A first-time home buyer may need to be educated about the realities of the housing market before they fall in love with a home and then quickly lose out to another bid. To prevent heartache, real estate professionals can have frank conversations with their buyers about the realities of the competition and the amount of money it takes to become a home buyer in today’s heated market.No home will be perfect.Housing inventories are ultra-low. Any h
Rents have been surging. Since January of this year, the national median rent has climbed by 16.4%, according to the latest National Rent Report from Apartmentlist.com. Rents aren’t slowing down either as demand continues to remain high.Meanwhile, renters may be missing out on gaining equity. The average homeowner gained about $51,500 in equity over the past year, according to CoreLogic.Rent payments only cover the cost of shelter and the inclu
More homeowners have become pet owners since the pandemic, and homeowners are showing a willingness to move for their pet. In fact, 43% of pet owners say they’d be willing to move to accommodate their pet, according to the National Association of REALTORS®. What’s more, 68% of pet owners surveyed by realtor.com® say they would pass on the perfect home if it didn’t meet their pet’s needs.“Often rentals have high pet fees, or
Home sellers continue to get richer as prices rise. Profit margins on median-priced single-family home and condo sales climbed to 47.6%, which marks the highest level in a decade.The typical home sale nationwide during the third quarter generated a record-high profit of $100,178 as national median home prices continued to rise, ATTOM Data Solutions, a real estate data firm, reports. That is up from $88,800 in the second quarter of this year. Prof
Of Americans who moved during the pandemic, 85% opted to move within their state, according to a new analysis from LendingTree, which evaluated mortgage loan data from March 1, 2020, to Sept. 21, 2021, to learn pandemic moving patterns.Texas had the highest percentage of residents looking to stay in the state. On the other hand, New York had the highest percentage of residents who left the state.The number one destination for out-of-state movers:
Many tenants are seeing steep increases in their rents, a reversal of the trend during the early phase of the pandemic as urbanites moved to suburbs and exurbs.As they return, they’re seeing that discounts on rents are not only quickly vanishing but surging, even for those who stayed, because of the high demand.“Renters who originally received pandemic pricing are now experiencing steep rent increases at renewal—sometimes upward of 40%,”
Asian American mortgage applicants are facing higher mortgage denial rates than White mortgage applicants, despite having higher credit scores and incomes, according to a new Urban Institute report.The denial rate for Asian American mortgage applicants is 8.7% compared to 6.7% of White mortgage applicants. The denial rates are higher for Asian American mortgage applicants across income levels, too.Asian American mortgage applicants tend to have h
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The COVID-19 pandemic has hit many sectors of commercial real estate hard. But the sector is bouncing back. Investors purchased a record amount of commercial real estate in the third quarter, The Wall Street Journal reports.But office buildings and shopping malls aren’t behind the boom, as they typically are. Instead, some of the biggest drivers in the commercial sector have been apartment buildings, life-science labs, and industrial
The first year of homeownership can be one of the most expensive years. After all, new homeowners are paying for the down payment, closing fees, and the costs of moving in, while outfitting their new home.SmartAsset evaluated data across the 20 largest cities to find which areas have the highest first-year housing costs. They factored in six metrics: median home value, down payment, average closing costs, monthly mortgage payment, property taxes,
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