One-third of first-time buyers turned to family and friends for financial help in purchasing a home last year, according to data from the National Association of REALTORS®. Indeed, 27% received a gift from family or friends, the data shows.“Using family as a source of down payment help is most common among younger millennial buyers (ages 20 to 28) compared to other generations, and is more common among unmarried couples,” writes Jessica Laut
Pending home sales dipped at the end of 2019, with each of the four major regions reporting a drop in sales contract activity. The South saw the biggest plunge in contract signings, the National Association of REALTORS® reported Wednesday.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—decreased 4.9% in December 2019 compared to the previous month. Still, contract signings were up 4.6% over last year.H
Property owners have struggled with how to enforce no-pet policies on their properties with the growing number of renter requests for assistance animals. That’s why the housing market is welcoming the U.S. Department of Housing and Urban Development’s newly released guidance and clarity on how to comply with the Fair Housing Act when receiving a request for an assistance animal.News reports in recent years have grown accusing some renters of
Young adults may be eager to buy, but 75% of first-time home buyers say they’re overwhelmed about the purchase process, according to TD Bank’s First-Time Homebuyer Pulse of more than 850 millennial buyers between the ages of 23 to 38.Many have not taken the first step to talk with a lender before they start actively looking. Only 30% of respondents say they have spoken to a mortgage lender before starting their house hunt. “To put the cart
Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% a
Builders are feeling bullish. They’re quick to brush off the modest 0.4% dip in sales of newly built single-family homes on a monthly basis in December. Instead, they’re focusing on how sales are still 23% higher than a year ago.“High levels of home builder confidence, coupled with an insufficient existing housing supply to meet current demand, suggest growth ahead for new home sales this year,” says Dean Mon, chairman of the National Ass
Homes with high curb appeal tend to sell for an average of 7% more than similar houses with an uninviting exterior, according to a joint study by the University of Alabama and the University of Texas at Arlington. Further, the premium rises to as high as 14% in slower real estate markets with greater housing inventory, shows the study, which was published in the Journal of Real Estate Finance and Economics.Researchers examined Google Street
In expensive housing markets where inventories are tight, some buyers are finding it more affordable to invest in a multifamily property rather than purchase a single-family home, The Washington Post reports. The buyers can live in one of the units in the building while renting out the others to defray some mortgage costs and build equity.Lenders are offering incentives for such multifamily investments, including competitive interest ra
First-time and repeat buyers say they’d rather have a smaller home with high-quality amenities than a bigger property with fewer such features, according to a survey the National Association of Home Builders released during the International Builders’ Show last week in Las Vegas. The NAHB’s report, titled “What Home Buyers Really Want,” identified the following features as being most desired by both segments of buyers.Laundry roomsEnerg
Developers who take steps to improve the energy efficiency of their office buildings may boost the property’s value, gain a competitive sales edge, and improve the buildings’ performance, according to a new study by the Urban Land Institute called “Unlocking Hidden Value in Class B/C Office Buildings.” But developers don’t have to spend big bucks on high-end updates to unlock the savings, the study finds.Class B and C office buildings t
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