AuthorAmanda Dodge.  Date: November 6, 2024 5:58 am Hiring a high-quality real estate agent is important for both buyers and sellers. Buyers need an agent who can write competitive offers while sellers need a strong negotiator to help them get the most for their homes. Homeownership involves some of the biggest financial transactions in your READ MORE

The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number of homeowner households grew 0.9%. Renter households have formed faster than homeowner households for the past four quarters as the cost of buying a home rose faster than the cost of renting.  The national rentership READ MORE

AuthorMargo Christophilis.  Date: November 4, 2024 8:12 pm A little maintenance today can save you from significant repairs tomorrow. Homebuyers maintenance includes inspecting 5 key areas. The post Homebuyers: 5 Maintenance Items You Must Tackle Immediately appeared first on FastExpert.

Respondents to a new Redfin-commissioned survey were most likely to say their presidential pick was impacted by the economy, inflation or protecting democracy. 40% of respondents said housing affordability impacted their pick for local elected officials. Crime and safety was the top issue impacting how people voted locally. Roughly one-third of respondents think mortgage rates READ MORE

A much weaker-than-expected October jobs report will reverse a very small part of the recent climb in mortgage rates. But they will remain elevated relative to where they were a month ago until the outcome of the election is known. That’s because most of the recent rise was due to concerns around tariffs and government READ MORE

New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale.  Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years. That’s down from 30.5% a year earlier and a record-high READ MORE

AuthorAmanda Dodge.  Date: November 1, 2024 6:26 am In March 2024, the National Association of Realtors (NAR) agreed to pay $418 million in damages in a class action settlement while promising to change home sale rules that were deemed unfair to buyers and sellers. The new changes were enacted in August 2024, with buyers, sellers, READ MORE

Buyer’s agent commissions for closed home sales in October were 2.34% compared to 2.35% in August, when industry-wide changes were implemented following the NAR settlement.  It’s too soon to say if the trend since August is a departure from the long-term trend of falling commissions. Commissions for homes listed under $500,000 have risen slightly since READ MORE

Even with the impending presidential election and mortgage rates surpassing 7% for the first time since July, pending home sales posted their biggest increase in three years. But Redfin agents report some would-be homebuyers are pressing pause on starting their house hunt until the election passes.  Mortgage rates rose to 7% for the first time READ MORE

Renters are most likely to pay under $1,000 a month in Oklahoma City, New Orleans and Cleveland, and least likely in San Diego, San Jose and Washington, D.C. There are four metros where renters are more likely than they were pre-pandemic to pay under $1,000 a month: Baltimore, New Orleans, New York and Los Angeles. READ MORE

69% of millennial/Gen Z homeowners are better off than they were four years ago, compared with 52% of millennial/Gen Z renters, a Redfin survey found. Just 18% of millennial/Gen Z homeowners are worse off, compared with 26% of millennial/Gen Z renters. The gap between homeowners and renters in younger generations is much larger than the READ MORE

Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. Mortgage rates hit 7% on October 28, the highest level since the start of summer and READ MORE

AuthorCaitlin Hamilton.  Date: October 28, 2024 5:45 pm Expert Advice: Often the hardest part about first-time homebuying is getting started. Learn from an expert Realtor about first steps. The post What is the Hardest Part About First-Time Homebuying?  appeared first on FastExpert.

Property tax bills have increased since 2019 in nearly every major U.S. metro, with Florida home to three of the five metros with the biggest hikes. Property taxes are soaring in Florida partly due to the pandemic-driven migration and homebuying boom, and partly to the increasing intensity of climate disasters. Nationwide, property taxes have increased READ MORE

AuthorAmanda Dodge.  Date: October 28, 2024 1:00 am Most buyers and sellers work with licensed Realtors when entering the real estate market. According to the National Association of Realtors (NAR), 89% of buyers used an agent or broker during the purchase process in 2024. Real estate agents guide buyers through each purchase step, from securing READ MORE

AuthorAmanda Dodge.  Date: October 28, 2024 12:56 am When you make mortgage payments or your home value increases, your equity grows. A home equity loan or line of credit is when you pull from this equity, liquidating your worth so you have money for home projects, college tuition, or other life costs. One of the READ MORE

AuthorAaron Gray, Sr..  Date: October 25, 2024 5:09 pm How the real estate industry works is actually quite complicated, and one missed document could invalidate the contract The post I am a Realtor. Here’s How The Real Estate Industry Works appeared first on FastExpert.

The vast majority of respondents to a recent Redfin survey believe there should be caps on the amount landlords are allowed to increase rent, regardless of whether they’re Democrats or Republicans, and regardless of whether they own or rent. Redfin economists say rent control worsens housing affordability in the long run.  More than four of READ MORE

Pending sales and home tours remain fairly strong as mortgage rates rise to their highest levels since mid-summer and uncertainty around the election picks up. Pending U.S. home sales rose 3.5% year over year during the four weeks ending October 20, the biggest increase in three years (with the exception of the prior 4-week period, READ MORE

AuthorChristy Crouch.  Date: October 23, 2024 6:06 pm Expert Advice: Discover the top questions to ask before buying a home. Be prepared during your home search. The post 10 Questions to Ask Before Buying A Home appeared first on FastExpert.