Though middle-class households are pinching their pennies, they still desire homeownership as a means to increase personal wealth, according to a new study by personal finance resource SmartAsset. Researchers looked at the states in which the middle class is the strongest financially, factoring in housing costs, incomes, and job growth, among other criteria.The middle class is defined as households who earn between two-thirds to double the nation
Some sellers are hoping to hook a buyer by offering a one-year home warranty to cover repair costs for items such as appliances, electricity, or plumbing. The tactic, which is gaining popularity, is meant to give buyers peace of mind that they won't have to shell out cash for pricey improvements after moving into the home. Seventeen percent of sellers have offered a home warranty as an incentive to potential buyers, according to research fro
Customers were slightly less satisfied with mortgage originators in the second quarter, and too much technology may be the culprit, according to the latest J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study. Lenders have been adding self-service technology to increase convenience in the mortgage process while trimming their customer-facing staff. But too much tech may fall short of customers’ expectations for service, the stud
It’s a good time to be a homeowner: The share of equity-rich residential properties zoomed to a total of 14.4 million, shows the 2019 U.S. Home Equity & Underwater Report from ATTOM Data Solutions. Nearly 27% of all properties with a mortgage in the U.S. are now considered “equity rich,” meaning the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value.“There are notable equity
Mortgage rates climbed again this week, and economists say the trend may well continue as the economy sees some improvement. The 30-year fixed-rate mortgage averaged 3.75% this week, Freddie Mac reports.“The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy,” says Sam Khater, Freddie Mac’s chief economist. “Due to the improved economic outlook, pu
Good news for home buyers: Bidding wars are at the lowest point in a decade. But that could be short-lived.In one closely watched industry index measuring bidding wars, just 10% of offers written by real estate professionals with the brokerage Redfin faced competition from other buyers in October, down from 39% a year earlier.However, economists point to low mortgage rates and a shortage of homes for sale that will likely heat up buyer competitio
Many non-owners—those renting or living with someone else—are eager to buy a home. But their current financial situation is what is mostly holding them back.The National Association of REALTORS®’ newly released “2019 Profile of Buyers and Sellers” report contained a new section this year, including a survey about non-owners and their views on homeownership. NAR released its annual report during the 2019 REALTORS® Conference & Expo
Millennials are flocking to affordable smaller cities, baby boomers are retiring in walkable communities that offer urban amenities, and Gen Xers are heading to larger, high-priced markets. Realtor.com® researchers recently evaluated the migration trends of the generations. Life stages—growing families, retirement, and employment—continues to drive demand in housing.Millennials, the largest U.S. generation ever, is particularly making its ma
A major culprit behind the rising costs of new-home construction: pricey lots. In fact, the median single-family lot price outpaced inflation to reach a record high in 2018, according to a newly released analysis from the National Association of Home Builders. Half of lots sold for at or above $49,500.“Given that the nation’s lots are getting smaller and home production is still significantly below the historically normal levels, it might see
Ohio is proving to be a hot housing market. The state boasted the largest number of metros to make it onto a top 20 list of the nation’s top-performing housing markets for October, realtor.com®’s data shows. realtor.com® ranks the markets based on where homes are selling the fastest and where visitors to realtor.com® are clicking on listings the most.The following Ohio metros made this month’s list: Columbus (number 3); Springfield (numb
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