Where would we be without family and friends? More of us would be apartment dwellers, according to a new report from the National Association of REALTORS®. Thirty-two percent of first-time homebuyers received a gift or loan from a relative or friend last year, according to the report, and 8% of repeat buyers received down payment gifts, according to “2020 Downpayment Expectations & Hurdles to Homeownership.” The report, released today, i
Real estate has been the sole road to wealth for many of the world’s billionaires. Overall, there are 256 billionaires in the world whose main business is in real estate—up by 17 a year ago, according to the Hurun Global Real Estate Rich List 2020.China is the leader at 137, 54% of the international total, the report shows. Hong Kong is home to the most real estate billionaires.Meanwhile, the U.S. boasts 34 real estate billionaires, or 13% of
The IRS has moved the federal tax day to July 15, but in preparation, there are several things real estate pros can do to lower their tax bill. Many agents and brokers classify themselves as self-employed under federal tax guidelines. Income tax, therefore, is not automatically withheld from paychecks and generally must be paid through quarterly estimated tax payments.Self-employed status means that real estate pros may be eligible to deduct thei
The first round of stimulus checks is expected to reach Americans on Wednesday, and consumers are already making plans for how they plan to use the funds. More than one in four—or 28%—of about 1,000 Americans surveyed said they’ll use their check to cover rent and mortgage costs, according to a survey from Creditful, a personal finance resource.Millennials are the most likely to use their checks for housing, the survey finds. They plan to u
The IRS extended more tax deadlines to cover individuals, trusts, estates, corporations, and more, including deadline extensions for both 1031 like-kind exchanges and opportunity zone investments. Both programs are to help spur economic growth in communities. The National Association of REALTORS® advocated for both extensions.Last month, the IRS had announced that taxpayers have until July 15 to file and pay 2019 federal income taxes. The origin
Could less-dense cities grow in popularity? The housing market saw some shifts in March as a global pandemic struck the U.S. and prompted stay-at-home orders across cities and states.Realtor.com®’s monthly top 20 list for March “is not fully reflective of the effect of the coronavirus,” says Javier Vivas, director of economic research at realtor.com®. “We’re still about a month away from seeing how supply and demand are going to play
The amount of property taxes levied on single-family homes last year totaled $306.4 billion, up 1% from the year prior, ATTOM Data Solutions reported Thursday. Most homeowners faced a higher tax bill in 2019, averaging $3,561 per home—or an effective tax rate of 1.14%--although that varied considerably from county to county.Nevertheless, “the nationwide increase was the smallest in the last three years, a sign that cities, towns, and counties
How are you handling the many changes hitting the real estate industry? Some of the trends we saw in 2019 are shaping the year ahead. Let’s take a deep dive into the state of the market—from where it has been to where it’s going—so you can leverage the data to fine-tune your business strategy for 2020 and beyond.Market Trends: A Year in Review Currently, there are about 48 million residential units on the market, with 43% being multifamil
More homeowners are in search of mortgage relief due to the COVID-19 pandemic, and options like mortgage deferment and mortgage forbearance are becoming readily available to those in need.But “we are seeing the terms being used interchangeably,” Sara Singhas, director of loan administration for the Mortgage Bankers Association, told realtor.com®.Mortgage deferment and mortgage forbearance allow borrowers to temporarily stop making their mont
Borrowing costs inched down for the second consecutive week. The 30-year fixed-rate mortgage averaged 3.33%, Freddie Mac reports.“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist. “While the market has stabilized relative to prior weeks, home buyer demand has declined in response to current economic conditions. The
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