Real Estate, Updates, News & Tips - Abdul Hafiz - iPro Real Estate

Lower Mortgage Rates Coax Home Buyers

Stabilization in borrowing costs is easing home shoppers’ affordability concerns.Mortgage rates, which have settled in the 6% range, barely budged this week, giving potential home buyers more confidence to shop for real estate. The 30-year fixed-rate mortgage averaged 6.69%, marking the sixth consecutive week of holding steady, Freddie Mac reports.“Given this stabilization in rates, potential home buyers with affordability concerns have jumpe

Read More

Rent Has Never Been Less Affordable, Especially for the Middle Class

The number of ‘cost-burdened’ renters hit a record 22.4 million in 2022 — up 2 million households from just three years before, according to a new studyRent has never been less affordable — for tenants with high and low incomes alike — even while costs for new leases are finallycooling off.Half of American renters spend more than 30 percent of their income on housing costs — a key benchmark for affordability — with the financial str

Read More

More Single Women Become First-Time Homebuyers 

Amid a tight supply of homes for sale and fluctuating interest rates, a welcome bright spot is emerging in the Twin Cities housing market. Single women are showing up at Open Houses and then at the closing table as a larger percentage of home buyers. And they are doing it at a faster pace and larger percentage than their male counterparts. According to Census data, in Minnesota 12.2 percent of homes are now owned by single women, contrasted

Read More

Fed to Allow Emergency Bank Lending Program to Expire on March 11

The Federal Reserve on Wednesday said a funding lifeline created for banks last year after the collapse of Silicon Valley Bank threatened to spark a wider financial crisis would close as scheduled in March.The Fed also raised the interest rate on new loans from the Bank Term Funding Program (BTFP) for the remainder of its life, effectively ending what had become a popular and profitable arbitrage opportunity for U.S. lenders, which analysts said

Read More

US Economy Grew at a Shocking Pace in the Fourth Quarter

The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023 as consumers and businesses continued to spend, crushing expectations of a recession.Gross domestic product, the broadest measure of economic output, rose at a seasonally and inflation-adjusted annualized rate of 3.3% from October through December, the Commerce Department reported Thursday.That was slower than the blistering 4.9% rate from July t

Read More

The Way AI Can Help Sell Homes

Lakshman Mody looks at how artificial intelligence is helping shape the way that properties can be marketed like never before.Residential estate agency marketing, traditionally reliant on physical staging, is undergoing a digital revolution and at the forefront of this change is the introduction of virtual furniture staging powered by Artificial Intelligence (AI).The evolution of estate agency marketing has been significantly influenced by t

Read More

Office-To-Apartment Conversions in Major Cities Quadruple in 4 Years

The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report.The 55,339 office-to-apartment makeovers scheduled for this year mark a record high, according to the RentCafe report released Monday. The report cites surging demand for residential space and nearly $150B in office

Read More

Home Sales Dip as Prices Surge to New Highs

Existing-home sales likely bottomed out in December, says NAR’s chief economist, who predicts brighter days ahead.Existing-home sales fell to their lowest level in nearly 30 years in December—but that didn’t cool red-hot home prices, with the median price reaching an all-time high of $389,800, the National Association of REALTORS® reported Friday.Existing-home sales—which include completed transactions for single-family homes, townhomes,

Read More

Single Women in the U.S. Own More Homes than Single Men

Although U.S. women still trail men when it comes to pay, they are pulling ahead financially in one important way of building wealth: homeownership. A recent study from LendingTree shows that single women own 2.7 million more homes than their male counterparts, with roughly 13% of those women holding the titles to their homes, compared to 10% of men. "A home for most people is going to represent the biggest portion of the

Read More

Americans are Suddenly a Lot More Upbeat About the Economy

Consumer sentiment gauge posted the largest two-month gain since 1991Americans are rapidly becoming much more upbeat about the economy.Consumer sentiment surged 29% since November, the biggest two-month increase since 1991, the University of Michigan said Friday, adding to gauges showing improving moods. It’s a sharp turn after persistently high inflation, the lingering shock from the pandemic’s destruction and fears that a recessio

Read More

This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.