Homeowners becoming ‘accidental landlords’ | Real Estate Newsletter

If you’re searching for a home to buy, you know that homeowners aren’t selling properties like they normally do.

The supply of homes for sale usually spikes in the spring. But in May, the number of homes on the market was way down from what we typically expect.

One reason: the wildly low mortgage interest rates that homeowners got during the pandemic when they purchased or refinanced their properties. Owners are “locked in” and don’t want to give those up, so they’re not selling.

Instead, when they move, some of them are keeping their houses and renting them out.

Keep scrolling for that story and to learn about Philly’s outgoing head of housing and development, check out a multimillion-dollar home listing in Chestnut Hill, and peek inside a family’s six-acre working farm in Collegeville.

📮 If you had the option, would you live on a farm? Why or why not? For a chance to be featured in my newsletter, email me.

— Michaelle Bond

Lindsay and Ryan Brim are a young Philly couple growing their family. They’ll look in the suburbs to buy a bigger house with a yard when they eventually move.

You’ve probably heard that story before. But what’s new is that the Brims don’t plan to sell their current home. They told me they want to keep it and rent it out. And they’re not the only ones.

🏘️ Like millions of other homeowners, the Brims refinanced during the pandemic. They got a 3.175% mortgage rate. Compare that to the average fixed rate for a 30-year mortgage recently. It’s been creeping back up near 7%.

Enter the rise of the “accidental landlord.”

Homeowners who never thought they’d have tenants are considering getting some if they’re moving and don’t want to give up their current homes — and mortgage rates. Some are buying another place. Others are becoming renters themselves.

💲 In the Brims’ neighborhood, two owners with homes similar to theirs are asking renters to pay $2,800 and nearly $3,500 a month.

Read on to learn more about this new home ownership trend.

Anne Fadullon is Philly’s first director of planning and development, a job created when six departments merged at the beginning of Jim Kenney’s administration. She announced she’s leaving the job next month.

During her time as deputy mayor, Philadelphia’s redevelopment boom meant the city led the region in housing construction.

So who is Fadullon and what has she done?

Read on to learn more about Fadullon and her impact on housing in Philadelphia.

When my brother and I were little, we liked peering through the car windows at the cows on a farm near our house. We were always so happy when our mom pulled over so we could watch them.

Greg and Kasey Watson took indulging their children a little further when they bought the six-acre working farm in Collegeville with the animals that the kids loved to look at as the family drove by. But the whole family was drawn to the Twin Hills Farm property.

The Watsons weren’t looking to move, but when the property went on the market, they couldn’t pass it up. They decided to make it their home last year.

They kept the original barn, but the house needed to be replaced. So they designed a two-story, 7,000-square-foot modern farmhouse. The home has six bedrooms, six bathrooms and lots of outdoor space for the Watsons, their three young children, and a fourth on the way. The home’s whole second floor is dedicated to the kids.

Peek inside the Watson’s property and read about their two kitchens, the artificial grass in the basement, and the giant metal feather sculpture on display.

Part of the marketing plan for The Carson apartments in Northern Liberties included choosing a scent for its common areas. The apartment’s developer said he thinks the winning scent from the company Scent Synergy in Bensalem is “fresh, calming, and inviting.”

Question: What is the name of the scent that The Carson releases into its lobby, lounge, and public bathrooms?

A) succulent garden

B) white tea

C) champagne

D) fresh laundry

This story has the answer.

Do you know the location this photo shows?

📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.

A few people knew that last week’s photo of dinosaurs on a roof showed the Riverwalk apartments in the area of 23rd and Arch Streets. Shoutout to Zari T., Earl M., and Kathleen P.

Last week, I asked whether you had a garden you thought we should feature.

Jim C. sent me a photo from what he described as his 10-acre garden on a wooded site in Lambertville, N.J., that has two mid-century modern houses.

It’s no 10-acre garden, but my plant pride and joy is my spider plant. My friend Justine gave me a piece of hers years ago, and that piece has grown into a thriving, flowering plant that likes to pop out babies. I’ve been able to share some with other friends.

Enjoy the rest of your week.