Following population trends, the U.S. should be adding more than a million households each year for the next few years, economists note in Freddie Mac’s April Outlook report. But higher housing costs and a delay in younger adults’ buying are prompting an uptick in shared living arrangements, multigenerational households, and delayed household formation.“The broader economic environment remains favorable for home sales,” says Len Kiefer, F
Strong winds have blown masses of spiky tumbleweed into homeowners’ yards and streets across Southern California and Utah. Tumbleweed reportedly has piled up to 5 feet high on some homes and has even blocked some homeowners from being able to get out. Sue Jones, a spokeswoman with the city of Victorville, Calif., the epicenter of the latest tumbleweed chaos, says that in some cases tumbleweed was as high as the second floors of homes.Victor
Bargain hunters or those looking to break into the housing market may need to face the reality that finding a home for less than $250,000 is getting tougher and tougher. Homes priced under $100,000 plunged 20.7 percent in March month over month, and the percentage of homes under $250,000 has dropped 7.8 percent, according to the National Association of REALTORS®’ latest housing report.The median home price was $250,400 in March, up 5.8 percent
3 ways real estate agents can capture and close international dealsAs real estate grows more global with the increased transparency and power of the ever-maturing internet, real estate agents have immense opportunities to capture lucrative international, long-distance business to which they didn’t previously have access.This business opportunity is significant.Foreign buyers purchased $153 billion of U.S. residential real estate in the 12 month
Tom Ferry’s 5 winning pre-listing appointment ritualsHow can you show up right on time for a listing appointment, but be too late?It’s a dilemma facing any agent relying on their presentation alone to win listings.If you’re waiting for the homeowners to open the door so you can make a good first impression and win the listing, you’re already too late. To win, you need to “pre-sell” the homeowner on your services before your listing ap
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion settlement with Wells Fargo, which includes penalties against the bank for allegedly delaying some customers’ loan approvals and then charging them a fee for missing a deadline to lock in mortgage rates. Wells Fargo also is being fined in relation to allegations that it forced customers into car insurance they didn’t need.Affected
Nearly 2 million homeowners are underwater on their mortgages despite huge gains in home prices in recent years. But unlike during the last housing crisis, when many made “strategic defaults” by stopping payments and walking away from their home, underwater borrowers now are trying to keep up with payments.Nearly 87 percent of underwater homeowners say they have not considered stopping their monthly mortgage payments, according to the New Yor
Despite the movement to legalize marijuana for both medicinal and recreational purposes in many states, homeowners associations and landlords are showing a preference for banning the substance—which remains illegal on the federal level—in their properties.Condo and co-op associations, as well as individual landlords, have been cracking down on residents who use or grow marijuana inside their units or in common areas, realtor.com® reports. In
You’d expect bidding wars in major cities such as San Francisco, Boston, and New York—but Akron, Ohio? The Midwestern town has seen the biggest spike in multiple-offer situations on listings in the nation, according to realtor.com®. And as housing demand picks up in the spring, ushering in the typically busy selling season across the nation, other unassuming metros are becoming hotbeds for buyer competition. “Multiple-offer scenarios are n
Inventory shortages and pressing affordability issues didn’t suppress home sales activity in March. Total sales of existing homes, including single-family homes, townhomes, condos, and co-ops, increased 1.1 percent last month to a seasonally adjusted annual rate of 5.6 million, according to the National Association of REALTORS®. However, home sales are still 1.2 percent below a year ago.“Robust gains last month in the Northeast and Midwes
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