Buyers who purchase newly constructed homes are paying more not only because of intense competition in the market but also surging lumber prices. Record-breaking growth for the cost of lumber is pressing on builders’ budgets and prompting them to pass along price increases to buyers.The increase in lumber prices over the past year has added $35,872 to the price of an average new single-family home and $12,966 to the price of
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iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
Home buyers had another opportunity to snag ultra-low rates this week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.“In light of the rising COVID-19 caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” says Sam Khater, Freddie Mac’s chief economist. “The good news is that with rates under 3%, refinancing continue
The Federal Housing Finance Agency is giving low-income homeowners who missed out on the refinancing boom last year another chance. FHFA announced a program this week that will help low-income homeowners with government-backed mortgages to refinance into a lower mortgage rate to reduce their monthly mortgage payments.The program is geared to homeowners with single-family, Fannie Mae or Freddie Mac-backed mortgages. It could help qualifying borrow
Pending home sales climbed in March, following two months of declines that were mostly blamed on a lack of homes for sale, the National Association of REALTORS® reported Thursday. Home buyer demand remains high, but inventory constraints continue to push on sales potential.NAR’s Pending Home Sales Index—a forward-looking indicator of homes sales based on contract signings—increased 1.9% in March and posted a 23.3% year-over-year gain. Part
Housing isn’t just the backbone of the American dream and the way most Americans build wealth. It also makes up nearly one-fifth of the entire U.S. economy.In his first 100 days in office, President Joe Biden has understandably made housing a key focus of his agenda, aiming to help renters struggling during the pandemic remain in their homes, bring homeownership within reach for millions more Americans, and fight discrimination. Perhaps the mos
Inventory shortages have plagued markets across the country, but a new survey suggests a turnaround may soon begin to break for frustrated buyers who can’t find enough homes for sale.Ten percent of homeowners say they plan to list their home for sale this year, and more than a quarter—26%—say they plan to list within the next three years, according to a new survey from realtor.com® of 657 potential home sellers conducted during the week of
Home buyers are struggling to find enough choices, and competition remains tight. But in some markets, new-home construction is ramping up and more homes are likely to help relieve some of the pressure in the near future.The National Association of REALTORS® recently identified the areas most likely to have the most homes coming to the market in the upcoming months. Researchers factored in housing starts and building permits (a gauge of future c
Baby boomers are the wealthiest generation in the country, and they remain one of the most active in the housing market.LendingTree researchers recently analyzed mortgage purchase requests in 2020 on its platform across the 50 largest metros nationwide to identify where baby boomers are most likely to buy a home. Baby boomers, born between 1946 and 1964, are making up a larger share of markets like in Las Vegas, Tampa, Fla., and Phoenix, the stud
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