An overcharged housing market is keeping aisles full at Home Depot and the company reported sales that blew past Wall Street expectations Tuesday.
“We’re still seeing big gains in the outlying areas because they have the inventory and, for the prices, we have a great portion of the area population that can afford homes there.”
Many would-be homeowners, particularly first-timer buyers, have met with frustration during the pandemic because of a low number of homes for sale and consistently rising prices.
After a full year of working and schooling from home—and with many employers considering whether to continue remote work arrangements even after the pandemic is under control—living space is at a premium.
CAAR leaders say planned growth areas need to be increased in size and zoning changes made to allow new construction that will meet the needs of moderate-income residents, especially in the wake of societal changes fostered by the pandemic.
A year ago, we were in a very different place: The COVID-19 pandemic was just beginning, but the real estate market had been running hot. With interest rates and housing inventory near historic lows, most areas of the country were in a solid seller’s market, and most homeowners were enjoying watching their home values appreciate, with their home equity growing (in some locations) by leaps and bounds.
For decades, metropolitan areas throughout the U.S. have invested in high-density housing—building more apartment buildings, condos, and other multi-unit complexes.
Document recommends taxes of fees to cover investment, radical zoning changes.
Despite decades of record-setting home sales, owning a home has become increasingly difficult for the average worker. Mortgage interest rates are historically low, yet hourly earnings have failed to keep pace with rising housing costs
Investment in single-family homes has been on the decline for several decades. However, migration shifts and urban density concerns brought about by the COVID-19 pandemic could reverse this trend in the future.
As residents of some cities are being priced out of their own neighborhoods, property values in other cities have hardly changed.
The mass transition to remote work during COVID-19 is reinforcing a trend that has been gaining momentum in recent years—namely, many people fleeing expensive cities in favor of more affordable locations.
The demand for manufactured housing has fluctuated over time, often coinciding with changes in borrowing requirements for mortgage applicants.
How far might home sales fall? And how long might transactions remain depressed? As with most questions about the coronavirus crisis, the answers hinge on the duration and the severity of the COVID-19 outbreak.
For the University of Virginia to support affordable housing in Central Virginia could be a game-changer. Not only because of the amount of affordable housing that would be added, but also because the proposal is a departure from the usual role envisioned for a university.
Central Virginia localities hope to bolster the supply of below-market housing stock and improve existing units.
Affordable housing continues to be a key component in providing a successful path to self-sufficiency for area residents. That seems to be one of the key takeaways from a recent report to the Charlottesville Regional Chamber of Commerce. A full-time employee earning minimum wage could not make it in Charlottesville.