% more for a 30-year fixed-rate mortgage.

A new survey from the MBA predicts 30-year rates, which hit record lows last July, will average 4% by the fourth quarter of next year. (That compares with 3.1% now.) It doesn’t look to be a short-term increase, either. Heading into 2023, rates could potentially go as high as 4.3%—a 39% jump from where they are today.

Source: https://finance.yahoo.com/news/mortgage-rates-may-spike-30-160021820.html

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Real Estate Agent News: Should you use a Realtor or list your home yourself?

Summary of the Article

Statistics show that selling your home with a Realtor could bring in a higher … Your local agent has a professional working knowledge of the contract …

Article

Homeowners know their homes better than anyone. That fact leads sellers to contemplate using a Realtor or choosing to do For Sale by Owner (FSBO).

Statistics show that selling your home with a Realtor could bring in a higher profit. According to the National Association of Realtor’s 2013 Profile of Home Buyers and Sellers, the FSBO sales price was $174,900, while the average price for a home represented by an agent was $215,000, a difference of $40,100.

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first published: 2015-03-10 17:26:15

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Real Estate News

Real Estate Agent News: Study: Millennials buying the most homes nationwide

Summary of the Article

But they turn to a person — a real estate agent — to buy their home. Millennials use agents the most, the survey found. DeMasi covers real estate, …

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Michael DeMasi
Reporter- Albany Business Review
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Millennials — that much-hyped group of young adults variously described as lazy, selfish, progressive and/or civic-minded — have another defining characteristic, according to a study released today: budding homeowners.

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first published: 2015-03-10 16:30:00

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Real Estate News

Real Estate Agent News: NAR Generational Survey: Millennials Lead All Buyers, Most Likely to Use Real Estate Agent

Summary of the Article

WASHINGTON – March 11, 2015 – (RealEstateRama) — Despite the economic and financial challenges young adults have braved since the …

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WASHINGTON – March 11, 2015 – (RealEstateRama) — Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers.

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first published: 2015-03-10 14:37:30

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Real Estate News

Real Estate Agent News: Home sales, prices rise in Feb.; so do hopes for spring

Summary of the Article

Despite the snowiest and second-coldest February on record, Toledo area real estate agents closed on 322 sales last month, an increase of 26 …

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Published: Wednesday, 3/11/2015 – Updated: 3 hours ago

Home sales, prices rise in February; so do hopes for spring

BY JON CHAVEZ
BLADE BUSINESS WRITER

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first published: 2015-03-10 03:56:15

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Real Estate News

Real Estate Agent News: Time to eye property valuations

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Property owners who disagree with the valuation have until April 28 to … Realestate agent Pat Lairson said she explains Arizona’s valuation system to …

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Arizona residential property values are on a 14-year cycle, according to Pinal County Assessor Douglas Wolf. 2007 was a peak year, and 2014 was apparently the lowest part of the trough.

Now, he said, values are climbing back toward what is presumed will be another peak in 2021.

The Assessor’s Office sent out the 2016 Notice of Value statements Feb.

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first published: 2015-03-10 01:07:30


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Real Estate Agent News: Getting the Most Out of Your Home Inspection

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Many home inspectors are recommended by a buyer’s real estate agent, which can come in handy if you’re pressed for time. But if you’re looking to …

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For a first-time home buyer — and even for repeat buyers — hiring a home inspector can be a last-minute task the buyer is unprepared for.

Depending on the seller, you may have only a few weeks to find, schedule and get a report from a home inspector to show what types of problems a home might have.

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first published: 2015-03-07 22:30:00

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Real Estate Agent News: Homes ‘flying off the shelves’ in early spring buying

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Leslie Sargent Eskildsen is an Orange County real estate agent. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com. Her website is …

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Spring has hit Southern California sooner than expected, and well in advance of what the groundhog predicted, as it pertains to the local real estate landscape.

nkripp leslie102014croppedYou do know that spring is the busy season for home sales, right? Typically, more homes sell in the March-to-June time frame than any other time of the year.

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first published: 2015-03-07 13:30:00

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Real Estate Agent News: On the House: In real estate, it isn’t easy figuring out what’s green

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And I realize that some real estate agents acknowledge the value of solar in lowering utility costs but question the aesthetics and whether enough …

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Alan J. Heavens, Inquirer Real Estate Columnist

Posted: Sunday, March 8, 2015, 3:00 AM

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I wrote about green building a few weeks back, and about how some studies show that houses with sustainable features sell for 10 percent to 14 percent more than comparable houses without them.

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first published: 2015-03-07 06:56:15