Median prices for luxury homes in the Santa Monica, Calif., ZIP code of 90401 have surged 60.7 percent over the last year, making it the hottest high-end ZIP code in the country, according to a new analysis by realtor.com®. The site’s researchers culled housing data from April 2016 through March 2017 for more than 600 ZIP codes where median list prices are above $1 million. They compared that 12-month period to the previous year to identify th
Monthly mortgage payments have risen an average of nearly 13 percent nationwide over the last year—or an extra $168—as buyers grapple with both higher home prices and increasing mortgage rates, according to a realtor.com® analysis. Luxury buyers are feeling the worst sticker shock, paying double the rate. In the top 10 percent of the market, owners are now paying an average $241 more per month.Mortgage interest rates are about a half of a pe
Many older Americans may be concerned about having enough money to cover their expenses when they enter retirement, as 41 percent of homeowners ages 65 and older are still carrying mortgage debt, according to 2016 data from the Harvard Joint Center for Housing Studies. The percentage of older adults who are still paying off their mortgage while in retirement has steadily increased over the years.Some may turn to reverse mortgages, which allow
Tom Ferry’s answer to the No. 1 question you hearIf someone opened a window of opportunity for you, would you slam it shut?You’re probably saying “No way, I’m going to jump on it!” But the truth is I see agents slamming that door shut every day. (Yes, every single day!)This window of opportunity is undoubtedly the most-asked question you’ve received to date. It’s something you probably hear every time you’re out in public.And if y
he typical American household isn’t typical anymore. Nuclear families account for only 20 percent of buyers today, far outnumbered by singles living alone and childless couples. But many developers are still gearing single-family homes to the traditional family arrangement, says Chrysanthe Broikos, an architectural historian and curator at the National Building Museum in Washington, D.C. It’s time to start thinking about homes and living spac
Real estate stands apart from other sectors of the economy because it is built on a model that encourages competing businesses to work together, said Ralph Holmen, former associate general counsel of the National Association of REALTORS®. He spoke April 5 in Washington, D.C., during a panel session on competition in the residential home sales industry.Ralph Holmen speaking on a panel addressing competition in the residential real estate industr
Borrowers found some relief for the second consecutive week with lower mortgage rates.“After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” explains Len Kiefer, Freddie Mac’s deputy chief economist. “Mortgage rates followed and fell for the second consecutive week. … Though rates on the 30-
Ten cities are banding together in a new effort to create a place for city leaders to find solutions for improving affordability and reducing evictions. The effort, launched in late March, is called the PolicyLink All-in Cities Anti-Displacement Policy Network. Mayors, city council members, and senior city staff members from 10 U.S. cities are meeting next week to draft policy ideas and solutions.The cities hope that by teaming up they’ll be a
San Francisco homeowners and buyers are seeing some of the biggest price jumps in recent months. The median price for a single-family home in the city increased $100,000. Prices have reached an all-time high of $1.6 million, according to the Paragon Real Estate Group in San Francisco. For comparison, the median home price nationwide was $279,900 on March 1, according to realtor.com®.Home prices in San Francisco increased nearly 24 percent in the
Some home shoppers are feeling hopeless this spring and making competitive moves in order to get a home. They’re reportedly rushing to making offers without seeing homes first, bidding well above the asking price, or waiving inspections entirely to get sellers to find their offer the most alluring.“For home buyers, this is shaping up to be one of the most difficult years in recent memory,” says Ralph McLaughlin, chief economist of Veritas U
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