Lower mortgage rates are drawing out more prospective buyers to look at properties, but house hunters are taking their time in committing.In the final quarter of 2019, 60% of actively engaged buyers reported spending at least three months searching for a home. That is up from 58% a year earlier, according to the Housing Trends Report from the National Association of Home Builders.This is the fourth consecutive annual gain in the share o
Home prices plunged during the Great Recession, with some areas seeing prices drop by 33% between April 2006 and March 2011. But most markets have seen major recoveries since.Western housing markets have seen the strongest recoveries, according to a new analysis from SmartAsset, a personal finance site. All five of these market metro areas have seen their home prices more than double since they bottomed out during the recession. The markets with
Many home sellers, keenly aware that buyers are seeking move-in-ready properties, believe that certain remodeling projects are necessary in order to sell. In particular, sellers anticipate bathroom and kitchen upgrades to be the most enticing for house hunters, according to a survey from home improvement website Porch.com.Some of the upgrades can be quite pricey. Millennials are most likely to a kitchen redo is necessary before putting their home
Homes within walking distance of neighborhood amenities, such as schools, shopping, and parks, can fetch an average of $77,668 more than comparable properties further away, according to a new Redfin study. However, more buyers are being priced out of such a high premium, and therefore, the premium has dropped 2.3% since 2016, researchers note.“The premium drop is tied to affordability,” says Redfin Chief Economist Daryl Fairweather. “Proper
Americans are facing challenges to homeownership, particularly with shrinking inventories of homes for sale, yet somehow more are still finding their way to becoming homeowners.The homeownership rate rose to its highest level in six years during the fourth quarter of 2019, a newly released report from the U.S. Census Bureau shows. The percentage of Americans who own their home increased to 65.1%, the highest ownership rate since the third quarter
Borrowing costs dropped to their second-lowest levels in three years, offering home shoppers an opportunity to lock in lower monthly mortgage payments.The lower rates are “supporting homebuyer demand and leading to higher refinancing activity,” says Sam Khater, Freddie Mac’s chief economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to s
Land sales and prices both rose across property types last year, and an uptick is likely to continue into 2020, if at a somewhat slower pace, according to the 2019 Land Market Survey, a joint survey from the REALTORS® Land Institute and the National Association of REALTORS®. The study acknowledges headwinds, with zoning regulations and obtaining financing as the top issues affecting land transactions. The survey is based on responses from
Scientists have released the first pictures from a new telescope in Hawaii, one of three missions expected to redefine our understanding of our home star in the 2020s Why is the sun’s outer atmosphere so much hotter than its surface? What drives its 11-year cycle of magnetic activity? And how does its solar wind propagate out into the solar system? Scientists hope to answer all these questions and more in the coming decade, thanks to an armada
You have a home that just won’t sell. Is the listing starting to look stale? Real estate pros recently shared with Forbes.com what they do when they get a listing that has started to overstay its time on the MLS. How do you revive it to renew buyers' interest?Lowering the price tag is one obvious way. But the property could just use a refresh. “Revive a listing, in my opinion, always includes staging, painting, new photos, and new angles,”
Selling a home in the winter can pose some challenges. Lawns aren’t as green and tidy, and the chilly weather can make it more of a trek for buyers to view homes for sale.HomeLight, a real estate referral company, surveyed 500 real estate professionals in the fourth quarter of 2019 to find out their top advice when prepping a home to show during the winter months.Nearly 30% of agents advised always making sure driveways and sidewalks were clear
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