If you are looking for the latest updates in the real estate world, you’ve come to the right place. This article has three major takeaways: home prices continue to rise, rising mortgage rates may slow down the housing market, and Coworking conferences are on the rise. These are just a few of the many sources you can turn to for a wide range of real estate news. And keep reading for more. After all, you’re in the real estate business, so keep up with what’s happening in your local market.
Home prices continue to soar
With the housing market on fire, a red-hot housing market is on the horizon. The lack of inventory is pushing prices sky-high, with homes selling within hours after they hit the market, often for more than their asking price. With more inventory entering the market, many housing experts predict that the housing market will continue to soar this year. With few homes on the market and high prices, many buyers and sellers are worried that they will miss out on the last days of the hot housing market.
There are many reasons for this phenomenon. Among them is the slowdown in the supply chain, which started with the pandemic and has continued to derail home construction plans. In January alone, new construction slowed by almost four percent. This is a major contributing factor in the price inflation seen since the beginning of the year. This shortage of housing supply is putting a brake on home sales and pushing prices higher.
Rising mortgage rates may slow the housing market
While rising mortgage rates aren’t the biggest factor affecting home sales, they do have the potential to dampen their momentum. While the unprecedented run on home prices is still driving inflation, rising rates may create a sense of fear that will dampen demand. While it isn’t clear exactly what is causing the slowdown in the housing market, some experts believe that rising mortgage rates are the cause of the slowdown.
One reason that home prices are resistant to mortgage rate increases is that individual life events don’t always coincide with these cycles. For example, home builders are reporting increased backlogs of eager buyers who have to wait longer to buy a home. But rising mortgage rates have forced them deeper into their waiting lists. A recent survey by the homebuilder Zelman & Associates showed that cancellations and canceled transactions were up slightly, although still well below historically low levels. Despite the gloomy outlook for the housing market, rising mortgage rates may be causing anxiety in buyers.
Coworking conferences are gaining in popularity
More companies are beginning to offer coworking spaces in order to attract a diverse group of people. The benefits of such a space go beyond property news. Coworking facilities often offer community building events, networking events, and training sessions. Some coworking spaces even offer summer camps and social gatherings. The Menlo Innovations coworking space in San Francisco recently expanded its office space by 7,000 square feet to accommodate startups and early-stage entrepreneurs. The company reverse-engineered its existing office space into a coworking space for their members.
The Global Coworking Unconference Conference predicted that the number of coworking workers would reach five million by 2022. Current numbers are at 2.3 million. This boom will require more space. One company that has capitalized on this trend is Sirius Real Estate. Sirius has five coworking offices in Germany. This is great news for coworking facilities. Increasing coworking spaces is an increasingly popular trend in real estate news.