Smart Home Technology, Home Offices Important to First-Time Buyers
First-time millennial buyers were more likely to want a garden, smart home technology and a main bedroom with a walk-in closet.
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Builder Confidence Dips as Inflation Concerns Loom
The report found that the cost of building materials rose 15.9% in 2021 and have increased 18.6% since December 2020.
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Homeownership More Affordable Than Renting in 58% of Counties
Despite home prices rising in 88% of counties, it still remains more affordable to buy a home than rent.
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Demand for Second Homes Remains Strong
The demand for second homes was up 77% from pre-pandemic levels in December.
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Biggest Challenges Facing the Market in 2022
For 2022, expect home prices to raise 2.9% nationally, with Pennsylvania home prices expected to rise 3.5%.
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Appraisal Changes Coming for Fannie Mae Loans
Appraisers will be required to use American National Standards Institute – or ANSI – Measuring Standard for measuring, calculating and reporting gross living area and non-GLA areas of properties requiring interior and exterior inspections on loans sold to Fannie Mae.
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Pennsylvania’s Housing Prices Up 14% in 2021
The median price in December 2021 was $194,637, up about 9% compared to $178,475 in December 2020.
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Commercial Real Estate Market Predictions for 2022
Demand for multifamily units is expected to continue to rise, while retail and industrial will remain stable. Office demand will see a slight decrease.
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National Radon Action Month Is a Reminder to Check Levels
Exposure to high rates of radon can lead to future problems, like lung cancer.
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Aid Available for Homeowners with COVID-Related Financial Troubles
The application process will open via the Pennsylvania Housing Finance Agency on Feb. 1.
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