Unfazed by the recession, wealthy Americans are looking to upsize their homes in the pandemic. Demand for million-dollar homes is climbing faster than any other price point, Bloomberg reports.Applications for mortgages larger than $766,000 increased 59% year over year in September, the largest uptick of all price segments, according to the Mortgage Bankers Association. The increase for mortgages from $150,000 to $300,000 rose just 13% in comparis
The appraisal can be a stressful process and may threaten to derail transactions. Twenty-one percent of REALTORS® say “appraisal issues” delayed their sales contracts in October, according to the most recent REALTORS® Confidence Index. Appraisal issues led to 13% of contracts being terminated. The appraiser evaluates the home’s lot size, condition (both inside and out), foundation, neighborhood, and any other amenities that add or de
Home prices typically decline when economic activity constricts—but not in 2020. The economic downturn resulting from the COVID-19 pandemic has coincided with a booming housing market. Existing-home prices for all housing types jumped 15.5% year over year in October to $313,000, according to the National Association of REALTORS®.Home prices at all market levels are accelerating at the fastest rates in the past six years. The lowest p
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Black millennial Americans are increasingly becoming homeowners. Black adults between the ages of 26 and 39 have led recent increases in African American homeownership rates, according to a recent analysis of data from the National Association of REALTORS®.Five percent of African Americans purchased homes during the first three months of 2020, which is up by 1% compared to a year ago.“The fact that Black home purchases are much higher now
Storage areas in a home can be viewed as a premium, particularly as house hunters have reportedly been looking for additional space since the beginning of the pandemic.A cluttered closet can make the space look small. Home stagers know the importance of organization and staging a closet to not only show off its storage space but to also improve a home's appearance.To make closets feel more spacious, leave the closet floor space open and clear of
Is a mobile home boom brewing? Twenty-three U.S. states saw online searches for mobile homes increase 50% or more from May to September compared to the same period a year ago, according to a new analysis of Google Trends data from Point2Homes. The popularity of mobile homes—or also referred to as manufactured homes—is increasing as some home shoppers search for affordability and their own space in the pandemic.Mobile home searches online incr
The housing markets expected to be the strongest in 2021 are tech hubs with strong job creation, state capitals where home shoppers may get more square footage for their money, and smaller cities with greater affordability, according to a new analysis from realtor.com®.But none of these areas boast the cheapest home prices in the nation. In most of them, buyers will pay more than the national median home price of $348,000, realtor.com® notes.
Pantries, once simply closets or cupboards for storing a few perishables, have become much more elaborate—especially now that people are staying at home more. The walk-in pantry has emerged as the most desirable kitchen feature for home buyers in recent years, according to a 2019 survey from the National Association of Home Builders. More than 85% of homes larger than 3,500 square feet feature a walk-in pantry.“We’ve been offering
The Federal Housing Finance Agency has extended its foreclosure and real estate owned eviction moratoriums for borrowers with Fannie Mae or Freddie Mac-backed mortgages until at least Jan. 31, 2021. The protections were put in place due to the COVID-19 pandemic.This is the fourth time that the FHFA has extended protections to homeowners. The previous moratoriums were going to expire on Dec. 31.“Extending Fannie Mae and Freddie Mac’s foreclosu
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