The median price nationwide for existing single-family homes broke another record in the second quarter of the year, reaching $296,000 and increasing 5.3 percent year over year, the National Association of REALTORS® reports. Low inventory and high buyer demand continue to put upward pressure on home prices.“The ongoing supply crunch affecting much of the country worsened for most of the second quarter, as the growing number of interested buyer
Even as California battles the largest wildfire in state history—a blaze known as the Mendocino Complex has scorched about 454 square miles in Northern California and forced tens of thousands to flee their homes—no reports have surfaced of real estate professionals or brokerages in the area being affected, according to the California Association of REALTORS®. Other brokerages, such as Keller Williams Realty, say they stand ready to act in ca
Similar to the concept of rent control, Freddie Mac announced a new program to incentivize rental property owners to ease their continuous rent hikes. The mortgage giant is offering discounted financing to owners who agree to cap rent increases for the life of their loans. Owners who take part in the program must limit rent increases on 80 percent of their units. “Maybe there’s a way we can help change incentives,” says David Brickman, an e
Three Pacific Union real estate agents were among the five victims of a fatal twin-engine plane crash that nosedived into an upscale Santa Ana, Calif., shopping center on Sunday. All five victims were on board the aircraft.Courtesy of Pacific UnionREALTORS® Lara Shepherd, 42, Floria Hakimi, 62, and Nasim Ghanadan, 29, were identified as among the victims on the plane.REALTORS® Lara Shepherd, 42, Floria Hakimi, 62, and Nasim Ghanadan, 29, were i
Media reports are increasingly focused on whether a major home sale slowdown, or maybe even a crash, is in the making, in part because many hot housing markets are seeing slackening buyer demand, and nationally 2018 is expected to end with fewer home sales than 2017. But the possibility of a crash is unlikely, says Lawrence Yun, chief economist for the National Association of REALTORS®.In a piece he contributed to Forbes, Yun says hot markets
Your most eager customers for homeownership are likely young adult renters at the moment, but reality bites as they try to shop for a home. Young millennial renters (those under the age of 29) are significantly more likely to want to buy a home in the next 12 months than older millennials or Generation X renters. However, affordability from rising home prices is proving a major barrier, according to a new study released by CoreLogic and RTI Resea
Evite, a popular email invitation service, launched a new set of customizable invitations that are geared specifically to real estate professionals who are planning their next open house or professional event.The company offers numerous invitation choices, several that are free on its platform to create and other selections that are part of their paid premium selections. The choices include Evites for open houses, just listed, and housewarming
Homeowners who love supersized homes may want to head to Scranton, Pa. Realtor.com® ranks Scranton as the top city to find the biggest bargains on big homes in the country.Nationwide, a home of over 3,000 square feet will cost $589,700, or about $147 per square foot, according to realtor.com®. In Scranton, however, the median list price of a home over 3,000 square feet is $379,900, or $94.99 per square foot.Realtor.com® researchers analyzed li
United Wholesale Mortgage, one of the country’s highest-volume lenders, is allowing borrowers an escrow-free option with their mortgage, at no extra charge. Even borrowers with less-than-perfect credit histories or who made small down payments may be eligible to bypass having an escrow account with the bank.Escrow accounts are typically required with banks for conventional home mortgages. They require borrowers to deposit money in advance for a
Apartment rents climbed in 88 percent of the 250 largest U.S. cities, with the national average rent reaching an all-time high in July, RentCafe reports. Seasonal demand and a rise in rental activity have offset a wave of new apartments that have opened up this year, the national rental listing service notes.The national average rent climbed to a record high of $1,409 in July, up 2.8 percent year over year.The largest apartment rental increases w
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