A tale of two housing markets is unfolding nationwide, with homes in large cities seeing deep price cuts while those in smaller markets experience growth, according to realtor.com®’s November housing report. “The housing market is a ‘Tale of Two Cities’ as the divergence widens between high-cost, large urban areas and smaller, more affordable markets,” says realtor.com® Chief Economist Danielle Hale. “Buyers in large metros are seei
Failing to factor in closing costs. “The biggest mistake that first-time home buyers make is they forget that they need closing costs—not just the down payment of, say, 10 or 20 percent,” Corcoran told CNBC. Closing costs can add up—typically an extra 2 percent to 5 percent of the total cost of the home. On a median-priced home, that could be more than $13,000.Focusing on the house at the expense of the neighborhood. Too often, first-ti
Foreclosure activity is on the rise in 15 states, bucking the national trend over the past few years. In October, foreclosure activity rose 55 percent in Florida, 50 percent in Georgia, 28 percent in Texas, and 24 percent in Michigan, among 11 other states experiencing sharp rises from a year ago, reports real estate research firm ATTOM Data Solutions.Further, 84 of 219 metro areas—or 38 percent—posted year-over-year increases in foreclosure
Freddie Mac has announced that it will start financing manufactured housing, which it hopes will help make homes more affordable to buyers. The mortgage financing giant says it will conduct a two-year pilot called CHOICEHome to grant conventional financing for manufactured homes with certain features, such as permanent and pitched roofs. Many of the manufactured homes also have energy-saving features, such as Energy Star Qualified Low-E windows,
A typical American household spends $2,060 a year on electricity, according to the U.S. Department of Energy. Unfortunately, if a home isn’t efficient, a lot of that energy goes to waste—possibly as much as three-quarters of it, according to Renewable Nation, a Washington, D.C.-based non-profit focusing on affordable and clean energy. If your clients are contemplating money and energy-saving updates to a house they’re planning to buy or se
Congress has approved a one-week extension of the National Flood Insurance Program, which was set to expire Friday, preventing a lapse in federally provided insurance critical to homeowners who live in or near flood zones. The House on Thursday night approved the extension in a 350-46 vote. The Senate also passed a seven-day extension by unanimous consent. The legislation is expected to be signed Friday by President Donald Trump, who has signed
New museums and art districts not only prompt new cultural and commercial development in an area—they also have the potential to make nearby real estate values surge. Indeed, property values of homes near new museums can surge between 20 percent to 50 percent over a period of five years, according to a new study from Stephen Sheppard, an economics professor at Williams College in Massachusetts.Sheppard refers to this as the “Bilbao effect,
Mortgage rates mostly held steady this week—and homebuyers responded by rushing to lock in rates. The 30-year fixed-rate mortgage averaged 4.81 percent, Freddie Mac reports.“Mortgage rates stabilized the last couple of months as interest rate-sensitive sectors, such as new auto and home sales, have clearly softened the outlook for the economy,” says Sam Khater, Freddie Mac’s chief economist. “Homebuyers pounced on the stability in rates
More millennials are pursuing homeownership now than ever before. The national homeownership rate rose to 64.4 percent in the third quarter this year—an increase of half a percentage point over a year ago, according to the U.S. Census Bureau. That's largely attributed to the rise in new, first-time home buyers.As 2018 comes to a close, Dana Bull, an agent with Sagan Harborside Sotheby’s International Realty who has significant experience wo
October marked the 10th consecutive month of decreases in contract signings—not a good sign for the housing market as it starts the traditionally slower months of sales. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator based on contract signings—fell 2.6 percent to a reading of 102.1 in October. On a year-over-year basis, contract signings plunged 6.7 percent.“The recent rise in mortgage rat
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
