Smartphones and the internet have given rise to a number of on-demand services that offer Americans the ability to supplement their income by providing work as independent contractors. Whether delivering groceries or ride sharing, many Americans are now working in what is known as the “gig economy.” In fact, as part of their third quarter National Housing Survey, Fannie Mae found nearly one-fifth of adults have worked in the gig economy. Generally speaking, these Americans have other full-time work, though younger respondents were more likely to rely on these types of jobs for income. Overall, however, participants in this type of work were more positive about their household income and financial outlook. But how does this type of job impact prospects for buying and owning a home? Well, that remains to be seen. Though gig-economy workers are generally more confident in their income, they also express concern about being able to qualify for a mortgage and save for a down payment. Particularly, among current renters, gig-economy workers were less likely to say they’d buy a home the next time they move. Also, there is some question about how underwriting standards handle what is becoming an increasingly popular way for Americans to make some money on the side. More here.
How Single-Family Rentals Slowed 1st Time Buyers
If you spend any time reading about real estate, you know that there has been a lot of discussion recently about inventory and first-time home buyers. Specifically, there are fewer homes available for sale and fewer first-time home buyers active in the market than is considered typical. Of course, there are many reasons that both of these things are true. Among them, slower-than-normal new home construction, student loan debt, and rising rent all play a role. But, according to a recent analysis from Zillow, there’s another reason that there are fewer homes on the market and fewer young people buying. According to the analysis, many of the affordable homes that would typically sell to first-time buyers were purchased by investors after home prices plummeted following the housing crash. These houses were then converted into rental properties. This, combined with rising demand for single-family rentals, has led to a six percent increase in the number of single-family homes rented out between 2007 and 2016. In short, there are fewer affordable homes to buy in many markets because those homes are currently being occupied as rental units. More here.
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Are Home Price Increases Beginning To Slow?
Home prices have been increasing for some time now. Largely this is because, in many markets, there are more interested buyers than there are homes available for sale. Inventory shortages can cause more competition for the homes that are for sale, which leads to spiking prices and decreasing affordability conditions. This, of course, has been a concern for potential home buyers. But, according to new research, there may be reason to believe that the rate at which home prices have been increasing is beginning to slow. For example, the most recent Home Price Index from Black Knight Financial shows the rate of monthly price appreciation declined one third from the month before in September. That was the sixth consecutive month of slowing growth. Also, half of the nation’s 20 largest states and 17 of the biggest metro areas saw home prices fall last month. If this trend continues, it could be encouraging news for home buyers hoping to buy a house this winter or those looking toward a spring home purchase. More here.
Americans Feel Optimistic About Home Buying
An increasing number of Americans say they feel now is a good time to buy a house, according to the most recent Home Purchase Sentiment Index from Fannie Mae. The index – a monthly measure of how consumers feel about real estate, home prices, mortgage rates, job security, and their financial situation – is now nearing its all-time high, reached in September. Doug Duncan, Fannie Mae’s chief economist, says Americans’ perception of the real estate market is improving. “In November, the HPSI rebounded to near its all-time high, returning the index to its gradual upward trend and suggesting fairy stable consumer home-buying attitudes,” Duncan said. “These results are consistent with our expectation that the housing market will continue its modest expansion going forward.” Among respondents, there was a 7 percent increase in participants who said now was a good time to buy a house and a 4 percent increase in the number who feel it’s a good time to sell. More here.
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These Savannah Spots Have the Most Festive Decor
There’s something magical about Savannah during the holiday season! Dazzling lights, festive décor and Christmas cheer fill the city from top to bottom. If you can’t get enough of Christmas-themed décor, events and spirit, you’ve got to check out these jolly Savannah spots.
City Market
Savannah’s spirit becomes even more exquisite during the holiday season, and City Market is no exception. Stroll beneath holiday lights, taste sweet treats in City Market shops and find the perfect gifts for your loved ones, all while being serenaded by Christmas carolers.
There are also plenty of events to look forward to during City Market’s holiday season. Children will have the chance to make ornaments, decorate cookies and get Grinched (a tradition of Grinch-inspired hair and makeup!). Kids of all ages can also meet Father Christmas and take a Cinderella carriage tour. All this plus face painting, choir music and more add up to a day of fun the whole family can truly enjoy. Look at City Market’s calendar to learn more.
The Forsyth Park Fountain is certainly beautiful year-round, but it’s even more dazzling at Christmastime. Festive wreaths, bright bows and garland frame the already picturesque fountain. During the holiday season, the Forsyth Park fountain often becomes the location for family Christmas cards and engagement photos. It’s a Christmas lover’s dream come true!
Broughton Street
At Christmastime, the shops, boutiques and restaurants along Broughton Street decorate inside and out. Bright, sparkling lights are streamed from building to building all along Broughton Street creating a picture-perfect backdrop for holiday shoppers.
The festive season, called “Holidays on Broughton,” also offers seasonal events for all ages and interests. From the return of a beloved children’s toy store in a pop-up experience to photos with Santa and musical performances, eventgoers can count on an experience that will prove magical year after year.
Throughout the whimsical holiday event, many of the unique and eclectic shops along Broughton Street will offer extended hours of operation and holiday shopping incentives. It’s surely the most wonderful time of the year on Broughton Street!
By:Larissa Allen
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