The US housing market has been an unlikely beneficiary from
the Covid-19 pandemic. During the pandemic, the median price for an
existing home in the US reached over $363,000 in June 2021, a 23.4%
increase from 2020. In stark numbers, that means a house selling for
$300,000 a year ago would sell for $370,000 today.
Despite that, according to most experts the market is shaping up to look
more like a boom rather than a bubble. It only seems like a bubble
because prices have gone so high so fast. But instead of a bubble that's
inflated until it bursts, this market is more like a fluffy pillow. It
might lose some feathers, but it won't pop like a bubble.
The main cause of this market is low mortgage rates, followed by low
supply. According to the National Association of Realtors, the US has
underbuilt by 5.5 million housing units in the last few years. Compare
that to the bubble of 2008 when overbuilding created too many housing
units, creating an oversupply. Combined with loose lending practices
that we don't see today, the 2008 market was artificially inflated.
Even if we see more pre-foreclosure sales in October and
November this year, there will still be a higher demand than available
homes to buy.Let me know if you need real estate help now.
Just send your answer to the trivia question for a chance to win.
Last month's Q&A: Is
it legal for a man to marry his widow’s sister? Legalities have nothing
to do with it. A man can't marry his widow's sister, since a widow is a
woman whose husband has died. Congratulations to last month's winner!
DO BATS REALLY DRINK BLOOD LIKE A VAMPIRE?
Only
3 out of 1,300 species of bats drink blood, and only by scratching or
pricking an animal, then lapping at the blood -- not puncturing the neck
and sucking it dry like a mythical vampire. Because of this blood
drinking trait, these 3 bat species were named "vampire bats." Clocking
in at about the size and weight of 2 AA batteries, vampire bats aren't
very large, scary monsters--despite their slightly demonic little faces.
“I'm so glad I live in a world where there are Octobers.”
~ L. M. Montgomery, Anne of Green Gables
27 GENIUS DIY IDEAS FOR REMODELING WITHOUT HUGE EXPENSE
Don't have a lot of money, but want an
updated look? The folks at listotic.com have gathered a plethora of
ideas, from simple to a little more complex...but all much cheaper than a
full re-do. All you need in most cases is a little imagination and
time, and a little cash on hand.
A
duck walked into a café, sat at the counter, and ordered a soda. The
waitress turned around, did a double-take, and cried out, “You’re a duck!”
“I see your eyes are working,” replied the duck a bit testily.
“And you can talk!” exclaimed the waitress.
“Your ears are working, too. Now how about that soda?”
“Sorry, right away.” The waitress poured a soda and passed it to him. “It’s just that we don’t get many talking ducks in here," she said. "What brings you in today?”
“I’m a plumber, working that construction site.” He waved a wing behind him, then dipped his bill in his soda.
The waitress watched for a moment, then said, “You know, the circus is in town. I bet they’d love to hire a duck like you.”
“Really?” the duck said. “What do they need with a plumber?”
AND NOW FOR SOMETHING DIFFERENT...CHAMPING
In the UK, there are dozens of quaint historic "redundant" churches
which are no longer used for Christian worship. To support the upkeep of
these beautiful old buildings, an Airbnb-style service called
"champing" rents either whole churches or portions of a church to
travelers. This is actually a centuries old tradition where travelers
could seek rooms in churches and abbeys, but with a modern twist where
space can be booked online. Learn more at the Churches Conservation Trust (CCT).
A
duck walked into a café, sat at the counter, and ordered a soda. The
waitress turned around, did a double-take, and cried out, “You’re a duck!”
