Property Taxes Jumped in 2020:  “Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation,” says Todd Teta, chief product officer for ATTOM Data Solutions. The latest tax numbers speak loud and clear about the continuing pressure on both recent and longtime homeowners to support the rising cost of public services.”  Northeast metros tended to have the highest effective tax rates in the country.  Connecticut, in the top ten highest of states, saw average tax hikes of 1.92%.

Demand for Pools, Hot Tubs Surging:  New in-ground residential pools saw a 21% uptick in 2020 compared to 2019.  This is historic growth for the industry—the next closest period was in 1983 with 16% growth over a much smaller base.  Hot tubs are also in demand, with some areas reporting a 400% uptick. Manufacturers are reporting a six-month wait to fulfill hot tub orders.  Since the pandemic, real estate professionals are reporting pools have become a major selling point. Pools also have become one of the most popular keyword searches on real estate listing sites.

NAR Survey: Design Shows Raise Buyer Expectations:  Staged homes can sell faster and for more money, according to the 2021 Profile of Home Staging, a report released this week by the National Association of REALTORS®. Television shows about home design may be having an influence on buyers’ perceptions of what homes for sale should look like, the survey finds.  TV design shows may lead to unrealistic expectations when house hunters go to view homes for sale. “The magic of television can make a home transformation look like it happened in a quick 60-minute time frame, which is an unrealistic standard,” says NAR President Charlie Oppler. Staged homes also may sell faster, the study says. Thirty-one percent of real estate pros said that home staging greatly decreased the amount of time a home spent on the market.  The most important rooms in the house to stage, according to more than half of real estate pros surveyed: living rooms, kitchens, primary bedrooms, and dining rooms.

Americans May Prefer Investing in Homes Over Stocks:  The pandemic may be shifting consumer preferences about what makes the best investment. A new study from the Federal Reserve Bank of New York asked respondents to rate which is a better investment: a home or a financial asset such as stocks?  Ninety percent of respondents chose owning a primary residence over investing in the stock market. Additionally, more than 50% of survey respondents say they preferred to own a rental property over purchasing stocks.  Many respondents cited housing over stocks due to the belief that real estate offers more comfort and stability. The stock market was more volatile during the initial weeks of the COVID-19 pandemic. The S&P 500 index lost over 20% in the first quarter after the outbreak struck the U.S. The stock market has largely recovered since. Strong housing appreciation and returns are also helping to lift optimism of the housing market among more Americans.