Renters Facing Bidding Wars Bidding wars have grown common in home sales, but now they’re part of the process of renting an apartment as well. As demand outstrips supply, renters are trying to outbid others to get the property they want. “Properties are definitely in short supply, and demand is high,” Bruce Ailion, a real …
Tag: News
May 13
Americans Fear Inflation’s Impact
Americans Fear Inflation’s Impact Inflation is running at a 40-year high as the costs of everyday goods rise. Americans are increasingly concerned about how inflation will affect their personal finances and their long-term financial goals, including homeownership. More than half of about 1,000 U.S. adults surveyed in March said that higher costs may have a …
May 12
Tips for Home Buyers Purchasing With Friends, Family
Tips for Home Buyers Purchasing With Friends, Family A growing number of consumers are exploring unconventional pathways to homeownership, including buying a home with a friend, family member, or partner, according to the National Association of REALTORS®’ 2021 Home Buyers and Sellers Generational Trends Report. With rising costs, home buyers may find pooling their money …
May 12
Average Closing Costs By State
Average Closing Costs By State As home prices and mortgage rates are increasing, so are closing costs. The average payment for mortgage closing costs for a single-family property was $6,905 in 2021 (including transfer taxes), a 13.4% annual increase, according to CoreLogic’s ClosingCorp, a real estate closing cost data and technology resource. The average price …
May 11
Renters Squeezing Into Tighter Spaces
Renters Squeezing Into Tighter Spaces Apartment sizes have decreased over the past decade, as has the amount of living space per renter, according to a new study from RentCafe. During the pandemic, when more people were spending more time at home, the feature renters may have noticed most is their cramped corridors. Multifamily experts say …
May 11
Homeowners Delay Needed House Repairs
Homeowners Delay Needed House Repairs Homes aren’t perfect, and they are often in need of repairs and maintenance. The average home is in need of about $3,150 worth of repairs that haven’t been made yet, according to a new survey of more than 1,000 homeowners conducted by consumer information website Consumer Affairs. About one in …
May 10
Sellers May Nab Highest Price Premiums in May
Sellers May Nab Highest Price Premiums in May Home sellers may find the best opportunities to watch their profits peak this month, according to a new study from ATTOM Data Solutions, a real estate data firm. The spring and summer months are the best times of year to obtain the highest home seller profits, according …
May 10
Mortgage Rates Reach Highest Levels Since 2009
Mortgage Rates Reach Highest Levels Since 2009 The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports. “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary …
May 09
Top 10 Destinations for Out-of-State Movers
Top 10 Destinations for Out-of-State Movers Home shoppers’ interest in relocating to a different state is on the rise, finds a new survey from realtor.com®. During the first quarter, 40.5% of prospective buyers searching for homes for sale on realtor.com® were looking for homes outside of their current state. “After two years of pandemic remote …
May 09
Fed Raises Rate: What It Means for Housing
Fed Raises Rate: What It Means for Housing The Federal Reserve voted on Wednesday to raise its target short-term federal funds rate by a half-point. That marks the largest increase in the Fed’s rate in more than two decades and suggests higher mortgage rates will follow. The Fed’s latest action looks to control inflation, which …
May 06
Rainy Days Could Be Best for Home Showings
Rainy Days Could Be Best for Home Showings Although real estate pros know many buyers may be tempted to cancel a home tour if the weather is nasty weather, they say rainy days are actually the best circumstances to view homes. Gail Hardy, a real estate pro in Knoxville, talks about the advantages of touring …
May 06
The Impact of High Mortgage Rates
The Impact of High Mortgage Rates The sharp rise in mortgage rates this year has added hundreds of dollars to new monthly mortgage payments. In fact, climbing rates have caused the monthly amount of a new mortgage payment to increase by an average of $258.57. That equals an average of an extra $3,102.84 per year and …
