Home buyers and sellers are making it to settlement at a faster rate. The average time to close on all loans dropped by two days in February to 42 days, according to Ellie Mae’s Origination Insight Report. Ellie Mae economists are calling the drop “significant.”For just purchase loans, the time to close dropped from 47 days to 45 days last month, according to the report.The drop in average closing times is mostly due to a decrease in the o
More millennials are bypassing high-priced coastal markets in favor of the Rust Belt and Midwest, shows a new analysis by LendingTree, an online loan marketplace.The report shows that millennials in Pittsburgh, Des Moines, Iowa, and Buffalo, N.Y., are pursuing homeownership more than their counterparts in any of the nation’s 100 largest cities. LendingTree analyzed mortgage requests and offers of borrowers ages 35 years old and under between Fe
The Thomas Fires, the largest wildfire in California’s modern history, ignited late last year and blazed throughout Southern California for more than a month, leaving hundreds of homes and buildings in ash. Real estate professionals who lived near the affected areas have been quick to respond to families who are still struggling to rebuild.The magazine for the Ventura County Coastal Association of REALTORS® recently featured several stories of
Generation Z—the post-millennial generation—is already making a move into homeownership. This generation—which tops out at age 23—consists of those born in 1995 or later. Nearly 100,000 members of Gen Z have a mortgage, according to data from TransUnion, a credit agency. Their average loan balance is $140,000.Certainly, Gen Z’s homeownership presence is much smaller compared to older generations. In comparison, 12 million millennia
University of Maryland researchers announced they’ve created a way to make wood stronger, lighter, and cheaper than steel. The researchers see the super wood as having a major influence in the building industry one day.“This new way to treat wood makes it 12 times stronger than natural wood and ten times tougher,” says Liangbing Hu, a Maryland professor and leader of the team who conducted the research. “This could be a competitor to stee
A San Francisco real estate agent was held at gunpoint and robbed during a midday open house she was hosting last Saturday, the San Francisco Police Department reports. The house is located on a privately owned street in San Francisco’s Bayview Heights neighborhood.The 55-year-old agent was in the home’s kitchen prepping for the open house on March 17 when she heard footsteps inside, police said. The agent went to greet who she thought was a
Homeowners who want to increase their property’s value don’t necessarily have to start knocking down walls or adding extra rooms. In fact, a coat of paint can go a long way toward enhancing the look of a space. Modern Garden Rooms offers the following infographic that shows numerous ways you can add value to a property.Source: Modern Garden Rooms
Setting a list price is potentially one of the sharpest thorns in the agent-client relationship. Many sellers believe they know better what their home is worth, and it may be difficult to convince your client to trust your professional opinion. And the internet doesn’t make this process easier.Sellers often consult online automated valuation models, or AVMs, such as Zillow’s “Zestimate,” to get a scope of what their property is worth. But
Toys ‘R’ Us recently announced its plan to close or sell more than 800 of its stores across the country, and some commercial real estate experts are concerned about the hundreds of empty storefronts that will be left behind. Some landlords are already scrambling to find replacements.Many Toys ‘R’ Us and Babies ‘R’ Us locations are between 40,000 to 65,000 square feet. This is “problematic as the list of retailers seeking that
The U.S. Department of Labor’s proposed rule expanding the use of association health plans is a step in the right direction, but more work must be done to refine the plan before making health insurance options available through AHPs, a prominent REALTOR® testified Wednesday on Capitol Hill.Michael McGrew, right, a former NAR treasurer, meets with Rep. Tim Walberg (R-MI), chairman of the House Education and the Workforce Subcommittee on Health
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