How the Real Estate Market is Changing
NAR’s Dr. Jessica Lautz joined PAR President Christopher Beadling for a webinar on current housing demographics, discussing the changing market and how NAR is tracking housing statistics for members.
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Consumers Report Spending $92 Monthly on Landscaping Costs
Generation Z reported spending the most at $117, followed by millennials at $97 and then Generation X at $66.
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Pittsburgh Named Third Best City for Remote Workers
“Pittsburgh has a bright future with the growing presences of top employers in tech, advanced manufacturing and robotics,” said Patrick McGregor, a manager at Coworking Cafe. “While remote work is associated with a more nomadic lifestyle, it’s important to note that many remote workers are stationary and are simply working from home. And as many companies consider hybrid work schedules as more long-term working solutions, being close to headquarters or a regional office will be a benefit to employees and job seekers. Pittsburgh’s growing economy and low unemployment rate make it an attractive option for job seekers looking to work remotely.”
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PHFA’s Pennsylvania Homeowner Assistance Fund Increases Cap on Assistance
According to PHFA, there has been an increase on the maximum amount of assistance for those eligible for the Pennsylvania Homeowner Assistance Fund. Thanks to money from the American Rescue Plan Act, the cap has risen from $30,000 to $50,000.
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Active Listings Up 33.5% Year Over Year
According to Realtor.com®’s Monthly Housing Trends Report for October, the number of active listings across the U.S. rose 33.% year over year, representing 189,000 more houses on the market compared to last October.
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How to Further Fulfill Your Fiduciary Duty While Avoiding Lawsuits
An agent’s fiduciary duty includes properly guiding and advising clients by utilizing their current skills and knowledge to the best of their ability, as well as seeking out new tools and solutions that may better serve their clients.
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New Agents Cite Biggest Challenge Is Finding Leads
The majority of all Realtors® said they wish they had known more about lead generation when they first started in the business.
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Pennsylvania Home Prices Up Slightly, Sales Down in October
Median existing home sales prices rose slightly last month to $210,132, which is up 9.5% year over year, but down from this year’s high of $219,154 in July.
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Percentage of First-Time Buyers Falls
The average age of the first-time homebuyer rose, from 33 years old to 36 years old, an all-time high.
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Percentage of Homeowners Considered Equity-Rich Sees Boost
In the third quarter of this year, 48.5% of homes with a mortgage were considered equity-rich, which means that the loan balance remaining on the mortgage is not more than 50% of the home’s estimated market value. This is an increase from the second quarter, when it was 48.1% and an increase of 9% year over year.
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