Sales of new homes plunged to a more than 2 1/2-year low in October, as all four major regions of the U.S. posted sharp declines, the Commerce Department reported Wednesday.Sales of newly built, single-family homes dropped to a seasonally adjusted annual rate of 544,000 units in October—the lowest pace since March 2016.Higher borrowing costs are pushing homeownership out of reach among more potential buyers, which has been playing out in the sa
If a cooperating broker requests that you verify in writing whether you submitted his or her client’s offer to your seller, you’d better not ignore it. You could be disciplined for not responding.The National Association of REALTORS®’ Board of Directors amended its MLS policyearlier this month to let local associations impose disciplinary action against members who fail to present either written confirmation that an offer was presented or
More millennials are pursuing homeownership now than ever before. The national homeownership rate rose to 64.4 percent in the third quarter this year—an increase of half a percentage point over a year ago, according to the U.S. Census Bureau. That's largely attributed to the rise in new, first-time home buyers.As 2018 comes to a close, Dana Bull, an agent with Sagan Harborside Sotheby’s International Realty who has significant experience wo
The colder months can make selling tougher. The home’s exterior can look dreary against a gray sky backdrop and buyers may want to go into hibernation rather than shop for homes in the chilly weather. But real estate and staging professionals say there’s still plenty you can do to make your listing stand out in the wintertime. Realtor.com® spotlighted a few of their ideas, including:Pay attention to curb appeal.Don’t let the colder month
October marked the 10th consecutive month of decreases in contract signings—not a good sign for the housing market as it starts the traditionally slower months of sales. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator based on contract signings—fell 2.6 percent to a reading of 102.1 in October. On a year-over-year basis, contract signings plunged 6.7 percent.“The recent rise in mortgage rat
An increasing number of Americans are living in what’s considered wildland-urban interfaces—near forests, grasslands, and scrublands—and it’s putting more homes at risk of fires. Researchers say that wildfires pose the greatest risk to people who live along these wildland-urban interfaces, which was evident once again with the deadly Camp and Woolsey fires in California this month.About 25 million more people live in these wildland-urban
Conforming loan limits got a boost for 2019 in nearly every part of the U.S. The Federal Housing Finance Agency, a regulator for mortgage financing giants Fannie Mae and Freddie Mac, announced that conforming loan limits will rise in 2019 to $484,350 in most parts of the country. That marks a 6.9 percent increase over this year’s $453,100.The FHFA limits set the maximum single-family mortgage amounts that Fannie Mae and Freddie Mac will finance
Residential property owned by black Americans has been greatly undervalued, a newly released joint Brookings Institution and Gallup study suggests. Homes in majority-black neighborhoods consistently sell or are appraised for lower prices, by an average of $48,000 per home, researchers found. That amounts to $156 billion in cumulative losses nationwide.Homes of similar value with similar features are valued at 23 percent less in majority-black ne
Rising mortgage rates and home prices may prove a bigger thorn to home buyers in 2019 as buying a home gets more expensive in the new year. Meanwhile, as more homeowners list their homes, sellers will face greater competition, possibly increasing the need for concessions.Mortgage rates are forecast to reach 5.5 percent by the end of the year, and monthly mortgage payments will increase 8 percent. That could put homeownership more out of reach to
Household debt levels have reached a record high of $13.5 trillion this year, according to the Federal Reserve Bank of New York. Many of these financial woes are from housing.“Escalating rises in real estate prices are causing more consumers to be stretched,” Eric Tyson, co-author of Mortgages for Dummies, told realtor.com®. “In the years ahead, we could reach the point where it really puts a lid on future price appreciation.”Realtor.co
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