Top Current Real Estate Trends in the World,June 2021.
1. Homes are selling at breakneck speeds:
- It's no secret that inventory is low and demand is high, creating one of the most competitive housing markets our country's ever seen. But on the ground, the sense of urgency is real. According to data from real estate brokerage Redfin (NASDAQ: RDFN), the average house is selling in a mere 18 days. That's down a whopping 17 days from the same time last year, the fastest pace ever recorded. Many homes are selling even quicker too. In fact, 58% of listings are under contract in two weeks, and 45% are under contract in just one. Unfortunately, it seems like those conditions aren't letting up anytime soon. Here's how Daryl Fairweather, chief economist for Redfin, put it: "The housing market has gone from one extreme -- the onset of the pandemic, to another -- the rush to buy primary and second homes while mortgage rates remain near historic lows … This home sale boom is nowhere close to over."
- The Centers for Disease Control (CDC) has extended the national eviction ban through at least June 30, but property managers and Realtor groups aren't taking it lying down.In late May, Florida Realtors -- one of the largest Realtor trade associations in the country -- filed suit against the CDC, claiming it overstepped its bounds in banning evictions across the country. It also took aim at the CDC's lack of landlord protections during the pandemic. "The CDC's order does not relieve landlords from their obligations to pay property taxes, make their own mortgage payments on rental properties, or provide maintenance and upkeep necessary to comply with applicable laws or regulations," the suit says. "Congress has spent trillions of dollars addressing COVID-19. It could have provided landlords with direct assistance to address the severe and, in some instances, dire effects on landlords when tenants no longer pay rent but cannot be evicted for breaching their leases. Congress chose not to do so." The claim is just one of many currently lobbied against the government agency, as well as those who lead it. Another one -- this time filed by Realtor associations in Georgia and Alabama -- is currently in the appeals process.
2. The CDC is getting pummeled with lawsuits;
3. Foreclosures and delinquencies are dropping;
With various foreclosure bans and mortgage forbearance options still available, this one's not a huge surprise, but both foreclosure filings and mortgage delinquencies have slipped. According to ATTOM Data, foreclosure filings dropped 1% from March to April and are now down 17% over the year. A mere 3,700 foreclosure starts commenced in April -- a record low for the stat.Simultaneously, mortgage delinquencies have dropped 7.11% month over month.
4. Housing affordability is on the downslide;
5. The new administration is setting its sights on housing;
Real estate trends are always in flux. Want to stay on top of these latest trends and happenings? Check back here every month for updates!
As the sector grows, it’s witnessing new trends due to the clientele changing its preference and international firms creating demand for something that is of world-class standard. Serviced offices are slowly gaining popularity due to the growing SMEs and as the dynamics of office space design and demands continue to unfold, more developers are offering semi-fitted offices by providing facilities such as partitions and kitchen cabinets. In a bid to reduce operating costs and provide a safe and healthy environment for workers, developers are increasingly employing green building technology as it has also been proven to increase employee productivity.
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