Demand for housing is picking up and housing analysts are pointing to lower mortgage rates as the main reason. The spring buying season may be coming early.In Coppell, Texas, a suburb of Dallas, real estate pros reported a traffic jam of buyers lined up on the front stairway to get into an open house.“It kind of caught us a little bit off-guard,” Laura Barnett, a real estate professional with RE/MAX DFW Associates in the Dallas area, told CNB
More young adults are still living with their parents and not branching out on their own, and that could have a long-term, negative impact to their finances, according to a new study from the Urban Institute. Researchers found there is no long-term advantage financially for young adults who live with their parents.The share of young adults aged 25 to 34 who live with their parents rose from nearly 12 percent in 2000 to 22 percent in 2017.The tren
Investors are taking on bigger projects and finding an increasing appetite for flipped high-end homes.In 2018, 2.6 percent of homes valued at over $1 million were flipped, compared to 2.2 percent in 2017, according to data from realtor.com®. Realtor.com® analyzed markets where at least 20 flipped homes sold for more than $1 million from January to October 2018. They defined flip as a home that sold twice for a profit within a year.The markets s
The share of cash sales is falling nationwide, but there are many housing markets where they still dominate. Cash transactions made up 27.8 percent of single-family home and condo sales in 2018, down from a peak of 38.4 percent in 2011, according to real estate research firm ATTOM Data Solutions. But cash sales are still higher than historical norms: They averaged only 18.7 percent of all sales in the prerecession years between 2000 and 2007. The
Homeowners interested in earning extra income may consider turning their properties into short-term rentals. Vacation rental website Airbnb has grown to become a billion-dollar global company, helping homeowners arrange such rental accommodations at their properties. Where are homeowners cashing in the most on Airbnb’s growing popularity? These 10 cities rank at the top for Airbnb profits, according to IPX 1031, a firm that focuses on 1031 tax-
Buyers don’t necessarily need an 800-plus FICO credit score to get the best rate on a mortgage. Depending on the market, some buyers with a 700 FICO score could get nearly as an attractive mortgage rate as an applicant with an 800-plus score, according to a new analysis for the Washington Post completed by LendingTree. The analysis was based on more than 1 million actual loan offers during 2018.Lenders turn to FICO scores—which rang
Median home sale prices zoomed to an all-time high last year, helping home sellers net higher profits.The average home price gain since purchase was $61,000 in 2018, up from $50,000 last year, according to ATTOM Data Solutions’ Year-End 2018 U.S. Home Sales Report. That marks the highest gains for sellers since 2006. In 2018, sellers averaged a 32.6 percent return on investment compared to their original purchase price.After wee
Nearly 80 percent of Generation Z members say they want to own a home before age 30, but a new study shows they will need to do plenty of saving beforehand. Indeed, Generation Z will need to save $304 a month for the next 12 years to buy a home with a 10 percent down payment plus closing costs on a median-priced home by the age of 30, according to a new study released this week by realtor.com®.The median-priced home in the U.S. is projected
Millennials are facing plenty of roadblocks to homeownership: high student loan debt, record high home values, stagnating incomes, and high rents. Yet, in particular areas of the country, these young adults are still increasingly finding ways to become homeowners.SmartAsset, a personal finance website, recently ranked places based on where millennials are buying the most homes. They looked at the current rate of millennial homeownership and compa
More listings are facing price cuts, particularly among the nation’s largest markets. Fifteen percent of U.S. listings saw a price cut in January and more homes spent longer on the market, according to realtor.com®’s latest housing report.Thirty-nine of the 50 largest markets saw an uptick in the share of price reductions compared to last year. The greatest increases in price reductions in January were in Las Vegas (up 16%), followed by San
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