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Is The All-Cash Offer Trend Going To Last In The Real Estate Market? 

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The Covid-19 rocked the housing market in a multitude of ways. Real estate agencies saw an uptick in individuals moving out of cities and investing in homes in more rural/suburban areas. 

In 2022, nearly one third of all US homes were purchased using all-cash offers, according to the National Association of Realtors. However, experts are wondering if this trend of all-cash purchases is going to continue, or decline as time goes on. 

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Lawrence Yun is the chief economist at the National Association of Realtors, and recently spoke with the Wall Street Journal regarding this trend and new data in housing trends as reported by Redfin. 

“Only the wealthy are essentially buying homes. If this trend was to continue, that means something fundamentally is wrong with society.”

The Wall Street Journal also reported that the trend of all-cash purchases isn’t equal across the entire nation. For example, nearly one fifth of all homes purchased in Washington D.C. and its surrounding cities were made in cash. 

On Long Island, almost half of the home purchases between 2020 and now were made using all-cash offers across both Nassau and Suffolk county. 

“What we found was those who already were more well-off were able to take advantage of the strong housing market and add to their wealth, while those trying to better their situation were often pushed to the side,” Ali Wolf, chief economist at Zonda, a housing data and consulting firm, said to the Journal.

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Wolf explained that the main population of buyers making all cash offers are retired, international, investors, and wealthy individuals in general. 

The current rate of all-cash home purchases hasn’t been this high since 2014, when the housing market saw its biggest rebound after the Great Recession. 

“FHA loans, which typically allow for lower down payments, have ticked up in popularity in response to the slowdown in housing-market competition,” Redfin noted, detailing government-backed mortgages insured by the Federal Housing Administration.

“FHA loans, which typically allow for lower down payments, have ticked up in popularity in response to the slowdown in housing-market competition,” Redfin noted, detailing government-backed mortgages insured by the Federal Housing Administration.

“Americans who sell a home in a pricey place like San Francisco may use equity to pay cash in a more affordable area like Las Vegas,” Redfin concluded.

New Pickleball Lifestyle Magazine Launches In US 

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The pickleball craze sweeping across America has become so popular that a new lifestyle magazine is being launched specifically regarding the sport. 

Dick Porter and magazine designer J. Armus are launching the magazine “In Pickleball,” which is described as a “new sports-lifestyle magazine aimed at fans of the fast-growing game.” 

“In Pickleball will be the Vogue of Pickleball, printed on heavy stock and appealing to the mostly older and well-off Americans who live for the game.”

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The first issue features Teddi Mellencamp Arroyave of “The Real Housewives of Beverly Hills,” and articles will include fun quizzes and lifestyle tips for living your best active lifestyle on the pickleball court.

“Coming out of this pandemic, people crave a sense of community and escape,” said In Pickleball creative director Armus.

“Pickleball is an inclusive community that welcomes anyone who wants to experience the joy of playing. The minute you step onto a court, you can have a good time. It’s something we need in our culture.”

Sportscaster Taylor McGregor recently did a segment on how the Chicago Cubs baseball team has become “addicted to the game.”

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Porter thinks the magazine’s main demographic will be among those who are 50 years or older, however, he also believes that the game is becoming much more popular among younger people, so he has hope that they can market the magazine and game to take on a more youthful look. 

The first issue of the magazine will be distributed for free to about 30,000 various resorts, hotels, and other venues that offer sports accommodations specifically for pickleball. 

“While we will welcome all advertisers, we think like many magazines today, it has to be reader support. This is just the first step in what will ultimately become a multi-platformed, involving social media, a Web presence and e-commerce.”

Pickleball, for those who don’t know, is a cross between badminton and wiffleball. In 2019 it was reported that the US had around 30,000 pickleball courts throughout it, a 133% increase in the amount of courts present in the country for the past 5 years. 

“My first job in publishing was with the magazine Fly Fisherman with Ziff Davis Publications, which had specialized sports magazines like Backpacker and Sports Diver as well as some small tech magazines covering the nascent computer industry. In a lot of ways, I am going back to my roots,” said Porter.

Couple Camping

Why The Travel Industry Thinks Glamping Will Save The Tourism Sector This Summer

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Bookings for camping and glamping locations all around the nation have been reaching record levels, as more people are ready to get back to some level of safe travel this summer now that more people are being vaccinated. 

Mike Bevens is an MD at glamping specialist company Canopy and Stars; a glamping business that assists travelers with all their travel needs and luxury wants. Bevens recently spoke about the increase in business that he’s endured, along with the rest of the industry. 

“We’ve had the busiest winter in terms of bookings, but there’s also been a huge increase in the number of new sites wanting to advertise. We’re up 200% on bookings from last year and have around 100 new sites coming online for this summer.”

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Derry Green is a UK resident who spoke with the local press about how he knew he had to do something to motivate his kids to leave the house with restrictions easing up this summer, however, he didn’t think his personal quarantine project would lead to a great new business opportunity.

“My kids were watching Love Island all the time, so when I got done building my back deck (my personal quarantine project) I put up a pod with a fire pit and lights, inspired by the show. Then people started asking me if they could come and stay in it so I put it on Airbnb and it sold out for two years in advance in five days,” he boasted.

Green quickly went viral on Facebook, so much so that now he has six more glamping units currently under construction that will be made available in the coming months. He personally owns four acres of woodland, so there’s plenty of room for his new business to thrive. 

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Green is not the only one who’s taking advantage of this new glamping trend. For those who are able to set up camp sites on their larger properties, renting out these spaces on Airbnb, and other rental services, have helped them immensely in terms of making an income during the past year of economic turmoil.  

“I believe in the transformative power of camping. It’s perfect for the situation we are in. Campsites can appear quickly in a way that cottages and hotels can’t, and they tend to benefit other businesses around them.”

Mojo and Kizzy Fell joined the glamping industry by necessity, after the pandemic halted all business for them last year. Originally, the two ran a successful rental business for Airsteam caravans that they would use mainly for film locations and music festivals. So when the pandemic shut down all of those activities, they needed to rethink their business model. 

“Our income just disappeared. We had to diversify, so we put five Airstreams on our 40-acre farm and called it The Wells Glamping. The caravans sold out immediately and now we have applied to increase the number to 12, hoping to be ready for bookings by the end of April. Luxurious vans that used to accommodate stars such as Will Ferrell and Kenneth Branagh will be repurposed for family holidays – and create up to 20 new jobs at the same time,” Mojo explained.