“first-time buyers want a home that meets their needs now AND in the future…” The “starter home” trend may be fading in real estate. Prior to the housing bubble, first-time buyers with average incomes would shop for a more affordable, smaller house with the idea of moving on to a larger home in a few […]
“13 percent more consumers looking to purchase a home but there are 5 percent fewer homes for sale…“ Homes are selling at the fastest rate since 2007, but sales could be even higher if not for the ongoing lack of inventory in many markets, notes Jonathan Smoke, realtor.com®’s chief economist, in his latest column. Forty percent […]
“the master bathroom is becoming a real point of focus…” A growing number of home owners are opting for more luxurious bathrooms over sprucing up other rooms in the house — even kitchens, according to the American Institute of Architects’ 2016 spending projections. “The master bathroom is becoming a real point of focus, and since it’s […]
“so the client has 3 percent equity immediately…” Quicken Loans has been fairly hush about its latest offering of a super low down payment mortgage, even as rival bank giants like Bank of America, Wells Fargo, and JPMorgan Chase all tout their new 3 percent down mortgage products. But late last year, Quicken Loans quietly […]
“mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only…” Mortgage rates hit a new 2016 low this week, and they’re also nearing the lowest averages ever recorded. Freddie Mac reports the 30-year mortgage rate is close to the November 2012 record low of 3.31 percent. “Continuing fallout from […]
“a down payment is often the largest single payment a consumer makes in their lifetime…” Saving for a down payment can pose one of the biggest challenges for potential home buyers. Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey […]
“nearly one in five U.S. housing markets was not affordable by historic standards” … Eighteen percent of U.S. housing markets were less affordable than normal in the second quarter of 2016. That’s down slightly from affordability levels a year ago, when 20 percent of markets exceeded their normal affordability levels according to RealtyTrac. Their housing […]
“this spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver”… All major U.S. regions except the Midwest saw an uptick in existing-home sales last month, the National Association of REALTORS® reported Wednesday. As tight inventories continue to plague many markets, the median sales […]
“Continuing this spring’s trend, pent-up demand from buyers who weren’t able to purchase a home”… Homes for sale in June are selling 2 percent more quickly than last year as prices soar to record highs, according to new data on inventory and user activity on realtor.com®. The median age of inventory nationwide for June is […]
“any unresolved title issue – even if relatively minor – could jeopardize settlement“… Title companies say that in more than one-third of all real estate transactions they must undertake “extraordinary work” to address title issues and ensure the deal makes it to settlement OK. Title companies will often scour public records back 50 years or […]