Month: February 2021

Home Prices Continue to Climb as Demand for Housing Remains High

Posted on by Louise B. Delia

As the housing market continues to rebound from the effects of the global pandemic, home prices are continuing to climb as demand for housing remains high. The latest figures from the National Association of Realtors (NAR) show that existing home sales increased by a whopping 21.8% in March 2021, compared to the same month last year.

The surge in sales is being driven by a combination of factors, including historically low mortgage rates and an increase in the number of people looking to buy a home. The NAR reports that the average 30-year fixed-rate mortgage fell to 3.17% in March, down from 3.31% in February. This is the lowest rate since record-keeping began in 1971 and has made it easier for buyers to qualify for a loan and purchase a home.

At the same time, the number of people looking to buy a home is at an all-time high. The NAR reports that the number of buyers searching for homes is up 20% from the same time last year, and that the number of buyers actively looking to purchase a home is up 11%.

The combination of high demand and low mortgage rates has pushed home prices up. The latest figures from the NAR show that the average home price rose by 11.3% in March, compared to the same month last year. This is the highest year-over-year increase since October 2017, when the average home price rose by 12.8%.

The rising home prices are good news for sellers, who are seeing their homes sell quickly and for more money than they expected. However, the rising prices are also making it harder for buyers to find an affordable home. Many buyers are being priced out of the market, and those who are able to purchase a home are often forced to stretch their budgets to do so.

The good news is that the housing market is expected to remain strong in the coming months. The NAR forecasts that existing home sales will continue to increase through the rest of 2021, and that the average home price will remain high. This means that buyers should expect to continue to face stiff competition and high prices, but that the housing market remains a good option for those looking to purchase a home.…

Tips for Staying Safe in a Commercial Demolition Site

Posted on by Louise B. Delia

Safety and health are of immense priority on any demolition site in every part of the world. You should make numerous considerations before workers and machines step onto the site for commercial demolition in Sydney.

Below are some of the top tips for staying safe while on a demolition site.

  • Dealing with equipment

The company’s employees offering demolition services should know every aspect of the work, regardless of their specialty. Each employee needs to understand what equipment they should use and present during the demolition phase. Ensure that the workers also understand how to use each piece of equipment. This quick and straightforward sweep ensures each employee has proper knowledge of the equipment that can save lives and prevent future injuries throughout the demolition process. Also, ensure that each employee works with a hard hat, gloves, a mask, and work boots.

  • Final sweep

Before you engage the contractors, it is essential to go for a final sweep, to begin with, the demolition. We recommend visiting each room, including the hallways and bathrooms, to ensure that everyone and everything is outside the building. It is also necessary to check whether all the workers are out of the building and standing at a safe distance before the demolition starts. Also, ensure that the contractors monitor the facility to ensure that no unauthorized people enter the project premises or get close to the demolition site.

This stage also includes removing any licensed and non-licensed asbestos. The best thing is to assign someone to ensure that the final sweep is complete. Once done, you should notify that person in charge. The demolition can then begin safely.

  • Trained and experienced employees

It’s an absolute necessity that only experienced, and trained employees handle the most dangerous and explosive materials. These employees should be professional, qualified, experienced, and matured enough to control the explosives with care and responsibility. Such employees can help to prevent any accidents on the worksite, provided they are adequately trained.

  • Cover walkways and ceilings

Someone might need to enter the building for an emergency. It is necessary to ensure that all the ceilings and the walkways are adequately wrapped in such a situation. That will offer extra support in case any accidents occur. It will also prevent serious injuries, massive casualties, and even death.

  • Cleaning the debris

Once the demolition phase is complete, it is essential to clean up all debris. During the cleaning process, it is crucial to ensure that all employees are wearing PPE and proper equipment. Such equipment includes work boots, a mask, and gloves. However, make sure that during this phase, too, only authorized employees are present. The cleaning stage is hazardous but taking these steps can prevent all sorts of injuries and accidents.

Bottom line

Safety is always of immense importance while doing anything. Performing commercial demolition in Sydney is also not an exception in this regard. By following the safety tips above, you can easily save lives, reduce fatal injuries, and make the most out of the demolition process.

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Housing Market Sees Unprecedented Growth Despite Pandemic Challenges

Posted on by Louise B. Delia

The housing market has seen unprecedented growth in recent months, despite the challenges posed by the COVID-19 pandemic. As the economy continues to recover from the pandemic-induced recession, the housing market has seen a surge in demand, with record-low mortgage rates driving increased home sales and prices.

The housing market has been on a tear since the start of 2021, with home prices up 11.2% from a year ago, according to the latest S&P CoreLogic Case-Shiller National Home Price Index. This marks the highest annual growth rate since 2014, and the ninth consecutive month of double-digit growth.

The surge in demand has been driven largely by record-low mortgage rates, which have made it easier for buyers to afford a home. The average rate on a 30-year fixed mortgage fell to 2.81% in February, according to Freddie Mac, the lowest rate ever recorded. This has enabled more buyers to enter the market and take advantage of the low rates.

The strong demand has led to a shortage of homes for sale, resulting in a competitive market and bidding wars in some areas. This has contributed to the rapid rise in home prices, as buyers are willing to pay top dollar for the limited number of homes available.

The pandemic has also had an impact on the housing market, as many buyers are now looking for homes with more space, as well as features such as home offices and outdoor living areas. This has caused a shift in demand away from urban areas and towards suburban and rural areas, as buyers look for larger homes and more space.

Despite the challenges posed by the pandemic, the housing market has seen unprecedented growth in recent months. With record-low mortgage rates and a shift in demand towards suburban and rural areas, the housing market looks set to continue its strong performance in the coming months.…

Millennials set to transform the real estate market

Posted on by Louise B. Delia

The once-dominant Baby Boomers appear to be slowly relinquishing their hold on the real estate industry as Millennials rise up through the ranks to claim their place as the market’s new leaders.

Notable for their unique characteristics, this group of young adults in their mid-20s to late-30s has long been the subject of countless headlines and news articles, with experts predicting their influence and impact across a wide range of industries, including real estate.

With Millennials now making up the largest generational demographic in the country, it’s not surprising that they’re already making significant changes in the real estate market.

From their preferences for smart homes and co-living spaces to their emphasis on sustainability and eco-friendliness, Millennials are already showing that they’re set to transform the industry as we know it.

One striking difference that Millennials bring to the table is their desire for properties that are both affordable and sustainable. With a heightened sensitivity to climate change and environmental sustainability, this group of young adults is more likely to opt for homes that incorporate green features, from energy-efficient appliances to solar panels.

Of course, when it comes to affordability, Millennials’ buying power is limited due to their relative youth and may face high levels of student loan debt. For this reason, they tend to look for more affordable options in urban areas. This includes smaller or shared living spaces, as well as neighborhoods with easy access to public transportation and community amenities.

Another important factor driving changes in the real estate market is the development of new technology. Millennials are expected to be the first generation to grow up in the digital age, with many of them using technology for their daily activities. As a result, they tend to seek out properties that incorporate smart home systems, allowing them to automate their appliances and control their homes remotely.

But it’s not just the physical home that matters to Millennials. The social and cultural aspects of their living arrangements are also critical. As such, they prefer areas with a sense of community, where they can engage with like-minded individuals or form their own tight-knit communities, either within the same building or across the same neighborhood.

As the real estate market continues to shift to accommodate Millennials’ changing preferences, it’s inevitable that the industry will undergo a major transformation in the coming years. But with their impressive buying power and unique set of desires and expectations, this generation is sure to shape the future of the real estate market for years to come.…

Covid-19’s impact on real estate: Is it a buyer’s or seller’s market?

Posted on by Louise B. Delia

The Covid-19 pandemic has undoubtedly impacted the entire world in unimaginable ways. With economic slowdowns and various sectors experiencing hardships, the real estate industry is no exception. The pandemic has caused various changes in the real estate market, leading many to wonder if it’s a buyer’s or seller’s market.

The real estate market has become volatile because of the pandemic, casting doubt on whether it is a buyer’s market, a seller’s market, or a neutral market. With governments imposing lockdowns and travel restrictions, the real estate business suffered tremendously as showing properties became difficult. Additionally, financial difficulties and uncertainty have deterred people from making significant purchases such as buying a new home.

The real estate market is experiencing a change in demand with people no longer interested in properties within the densely populated city centres. Instead, people are seeking out suburban homes and properties in less densely populated areas. This change has created a buyer’s market, as there is a surplus of properties for sale, due to an increased supply and less demand. In return, sellers are reducing prices to meet the needs of buyers and to boost sales. People want larger homes with more outdoor space as working from home is becoming the norm. The need for a home office and a backyard has become more essential, hence the shift to suburban areas.

On the other hand, the pandemic has caused some people to hold back from selling their homes due to uncertainties, leading to fewer homes for sale in some areas. This scenario leads to a seller’s market, as there is more demand but less supply of homes. The limited number of homes for sale is leading buyers to assertively compete for the limited homes available in the market, thereby increasing the prices of these homes.

The impact of Covid-19 on the real estate market is both a blessing and a curse. For buyers, if they are looking to purchase a home, it is undoubtedly a buyer’s market. For sellers, it depends on the location and type of property they own; it could be a seller’s market or a neutral market. However, with the uncertainty of the pandemic, it is best to consult with a professional before making a decision.

In conclusion, the impact of Covid-19 on the real estate market has created a volatile and ever-changing market. The changes in the market have led to both a buyer’s and a seller’s market, depending on the location, the type of property, and the current demand. Buyers and sellers must keep up-to-date with the changes in the market and seek professional advice before making any significant decisions.…