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Looking for the latest news on the housing market, home renovations, and real estate investing? Yahoo Finance is here to help. We spoke to experts across the industry, exploring real estate trends, tips for first-time home buying, mortgage rates and more.
Shark Tank star and The Corcoran Group Founder Barbara Corcoran thinks that now is the absolute best time to buy a home. Corcoran says that if you wait "everybody will come charging the market and you'll be paying another 10% for the house."
Some developers are beginning to turn office buildings into residential buildings. Yahoo Finance's Dani Romero spoke with Joey Chilelli of the Vanbarton Group, which is turning a New York City office building into apartments. Chilelli is hoping to "create a vibrant environment for new residents."
Chris Porter, John Burns Research & Consulting Senior Vice President and Chief Demographer, thinks that elevated mortgage rates may be keeping homebuyers out of the housing market. Porter says, "It's given some more market share to the home builders. The new construction has really been able to step in ... and that's why you see the builders doing quite well right now."
The sale of luxury homes in the city of Los Angeles is starting to show some signs of recovery. Josh Altman, Co-founder of The Altman Brothers, says there is "good competition in the lower price points, which in LA of course are that $1-2 million range."
Zillow Chief Economist Skylar Olsen breaks down inflation in rent prices, which may be putting many households at risk of falling into financial instability. Olsen says, "This is a massive generation of millennials that are putting pressure on the market."
The popularity of accessory dwelling units, or ADUs, has soared, particularly in the state of California. Yahoo Finance's Akiko Fujita provided a report live from California, and also spoke to Airbnb (ABNB) Co-founder Joe Gebbia.
Gebbia started a new company, Samara, to help homeowners build these second dwellings. Gebbia says, "It's kind of a no brainer of a way to make some extra income."
For more of our special coverage on Real Estate: The New Reality, click here.
Video highlights:
00:00:03 - Shark Tank star and The Corcoran Group Founder Barbara Corcoran
00:00:15 - Vanbarton Group Managing Director Joey Chilelli
00:00:44 - John Burns Research & Consulting Senior Vice President Chris Porter
00:01:00 - Co-founder of The Altman Brothers Josh Altman
00:01:20 - Zillow Chief Economist Skylar Olsen
00:01:29 - Airbnb Co-founder Joe Gebbia
Video Transcript
[MUSIC PLAYING]
BARBARA CORCORAN: This is the absolute best time to buy a home. There's nothing, in my logic, that says it makes sense to wait. You ought to jump in now and get the house where you can when there's less competition. And it's still very competitive.