Real estate firms saw business activity increase over the past year as the housing market surged across the country. In 2020, single-office firms had a median brokerage sales volume of $4.5 million and 19 real estate transaction sides, up from $4.2 million and 18 in 2018, according to the National Association of REALTORS®’ newly released 2021 Profile of Real Estate Firms. The biennial survey reflects...
The home flippers are returning to the market, even as their profit margins have dipped to a 10-year low. About 4.9% of all home sales in the second quarter were from home flipping—defined as a single-family home or condo transaction that was bought and sold within 12 months. The home flipping rate is up from 3.5% in the first quarter of 2021 but still remains below levels throughout most of the last...
Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars. In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April. There have been...
The price of entry to homeownership involves more than just the down payment. About 44% of homeowners say they were unaware of the other costs associated with buying a home, like home inspection, document fees, property taxes, home insurance, and title fees, according to a realtor.com® survey of nearly 3,000 adults. About 11% of respondents also failed to factor in moving expenses. “Unlike most...
Between Sept. 12 and Oct. 17, the majority of housing markets nationwide will reach their “sweet spot” with a higher number of homes for sale, lower prices, and less buyer competition compared with the average week of the year, according to realtor.com®’s Best Time to Buy Report. This week kicks off the best time of year particularly for home shoppers in New York City, Los Angeles, Boston, Denver,...
Home maintenance can be stressful and it can be a source of tension among couples. Many couples who live together admit to fighting over household repairs—some even breaking up over them, according to a new survey from Cinch Home Services, a home warranty company. Nearly 52% of about 1,000 respondents said they fought with their partner over home repairs. Millennials were the most likely generation to...
For the ninth consecutive week, mortgage rates stayed below 2.9%. But even with historically low mortgage rates, home buying may be following a more typical seasonal pattern of cooling off, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog. “Buyers and sellers typically do not want to move...
Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity. That marks an increase of $20,000 just from the end of the first quarter, the report notes. The increase in equity is being driven by surging home values over the last quarter, says Ben Graboske, Black Knight data...
Three out of four homeowners would rather fix or replace appliances than accept a lower offer when selling their home, according to a new survey of about 1,000 consumers from Cinch Home Services, a home warranty company. They believe upgrading the appliances can add more value to their home, too. On average, homeowners believe upgrading their home’s appliances will increase their home’s value by...
Skyrocketing home prices over the last year may soon hit current homeowners in the form of property taxes. Housing experts are predicting property taxes to climb higher in 2021 than the 4% uptick in 2020. Many city governments lost revenue during the COVID-19 pandemic and, as reassessments kick in, homeowners may be faced with a soaring bill. Property taxes are expected to increase by about 6.5% in...