While home prices are quickly rising to the point of pricing out some buyers, low mortgage rates have helped to offset some of those higher prices.The median home price of single-family homes and condos in the first quarter of this year was still more affordable than the historical averages of 52% of the 552 counties analyzed by ATTOM Data Solutions. However, that figure is down from 63% in the first quarter of 2020 and from 95% in the first quar
The pandemic may be shifting consumer preferences about what makes the best investment. A new study from the Federal Reserve Bank of New York asked respondents to rate which is a better investment: a home or a financial asset such as stocks?Ninety percent of respondents chose owning a primary residence over investing in the stock market. Additionally, more than 50% of survey respondents say they preferred to own a rental property over purchasing
Across the Midwest, farmland prices are rapidly climbing, fueled by a recent rally in grain markets and low interest rates, The Wall Street Journal reports. Prices are rising even higher than the previous farm boom about a decade ago.Farmland values increased during 2020 as higher grain prices buoyed revenue for farmers. Land prices in the region that covers parts of Illinois, Indiana, Iowa, Michigan, and Wisconsin saw a 6% increase las
A bridge loan may help your buyer fund their next home before completing the sale of their current home. Essentially, it’s a way to take out a loan against their current home to make a down payment on a new home. This temporary loan is helping some buyers be able to waive a contingency for the sale of a home in a bidding war for a home and help their offer stand out more to the seller.After all, some sellers who are juggling many offers for the
During the pandemic, the desire for a single-family home has grown for owners and renters alike. Many builders and investors are now exploring the single-family-to-rent sector.The single-family rental market has seen some of the highest rental returns in counties located in the Midwest and South so far in 2021, according to ATTOM Data Solutions, which tracked 495 U.S. counties for its latest single-family rental market report.Researchers identifi
If your real estate business continues to feel the effects of the pandemic, you now have an additional two months to apply for a loan through the Small Business Administration’s Paycheck Protection Program. On Thursday, by a bipartisan vote of 92–7, the U.S. Senate passed the PPP Extension Act of 2021, which extends the application deadline through May 31, 2021. It also gives SBA lenders an additional 30 days, through June 30, to process
Smaller outlying markets are among the hottest housing markets in the nation. In particular, several California markets are seeing rising demand for housing, but it’s mostly the smaller cities within the Golden State that are seeing the most activity as affordability becomes a more pressing issue.A year ago, realtor.com®’s monthly analysis of the hottest housing markets was once dominated by large California markets like San Francisco and Sa
The buying frenzy continues as multiple offers become the norm and buyers offer thousands or tens of thousands above the asking price to try to get the home they want. In many cases, buyers also are increasingly waiving appraisals and even some inspections to make their offers stand out.Buyers are also feeling a greater sense of urgency as mortgage rates begin to rise, and they’re eager to lock in a low rate ahead of any further increases.
Sub-3% mortgages are slowly fading into the rearview mirror as the 30-year fixed-rate mortgage continues to inch up. The 30-year fixed-rate mortgage averaged 3.09% this week, Freddie Mac reports.Economists continue to remind consumers that mortgage rates are still near historical lows and are hovering around 3%. “Even though mortgage rates will likely continue to rise later this year, with the Fed keeping interest rates low, mortgage rates
Baby boomers tended to make up the majority of sellers last year—at 43%—and they also saw the highest profits, too.Overall, home sellers of all age groups who sold their homes last year saw a median gain of $66,000 more than what they originally purchased for—a $6,000 increase compared to the previous year. But for sellers ages 66 to 74, they saw a median gain of $100,000 in equity, according to the National Association of REALTORS®’ “
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