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
About David A lifelong resident of Newport Beach, David McHone offers clients an insider’s perspective on the area that’s difficult to top. Just as importantly, he offers an unmatched level of firsthand expertise when it comes to the sale and purchase of property—an avid investor, he’s got a personal portfolio that currently includes upwards of 40 properties. What’s more, as a contractor who builds luxury properties of all types, he h
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
Some homeowners may be lured to a beachfront home not just for their own enjoyment but to turn the property into a money-making vacation rental. Vacasa, a vacation rental management firm, ranked vacation rental markets based on aggregate cap rates (the ratio of a property’s net operating income over its cost). Here are the top 10 places that topped Vacasa's list as the best places to buy a beach house in 2019:1. Oc
The number of traditional banks that participate in the Federal Housing Administration’s single-family mortgage insurance program has declined since the housing crisis. Banks have contributed to just 13% of the FHA’s origination volume, down from 44% in 2010, according to a recent report in Housing Wire. Banks have feared strict penalties and that even a minor error could expose them to fines.To drive more bank originations, the agency says i
Inventory shortages are continuing to dig into agents’ home sales volume. In 2018, the typical agent completed 11 transactions, the same as 2017, according to the 2019 Member Profile, released by the National Association of REALTORS® and reflecting 12,700 member responses. However, REALTORS® did see a slight uptick in incomes last year. The median gross income of REALTORS® was $41,800 in 2018—an increase from $39,800 in 2017.For the sixth
The Asian American and Pacific Islander demographic could be poised to become the nation’s largest minority group over the next few decades, according to the 2018-2019 State of Asia America report produced by the Asian Real Estate Association of America, in conjunction with RE/MAX and Freddie Mac. The population’s close family ties, high education, entrepreneurial spirit, and higher household incomes are expected to have a big impac
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