Borrowing costs dropped to their second-lowest levels in three years, offering home shoppers an opportunity to lock in lower monthly mortgage payments.The lower rates are “supporting homebuyer demand and leading to higher refinancing activity,” says Sam Khater, Freddie Mac’s chief economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to s
Land sales and prices both rose across property types last year, and an uptick is likely to continue into 2020, if at a somewhat slower pace, according to the 2019 Land Market Survey, a joint survey from the REALTORS® Land Institute and the National Association of REALTORS®. The study acknowledges headwinds, with zoning regulations and obtaining financing as the top issues affecting land transactions. The survey is based on responses from
One-third of first-time buyers turned to family and friends for financial help in purchasing a home last year, according to data from the National Association of REALTORS®. Indeed, 27% received a gift from family or friends, the data shows.“Using family as a source of down payment help is most common among younger millennial buyers (ages 20 to 28) compared to other generations, and is more common among unmarried couples,” writes Jessica Laut
Young adults may be eager to buy, but 75% of first-time home buyers say they’re overwhelmed about the purchase process, according to TD Bank’s First-Time Homebuyer Pulse of more than 850 millennial buyers between the ages of 23 to 38.Many have not taken the first step to talk with a lender before they start actively looking. Only 30% of respondents say they have spoken to a mortgage lender before starting their house hunt. “To put the cart
Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% a
Homes with high curb appeal tend to sell for an average of 7% more than similar houses with an uninviting exterior, according to a joint study by the University of Alabama and the University of Texas at Arlington. Further, the premium rises to as high as 14% in slower real estate markets with greater housing inventory, shows the study, which was published in the Journal of Real Estate Finance and Economics.Researchers examined Google Street
In expensive housing markets where inventories are tight, some buyers are finding it more affordable to invest in a multifamily property rather than purchase a single-family home, The Washington Post reports. The buyers can live in one of the units in the building while renting out the others to defray some mortgage costs and build equity.Lenders are offering incentives for such multifamily investments, including competitive interest ra
Borrowing costs moved lower this week as the 30-year fixed-rate mortgage averaged 3.6%, Freddie Mac reports. Rates are at the lowest levels in three months and about a quarter-point above all-time lows. “The very low rate environment has clearly had an impact on the housing market, as both new construction and home sales have surged in response to the decline in rates, the rebound in the economy, and improving financial market se
Home sellers nationwide felt richer at resale in 2019. The average seller saw a home price gain of $65,500 on a typical sale, which is up from $58,100 the year prior, ATTOM Data Solutions reports in a new study. This marks the highest level since 2006.That also represents a 34% average return on their investment compared to the original purchase price, which is also the highest average home seller ROI since 2006.“The nation’s housing boom kep
Single women are outpacing single men when it comes homeownership, a new study by LendingTree shows. In some metros, single women are achieving double-digit percentages in ownership.For example, in the New York metro area, single women own 13.3% of owner-occupied homes, whereas single men own 7.9%. In San Francisco, single women comprise 12.1% of the market share compared to single men’s 7.6%.Single women own about 1.5 million more homes than s
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