Let’s take a walk, shall we?

Plus, a home that's simply divine

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  July 15, 2023 • Issue #101 Happy Saturday! This week, we’re discussing whether Airbnb owners are *actually* in trouble, why people like living in walkable communities and a home with a direct connection to Heaven. FYI: Money Moves will take a much-needed summer break next Saturday. We’ll see you in two weeks!

Is the Airbnb ‘bubble’ ready to burst?

Money; Getty Images A rumor has been swirling around social media about the impending “collapse” of Airbnb. A recent tweet went so far as to point to revenues falling between 40% and 50% in many cities in May, compared to the same month in 2022. The upshot of this purported fall in revenue is that, if it’s indeed happening, many Airbnb owners will soon be forced to sell, creating an influx of inventory (and price drops for those of us who DON’T own an Airbnb). But is there really a “bubble” about to collapse in the short-term rental market? A recent article in Housing Wire lets the air out of that theory. The real estate news site did some additional research and found revenues are down, but not by double-digits (some markets saw a double-digit increase instead). Data from Airbnb also contradicts the idea of a collapse. In answer to a query from Housing Wire, the company forecasts just a 1% drop in revenue for hosts that use its platform. Airbnb also says its occupancy rate so far in 2023 is 57%, which is below pandemic highs, but above the typical pre-pandemic rate of 55%. As for the theory that a flood of short-term rentals will soon hit the market and create a supply glut, experts say that’s not likely. Even if every Airbnb rental went on the market tomorrow, they’d all have to go unsold for at least sixty days before overall inventory levels reach the six-month supply mark that denotes a “balanced” market, according to the article. With buyer demand still strong, that’s probably not happening. Are there any readers who own an Airbnb? Have you seen a significant shift in demand/revenue so far this year? Let me know at leslie@money.com.

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For Buyers, the Housing Market ‘Feels Like 2021 All Over Again’

Give me a sidewalk over a car any day

Getty Images What’s the best kind of area to live in? A suburban or rural community with plenty of space? Or an urban area with a coffee shop or bar (pick your poison) on every corner? In a country known for its love of cars (especially if they’re fast), the answer is a little surprising. According to a recent survey by the National Association of Realtors (NAR), most Americans put a higher value on walkable communities where parks, shops, entertainment and workplaces are easily accessible — and it wasn’t a close contest. 79% of survey respondents say a walkable community is “very” or “somewhat” important 78% say they would pay more for a home in a walkable community 56% prefer a house with a small yard in a walkable community over a house with a large yard in an area where more driving is required The truth is, there are a lot of advantages to living in a neighborhood where you don’t need a car every time you want to go shopping or see a movie, says Hugh Morris, Manager of Community Development and Growth Program at NAR. There are the obvious health benefits of getting some cardio in every time you walk to the corner store. You also save money by not having to pay for gas, car maintenance and other costs associated with owning a vehicle. But perhaps the biggest benefit of living in a walkable neighborhood, Morris says, is the social interactions that come with it. “Building friendships takes time,” he says, “but it happens in this very organic way [when] you just run into people as you’re out and about doing what you need to do.”

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Listing of the week

FinnTeam, Coldwell Banker Realty This historic home has a heavenly feel Don’t let the stern exterior fool you. This unique home, located in Cincinnati’s Dayton Street Historic District, offers a peaceful oasis in the middle of an up-and-coming neighborhood, all within an easy walk to downtown, the Findlay Market and MLS stadium. Originally built in 1900, the spacious home has 5 bedrooms and 5.5 bathrooms, a wide open living area (which formerly held rows of pews) with 27-foot high ceilings, a mezzanine and two awe-inspiring staircases. Light streams through the original stained glass windows, giving the space an airy feel. The home boasts almost 10,000 square feet of interior space and enough parking for 6 cars. (A pretty nice perk if you’re one of the few who aren’t impressed by walkability.) Listed at $1,649,900 by Holly Finn at Coldwell Banker Realty, the church/house is currently divided into a single-family residence plus two income-producing short-term rentals that could generate up to $140,000 per year. But you can keep it all to yourself if you want to. FinnTeam, Coldwell Banker Realty

‘Til next time, P.S. Have you seen a unique listing on social media I should feature in this newsletter? Or have a question about housing or mortgages you desperately want answered? Let me know on Twitter at @LeslieLCook or via email at leslie@money.com. P.P.S. Have a friend who loves real estate or is looking for a home of their own? Please forward them this email or send them to the Money Moves subscription page.

Money’s Essential Home Buying Resources: Summer 2023

On the hunt? Check out Money’s Mortgage Calculator, list of The Best Mortgage Lenders and look at the latest mortgage rates. Thinking of refinancing? Our list of The Best Mortgage Refinance CompaniesMortgage Refinance Calculator or these refi tips. Key question: How much house can I afford?

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