Mortgage Rates Rise Modestly to 5.81% Mortgage rates inched closer to 6% this week. The 30-year fixed-rate mortgage averaged 5.81%, up modestly from 5.78% last week, according to Freddie Mac. Borrowing costs are mounting higher and higher for potential home buyers, who now find themselves squeezed both financially and by low inventory. “Since the beginning …
Category: Real Estate Tips
Jun 24
Affordability Crisis for Lawmakers
Affordability Crisis for Lawmakers Leaders from the National Association of REALTORS® made the case to members of Congress and their staff on Tuesday that housing affordability is rapidly deteriorating and action is needed to keep homes financially accessible to buyers. In an exclusive virtual briefing, NAR President Leslie Rouda Smith told congressional leaders that for too many …
Jun 23
Sea Isle, NJ. Not Yet Ready to Change Swimming Pool Regulations
By DONALD WITTKOWSKI Sea Isle City finds itself in a swimming pool predicament. More and more homeowners are clamoring for their own pools, but are finding it difficult to squeeze them in on the typically smallish lots in a beach community where property is at a premium. City Council introduced an ordinance in May to …
Jun 23
Speak Up About VA Loans
Speak Up About VA Loans Many service members know little about the benefits of VA mortgages or may even hold negative views about them, according to a Spotlight on VA Loans report commissioned by Navy Federal Credit Union and Operation Homefront. The survey was based on responses from about 1,000 active-duty service members and veterans …
Jun 23
Home Sales Retreat to Pre-Pandemic Levels
Home Sales Retreat to Pre-Pandemic Levels Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association of REALTORS®. Movement in both single-family …
Jun 21
Mistakes Buyers Make in Bidding Wars
Mistakes Buyers Make in Bidding Wars Multiple offers on a home sale are still common, and buyers may get caught up in the competition and make some mistakes in the process. One common mistake: buyers who are willing to empty their bank account trying to win. “I’ve had buyers who want to bid all the …
Jun 21
Shrinking Buyer Pool
Shrinking Buyer Pool The Federal Reserve unleashed another hike to its short-term benchmark rate Wednesday. The increase, the Fed’s largest since 1994, likely will have an impact on the housing market, economists say. The Fed’s key rate often influences mortgage rates, though it doesn’t directly affect them. Rates are moving at a much faster clip …
Jun 20
Protect Your Website From Copyright Claims
Protect Your Website From Copyright Claims Copyright claims are growing in the real estate industry, and many cases end in a judgment against the agent or brokerage accused of violations. Your website or business materials may put you at greater risk for litigation than you think. You could be held liable for copyright infringement even …
Jun 20
Homeowners Skeptical Over iBuyers
Homeowners Skeptical Over iBuyers Sixty-six percent of homeowners recently surveyed say they don’t believe iBuyers yield higher sales prices than traditional sales. However, a nearly equal number say they would consider using an iBuyer due to the flexible options for selling, a new survey from Clever Real Estate finds. The number of iBuyer companies and …
Jun 16
Aging Housing Stock Prompts Remodeling Boom
Aging Housing Stock Prompts Remodeling Boom The median age of a home in the U.S. is 39 years old. The aging housing stock signals a growing remodeling market ahead, according to a new report from the National Association of Home Builders. As homes age, they need repairs or updated components such as appliances. Homeowners may …
Jun 16
Buyers Pause Amid Rising Rates
Buyers Pause Amid Rising Rates Some home buyers are backing away from the market, with a plan to wait six or even 12 months before they resume their search, according to a new survey of 900 real estate professionals conducted by HomeLight. About 35% of real estate professionals reported that they have seen buyers drop …
Jun 14
Homeowners See 12-Month Equity Gain of $64K
Homeowners See 12-Month Equity Gain of $64K Rising home prices keep pushing up equity for homeowners. The average homeowner gained about $64,000 in equity from the first quarter of 2021 to the first quarter of this year, according to a new report from CoreLogic. About 62% of all properties nationwide saw an increase in annualized …
