Home prices likely will continue to rise over the next year as buyer demand continues to outstrip supply in many markets, according to the August 2017 REALTORS® Confidence Index.That bodes well for homeowners, but buyers are likely going to face even higher prices in the coming months as well as continued competition from the limited number of homes for sale, according to the report.Thirty-nine percent of properties in August sold at or above t
Homeowners looking for a remodeling project may be smart to tackle a kitchen renovation—that is, if they’re looking for projects with the strongest buyer appeal and high returns on their investment at resale.Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Ass
Homeownership would no longer be a priority in the tax code if a reform plan released Wednesday by the Trump administration and congressional Republicans becomes law. The “Tax Reform Unified Framework,” known as the “Big 6” tax reform plan, is being touted as a way to cut taxes for the middle class. But it could hurt residential real estate by eliminating most itemized deductions in return for an increase in the standard deduction.Althoug
Lenders reportedly are loosening their standards to qualify for a mortgage. Fannie Mae’s third-quarter 2017 Mortgage Lender Sentiment Survey shows the main reason behind the easing of credit has been the increased competition that lenders are feeling.Across all loan types—GSE-eligible, non-GSE-eligible, and government—lenders reported easing credit standards over the last three months. Further, the net share of lenders who say they expect t
First-time home buyers comprised 31 percent of closed sales in August, according to the REALTORS® Confidence Index Survey. While the share of first-time buyers has seen gradual improvement since the lows of less than 30 percent in 2013, many potential buyers still are on the sidelines, according to the National Association of REALTORS®’ report.The homeownership rate in the second quarter for those under the age of 35 only increased slightly
The monthly median cost nationwide to house a student in a dorm is $705, but that can stretch to $1,817 in some locales. That may mean college students—or their parents—in certain places are better off buying a condo than paying for a dorm. Redfin’s research team recently compared the monthly dorm rate at 195 public colleges with the median monthly mortgage payment for a condo in each university’s city. They found that for students at 47
The 30-year mortgage rate posted its first increase in several weeks after hovering near historic lows for much of the summer.“The 10-year Treasury yield continued its upward trend, rising 7 basis points this week,” says Freddie Mac chief economist Sean Becketti. “As we expected, the 30-year mortgage rate followed suit, increasing 5 basis points to 3.83 percent. This week’s uptick in the 30-year mortgage rate ends a nearly two-month strea
The threat of natural disasters isn’t scaring buyers away from the most vulnerable cities. Home prices are rising twice as fast in areas with the highest risk of natural disasters compared to those with the lowest risk, according to a new study released by real estate data firm ATTOM Data Solutions.Researchers analyzed more than 22,000 U.S. cities across 3,000 counties, factoring in six natural disaster threats: earthquakes, floods, hail, hurri
In the second quarter of this year, homeowners saw their equity increase an average of 10.6 percent—or $12, 987—year over year, according to CoreLogic’s Q2 2017 Homeowner Equity Report. Western states are posting some of the highest upticks in equity. Washington homeowners, for example, saw an average of $40,000 in home equity gains in that period; California homeowners saw increases of about $30,000.“Over the last 12 months, approximate
The Federal Reserve voted to leave its short-term rates unchanged on Wednesday but it did indicate that a rise to its short-term interest rates is likely on track for later this year."The basic message here is U.S. economic performance has been good," Fed Chairwoman Janet Yellen said at a press conference following the Fed’s two-day policy meeting. "The American people should feel the steps we have taken to normalize monetary policy ... are w
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