Appraisals continue to lag homeowners’ price expectations, according to the latest Quicken Loans’ National Home Price Perception Index, which compares homeowners’ initial estimates and appraiser’s opinions of home values. Appraised values were 1.35 percent lower than homeowners’ expectations in August. That has narrowed from a 1.55 percent difference in July.Many homeowners are still not understanding their home’s current value, accor
A home in Sunnyvale, Calif., recently sold for a whopping $782,000 above its list price. The four-bed, two-bath home that is less than 2,000 square feet was listed for nearly $1.69 million. But the home attracted more than 20 bids and ended up selling for $2.47 million.“I think it’s the most anything has ever gone for over asking in Sunnyvale—a record for Sunnyvale,” Dave Clark, the Keller Williams real estate professional who represented
Home buyers and homeowners are taking advantage of some of the lowest interest rates in a year. Mortgage applications for refinancings and home purchases jumped 9.9 percent higher last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Still, the MBA reports the weekly index remains about 19 percent lower the same week a year ago, which is mostly attributed to a decrease in refinancing applications.The 30-ye
Fifty-nine percent of real estate professionals say staging a listing contributes to receiving higher offers from buyers, according to the National Association of REALTORS®’ 2017 Profile of Home Staging. Sixty-two percent of agents also say staging “slightly” or “greatly” decreases the time a listing spends on the market.The amount of money sellers stand to gain from staging their home is significant. Thirty-one percent of practitione
The impact immigrants have on U.S. real estate is growing, as 13 percent of the nation’s population—about 42 million people—hails from foreign countries, according to the National Conference of State Legislatures. “Immigrants are a big driving force for housing markets across the nation,” Kusum Mundra, an economics professor at Rutgers University in Newark, N.J., told realtor.com®. “Most want the American dream, which is to own a hom
More home buyers have co-signers on their mortgage loans in order to help defray the rising costs of real estate, according to a new report released by real estate data firm ATTOM Data Solutions. In the second quarter of this year, 22.8 percent of mortgage applications involved a co-borrower, up from 20.5 percent a year earlier, the report shows.Dozens of programs and private companies are emerging to act as co-borrowers for consumers by offering
After the House and Senate approved a three-month extension of the National Flood Insurance Program this week, President Donald Trumped signed it into law Friday as part of a legislative package releasing more than $15 billion in assistance for storm-ravaged areas in the country.“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” William E. Brown, president of the National Association of REALTORS®,
Medical professionals may be eligible for a mortgage up to $750,000 without a down payment or private mortgage insurance needed. PhysicianLoans, an Ohio-based mortgage lender, says its “Doctor Loan” is available to medical doctors, dentists, and veterinarians.The company lends in 18 states, including Georgia, Michigan, Minnesota, Pennsylvania, Ohio, Texas, and Wisconsin, among others.PhysicianLoans has offered zero-down loans for doctors pr
For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.“The 10-year Treasury yield fell 9 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent.”Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 7: 30-year fixed-rate mortgages: a
The credit reporting firm Equifax announced a massive cybersecurity breach that likely comprised the personal information of up to 143 million Americans—essentially half of the country, CNN reports.Hackers gained access to sensitive information such as names, social security numbers, birth dates, addresses, and driver’s license numbers between mid-May and July, Equifax reports. The breach was discovered on July 29 by the firm. Credit card num
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