Mortgage rates dropped again this week and have now remained below 3% for the last eight weeks, opening further opportunities for home buyers to lock in historically low rates.“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates
Existing homeowners may be feeling richer since they've received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly 20% year over year, according to a new report from CoreLogic, a real estate research firm.In the first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year, the study shows.Idaho, California, and Washington saw the largest equity
Million-dollar homes are not too uncommon in some markets, making them prime areas for real estate professionals to build a luxury real estate niche.Where are million-dollar houses most prevalent? The four areas with the highest percentage of million-dollar homes are in California, driven by a high concentration of wealth originating in the tech and entertainment industries, a new study from LendingTree notes. In San Jose, Calif., 47% of homes ar
Homeowners have focused heavily on making the backyard more functional since the pandemic, but it’s important not to forget about style and aesthetics. Interior stylists Shelby Greene and Kate Leyendecker of furniture retailer Living Spaces offer inexpensive touches that can give the backyard a luxury look.Carving out a seating area creates a focal point for the backyard.1. Pay attention to details. Curate a corner of the backyard with mat
Apartments have shrunk in size over the past decade. But that is changing. Renters during the pandemic craved more space, and the multifamily sector is responding by expanding the square footage by making units about “one small home office larger,” according to a new study.Thirty-six percent of 92 cities tracked are currently building larger apartments than over the last five years, according to Yardi Matrix data. Most of these multifamily pr
Lumber prices may soon start to recede from their recent record highs, and some home builders say they may stop taking new orders or delay projects with that expectation in mind.Prices for lumber have surged more than 200% over the past 12 months. That has added an estimated $36,000 to the price of an average new single-family home, according to the National Association of Home Builders.But the sky-high prices may soon back off: Lumber futur
Severe weather events have increasingly been putting households at risk over the years. Many homeowners are taking these weather events seriously, knowing the harsh weather can put their homes and their lives in danger.Nearly 68% of about 1,000 U.S. adults recently surveyed say they considered the potential for severe weather events when moving to a new place, according to a new survey from Helitech, a waterproofing and f
Builders are building more, even though overall housing inventories still feel tight. Builders in April constructed about 24% more homes than they did in April over the last couple of decades, the National Association of REALTORS® reports. Housing starts are likely to reach 1.6 million for all of 2021 and jump to 1.7 million in 2022, NAR projects.Building permits are viewed as a gauge of future housing inventory. They provide an estimate of the
The LGBTQ community, estimated to hold the potential for $1 trillion in buying power, has long been regarded as a bright spot for the housing market. But many members of this community have shied away from purchasing a home because they don’t always feel welcome in their neighborhoods, according to reports. The homeownership rate for the LGBTQ population is 49.8%, which is far below the U.S. average of 65.8%.In conjunction with P
Mortgage rates were on the rise last week but remained just below 3%, offering borrowers another opportunity to lock in historically low rates.Still, the National Association of REALTORS® cautions that borrowers should expect mortgage rates to increase modestly in the following months as the economy continues to recover. NAR forecasts the 30-year fixed-rate mortgage to average 3.20% in 2021.“Home prices continue to accelerate while inventory r
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