Investors who have cash on hand are viewing opportunities brewing in the housing market amid the COVID-19 pandemic. Housing stock is very low in many markets as some sellers have pulled their homes off the market. But investors are still viewing potential growth areas and reportedly making purchases for home flipping and rentals.Investors believe that people quarantined in their homes may start to feel like their current house is inadequate in so
The three main credit reporting bureaus—Equifax, Experian, and TransUnion—have announced that everyone will be able to request a free credit report from each of them weekly over the next year. The new policy started this week.The companies say the reports are being made more readily available to help Americans “protect their financial health during the sudden and unprecedented hardship caused by COVID-19.”The CARES Act requires that compa
Mortgage rates dropped for the third consecutive week, inching closer to the lowest averages ever on record. “Refinance activity remains high, but home purchase demand is weak due to economic tightening,” says Sam Khater, Freddie Mac’s chief economist. “While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real-time daily economic activity metrics suggest that th
Where would we be without family and friends? More of us would be apartment dwellers, according to a new report from the National Association of REALTORS®. Thirty-two percent of first-time homebuyers received a gift or loan from a relative or friend last year, according to the report, and 8% of repeat buyers received down payment gifts, according to “2020 Downpayment Expectations & Hurdles to Homeownership.” The report, released today, i
Real estate has been the sole road to wealth for many of the world’s billionaires. Overall, there are 256 billionaires in the world whose main business is in real estate—up by 17 a year ago, according to the Hurun Global Real Estate Rich List 2020.China is the leader at 137, 54% of the international total, the report shows. Hong Kong is home to the most real estate billionaires.Meanwhile, the U.S. boasts 34 real estate billionaires, or 13% of
The IRS has moved the federal tax day to July 15, but in preparation, there are several things real estate pros can do to lower their tax bill. Many agents and brokers classify themselves as self-employed under federal tax guidelines. Income tax, therefore, is not automatically withheld from paychecks and generally must be paid through quarterly estimated tax payments.Self-employed status means that real estate pros may be eligible to deduct thei
The first round of stimulus checks is expected to reach Americans on Wednesday, and consumers are already making plans for how they plan to use the funds. More than one in four—or 28%—of about 1,000 Americans surveyed said they’ll use their check to cover rent and mortgage costs, according to a survey from Creditful, a personal finance resource.Millennials are the most likely to use their checks for housing, the survey finds. They plan to u
The IRS extended more tax deadlines to cover individuals, trusts, estates, corporations, and more, including deadline extensions for both 1031 like-kind exchanges and opportunity zone investments. Both programs are to help spur economic growth in communities. The National Association of REALTORS® advocated for both extensions.Last month, the IRS had announced that taxpayers have until July 15 to file and pay 2019 federal income taxes. The origin
Could less-dense cities grow in popularity? The housing market saw some shifts in March as a global pandemic struck the U.S. and prompted stay-at-home orders across cities and states.Realtor.com®’s monthly top 20 list for March “is not fully reflective of the effect of the coronavirus,” says Javier Vivas, director of economic research at realtor.com®. “We’re still about a month away from seeing how supply and demand are going to play
The amount of property taxes levied on single-family homes last year totaled $306.4 billion, up 1% from the year prior, ATTOM Data Solutions reported Thursday. Most homeowners faced a higher tax bill in 2019, averaging $3,561 per home—or an effective tax rate of 1.14%--although that varied considerably from county to county.Nevertheless, “the nationwide increase was the smallest in the last three years, a sign that cities, towns, and counties
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
