Higher borrowing costs are hitting first-time buyers especially hard.For the third consecutive week, mortgage rates were on the rise, forcing some hopeful home buyers to the sidelines. Freddie Mac’s latest nationwide survey shows the 30-year fixed-rate mortgage averaging 6.96%.“Rates are just a sliver below 7%, and that will make it difficult not only for home buyers but also sellers considering a move,” says Jessica Lautz, deputy chief eco
Prior to the pandemic, Yue and Chris Parsons were, like many Millennials, reluctant renters moving from one apartment to another, wondering when they would be able to buy a home of their own.But the pandemic turned out to be an opportunity — not just for the Parsonses, who are 34 and 36 years old, respectively, but for lots of other young people.From 2016 to 2022, homeownership rates rose most for those under 44, according to rec
These areas of the country are attracting the most new residents and seeing the fastest economic expansion in the U.S., according to a new analysis.The city of Provo, Utah, is the biggest boomtown in America, gaining the most new residents and experiencing the sharpest economic expansion in the nation, according to a new analysis(link is external) by background check company Checkr. In fact, Utah claims four of the biggest boomtowns in
Investor interest in fix-and-flips is soaring as profits climb once again, new data shows. Here’s where your clients should be searching.Home flipping hit its second-highest level in about a century during the first quarter of this year, according to new data from ATTOM Data Solutions. Flips comprised 9% of all sales, according to ATTOM’s 2023 U.S. Home Flipping Report(link is external). But while profits and returns on investment are on
The shortage of affordable multifamily housing continues nationwide. The good news is that developers and architects are bringing solutions to the multifamily market.It’s no secret that affordable housing is in short supply. Both the single-family and multifamily market struggle to meet the need. According to the National Low Income Housing Coalition, not a single one of the 50 states(link is external) has an adequate supply of rental
Relocation buyers are moving greater distances. Cash buyers are tough competitors. The relief in home prices likely is over. Know the factors impacting your clients’ home search the most.The real estate market is poised for better days ahead as the short-lived “housing recession” comes to an end.Lawrence Yun, chief economist at the National Association of REALTORS®, said Wednesday during NAR’s quarterly Real Estate Forecast Sum
The answer to who can set market value involves buyers, sellers—and the very definition of “value”. Just as medical professionals don’t cause the ailments you ask them to diagnose and journalists aren’t causing the events they report, the appraiser does not control the market value of any property. As an agent, you know this. But when you’re trying to get a transaction over the finish line, an appraisal that doesn’t line up with the
The pandemic heightened the country’s housing crisis, but a variety of collaborative, innovative efforts offer promise.The U.S. isn’t alone in its affordable housing crisis. In a study of 200 global cities, 90 percent were found to be unaffordable for living. The average home costs more than three times the average income with shortages of land, lending, labor, and materials fueling the crisis, according to(link is external) the Wor
Updating a bathroom can help increase a home’s appeal. Find out consumer preferences when it comes to preferred updates. Wet baths—which are, essentially, open-concept bathrooms—have been gaining popularity. But two-thirds of consumers say they still prefer a standard bathroom design with an enclosed shower, finds a recent survey from Ferguson,(link is external) a supplier of home fixtures and appliances for kitchens and bathrooms
A huge chunk of consumer debt still carries fixed rates made before 2022 In the depths of the pandemic, Alex and Cynthia Durbin refinanced their mortgage at 2.75%. They built up their savings by spending less, then paid off a car loan and student debt.That meant the family’s balance sheet didn’t take a hit when the Federal Reserve started aggressively raising interest rates last year in an effort to cool inflation. The Fed on Wednes
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