Mortgage rates posted another drop this week, offering more relief to home buyers.Freddie Mac reports the following national averages with mortgage rates for the week ending July 27: 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.5 point, falling from last week’s 3.96 percent average. Last year at this time, 30-year rates averaged 3.48 percent. 15-year fixed-rate mortgages: averaged 3.20 percent, with an average 0.5 po
Aurora, Ill., located outside of Chicago, topped realtor.com®’s list of the most affordable housing markets with the best elementary schools in the country.Researchers analyzed ZIP codes within the top metro areas in the nation that contained at least one public or public charter school. Realtor.com® culled data from GreatSchools.org.“When searching for a new home, finding something affordable in a good school district with family-friendl
The U.S. homeownership rate may have finally bottomed out, as the share of Americans who own homes is steadily climbing. The ownership rate posted an increase in the second quarter, reversing a sharp downward trend that begun in the Great Recession.The homeownership rate was 63.7 percent in the second quarter, the U.S. Census Bureau reported Thursday. That marks nearly a full percentage point increase from a year ago.Last year, the homeownership
The Federal Reserve said on Wednesday that it will hold off on making any increases to its short-term interest rate, at least for a while longer. The Federal Open Market Committee voted to keep the federal funds rate at its current range between 1 percent and 1.25 percent.“In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1 to 1 1/4 percent,
New-home sales inched up 0.8 percent in June, but sales would be higher if there were more new homes to sell. Sales of newly built single-family homes reached a seasonally adjusted annual rate of 610,000 units in June, according to a joint report released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.“While new home inventory rose slightly in June, it remains tight as builders face lot and labor shortages and in
Homes are selling faster in July, and many markets are hotter today than they were a year ago, realtor.com® notes in its newly released housing report. California markets continue to see some of the most traction from home shoppers.“We normally see the housing market begin to slow down in midsummer, but this year has been a different story,” says Javier Vivas, realtor.com®’s manager of economic research. “Mid- to lower-tier homes are fl
Women are gaining notoriety in commercial real estate, but more support within the industry is necessary to encourage future female entrepreneurs to ascend the ladder of leadership, panelists said during the Chicago Association of REALTORS®’ recent commercial forum. The discussion was part of the forum’s annual “Successful Women in Commercial Real Estate” series, which aims to highlight women as thought leaders and provide mentorship opp
A career as an agent can be one of the most rewarding jobs you ever have (and also one of the most challenging)Key Takeaways Develop your motivation for becoming a real estate agent. Know the personal and financial resources you’ll need to succeed. Get a mentor, a sponsor and a buddy.Congratulations! You have made the wonderful decision to pursue a career in real estate as a licensed real estate agent.A career as an agent can be one of the mos
Partner with a brokerage that packages buyer rebates with discounted loansReal estate agents far and wide know financing challenges can make or break a deal, even if they have a preapproved buyer ready and willing to make a purchase.Buyers, of course, face the biggest purchase of their lives when buying a home, and the list price isn’t the only thing they have to worry about.The transaction includes a number of costs beyond a home’s sale pric
Have a clear direction of where you want to be in your career, and align your efforts to reach your goalsWhen you’re starting out in real estate, you wake up every day hoping and praying for success. You’re trying new things on the daily. Mailers go out to the masses with your branding plastered all over them.Your email campaigns reach anyone who’s given you an email address. Pounding the pavement and networking have become second nature t
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