Millennials who put off homeownership may be severely curtailing their ability to build wealth over their lifetimes, warns a new report from the Urban Institute. Buying a home at an early age offers a “big bang for their housing buck,” concludes the report’s authors, Hyun Choi and Laurie Goodman.Researchers tracked individuals since 1968 to identify those who reached age 60 between 2003 and 2015 and how homeownership has affected their fina
The city of Tulsa, Okla., is offering $10,000 to remote workers who are willing to move there, joining the ranks of other cities who are using such an incentive to appeal to young would-be residents. Metros in Indiana, Ohio, and Nebraska—along with the entire state of Maine—also are offering cash incentives to incoming residents.The Tulsa deal includes $2,500 toward relocation costs, a $500 monthly stipend, and a $1,500 bonus upon reaching on
The housing market is showing several signs of slowing, providing a much-needed break for potential buyers who have been waiting to jump into the market. Existing-home sales were 2.4 percent lower in the third quarter than a year ago, and the drop comes at a time when many areas are starting to see an uptick in new listings.Home prices in many markets are no longer rising by double digits—or even single digits—annually. But with a strong econ
It’s a good time to be in commercial real estate. REALTORS® specializing in commercial real estate are reporting an increase in gross income and sales volume, according to the 2018 Commercial Member Profile, published by the National Association of REALTORS®.The median gross annual income for commercial members reached an all-time high of $150,700 in 2017, up from $120,900 in 2016.“The commercial real estate industry is strong and is on pa
Mortgage rates mostly held stable this week, a welcome relief to home buyers.“Despite the recent market volatility, mortgage rates remained steady this week,” says Sam Khater, Freddie Mac’s chief economist. “The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to the lower oil prices and subdued wage growth. On the margin, lower energy costs are positive for the home sales market, particular
Amazon’s decision to create new headquarters in Crystal City, Va., and Long Island City, N.Y., is expected to bring a boom to both cities’ housing markets and fuel rising home prices. The choice to split the retail giant’s second headquarters between two cities will not slow down the economic climb, housing analysts say.Amazon will bring a 4-million-square-foot office to Long Island City in Queens, N.Y., and another headquarters of the s
In the first year of ownership, 44 percent of homeowners say they experienced an unexpected home repair. And 12 percent said they experienced a surprise repair within their first month of moving in, according to a new NerdWallet survey of about 2,000 U.S. adults.Nearly half—or 48 percent—of surveyed American homeowners say unexpected home repair costs have caused them anxiety. Thirty-one percent of homeowners say they do not have money set as
Real estate auctions have largely been considered an option for unloading foreclosures and distressed homes, but it’s becoming a growing option in the luxury market. The number of multimillion-dollar homes that have sold at auctions in the past year has nearly doubled, CNBC reports.What is the most expensive home on record to have hit the auction block? CNBC reports that Playa Vista Isle, an estate that stretches more than 58,000 square feet i
A labor shortage of remodelers is prolonging or delaying kitchen and bath projects, according to a new report released by the National Kitchen & Bath Association. The labor shortage could also lead to higher project costs.NKBA members cite delays on 30 percent of jobs due to a shortage of contractors, according to the report. Installers, carpenters, and kitchen and bath designers are among the toughest jobs to fill.“The shortage of tradesp
As mortgage rates rise, more buyers in expensive metros are turning to adjustable-rate mortgages to curb costs.But the potential savings between a fixed-rate mortgage and an adjustable-rate mortgage is narrowing. The average rate on the 30-year fixed-rate mortgage and 5/1 adjustable-rate mortgage have both jumped by about 70 basis points from August 2017 to August 2018, according to Freddie Mac. ARMs, however, still do typically offer a slightly
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