The 30-year fixed-rate mortgage averaged 3.47% this week, remaining an alluring incentive for buyers who want to lock in some of the lowest borrowing rates in years.“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” says Sam Khater, Freddie Mac’s chief economist. “This surge, coupled with strong purchase activity, means that total mortgag
Is the declining number of marriages contributing to fewer first-time home buyers? In the 1980s, the number of married couples in the ranks of first-time buyers peaked at 75%. Flash forward to today, when only 53% of first-time buyers are married couples, according to data from the National Association of REALTORS®.So who are the other buyers making up the housing market today? The share of unmarried couples purchasing their first home is now ma
House hunters tend to fall head over heels for homes that offer up attractive storage space, private backyards, man caves and she sheds, and plenty of more. In a new analysis by realtor.com®, researchers scanned keyword home search data in each state to find the regional must-have features for those shopping for a home.For example, Oklahoma residents tend to fall for “storm shelters,” Californians love “solar polar,” and Hawaiians desire
Don’t let your listing’s photos suffer from the winter blues. House hunters are still looking for properties in the cold months of the year, so curb appeal matters—even if the home is buried under a foot of snow. Realtor.com® recently spoke to real estate pros and photographers to uncover a few tips for making online listing photos pop in the winter.Photograph the home on a sunny day. “And preferably around noon,” Benjamin Ross, a
Seventy-one percent of contracts in December were settled on time, but 25% faced a delay, according to the latest REALTORS® Confidence Index. The index is based on a survey of more than 8,000 real estate respondents. Four percent of contracts in December were canceled altogether.The top issues REALTORS® encountered that led to contract delays were:Issues related to obtaining financing: 37%Appraisal issues: 19%Home inspection/environmental issue
Near-record low mortgage rates are boosting mortgage activity, prompting buyers and refinancers to jump into the market. The number of new mortgages originated in the last three months of 2019 topped all quarters since the fourth quarter of 2005, according to new data from the Federal Reserve Bank of New York.More than $750 billion in new mortgages originated in the fourth quarter of 2019. That marks a pivotal reversal from the first quarter of 2
The South may offer the best chances of highest returns for investors this year, according to a new analysis from IPX1031, an exchange transaction firm. Texas, Tennessee, and Florida had the highest number of cities on its list.IPX1031 examined home values and median rents across 310 cities with a population of 100,000 or more. The cities were ranked on five metrics: median home value, year-over-year home value growth, 10-year population growth,
The majority of metro areas saw home prices rise in the final quarter of 2019 as housing inventories remained constrained and buyer demand stayed high, according to the National Association of REALTORS®’ latest quarterly report.Median single-family home prices rose annually in 94% of the markets NAR tracked in the fourth quarter, or 170 of 180 metro areas. The national median existing single-family home price was $274,900, a 6.6% increase
A lot of factors go into setting the price for a new home. Buyers may be wondering why costs are so high. The median new home price was $331,400 in December, which is much higher than the median price of $274,500 for an existing home.Builders are up against labor and lot shortages and the rising costs of materials. Indeed, 87% of builders recently surveyed by the National Association of Home Builders say that cost and availability of labor is a
As more states move to legalize recreational and medical marijuana, the real estate industry is increasingly being impacted. For one, commercial practitioners are finding increased demand for land, warehouses, and storefronts used for growing and selling marijuana. Real estate pros are also reporting an uptick in cannabis being consumed in rental properties as well as homeowner associations that are grappling with creating rules around
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