Source: Realtor.com
From extra bedrooms and bathrooms to more overall square footage, homes have been growing over the years, according to the U.S. Census Bureau's 2016 Characteristics of New Housing report.
In 1978, more than half of new single-family homes sold had three bedrooms and two bathrooms. By 2016, half of new home buyers closed on had four or more bedrooms. The largest share of homes sold, 40 percent, had three or more bathrooms while 31 percent had 2.5 baths.
The overall square footage of homes has been rising as well.
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Wednesday, August 30, 2017
Wednesday, August 23, 2017
Wednesday, August 16, 2017
Solving the housing crisis with cheap ‘granny flats
Source: Business Insider
A startup out of Los Angeles wants to bring small, pre-fabricated living spaces ranging in size from 300 to 1,200 square feet into the backyards of the country's hottest real estate markets. Cover, is a technology company that plans, designs, and manufactures backyard studios, in-law units, home offices, and guest rooms — collectively known as accessory dwelling units (ADU) — using machine learning and methods borrowed from the aerospace and automotive industries. The company’s long-term goal is to increase the housing supply in cities where the cost of living has become prohibitive, in the hopes of driving market prices down. In January, legislation went into effect in California that makes it easier and cheaper for homeowners to build ADUs. The state hopes to see the housing stock climb as a result. If a homeowner is interested in putting an ADU on their property, they can fill out a survey of 50 to 100 questions, which covers everything from land type to cabinet finishes. For a one-time fee of $250, an algorithm gathers information on zoning and build codes in the area and returns multiple design options that meet the needs of the owner as well as city requirements.
A startup out of Los Angeles wants to bring small, pre-fabricated living spaces ranging in size from 300 to 1,200 square feet into the backyards of the country's hottest real estate markets. Cover, is a technology company that plans, designs, and manufactures backyard studios, in-law units, home offices, and guest rooms — collectively known as accessory dwelling units (ADU) — using machine learning and methods borrowed from the aerospace and automotive industries. The company’s long-term goal is to increase the housing supply in cities where the cost of living has become prohibitive, in the hopes of driving market prices down. In January, legislation went into effect in California that makes it easier and cheaper for homeowners to build ADUs. The state hopes to see the housing stock climb as a result. If a homeowner is interested in putting an ADU on their property, they can fill out a survey of 50 to 100 questions, which covers everything from land type to cabinet finishes. For a one-time fee of $250, an algorithm gathers information on zoning and build codes in the area and returns multiple design options that meet the needs of the owner as well as city requirements.
Wednesday, August 9, 2017
America’s declining mobility has millennials feeling stuck
Source: Curbed LA
According to the latest data from the U.S. Census Bureau, the percentage of Americans moving over a one-year period fell to an all-time low of 11.2 percent last year (domestic migration shrunk in half since 1965). The drop is particularly prevalent among millennials. New survey data from the Pew Research Center found that 25- to 35-year-olds are relocating at much lower rates than the previous generation. Last year, 20 percent of millennials moved sometime in the last year. When older generations were the same age as millennials now, they moved at higher rates: Gen X was at 26 percent, as was the generation between 1925 and 1942. According to data from Moody’s Analytics and First American Financial Corporation, median homeownership tenure—the average time someone stays in their home—just rose to 8.5 years, the highest they’ve seen since they began collecting data in 2008. And right now, especially in hot metro markets like San Francisco and New York, houses move at lightning speed. Redfin found that the average U.S. home went under contract in just 49 days in March, the fastest time on record since Redfin began keeping data in 2010.
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According to the latest data from the U.S. Census Bureau, the percentage of Americans moving over a one-year period fell to an all-time low of 11.2 percent last year (domestic migration shrunk in half since 1965). The drop is particularly prevalent among millennials. New survey data from the Pew Research Center found that 25- to 35-year-olds are relocating at much lower rates than the previous generation. Last year, 20 percent of millennials moved sometime in the last year. When older generations were the same age as millennials now, they moved at higher rates: Gen X was at 26 percent, as was the generation between 1925 and 1942. According to data from Moody’s Analytics and First American Financial Corporation, median homeownership tenure—the average time someone stays in their home—just rose to 8.5 years, the highest they’ve seen since they began collecting data in 2008. And right now, especially in hot metro markets like San Francisco and New York, houses move at lightning speed. Redfin found that the average U.S. home went under contract in just 49 days in March, the fastest time on record since Redfin began keeping data in 2010.
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Wednesday, August 2, 2017
CA among top three markets for foreign commercial buyers
Source: Dallas Morning News
Florida and Texas were the top markets on foreign real estate investors shopping lists in 2016. The National Association of REALTORS® said 20 percent of its commercial real estate members closed a sale last year involving foreign buyers. Florida, Texas and California were the most popular markets for offshore buyers acquiring small properties for either investment or use, the REALTORS® found in their annual commercial real estate survey. "Nearly half of REALTORS® reported that they experienced a greater number of international clients looking to buy commercial space over the past five years," NAR's top economist Lawrence Yun said in the report. "Economic expansion has slowly chugged along since the downturn, but in comparison to the rest of the world, the U.S. remains one of the most attractive and safest bets for investors. There's little evidence this will change anytime soon." NAR found that most of the foreign buyers making a play in the U.S. were from China. Chinese investors accounted for 17 percent of the commercial property sales handled by Realtors.
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Florida and Texas were the top markets on foreign real estate investors shopping lists in 2016. The National Association of REALTORS® said 20 percent of its commercial real estate members closed a sale last year involving foreign buyers. Florida, Texas and California were the most popular markets for offshore buyers acquiring small properties for either investment or use, the REALTORS® found in their annual commercial real estate survey. "Nearly half of REALTORS® reported that they experienced a greater number of international clients looking to buy commercial space over the past five years," NAR's top economist Lawrence Yun said in the report. "Economic expansion has slowly chugged along since the downturn, but in comparison to the rest of the world, the U.S. remains one of the most attractive and safest bets for investors. There's little evidence this will change anytime soon." NAR found that most of the foreign buyers making a play in the U.S. were from China. Chinese investors accounted for 17 percent of the commercial property sales handled by Realtors.
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