East Coast housing markets are dominating this year. Helping these markets to boom: millennials who are migrating away from city centers in search of affordable housing and space to raise a family, according to realtor.com®’s newly released 2020 Hottest ZIP Codes Report.The top 10 hottest markets on realtor.com®’s list this year share some traits: easy access to downtown amenities and outdoor space, relative affordability with a vibrant loc
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Florida may be seeing high numbers of COVID-19 cases, but that hasn’t stopped house hunters from rushing to the Sunshine State. Florida has been the top destination to move to during the pandemic, according to HireAHelper’s newly released migration report, which is based on more than 25,000 moves booked since March 11. HireAHelper is an online marketplace for finding and booking moving transportation services.Fifteen percent of moves booked s
Seventy-two percent of renters say they would rent an apartment without ever seeing the property in person if a 3D virtual tour was offered, according to a recent survey conducted by Zumper, a rental marketplace, and Matterport, a 3D and virtual service company. Just like home shoppers, renters are turning to online tools to find a home during the pandemic, and property managers are increasingly seeking out nontraditional ways to allow potential
Mortgage rates inched up slightly this week but still remained near historical lows. The 30-year fixed-rate mortgage averaged 2.96% this week, up from last week’s record low of 2.88%, Freddie Mac reports.“Home buyer demand remains strong, especially for those in search of an entry-level home, where the improvement in affordability via lower mortgage rates has a material impact,” says Sam Khater, Freddie Mac’s chief economist. “Even with
Even as mortgage delinquencies climb, foreclosure activity continues to be low. Foreclosure moratoriums ordered by federal and state governments during early phases of the pandemic likely helped to minimize the foreclosure rate, says Rick Sharga, executive vice president at RealtyTrac, a real estate data firm.“It’s inevitable that there will be a significant increase in foreclosures once these moratoriums have expired, although it’s unlikel
From home offices to two-toned kitchens, homeowners have been giving their homes a lot more attention since the pandemic. The Wall Street Journal recently asked home designers and bloggers to weigh in on some of the most popular design styles from the first half of the year.Details have become more important, says Kate Rumson, who runs The Real Houses of IG, a home design Instagram account with 2.4 million followers. Consumers are scour
Remember when 3% mortgage rates seemed low? Last week, Freddie Mac reported a new record low average for the 30-year fixed rate mortgage: 2.88%. United Wholesale Mortgage now wants to take rates even lower—nearly a full percentage point below Freddie Mac’s all-time low. UWM is touting a loan program that allows borrowers to lock in rates as low as 1.99% for both home purchases and refinances.The rate is available only through independent
Nearly every major metro area across the country saw home prices continue to escalate in the second quarter. Median single-family home prices increased year over year in 96% of measured markets—or 174 out of 181—during the quarter, according to the latest report from the National Association of REALTORS®. That percentage matches the metro areas in the first quarter that saw price gains.“Home prices have held up well, largely due to the com
Appraisal issues can be common hangups in a real estate transaction. In June, appraisal issues were blamed for causing delays in 18% of transactions (the second highest reason behind issues related to obtaining financing) and for terminating 9% of contracts, according to the REALTORS® Confidence Index.While appraisal issues may be unavoidable if home prices are escalating too quickly and not matching offers, homeowners can still prepare for
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