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The Housing Market May Be Hitting Bottom
/in National /by Tracy WillisFrom April to May, pending home sales rose 8% according to the National Association of Realtors. Economists had projected a !% decrease. The housing marking is attracting buyers due to falling mortgage rates, which fell below 3%. All regions of the country saw an uptick in sales. Economists predict that the market will slowdown in the 2nd half of 2021, citing the flattening in mortgage demand over the past couple months. The Mortgage Bankers Association’s data backs up the prediction. Buyers are facing challenges with the average loan size increasing. Many first-time homebuyers are squeezed out of the market due to entry-level homes for sale.
Eviction Moratorium Continues Through July
/in National /by Tracy WillisThe pandemic-inspired nationwide ban on evictions is hanging around for a while longer. The Supreme Court rejected pleas by landlords to end the moratorium with a 5-4 vote to keep the pan in place. The ban is due to expire at the end of July and another extension isn’t expected. In addition, the Treasury Department issued guidance encouraging a streamline distribution of the near $47 billion available for emergency rental assistance. The government is attempting to blunt the impact of the end of the eviction moratorium.
Outdoor Living Spaces Tip the Scales
/1 Comment/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisOutdoor living spaces are a tipping point for homebuyers. Buyers are looking to entertain family and friends in pandemic-proof ways. Home owners want access to golf courses, larger yards, attractive landscaping, and outdoor rooms. Previously buyers may have bought a cabin in northern Michigan, but now they want everything just steps away. People are focusing on updating and upgrading their outdoor spaces as much as their indoor spaces. Lakefront property is hot right now. Listed lakefront houses and condos are on the market for about 18 days.