If you’ve noticed competition from investors for single-family home purchases, you aren’t alone. In the fourth quarter, real estate investors purchased 26.1% of low-priced homes nationwide, the highest share on record, according to a new report from Redfin Corp.
The Seattle-based real estate brokerage also found that investors purchased 13.6% of mid-priced homes, down from 14.3% the previous year, and 15.9% of high-priced homes, up from 15.4% the previous year.
Investor purchases of homes fell 10.5% year over year to 46,419 homes, but consider this: overall home sales fell even more during the quarter to 251,462 homes, the lowest fourth-quarter sales level since 2012, Redfin found. The brokerage attributed the low sales to high interest rates, a slow rental market and rising prices.
In a different study, Redfin also found that homeowners are spending longer in their homes than before. Today’s homeowner spends an average of 11.9 years in their home, up from 6.5 years two decades ago.
Baby Boomers are the culprit: older American homeowners are staying in their homes longer, with nearly 40% of the group living in their homes for at least 20 years.
Redfin found that there were some incentives for older Americans to stay in place: many own their homes without any outstanding mortgage payments, and those who still have mortgages generally have them at a lower rate than what they would get if they were to buy a home today.
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Parents Anonymous has had a busy start to the year.
Earlier this month, the nonprofit, which supports parents and children, opened a new headquarters facility in Claremont. The group’s chief executive and president, Lisa Pion-Berlin, spoke at opening, as did Congresswoman Judy Chu. Chu was given the group’s Championship Award, honoring her work for the group.
And in January, Parents Anonymous received a $10 million, five-year federal grant that is being used to expand the group’s National Parent & Youth Helpline. The hotline will provide immediate emotional support 24/7 for parents, caregivers and those up to 25 years of age. It previously focused on parents and caregivers only.
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It may not be opening until August, but the Intuit Dome, future home of the Los Angeles Clippers, is already getting buzz. Beyond features like an acre-sized scoreboard and LED lights in armrests, the arena will also have a Lexus Courtside Lounge.
The lounge, which was announced last week, will offer hospitality experiences for floor seat holders at Clippers games as well as at concerts.
The Insider is compiled by Interim Editor Hannah Welk. She can be reached at hwelk@labusinessjournal.com.
