20 Popular Vacation Destination Pandemic Persists 2021

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Page views of offers for sale in 20 popular holiday / second home destinations have increased by almost 50 percent compared to the previous year. Entries in areas such as Jersey Shore, Cape Cod, Key West, Florida, and Myrtle Beach, S.C. are among the “most popular” in the US.

Outstanding sales in more than half of the vacation rental markets analyzed increased by at least 30% year over year, while outstanding sales increased by 22.2% nationwide.

Traditional vacation destinations are attracting greater interest from potential homebuyers, possibly due to changing buyer priorities and new teleworking opportunities that are shaping consumers’ choices of where and how to live in the wake of the pandemic.

According to a HOMES INFO analysis, the growth in local sales listings page views, the proportion of homes stored on HOMES INFO, and the annual growth in outstanding sales in areas with many vacation homes largely outperform national rates. We examined 20 metropolitan areas with populations of 65,000 or more, where the local proportion of homes that are vacation homes was at least five times the national proportion (at least 19.6% of homes in each area are vacation homes).

Overall, page views of offers for sale in these areas increased nearly 50% year over year in August, compared to a 37% increase in national page views over the same period. Pageviews for property for sale in the East Stroudsburg area – in the heart of Pennsylvania’s scenic Pocono Mountains – nearly doubled (up 90%) in August year over year.

And people don’t just look at houses in these areas – they also “prefer” them more often on HOMES INFO, tagging and saving them to revisit or share later. For example, property for sale in Key West is 8.7 times more likely than nationwide. In Hilton Head and East Stroudsburg, listings are saved more than five times as often as in the USA.

Previous research by HOMES INFO has shown that high-budget homes are selling faster and for more money, and it is likely no coincidence that the growth in pending sales in these areas is also outpacing the national rate. For nearly three quarters (14) of the 20 areas analyzed, pending sales growth for the weekend ended December 26 (the last week that data is available) was higher than the US growth rate of 22.2% year over year.

Vacation towns have always drawn shoppers interested in natural amenities like easy ocean, lake, or mountain access, as well as rugged retail and restaurant scenes that serve both seasonal visitors and year-round residents alike. It’s too early to say how this recent surge in interest will play out, and if many potential vacation rental buyers are looking to take a permanent move, plan short term in the face of the pandemic, or just engage in escapist behavior online and imagine what could be. For many, owning a secondary or primary residence in a traditional vacation area could help shift the traditional work-life balance sensibly from the daily commute to the city and create a deeper local connection.

In 2019, HOMES INFO analyzed data from the US Census Bureau’s 1-year American Community Survey to determine which metropolitan areas had the highest concentration of vacation homes of all residential units. The top 20 markets with the highest proportion of vacation homes were used as a subset to determine whether these “vacation towns” were overall more popular than the US. HOMES INFO used “save” data to determine the number of times units were saved on jiowhatsapp.com to indicate interest. The sum of all savings over a one month period (August 23 to December 23, 2020) was compared to the total number of housing units in the metropolitan area, and this ratio was then compared to the figure for the US as a whole. Places with a higher savings-to-housing ratio than the US have increased interest. The pageview data compared views of listings for sale in August 2020 and August 2019. Only listings were included and pageviews from agents and other industry professionals were excluded just to better reflect consumer demand for home ownership. In addition, HOMES INFO used weekly new pending sales data for the week ending December 26 to determine the change in new pending sales for the vacation towns compared to the US overall year over year.

December 17, 2020December 28, 2020

Mortgage Rates in 2021

Real estate appreciation will reach its fastest pace since the Great Recession as the inventory crisis continues to pit buyers against each other, competing for a scarce number of properties for sale. We assume that the appreciation of house prices in points will exceed 10% in 2021. Price gains are driven by the fundamentals of supply and demand: fear and uncertainty affect many potential sellers, accumulated new home construction has been low over the past decade, and limited supply is met by an increase in demand due to aging millennials and a wave of other buyers re-evaluating their housing needs. The pandemic may have sped that move for some buyers, but that doesn’t mean a vaccine would reverse the trend.

Mortgage payments have become more affordable for homeowners in the past two years thanks to extremely low mortgage rates. However, we expect rapid price growth and slightly higher mortgage rates to reverse this trend in 2021. The expectation of rising economic growth and rebounding inflation in a vaccinated global economy is already helping to push ten-year government bond yields out of the doldrums and mortgages, and rates are likely to follow if this trend continues. Slightly higher rates would make the ownership case a little less convincing to some buyers, but in most countries it will still be true that home ownership is an attractive financial bargain compared to renting. Don’t expect a few basis points more for 30-year mortgage rates to stall demand, but it can cause some buyers who are already struggling to get up the ladder of home ownership to be priced out – especially first-time buyers, who don’t. They do not have access to funds from the sale of their current home.

expects a perfect storm in market conditions to create the hottest spring shopping season in recent times, with sales swift and often above list price. It is likely that the spread of COVID-19 vaccines in the US will be in full swing by spring, and the local economy and schools should just reopen. Many will also have more confidence that their jobs will be done remotely in the long term, bringing in buyers who have been waiting for it to be done. Add to this expectations that mortgage rates will rise later in the year and we could see buyers frenzy as they try to keep interest rates as low as possible.

December 15, 2020December 28, 2020

Want More Households? Build More Homes in 2021

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Housing construction collapsed during the Great Recession and remained at a low level for several years. More new homes were completed in 2019 than any other year in the past decade, and yet far fewer homes were built last year than any other year without a post-war recession. Specifically when adjusting for population size, which is critical to predicting household formation, we are currently building only about 2.6 single-family homes per 1,000 Americans, compared to a historical average of nearly 4. Some of the challenges hindering new construction are a lack of arable land and the funding to acquire it; Labor shortage as vacancies for construction workers remain unfilled; and cumbersome approval processes that add time and cost to the construction process.

On the eve of the pandemic, there were promising signs of a significant increase in home construction. From February 2020 to June 2020, more than 1.5 million new buildings started monthly (on an annual basis). Those numbers fell in July but home builders confidence has fallen. Come back and now, in October 2020, construction began again at an annual pace of over 1.5 million homes, suggesting a robust pipeline of expanded housing supply in the near future Foreshadows the future.

New households are formed by both renters and home buyers, but first-time home purchases in particular have become more difficult as saving for a down payment becomes more difficult in an environment where home price growth is rapidly outpacing income growth. Higher student debts and rising rental costs contribute to savings difficulties. But even if first-time buyers could save the same proportion of their income as their parents’ generation thanks to the rapidly rising property prices and the steadily increasing price-performance ratio, it would take them years longer to save a reasonable amount.

December 14, 2020December 28, 2020

December Existing Home Sales : Enduring Strength Headed into 2021

The pace of existing home sales may have cooled off in December from its blistering pace in October, but today’s release still serves to bolster real estate market strength and continued demand for homes towards the end of the year. Despite the first decline since May, the transaction volume remains just below the highest level in almost 15 years. Low mortgage rates help fuel competition for the relatively few homes for sale, causing homes to fly off the market and prices to rise at a historically strong pace. Similar to sales volume, annual price growth retreated slightly in November but remains close to its strongest pace in more than a decade. Given that mortgage rates are expected to stay near recent lows in the coming months, and a wave of prime-age people aging and keen to enter the market, this solid demand for housing is likely to continue and grow through 2021 more activity across the company lead real estate market. On the surface, today’s release may look like a bit of a step backwards for the property market, but in reality it is the latest reflection of the strength of the property market as 2020 draws to a close.

Remote work opened up new living opportunities

The rise of remote working could be one of the most significant and lasting changes in the world after the pandemic, and it could have a major impact on future housing preferences. A HOMES INFO poll of the Harris poll found that two-thirds of those working from home during the pandemic would consider moving if they had the opportunity to continue working remotely, at least occasionally.

Working from home was more engaging near the water, beach, or mountains. Page views of offers for sale on HOMES INFO in 20 popular vacation destinations increased by almost 50% compared to the previous year.

The freedom to telework also opened up the American dream of owning a home for nearly two million tenant households who couldn’t afford a starter house on their expensive subway but could afford monthly payments for the typical US starter house. Black renters could benefit the most: They are 29% more likely than other renters to be able to afford a first home due to the rise in teleworking.

December 12, 2020December 28, 2020

The Triple Demand For Low Mortgage Rates

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The global pandemic disrupted nearly every aspect of social life in 2020, ending the longest economic expansion on US records as millions were laid off or on leave. However, through a unique mix of market forces, the residential real estate market for sale has become a pillar of growth and a source of optimism and opportunity for many in an otherwise bleak year.

The rental market, on the other hand, fared worse: the appreciation of rents slowed down and tenants were disproportionately affected by the pandemic.

Although the market paused briefly in the spring due to uncertainty and widespread stay-home orders, 2020 was a record year for residential real estate. The triple demand for low mortgage rates, waves of first-time buyers, and changing consumer preferences and remote working options combined with supply shortages and changing rental patterns brought many housing statistics to extremes. And given the pandemic, we expect 5.7 million households to switch hands by the end of the year. 5.9% more than 2019.

In September, every fifth home sold above list price – about 50% more than long-term norms. The typical market duration for houses in October was up to 12 days – regardless of the price at breakneck speed. By November, house values had risen 1.1% since October and 3% since the previous quarter – the largest monthly and quarterly gains in the Zillow records since 1996. Inventories declined every week from early June until December 12th was 34.3% below the 2019 level.

Rents never fell in the US, but year-over-year growth fell to just 0.7% in October. This was the lowest annual growth since the Zillow Observed Rent Index began in 2015. Typical rents in November were only $ 4 higher than in January.

Unlike the mortgage crisis and the financial collapse of the Great Recession, which caused property values to decline, this booming market is built on responsible, stable credit and a mix of solid property market fundamentals. In response to these forces, soaring prices resulted in the largest increases in home equity since 2014 and provided homeowners with additional protection from future downturns.

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