We’ve Never Seen Prices Appreciate This Fast Just how wild is the real estate market right now? You don’t hear National Association of REALTORS® Chief Economist Lawrence Yun say this every day: “We’ve never seen price appreciation of this magnitude.” It’s a sobering message in NAR’s latest home sales video, which covers the month of …
Tag: News
Jul 21
Condos Vs. Single Family Homes
Condos Vs. Single Family Homes Looking to purchase a home? Conflicted between buying a condominium or a single-family home? Check out our pros and cons to help you make the best decision! With the help of myself and John Coneys of RoundPoint Mortgage, (NMLS# 183853 – 610.322.4886) we can explore homebuying options to help you …
Jul 20
Rental Prices Broke Records
Rental Prices Broke Records A shortage of homes for sale has forced more prospective buyers to rent. That is driving up prices in the rental market. The U.S. median rental price in June jumped 8.1% compared to a year ago, reaching $1,575, realtor.com® reports. Also, two-bedroom units saw the largest increase in rents at …
Jul 20
Fewer Offers Faced Competition in June
Fewer Offers Faced Competition in June Bidding wars are still more common than a year ago, but economists are starting to notice the competition lessen somewhat. As more housing inventory gradually enters the market, buyers may face some relief from the intense bidding wars that have sent home prices surging in recent months. In …
Jul 19
Minority Homeownership
Minority Homeownership Homeownership has risen nationwide over recent years but remains low for Black and Latino Americans. Those populations have faced increased challenges during the pandemic, with layoffs and furloughs that have exacerbated their inability to purchase homes, according to a new study by United Way of the National Capital Area. But the study finds …
Jul 19
Where Rental Scams Are Most Prevalent
Where Rental Scams Are Most Prevalent As more consumers go apartment hunting once again, they need to make sure they’re not getting duped in renting units that aren’t really up for lease. As the rental market heats up, this kind of scam is reemerging. The worst time for rental scam losses is in the …
Jul 14
Down Payment Requirements
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, …
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 …
