Cash is often king. Buyers who can make an all-cash offer on a home can stand out when competition is tight. Cash purchases tend to pose less risk that a deal will fall through from a low appraisal, have fewer financing hang-ups, and tend to make for faster transactions.All-cash deals comprised 20% of sales over the first two months of this year, up about 5% compared to a year ago, according to a new analysis from realtor.com®. The majority of c
Demand for homes in some of the lowest-cost neighborhoods in the country is surging in the red-hot housing market, prompting neighborhood revitalization projects to spread.U.S. ZIP codes where the median home price is less than $100,000 have posted a 42% jump in home values in the past three years, according to an analysis by CoreLogic and The Wall Street Journal. That’s double the increase in ZIP codes where the median price was between $
Super-fast 5G connection speeds could become a future selling point for homes. Eighty-seven percent of consumers say that a home with access to fifth-generation cellular internet speeds and networks makes the property more valuable, according to a new survey of 1,000 U.S. adults commissioned by Verizon. What’s more, 62% of real estate agents believe that the next year or two will bring more opportunities to advertise home access to a 5G network
Home searches are lengthening as buyers find themselves up against steep competition. Sixty-four percent of buyers who are actively engaged in the homebuying process reported searching for three months or longer without success, according to research from the National Association of Home Builders reflecting first-quarter data.These long-term home searchers increasingly are blaming bidding wars. Forty-five percent of house hunters looking for thre
Appraisers are an integral part of the real estate sales process. It’s imperative that agents not only understand the fundamentals of the appraisal system but also follow the best practices for communicating with appraisers, especially while navigating today’s market.At an interactive session Thursday called “Ask an Appraiser” during the 2021 virtual REALTORS® Legislative Meetings, panelists shared best tactics for working with appr
After one of the swiftest economic declines in history at the start of the COVID-19 pandemic, the U.S. economy has experienced a significant recovery that began in the third quarter of 2020 and is continuing into 2021, experts said on Friday at the Commercial Economic Issues and Trends Forum. The panel discussion during the virtual REALTORS® Legislative Meetings explored the implications of the recovery for commercial real estate, pred
Across the country, listings are being scooped up so quickly that there’s little inventory accumulation. Contract signings increased 23.3% year over year in March, according to the National Association of REALTORS® Pending Home Sales Index. Buyer demand has indeed created a hot market, but it’s also putting pressure on agents to help their clients compete amid multiple offers.Unfortunately, multiple-offer situations can lead to some bumps in
The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC repor
A U.S. District Court judge ruled Wednesday that the Centers for Disease Control and Prevention’s nationwide eviction moratorium is unlawful, striking down the ban and delivering relief to housing providers who haven’t been able to collect rent from struggling tenants for more than a year. The U.S. Department of Justice has filed an appeal.After the CARES Act, which Congress passed in March 2020, established an eviction moratorium t
Home sellers continue to see higher profits from their homes as a hot housing market rolls on. In the first quarter, sellers generated an average profit of $70,050 on the sale of their home, up 26% compared to a year earlier ($55,750), according to ATTOM Data Solutions’ 2021 U.S. Home Sales Report.The $70,050 in profit accounts for a 34.2% return on investment compared to the original purchase price, which is also higher than the 30.8% from a y
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