Market News 12-4-2020
Mortgage Market Update
Economic Indicators Fueling Optimism
The U.S. economy is fighting back from the crushing blow of the pandemic, and the latest data suggests its recent progress is poised to continue. Economists look at a number of factors to judge the economy’s health, and they see rising industrial production, modest growth in retail sales, strong real estate demand and homebuilding activity, and increased household debt from more families leveraging historically low mortgage rates to buy a home or refinance all as positive signs.2
Making Room for Mom and Dad
Multigenerational homes are growing in popularity, spurred on in part thanks to COVID-19. Many families want to keep aging relatives out of senior living or group-setting facilities for their health and safety. Bringing the family under one roof allows relatives to spend more quality time with one another and pool incomes to afford a larger home. Homebuilders have responded to this trend by constructing houses with two owners’ suites, with one on the ground floor.3
Are Better School Districts Worth the Pricier Houses?
School rankings and test scores give you an idea of how a school performs, but there are other factors to consider before paying the higher home price to live in the district with the best-rated schools. Consider what factors are critical for you and your family. It might be diversity, academic achievement, services for students with disabilities, sports programs, student-to-teacher ratios, parent involvement, or something else. Dig into cheaper districts’ offering to determine if you need to live in a more expensive distrist to get the services you want. Talking to parents at the school is a great way to an inside scoop on learning environment and student experience beyond what rankings and data can show.4