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WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association's forecast today during NAR's fourth annual year-end Real Estate Forecast Summit.
Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500).
When her niece moved to an older home in Cleveland Park, Elizabeth Ratigan gave her an unusual housewarming gift. Instead of a plant, she presented her with the history of her home. “You know it makes your house kind of come alive,” Ratigan said. “It becomes more of a person than just a house.”
Finding a new place to plant roots isn’t solely about the price tag. Your real estate search is likely to include a range of options: condo vs. townhouse, condo vs. house, house vs. townhouse and more. As you stack different types of properties against each other, it’s important to think about not only what you can afford, but also your preferences and expectations as a homeowner or renter.
Find out more here - Register for our online seminar March 8th at 8PM. Special guest, Rodrigo DeOliveira, Ideal Lending Mortgage.
For millennial and Gen Z homebuyers, purchasing a starter home may be a thing of the past.
Nearly 40% of Americans between the ages of 25 and 44 who bought homes last year plan to stay in them for 16 years or more, according to data from the National Association of Realtors. For homebuyers between the ages of 18 and 24, that number jumps to 48%.
A starter home is usually the first home a person or family is able to purchase. It tends to be a smaller and less-expensive dwelling the homeowner only lives in for about three to seven years as they save up for their “forever home.”
“As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” said Todd Teta, chief product officer with Attom. Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of the property’s market value.
US home prices are as high as they've ever been -- and the market shows no signs of cooling off. According to a report from real estate marketplace Zillow, average home prices in 46 of the nation's 50 largest metro areas grew by more than 10% in May compared to the previous year. And home values have increased by more than 13% on average since last year. In June, the median home price in the US was $385,000, compared to $342,000 in June 2020.
Refinancing a mortgage can be a great way for homeowners to save some money. But beware—make a wrong move when you refinance a loan, and you could easily get in over your head. That's why we highlight here the right (and wrong) ways to refinance your mortgage loan.
CBRE is maintaining a positive outlook for the economy and commercial real estate in 2022, despite uncertainty over potential impacts of the COVID omicron variant and other risks. While the new variant will impact the timing of a large-scale return to the office, fiscal and monetary policy remains highly supportive of economic growth. There may be other bumps along the way, notably from the ripple effects of an economic slowdown in China and rising oil prices, but the factors that held back growth in 2021—labor shortages, supply disruptions, inflation and other COVID variants—will ease.
When you decide to sell a house that desperately needs updating, you basically have two choices: Sell it as is—in its current condition without improvements—or make upgrades in the hope of reaping bigger bucks down the line.
While renovating your property will inevitably sell your home faster and for more money, listing your property as is has its perks, too—including not having to fork over lots of cash for major improvements you won’t get to enjoy, and not dealing with the headaches of those improvements.
Buying a home is easily one of the top five most adultish things you can do. As such, it can seem incredibly intimidating, but don't let your insecurities and a lack of information derail your dreams of owning a house! We asked Kelly White, VP of strategic growth at Sente Mortgage, for advice on taking the fear out of first-time purchasing, so keep scrolling for the best tips to add to your house-buying checklist.
Rising mortgage rates. Faltering home sales. Skyrocketing rents. Here’s how to make sense of a baffling real estate market.
After a two-year boom, the United States housing market finds itself at a pivotal moment — but pivoting to what, exactly?
This spring should have been a busy time for home sellers. Instead, the season was a dud, stalled by a dramatic spike in mortgage rates that stunned even industry experts with its chilling effect on the market.
In his annual State of the City address earlier this year, Boston Mayor Marty Walsh announced a new, big-ticket housing agenda to thundering applause. Walsh has pledged to spend $500 million over the next five years on a raft of housing programs aimed at creating and preserving affordable housing, including housing for seniors, low-income and middle-income Bostonians.
If you're new to real estate, some of the industry lingo can seem to be a foreign language or quite overwhelming. But wouldn’t it be great if explaining real estate terms were a little easier, and you had a concise guide that explained some of the most important real estate terms in simple terms? If so, good news! Here is a list of some of the most common and important real estate terms you would need to know.
Real estate will boom once coronavirus threat is gone -- Go ahead, put your house on the market. There is no need to fear putting your home on the market
Both homeowners seeking refinances and home buyers will likely be disappointed by rates that have fluctuated wildly in recent days—by the hour in some instances. That kind of volatility is unprecedented, and makes it more difficult for borrowers to lock in a low rate, say experts. And mortgage rates have surged upward despite the Federal Reserve slashing short-term interest rates.
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