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Many non-owners—those renting or living with someone else—are eager to buy a home. But their current financial situation is what is mostly holding them back.The National Association of REALTORS®’ newly released “2019 Profile of Buyers and Sellers” report contained a new section this year, including a survey about non-owners and their views on homeownership. NAR released its annual report during the 2019 REALTORS® Conference & Expo
Millennials are flocking to affordable smaller cities, baby boomers are retiring in walkable communities that offer urban amenities, and Gen Xers are heading to larger, high-priced markets. Realtor.com® researchers recently evaluated the migration trends of the generations. Life stages—growing families, retirement, and employment—continues to drive demand in housing.Millennials, the largest U.S. generation ever, is particularly making its ma
A major culprit behind the rising costs of new-home construction: pricey lots. In fact, the median single-family lot price outpaced inflation to reach a record high in 2018, according to a newly released analysis from the National Association of Home Builders. Half of lots sold for at or above $49,500.“Given that the nation’s lots are getting smaller and home production is still significantly below the historically normal levels, it might see
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Ohio is proving to be a hot housing market. The state boasted the largest number of metros to make it onto a top 20 list of the nation’s top-performing housing markets for October, realtor.com®’s data shows. realtor.com® ranks the markets based on where homes are selling the fastest and where visitors to realtor.com® are clicking on listings the most.The following Ohio metros made this month’s list: Columbus (number 3); Springfield (numb
Following three consecutive weeks of increases, the 30-year fixed-rate mortgage posted a drop this week. The average rate was 3.69%, Freddie Mac reports.“After a yearlong slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade-related optimism,” says Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the ma
Who are your clients these days?Snapshot of BuyersAverage age: 47Median household income: $93,200Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couplesDemographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% otherAverage length of house hunt: 10 weeks (touring a median of 9 homes)Primary reason for purchase: Desire to own a homeMost common house type purchased: Detached single-family home, 1,850 sq
Good news for sellers: Home prices are on the rise. But buyers should brace for higher prices.Nearly all—93%—of the largest metros in the U.S. saw home prices rise in the third quarter over the past year. A shortage of homes for sale, combined with higher demand, continues to push home prices higher, according to the latest quarterly report from the National Association of REALTORS®, released Thursday.The national median existing single-fami
Apartment rents are moving up at a much slower pace, veering from quite a different pattern seen earlier this spring. From March to June, rents rose by 1.3%, the fastest growth over any comparable period since the summer of 2017. However, Apartment List researchers say that a closer look at the data shows that since June, rents have essentially been flat, marking an early end to the summer spike in rent prices.“The robust growth we saw from Mar
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