Prospective first-time home buyers may need more guidance and assurance. Only 41% of first-time buyers recently surveyed say they felt prepared for the homebuying process. Forty-seven percent believe the homebuying process is “rigged” against the buyer, and 44% fear making a costly mistake, a new survey from Framework, a resource on homeownership. The company surveyed more than 600 prospective and recent first-time home buyers.Fifty-five perc
A big culprit to the ongoing housing shortage: The dwindling number of new-home construction over the last several years. A new study from John Burns Real Estate Consulting is putting it into perspective at just how much new-home construction has been lagging: The top 10 housing markets in the country are building at a rate that is 54% lower than they were 14 years ago.Markets like Chicago, Riverside-San Bernardino, Calif., and Las Vegas have bee
Retiring baby boomers are finding that downsizing is not always the answer. Empty nesters transitioning from their longtime houses are finding they still need plenty of space, The Washington Post reports.“Older home buyers today are ‘smart-sizing’ rather than just downsizing,” Mollie Carmichael, a principal with the housing research firm Meyers Research, told The Washington Post. “Affordability is a big priority before an
“Hipsturbia” is one of 10 emerging trends in real estate to watch, according to a newly released report by the Urban Land Institute and PwC. The term refers to the trend of suburbs that are creating their own versions of downtowns featuring vibrant “live/work/play” districts. More suburbs are taking a chance on these mixed-use, walkable developments, researchers note in the “Emerging Trends in Real Estate” report.“Many of these ‘c
Paint company Sherwin-Williams has announced its pick for 2020 color of the year: a deep navy blue. The firm’s design team predicts the hue will make a bigger splash across home interiors next year, from walls to kitchen cabinets.PPG, another paint company, also chose a blue hue as its 2020 color of the year, although it’s a brighter cobalt tone called Chinese porcelain.Sherwin-Williams’ choice, Naval SW 6244, serves as a nod to art de
Homes selling for less than $100,000 still exist. “If you’re looking for affordability, you’ll find it in the South, Midwest, and [more remote] parts of the Northeast,” says Danielle Hale, realtor.com®’s chief economist.Realtor.com®’s research team scoured single-family listings to find the metros offering the highest number of homes for sale under $100,000. Here are the seven metros that topped the list:1. PittsburghMedian home sal
More people are working from home, and that is having a big effect on their real estate needs, The New York Times reports. About 24% of employed people in the U.S. worked at least part of the time at home last year, according to the U.S. Bureau of Labor Statistics. Among those with advanced degrees, 42% worked from home part of the time.In a separate survey by John Burns Real Estate Consulting of 23,000 new home shoppers, about 30% of r
Homeowners with a mortgage have seen their equity rise by 4.8% year over year. The average homeowner has gained $4,900 in home equity between the second quarter of 2018 and the second quarter of this year, according to CoreLogic’s Home Equity Report.“Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started,” says Frank Nothaft, chief economist for CoreLogic. “Combined
Mortgage rates jumped dramatically this week but stand to dip some in the near future after the Federal Reserve lowered interest rates Wednesday. The 30-year fixed-rate mortgage rose to a 3.73% average—its largest week-over-week increase since October 2018. However, despite the uptick, rates remain historically low, Freddie Mac reports. So tell your buyers not to panic in the face of this latest hike.“Despite the rise in mortgage ra
Austin, Texas, is the top city for investing in real estate heading into 2020, ranking first out of 80 cities for its real estate prospects, according to the Urban Land Institute and PricewaterhouseCooper’s newly released “Emerging Trends in Real Estate 2020” report. Rounding out the top five are:Raleigh-Durham, N.C.Nashville, Tenn.Charlotte, N.C.BostonThe highest-ranked markets for investment and development prospects are those that have p
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