Strong buyer demand this spring is pushing home prices up at double the rate of increase in income growth, The Wall Street Journal reports. The median price of an existing home for all housing types was $236,400 in March, up 6.8 percent from a year ago, when it was $221,400, according to the National Association of REALTORS®. Incomes, meanwhile, increased 3 percent in February from a year earlier, according to the Labor Department."Bolstered by
For the first time in a decade, more new households chose to buy a home rather than rent one in the first quarter of 2017, according to Census Bureau data. About 854,000 new households purchased a home—more than double the 365,000 new households who chose to rent. New homeowners have not outpaced new renters since the third quarter of 2006.The overall homeownership rate in the first quarter of 2017 was 63.6 percent, down slightly from 63.7 perc
Twenty-three percent of real estate professionals say they faced closing delays for a transaction in March, and 7 percent say the sale contract was terminated altogether, according to the REALTORS® Confidence Index, which is based on responses from more than 2,500 REALTORS® nationwide. Clients who had trouble obtaining financing was the most common reason for delays, respondents to the survey say, followed by appraisal issues.Though it remains
Making room for kids just takes a little creativity.When “Hart of Dixie” star Jaime King purchased her first home in Beverly Hills at 24 years old, she immediately felt at home.So when she and her husband, Kyle Newman, had their first son, they decided to update the home they love to make room for their growing family.A reimagined garage Looking to create both a play space and guest suite, Jaime and Kyle separated their garage into three sect
With perfectly framed views of Griffith Observatory, the flapper-era mansion includes many personal touches.King of the Nerds Chris Hardwick and his wife, Lydia Hearst, have a unique home style described by Chris as “Victorian gentleman serial killer.” Their 8,240-square-foot home is full of one-of-a-kind details, and he invited us in to see them.Source: zillow.com
Home buyers who don’t gather more than one quote when shopping for a mortgage may be losing out on some savings to their monthly payments.Lenders can offer a wide dispersion of rates, up to 50 basis points or 0.5 percent, after controlling for factors like the borrower’s down payment and credit score. That could be the difference between a 3.5 percent versus a 4 percent mortgage rate, according to a recent study by two economists at the Consu
The U.S. homeownership rate was 63.6 percent in the first quarter of 2017, barely budging from last quarter’s reading of 63.7 percent, the U.S. Census Bureau reports.After reaching a cycle low of 62.9 percent in the second quarter of 2016, the homeownership rate appears to be stabilizing. The ownership rate, however, still remains way below the 27-year average rate of 66.1 percent.The homeownership rate increased among all age groups in the fir
Homeowners who sold in the first quarter realized an average price gain of $44,000 since purchase. That represents an average 24 percent of return on the purchase price, which is the highest average price gain for home sellers in terms of both dollars and percent returns since the third quarter of 2007, according to ATTOM Data Solutions’ First Quarter 2017 U.S. Home Sales Report.“The first quarter of 2017 was the most profitable time to be a
Today is Arbor Day, the perfect time to send clients information on landscaping that can boost their home’s value and reduce energy bills.The U.S. Forest Service Pacific Northwest Research Station says that planting a tree in front of a house increases the home’s sale price by an average of $7,130. So, in essence, money can grow on trees.Planting a tree on the west side of a home can reduce a home’s energy bills 3 percent within five years
A local REALTOR® association in Indiana is stepping up efforts to arm its members with safety tools and knowledge after a real estate agent in the town of South Bend was beaten and raped inside a vacant home last week. The agent, who has not been named, was taking interior photographs of a listing around 12:45 p.m. April 20 when a masked man came into the house and attacked her, according to police and media reports. The man fled the scene befor
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