Cash-Out Refis Surge as Owners Use Equity Gains With double-digit annual gains fueling homeowner wealth, owners have gotten richer, and they’re starting to take advantage of that added equity. Cash-out refinancing, which allows owners to take out a lump sum from their equity through loans, increased by 33% in October compared to a year …
Category: Real Estate Tips
Nov 09
Unrealistic Expectations of First-Time Home Buyers
Unrealistic Expectations of First-Time Home Buyers 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 …
Nov 09
Bidding Wars Still Burden Unsuccessful Buyers
Bidding Wars Still Burden Unsuccessful Buyers A majority of house hunters say it’s not prices that are keeping them out of the housing market—it’s other buyers. Forty-five percent of prospective buyers recently surveyed say they keep getting outbid by other offers, according to a new survey from the National Association of Home Builders. The NAHB …
Nov 09
U.S. House Passes Bipartisan Infrastructure Bill
U.S. House Passes Bipartisan Infrastructure Bill The U.S. House of Representatives passed the bipartisan Infrastructure Investment and Jobs Act Friday, sending it to President Joe Biden for his signature. The $1.2 trillion bill is the most significant investment in infrastructure in decades. It includes new money for the power grid, managing climate risks, and repairing and …
Nov 08
Mortgage Rates Post Temporary Drop
Mortgage Rates Post Temporary Drop Offering slight relief to home buyers this week, the 30-year fixed-rate mortgage fell to a 3.09% average. But rates may rise again soon. Housing analysts largely expect mortgage rates to increase in the following months due to the Federal Reserve’s announcement this week that it will slowly reduce its monthly …
Nov 08
Pets Influence the Choice to Move
Pets Influence the Choice to Move 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 …
Nov 08
Home Sale Profit Margins Hit 10-Year High
Home Sale Profit Margins Hit 10-Year High 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 …
Nov 03
Millennials to Keep Housing Strong for Years to Come
Millennials to Keep Housing Strong for Years to Come Expanding wealth and growing families are prompting more millennials to become homeowners. Ultra-low mortgage rates are continuing to attract them as well. Young adults ranging from 26 to 41 years old comprise about 22% of the U.S. population. It’s why the housing market has been …
Nov 02
What First-Time, Repeat Buyers Fear Most
What First-Time, Repeat Buyers Fear Most The homebuying process can be scary for first-time and move-up buyers alike. Slightly more than half of Americans say they feel anxious thinking about the process of purchasing a property, according to a new survey from Ally Home. In fact, many consumers are more afraid of purchasing a …
Nov 02
Consumers Will Take a Haunted House—at a Discount
Consumers Will Take a Haunted House—at a Discount In this hot market, many Americans are willing to overlook a few ghosts for the right home and list price. Nearly a third—or 30%—say they’d be willing to live with a “friendly” ghost, according to realtor.com®’s annual Halloween survey. Twenty percent say they would live in …
Nov 01
Buyers Are Temporarily Pausing Their Home Search
Buyers Are Temporarily Pausing Their Home Search While many home buyers are still eager, some may have taken a break from what’s been a red-hot, competitive housing market. The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, decreased 2.3% in September from August, and pending …
Nov 01
Lumber Prices on Steep Incline Again
Lumber Prices on Steep Incline Again High lumber prices are returning, and home buyers should brace themselves for impact. The prices can have an effect on the cost of a new home as well as on decks and remodels. Lumber prices had been falling this summer, but that appears to have been short-lived. In …
