Just as some housing experts were predicting rates couldn’t get lower, they did. The 30-year fixed-rate mortgage reached a new all-time low, averaging 2.86% this week, according to Freddie Mac. “Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery,” says Sam Khater, Freddie Mac’s chief economist. “These low rates have ignited robust purchase demand activity, which has been growing at double-d
The most affordable housing markets in the U.S. tend to be located in the South and Midwest, according to a new analysis from RefiGuide.org, a home refinance resource. For example, Youngstown, Ohio, topped the list as the most affordable place in the country, where the median household income in one year is more than the typical purchase price of a home.On the other end of the spectrum, however, California tends to have the least affordable housi
Ultra-competitive housing markets have fueled bidding wars as buyers frantically compete for a limited number of homes for-sale. Real estate professionals are finding themselves helping their home-buying clients navigate multiple offer situations. But they must be careful to avoid misunderstandings and reduce the risk of discrimination in the process, too.“Real estate professionals can help avoid complaints and fair housing issues while helping
New homes have gotten larger, many with a room dedicated to each family member, plus a guest bedroom. On the other hand, apartments are feeling more cramped.New single-family homes have increased 18% in size, or 143 square feet, over the last decade, according to new research from STORAGECafe. That’s about the size of a new bedroom, says STORAGECafe, which analyzed the evolution of new-home and apartment sizes from 2010 to 2019.The average size
Columbia, Mo., home to the University of Missouri, offers the cheapest housing costs of college towns in the U.S., according to a new analysis from Apartment Guide. The average one-bedroom apartment rents for $714 and the average two-bedroom apartment rent is $850.College towns have long been viewed as a steady sector for investors to own rentals. The pandemic has challenged that over recent months, but housing analysts still view college to
The home shopping spree continues. Typically, the end of August sees a slowdown in the housing market, but this year, real estate has shown no signs of letting up.Mortgage applications to purchase a home increased 3% last week compared to the previous week. But it’s the year-over-year jump of 40% that has surprised economists. Year-over-year comparisons are usually in the single digits.“There continues to be resiliency in the purchase market,
Kitchens can be expensive to renovate, so help homeowners choose upgrades that will stand the test of time—and outlast trends that come and go.Life Rejoice, a home improvement blog, has offered up 40 timeless kitchen trends. Here's a peek at five.1. QuartzEngineered quartz will continue to be a popular countertop option for a long time. It’s less prone to damage than other countertop materials and doesn’t stain from acidic substances, makin
Every year since 2010, fewer than 10% of units have been deemed affordable to renter households that earn 50% of the median renter income, according to a new report released from Freddie Mac.The “Rental Affordability Reexamined” study found that despite some claims otherwise, affordability levels in the rental sector have not improved in recent years.Freddie Mac researchers isolated renter income to capture the availability of affordable hous
As COVID-19 outbreak took hold earlier this year the U.S., sales of condominiums took one of the biggest hits. Condos reached a low year-over-year point in May. That was after in late 2019—pre-pandemic for the U.S.—where condo sales were accelerating at a faster rate than single-family detached homes, reports CoreLogic, a real estate research firm.“While the pandemic has impacted our views on the desirability of density, it is clear that ho
Backyard space has become a premium for buyers during the pandemic. Be sure to make every square inch of it count in your listings. After all, however small that concrete slab or back deck is, homeowners can still show it off as usable entertaining or relaxation space.HouseLogic, a home improvement resource, offered up several ideas for living large in a small backyard footprint.One way to make the space feel larger may seem counterintuitive: Div
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