More than half—52%—of prospective home buyers feel “sad” and “anxious” over rising prices and low housing inventories, according to a new nationwide housing survey from Mphasis Digital Risk, an origination, risk compliance, and technology services firm covering residential real estate. Researchers surveyed more than 2,100 prospective home buyers. Fifty-three percent of would-be home buyers...
Vacation rental ownership among young adults is climbing. Even despite limited credit histories or down payments, young adults are finding a way to purchase a vacation rental, eyeing it as a lucrative investment. The proportion of homeowners under age 30 who purchased a vacation property doubled between June 2019 and June 2021, according to Evolve, a vacation-rental management and hospitality firm, which...
As the housing market booms, lenders have faced a significant uptick in mortgage demand. Low interest rates are fueling a frenzy. Mortgage applications for home purchases jumped 22% in the second quarter compared to the first quarter and are up 52% compared to a year ago, according to ATTOM Data Solutions’ Q2 2021 U.S. Residential Property Mortgage Origination Report.The largest quarterly increases in...
Home buyers should expect to bid way over the asking price in Austin, Texas. The city has homes fetching the highest amounts over asking price in the country—$100,000 or more. Nearly 2,700 homes in Austin have sold this year for $100,000 or more above the initial listing price, according to an analysis from Redfin, which examined sales records through Aug. 11. Researchers note that some U.S. cities have...
The 30-year fixed-rate mortgage held near last week’s average and continues to average near historical lows and under 3%.“Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict...
Home prices have risen quickly amid the pandemic. The median sales price of single-family existing homes increased in 99% of the 183 metro areas tracked in the second quarter compared to a year ago. Ninety-four percent of the markets posted double-digit price increases, according to a new report from the National Association of REALTORS®. Inventory shortages and a large influx of buyers, particularly as...
The competition in the housing market is showing some signs of easing. More markets are reporting price cuts and fewer bidding wars. That may open the door to some priced-out home buyers this fall.Sixty percent of offers written by real estate professionals nationwide faced competition in July, the lowest level since January, according to an index that measures competing offers among Redfin real estate...
Prices for building materials have climbed 19.4% over the last 12 months, increasing 13% in 2021 alone, according to Bureau of Labor Statistics data. Buyers are seeing the results in the prices of new homes. The median sales price for a new home was $361,800 in June, up 6% compared to a year earlier. Steel mill product prices increased 10.8% in July following a 6.2% increase in June. Prices have increased...
The price of homeowners’ insurance is on the rise, and many owners may be looking for ways to reduce their high premiums. While discounts can vary greatly based on location, size, and age of the house, some credits may be available that could reduce some homeowners’ premiums by as much as thousands of dollars per year, The Wall Street Journal reports.The average premium for a homeowners insurance...
Even in this ultra-hot competitive market, there’s a limit to what home buyers are willing to pay. Some home sellers are starting to see their listings linger on the market, and those sellers may face the prospect of a price cut.Realtor.com®’s July housing data showed that about 45 cities of the country's 300 largest had an increasing number of homes with price cuts. “For buyers, these trends hold...