First-time buyers are finding the housing market challenging to break into. On average, they have to put in 3.8 offers before their offer is accepted, which is higher than the 2.5 offers that repeat buyers typically make, according to a new survey of about 2,000 U.S. adults from NerdWallet, a personal finance website.Further, 56 percent of first-time buyers say they offered more than the asking price before they were successful in their home purc
Fewer new homes are being built across the country, despite desperate calls from the housing industry to build more. New-home starts plunged to the lowest level in more than two years in December, the U.S. Commerce Department reported Tuesday.New-home construction dropped 11.2 percent in December and is now at the slowest pace of construction since September 2016. Housing starts have dropped 10.2 percent over the past year, with decreases in both
The cap on property taxes will have widespread impact on millions of filers this year. Tax filers will no longer be able to deduct more than $10,000 in state and local taxes from their federal income taxes. An audit released on Tuesday from the U.S. Treasury Department shows that 11 million tax filers, of 150 million income tax returns, will face limits on their property tax write-offs.Parents are increasingly helping their adult children buy the
Pending home sales rebounded in January as all four major regions of the U.S. saw an uptick in contract signings. The largest increase was in the South.The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.6 percent to a reading of 103.2 in January. Nevertheless, contract signings are still down 2.3 percent year over year. This is the thirteenth consecutive month for ann
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By 2030, the number of people who are 65 and older will be larger than the number of people under the age of 18, for the first time in the nation’s history, according to recent U.S. Population Survey projections. The year 2030 is when the last of the baby boomer generation will turn 65. After that, one in every five Americans will be of traditional retirement age.The aging population will reshape interior design over the next decade, according
Foreclosures are not nearly as prevalent as they were during the housing crisis in 2008. But they are still occurring.In fact, some states are seeing an uptick in foreclosure starts compared to last year, notably Montana (up 48 percent), Minnesota (up 29 percent), Nebraska (up 28 percent), Texas (up 15 percent), and Florida (up 13 percent), according to a year-end foreclosure report released recently by ATTOM Data Solutions, a real estate data fi
Even in cold, snowy, or icy weather, real estate professionals can do a lot to make a property more appealing to potential buyers. After all, 50 percent of real estate professionals surveyed say that staging a home before a sale increases the amount of an offer by from 1 to 10 percent—and that was regardless of the season, according to the National Association of REALTORS®’ “2017 Profile of Home Staging” report.Here are a few tips for wi
Some homeowners bypass the permit process when they remodel their home. They may find the process too expensive or cumbersome. Permitting fees can sometimes cost hundreds of dollars or more. Some homeowners may believe that if they go ahead with a kitchen or bath remodel without a permit, they’ll likely never get caught.But failing to get a permit could be troublesome when they go to sell the home.Most states require homeowners to fil
In the last few years, student loan debt and rising housing costs have been cited as the chief reasons why many young adults are moving back in with their parents. But a new Homes.com study suggests the real trigger may be a broken heart.Since the Great Recession, which thwarted many millennials’ plans to move out on their own, an improving labor market has not done much to lure these young adults out of their parents’ houses. Why are they st
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