Homeowners continue to reap profits off their home sales. U.S. homeowners who sold in the first quarter of this year realized an average home price gain since purchase of $57,500. That is up slightly from an average of $56,733 a year ago, according to ATTOM Data Solutions’ Q1 2019 Home Sales Report. The gains represented an average 31.5 percent return as a percentage of the original purchase price.Markets along the West coast saw some of the gr
The Tax Cuts and Jobs Act, an overhaul of the U.S. tax code enacted in 2017 that puts a cap on some deductions for homeowners, has “negatively impacted the housing market” by tamping down sales volume, according to a new study from the New York Federal Reserve. A slowdown in home sales from late 2017 through the third quarter of 2018 can be partially attributed to the changes in the tax law, in addition to interest rate hikes during that time
How effective is it for your buyers to write a personal letter to sellers to win over their hearts and get their offers accepted? Personal letters have been drawing criticism lately because of the potential for buyers to inadvertently reveal items that could hurt their negotiating position. Virginia real estate pro Daniel Bortz recently shared in a realtor.com® article some of the phrases he suggests buyers never use in an offer letter
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A growing number of Americans who lost their homes to foreclosure or a short sale during the housing crisis are re-emerging in the housing market and buying a home again, USA Today reports. “Boomerang buyers,” as they’re nicknamed, are coming back, and some economists contend they are a critical component to driving a big uptick in the housing market over the next few years.“I think the next phase of the housing recovery will be
Photos often make the first impression for your listing. That’s prompted real estate professionals to carefully scrutinize their listings’ online presentation to make sure their photos are giving off the right vibe.The extra attention is understandable: 87% of home shoppers say they relied on photos to help make their decision on whether to buy the property, according to surveys by the National Association of REALTORS®. Professionally photog
Mortgage rates have slowly been inching up over the past month, but they remain below their levels a year ago.“Despite the recent rise in mortgage rates, both existing- and new-home sales continue to show strength—indicating the lagged effect of lower rates on housing demand,” says Sam Khater, Freddie Mac’s chief economist. “This, along with improved affordability, should push housing activity higher in the coming months.”Freddie Mac
Affordability and a good job market are the two chief influencers for moving millennials, according to the National Association of REALTORS®’ new report “Most Popular Areas for Millennials: Where They Move and Stay.” Millennials, those between the ages of 21 and 38, account for 37 percent of all home purchases—making up the largest buying force in the housing industry, according to NAR.Other Key Findings on Millennial MoversOne out of 2
Renters aren’t always honest with landlords. For example, nearly a quarter of renters recently surveyed admitted to not disclosing a pet to their landlord—their top lie. They also were prone to not telling their landlord that they broke household items when moving out or that someone else was living in the home who wasn’t on their lease, according to a new survey from Porch.com, a home remodeling website.Porch.com surveyed 563 renters and 5
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