Many Americans are moving because they want more space, according to a new survey of 1,000 consumers from Porch.com, a home remodeling website. More than one in four—and millennials, in particular—say their chief motivator for moving is the desire a larger home. Porch.com found the top moving motivators among consumers:Desire for a larger home: 26%Desire to own, not rent: 19%Downsizing: 12%New job or job transfer: 11%Desire for a better neigh
From the 20% pass-through tax deduction for independent contractors to the promise of opportunity zones to revitalize struggling communities, President Donald Trump extolled the impact of an array of achievements that have benefited real estate practitioners. He spoke before an enthusiastic crowd of 2,000 REALTORS® Friday who packed a Marriott Wardman Park hotel ballroom in Washington, D.C., during the REALTORS® Legislative Meetings & Trade
Home buyers saw mortgage rates edge lower again this week, with rates remaining well below year-ago levels. “Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve,” said Sam Khater, Freddie Mac’s chief economist. “While signals from the financial markets are flashing caution signs, the real economy remains on solid ground wit
Political divisiveness on Capitol Hill likely will prevent Congress from passing legislation this year addressing important tax initiatives that affect real estate, including the state and local tax (SALT) deduction and an extension of the Mortgage Forgiveness Debt Relief Act, lobbyists for the National Association of REALTORS® said Wednesday.Speaking to the association’s Federal Taxation Committee during the REALTORS® Legislative Meetings &a
The House voted Tuesday to extend the National Flood Insurance Program through Sept. 30. The Senate must also approve the measure before May 31—when the NFIP is set to expire—to avoid lapses in government-backed flood insurance policies. “Thanks to REALTORS®, the Senate is well aware of the deadline for flood insurance,” Austin Perez, senior policy representative at the National Association of REALTORS®, said Tuesday at the REALTORS® L
Homeowners continue to see home values increase, along with their equity. Metro home prices nationwide saw an increase of nearly 4% in the first quarter. The national median existing single-family home price was $254,800 in the first quarter, the National Association of REALTORS® reported Tuesday.Single-family home prices rose in 86% of measured markets in the first quarter; 13 metro areas saw double-digit increases.“Homeowners in the majority
Those wanting to spruce up a home may need to add more money to their budget. Builders and contractors are warning that new tariffs on Chinese goods will add $2.5 billion in added costs to the home remodeling industry, and those extra costs will be passed on to customers.Tariff costs on Chinese imports jumped from 10% to 25% on May 10, which builders say will increase the cost of about 450 goods used by the home building industry, such as counter
Home shoppers may be less likely to face a bidding war compared to a year ago. Just 15% of offers faced competition in April, according to an index by the real estate brokerage Redfin. That is down from 60% a year ago.Even buyers in some of the hottest housing markets are reporting less competition this spring.“Right now could be as good as it gets for buyers who want to avoid getting involved in bidding wars and price escalations,” says Dary
Inspired by reality TV shows on HGTV and other outlets, a new generation of home flippers has been in the market in recent years. These investors hope to make over properties and then make a tidy profit off the sale. But for many, flipping hasn't exactly been made-for-TV.This is one segment of the market where real estate agents should counsel extra caution.“Many newbie investors are encountering the
Mortgage rates are showing signs of moderating this month, following increases in April. Borrowers are discovering much lower rates compared to a year ago.“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national aver
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