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...
U.S. home prices continue to rise, and homeowners in some pockets of the country—notably in the mountain region—are seeing some of the highest appreciation. Ninety-four percent of 183 metro areas tracked posted double-digit price increases, according to a new report released last month by the National Association of REALTORS®. Forty-six markets have posted price gains of more than $100,000 over...
Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%. “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to be low, with a window of opportunity for those who did not...
Sales of newly built single-family homes increased slightly in July as material costs to build continue to surge. Single-family new-home sales rose by 1% in July to a seasonally adjusted annual rate of 708,000, the Commerce Department reported Tuesday. “New-home sales have leveled off this summer after a period of rising costs and strong demand,” said Chuck Fowke, chairman of the National Association...
Tiny homes—those typically under 600 square feet—are facing increased demand as housing affordability remains a growing issue. While many home buyers have looked to supersize their homes during the pandemic, other buyers are finding homeownership may be more attainable by downsizing into a tiny home. Eighty-six percent of aspiring first-time home buyers during the pandemic say they would consider...