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Home prices continue to rise rapidly as homeowners see double-digit gains over the past year. The median sales price of single-family existing homes rose 16% in the third quarter, an increase of $50,300, according to the latest quarterly report from the National Association of REALTORS®. Three metros saw price gains of more than 30% compared to a year ago.The median sales price of a single-family existing home rose to $363,700 in the third
Homeowners are keeping up with their mortgage payments or arranging for loan modifications with their service providers. But housing analysts say that while the real estate market still faces pandemic-related fears about a wave of delinquencies, higher home prices are helping to alleviate some of those concerns. The overall delinquency rate fell to the lowest level since the onset of the pandemic, CoreLogic, a real estate data firm, reports.
With double-digit annual gains fueling homeowner wealth, owners have gotten richer, and they’re starting to take advantage of that added equity.Cash-out refinancing, which allows owners to take out a lump sum from their equity through loans, increased by 33% in October compared to a year prior, according to Black Knight Inc.The amount of U.S. tappable home equity reached a record high in October of $9.1 trillion, according to Black Knight.“We
For the first time, the 10 most expensive ZIP codes have surpassed the $4 million mark for their median sales price this year in PropertyShark’s annual analysis of priciest places for real estate. California has six of the top 10.Researchers say the survey was completed before this year’s wildfires and tropical storms, which caused property loss to some of the places on this year’s list.PropertyShark found that Atherton, Calif., is the most
A majority of house hunters say it’s not prices that are keeping them out of the housing market—it’s other buyers. Forty-five percent of prospective buyers recently surveyed say they keep getting outbid by other offers, according to a new survey from the National Association of Home Builders. The NAHB says this is only the third time in the survey’s history that the top reason prospective buyers have been unsuccessful has not been due to
A first-time home buyer may need to be educated about the realities of the housing market before they fall in love with a home and then quickly lose out to another bid. To prevent heartache, real estate professionals can have frank conversations with their buyers about the realities of the competition and the amount of money it takes to become a home buyer in today’s heated market.No home will be perfect.Housing inventories are ultra-low. Any h
Rents have been surging. Since January of this year, the national median rent has climbed by 16.4%, according to the latest National Rent Report from Apartmentlist.com. Rents aren’t slowing down either as demand continues to remain high.Meanwhile, renters may be missing out on gaining equity. The average homeowner gained about $51,500 in equity over the past year, according to CoreLogic.Rent payments only cover the cost of shelter and the inclu
More homeowners have become pet owners since the pandemic, and homeowners are showing a willingness to move for their pet. In fact, 43% of pet owners say they’d be willing to move to accommodate their pet, according to the National Association of REALTORS®. What’s more, 68% of pet owners surveyed by realtor.com® say they would pass on the perfect home if it didn’t meet their pet’s needs.“Often rentals have high pet fees, or
Home sellers continue to get richer as prices rise. Profit margins on median-priced single-family home and condo sales climbed to 47.6%, which marks the highest level in a decade.The typical home sale nationwide during the third quarter generated a record-high profit of $100,178 as national median home prices continued to rise, ATTOM Data Solutions, a real estate data firm, reports. That is up from $88,800 in the second quarter of this year. Prof
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