More first-time buyers emerged on the market in the third quarter—a modest rise, but one that economists are still upbeat about.First-time buyers purchased 591,000 homes in the third quarter, a year-over-year increase of 1%, Genworth Mortgage Insurance reports. First-time buyers comprised 39% of all buyers in the single-family market, and 55% of purchase mortgages.A large number of millennials are beginning to reach their early 30s. The average
The number of homes for sale plunged by nearly 10% annually in November at a time when low interest rates are increasing buyer demand, according to realtor.com®’s November 2019 Housing Trends report. The shortage of homes is accelerating: Inventories in November dropped 9.5% annually compared to 6.9% annually in October.“As millennials—the largest cohort of buyers in U.S. history—embrace homeownership and take advantage of this year’s
Vermont may offer some of the best opportunities for a winter investment property, according to new rankings released by Vacasa, a U.S. vacation rental management company. The firm identified the best places to buy a vacation home in 2019, factoring in aggregate cap rates and the ratio of a property’s net operating income over its cost.“Those that made the list this year have an almost built-in guest population, as they’re situated just a s
More than 624,000 military service members and veterans used home loans from the Department of Veterans Affairs this year, with younger buyers accounting for the majority of these borrowers, according to research from Veterans United Home Loans. VA loans were up 43% in 2019 compared to five years ago.Millennial and Generation Z buyers comprised nearly half—45%—of all VA home purchases this year. Further, VA refinance loans rose 44% in 2019 co
It’s important that those granite countertops gleam during showings, but some cleaning products may actually harm them. White vinegar, for example, has been a popular cleaning agent because it’s inexpensive and can combat bacteria and mold on many surfaces, such as glass and linoleum. But the acid in the vinegar can gradually ruin the finish of granite and wear away at the protective sealant, according to a new article at Apartment Therapy.Ac
Recent court rulings have shown that cities across the country are at odds about whether to allow homeless people to sleep on the streets—and the issue is now in the hands of the Supreme Court.The highest court in the nation is considering whether to weigh in on an appeal to Martin v. City of Boise, a 2009 case in which homeless individuals challenge lawmakers in Boise, Idaho, for imposing fines as part of an anti-camping ordinance. Several mun
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The Federal Housing Administration announced that it is increasing its loan limit for most of the country in 2020. The 2020 FHA loan limit will be $331,760—a $17,000 increase from 2019’s loan limit.In about 70 designated high-cost counties, the FHA’s 2020 loan limit will climb to $765,600—a $40,000 increase from 2019. Alaska, Hawaii, Guam, and the U.S. Virgin Islands will have higher limit ceilings than the rest of the country because of
Home shoppers—particularly millennials—are ranking specialty rooms high on their priority list during their search. These rooms include laundry rooms, home offices, mud rooms, sun rooms, and more. The National Association of Home Builders surveyed buyers to find which of these rooms rank highest on their lists. The NAHB considers specialty rooms anything except bedrooms, bathrooms, or the kitchen—or what’s considered the essentials in a h
After studying a possible owner’s financial statements, tax returns, recommendation letters, and more, now condo and co-op boards are making an added request: They want to interview the buyer’s pets.Some boards are requiring headshots, resumes, and even recommendation letters for pets.Heidi DeCoo and Carl Norton told The Wall Street Journal they fielded such an unusual request when trying to buy a co-op apartment in Manhattan for ju
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