Mortgage rates have been decreasing in recent weeks, but if they reverse course and start to rise again, more potential home buyers may get “priced out,” a new study from the National Association of Home Builders shows. About 1 million households would likely no longer be able to afford buying a median-priced new home if mortgage rates rise from 4.85 percent to 5.1 percent. Last week, the 30-year fixed-rate mortgage averaged 4.51 percent
Wages are failing to keep pace with rising home prices, according to a new study from ATTOM Data Solutions, a real estate research firm. Median home prices increased faster than weekly wages in 601 of the 755 counties—80 percent of the markets that researchers analyzed in the report.The markets that saw home prices outpace wage growth by some of the highest amounts were Los Angeles County, Calif.; Cook County (Chicago), Ill.; Harris County (Hou
Sellers whose homes aren’t in tip-top shape may need to spend extra money or put in a little elbow grease to get their properties in market-ready condition. But what are the most important repair or maintenance tasks that support a higher asking price? “Smaller and less expensive updates in combination with good staging will have a great return,” Susanna Haynie, GRI, a sales associate with Colorado Real Estate Group in Colorado Springs, tol
The government shutdown became the third-longest in U.S. history Monday, as 800,000 federal workers and nearly 4 million government contractors braced for a pause in their paychecks. The disruption could impact the ability of many of those affected to pay their mortgages.Twenty-three percent of Americans have no emergency savings, and 22 percent have less than than three months' worth built up, according to a 2018 Bankrate.com survey. “Any dela
Even as home prices start to cool, the market for investors who want to flip homes for a quick profit remains hot. Part of the reason flips are strong is because millennials “want to move into a home that requires minimal work,” Charles Tassell, chief operating officer of the National Real Estate Investors Association, told realtor.com®. “A house that has already been rehabbed or flipped [and is priced lower than new construction] is reall
Luxury home sales are cooling off, and some home sellers are finding they may have to invest in a few upgrades to nab top dollar for their home.High-end sales posted a 7 percent gain in October annually, the second slowest increase in more than two years, according to an analysis from realtor.com®. And while sales are slowing, inventories of homes for sale are swelling. The total number of properties listed at or above $1 million is posting doub
The new year is kicking off with lower mortgage rates for home shoppers and people looking to refinance their mortgages. The benchmark 30-year fixed-rate mortgage dipped to a 4.51 percent average this week, Freddie Mac reports.“Low mortgage rates combined with decelerating home price growth should get prospective home buyers excited to buy,” says Sam Khater, Freddie Mac’s chief economist. “However, it will be interesting to see how the re
Pending home sales slipped in November, but a reversal is in sight, according to the National Association of REALTORS®’ latest housing report.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—decreased 0.7 percent to a reading of 101.4 in November. Contract signings are down 7.7 percent year over year.However, “the latest decline in contract signings implies more short-term pullback in the housing se
The single-family rental market has become big business and now compromises the largest source of rental housing in the U.S., according to a new white paper from Freddie Mac. Single-family rentals make up about half of the overall rental market, and it is the single largest segment of the rental market by valuation and households served.The single-family rental market provides housing to 25 million Americans. It fills a particularly vital role in
Several surprising housing markets are expected to see big growth in the new year. Strong economies and a flood of new residents moving in are helping to propel some markets to new levels in 2019.Realtor.com®’s economic team identified the top metros where both the number of sales and the home prices are expected to move higher in 2019. Researchers also evaluated new home construction in the top 100 largest markets against the local economies
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