Down Payment Requirements The majority of consumers continue to mistakenly believe they need at least a 20% down payment to purchase a home, but the truth is the average down payment among all buyers is just 12%, according to National Association of REALTORS® data. Younger buyers tend to put down the least: For example, …
Category: Real Estate Tips
Jul 14
Is Proximity to Public Transit Still a Selling Point?
Is Proximity to Public Transit Still a Selling Point? Since the start of the pandemic, home prices have been rising twice as fast in car-dependent neighborhoods as in transit-accessible areas, according to newly released Redfin research. The trend may be only temporary as social distancing practices that made commuting by train, subway, or bus less …
Jul 13
Affordability Drives More Family Members to Buy Together
Affordability Drives More Family Members to Buy Together More family members are moving in together under one roof, a trend that may help many better compete in the ultra-hot housing market. With record-high home prices still climbing, family members who pool their money may be able to afford a larger, higher-end home. Multigenerational households …
Jul 13
94% of Listings Don’t Include a Virtual Tour
94% of Listings Don’t Include a Virtual Tour Many real estate agents may be missing out on a big opportunity to market their listings online through virtual tours and best professional photography practices. As more house shopping goes online, buyers are saying these items are more important to them. Yet, 94% of listings do not …
Jul 12
Seller Optimism Has Never Been So High
Seller Optimism Has Never Been So High Seventy-seven percent of consumers say it’s a good time to sell a home—a record high, according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 adults on their views of the housing market. They have plenty of reason to feel so upbeat: Existing-home sales prices were …
Jul 12
Plummeting Lumber Prices Little Help to Builders
Plummeting Lumber Prices Little Help to Builders The price of framing lumber has plunged about 50% over the last seven weeks, offering up a hopeful sign that skyrocketing building costs would ease. However, builders say that the prices they pay have only declined by a fraction of that percentage. The disconnect in pricing has always existed …
Jul 08
Prices for Construction Materials Jump 26% in a Year
Prices for Construction Materials Jump 26% in a Year Widespread shortages on building materials continue to prompt home builders to raise their prices. Material prices have increased by 26% over the past year for building the same house, according to National Association of Home Builders data. That’s put pressure on new-home prices: In May, …
Jul 08
Short-Term Rentals
Short-Term Rentals According to a Trip Advisor survey from this spring, more than two-thirds of Americans said they plan to travel during this summer. Investors are discovering greater interest in their short-term vacation rentals, and business is booming. Occupancy rates surged 21% in May compared to pre-pandemic levels from May 2019, according to AirDNA, …
Jul 07
30-Year Mortgage Rate Drops Below 3% Again
30-Year Mortgage Rate Drops Below 3% Again Home buyers had another chance to snag lower rates this week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports. “Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the …
Jul 07
Lift in Listings as Home Prices Shatter Records
Lift in Listings as Home Prices Shatter Records As home listing prices break another new record, more homeowners are looking to take advantage and list their homes for sale. New listings in June rose 5.5% year-over-year and are up 10.9% over the prior month, according to a new report from realtor.com®. The uptick in …
Jul 06
Homeownership Is Slipping
Homeownership Is Slipping Job losses during the COVID-19 pandemic hit the Asian American community particularly hard. Hate crimes also surged against the community, the fastest-growing population in the U.S. About 60.6% of Asian Americans and Pacific Islanders are homeowners. While that’s a higher percentage than other minority groups, the numbers are lower than the …
Jul 06
Where Buyers Are Destined to Find Vacation Properties
Where Buyers Are Destined to Find Vacation Properties Vacation-home sales have surged during the pandemic as remote work and low mortgage rates have made them more desirable. In 2020, vacation-home sales climbed 16.4%, outpacing the 5.6% growth in existing-home sales, according to the National Association of REALTORS®’ 2021 Vacation Home Counties Report. NAR identified the …
