The average American household spends $2,149 on property taxes for their homes each year, according to U.S. Census data. But depending on where you live, that can vary drastically.For the third consecutive year, New Jersey ranks as having the highest property taxes in the nation, according to a new report released by WalletHub. Its effective tax rate of 2.35 percent means homeowners there pay about $7,410 annually on a $316,000 home, the median s
The U.S. Senate today confirmed retired pediatric neurosurgeon Ben Carson to be the 17th secretary of the Department of Housing and Urban Development. The vote was 58 to 41. A simple majority of 51 votes was needed to confirm him.In his confirmation hearing before the Senate Banking Committee last month, Carson took a number of positions that align with the market priorities of the National Association of REALTORS®. Among these, he said all Amer
Deed restrictions can bring nasty surprises to homeowners looking to remodel or even when buying a home. These restrictions can limit a number of property features, such as the number of bedrooms in your home, the building height, the type of vehicles in your driveway, the fencing permitted, the type and number of trees that can be removed from a property, and even the style and color of construction materials used in a renovation (which often is
REALTORS® expect modest price gains in home values over the next year. The median expected increase in home prices across the country is 3.5 percent, according to the REALTORS® Confidence Index January 2017 survey, based on the responses of more than 3,800 REALTORS® across the country.REALTORS® are most bullish about rising home price expectations in Washington, Oregon, and Colorado. Real estate pros in those states believe they will see 4 to
You likely use your car a lot in the real estate business. If you want to keep your long-term operating costs low, you might want to consult the latest list from Kelley Blue Book of the cars and trucks with the lowest ownership costs.The following vehicles were ranked as having the lowest operating costs in their class: Subcompact car and overall lowest: Chevrolet Spark, estimated to cost an owner $27,577 over the first five years. Compact car: T
Nearly half of American homeowners recently surveyed said they would do something differently if they were to go through the homebuying process again, according to the NerdWallet’s Home Buyer Reality Report, which analyzed the steps more than 2,200 Americans took to homeownership.If you want to help prevent buyers’ remorse, the following are some things you can focus on with your clients. These are the top things consumers say they regretted:
In his address to Congress on Tuesday night, President Donald Trump renewed his pledge to rebuild the country's infrastructure, replace the Affordable Care Act, and reform taxes for businesses and individuals—all issues of importance to real estate.Infrastructure The National Association of REALTORS® sees investments in roads, bridges, dams, and other projects as critical to supporting property values. Trump said he will ask Congress to approv
More borrowers are choosing non-banks—financial institutions that only issue loans and do not offer savings or checking accounts—to get a mortgage, The Washington Post reports. It's a major shift in borrower behavior. In 2011, 50 percent of all new mortgage loans originated from the three largest banks: JPMorgan, Bank of America, and Wells Fargo. However, in September 2016, that share plunged to 21 percent.During that time, non-banks emerged
Millennials have it rough: They're being slapped with a trifecta of housing affordability, credit accessibility, and employment issues, all of which are hampering their ability to buy, according to new report by Bankrate.com. The toughest state of all for millennial buyers may be California, where affordability is low, inventory is severely limited, and workers ages 25 to 34 face high unemployment.Culling data from the National Association of REL
Developers are pouring billions of dollars into giving facelifts to some transit hubs across the country. These improvements are not for expanding traveler capacity but to make these hubs more eye-catching and give commuters a reason to hang out and not just pass through. They're mixing in dining, retail, event offerings, and even the chance to live there.Developers believe that traditional rail and light rail station segments can spur developmen
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