With inflation rising to its highest level in nearly 40 years, three-quarters of buyers and sellers say they are changing their plans, according to a new consumer survey of 1,500 aspiring buyers and sellers conducted by Redfin. Twenty-nine percent of survey respondents say they are delaying buying a home due to inflation. On the other hand, about a quarter of aspiring buyers say that inflation is...
Buyers who were unscathed financially by the pandemic have particularly benefited from mortgage rates under 3%. However, the surging demand for a limited supply of homes for sale has fueled higher home prices. Housing affordability has been waning as a result. In October, monthly mortgage payments rose by 3.1% while the median family income rose by just 0.7%, according to the National Association of...
Pending home sales dropped in November as many markets continued to face a limited supply of homes for sale. Economists, however, are optimistic for more opportunities for buyers in the new year. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dropped 2.2% in November, reversing from last month’s increase. All...
The second season of “First-Time Buyer,” which shows REALTORS® guiding their clients on their home buyer journey, is now available to stream on Hulu. The show is produced by the National Association of REALTORS®. The eight-episode season follows a different couple, family, or individual through the process of buying a home. “‘First-Time Buyer’ gives viewers a genuine inside look into the...
With growing demand for home remodeling and construction material shortages, budgeting accordingly for house projects has been unpredictable. Many homeowners may be getting sticker-shocked at how much certain house projects and repairs are costing. HomeAdvisor surveyed more than 900 consumers to learn about their outlook on home improvement and how accurately they estimate specific projects. Interior...
It’s a good time to be an owner of a single-family rental property. Low availability of single-family rental inventory mixed with high demand is sparking a surge in growth for the sector. Tenants are seeing prices climb quickly. In October, rental prices rose nationwide 10.9% year-over-year, CoreLogic’s latest released Single-Family Rental Index shows. Vacancy rates remain at 25-year...
The housing market is hot, but some homeowners may overestimate just how hot it is when they go to sell. Real estate professionals shared with realtor.com® a few unrealistic expectationss that some of their sellers have had, such as that their home has doubled in value since they bought it or that they shouldn’t have to make any repairs before closing. “One of the biggest mistakes sellers can make is...
Mortgage rates play a big role in borrowers’ buying power. Super low rates over the past year have allowed many home buyers to stretch their housing budgets, important as they have faced high home price increases. But many economists are predicting higher rates over the next few months. What can home buyers expect for 2022? While the trajectory of rates is never simple to predict, particularly due to...
Zillow Group announced it is making strides in selling about half of the about 18,000 homes that were part of its now-shuttered Zillow Offers program, once one of the nation’s largest instant cash buyers. But some lawmakers are raising concerns that some of these properties are going to institutional investors at a time when the housing market is starved for more inventory. “We are focused on making...
Supply chain woes have been hitting the housing market, affecting appliances, windows, paint, and other items needed to build, repair, or improve home. That has driven prices higher. New-home buyers have felt the pinch: The median sales price for a new home in October was $407,700, up 17.5% compared to the same time a year ago, according to realtor.com® data. Builders point to higher material costs, as...