General News - Real Estate, Updates, News & Tips

Inventory Woes aren’t Slowing Down Home Sales

Existing-home sales fared strongly in October even as buyers continued to complain there aren’t enough homes on the market. Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased by 0.8% in October compared to September, the National Association of REALTORS® reported Monday. Compared to a year ago, however, sales are down 5.8%.Meanwhile, the inventory of unsold homes fell by 12%

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The 15 Hottest Housing Markets Right Now

As home buyers continue their searches in an active and competitive fall season, the nation’s top-performing markets in October are all affordable alternatives to their nearby big-city counterparts.Topping realtor.com®’s October list was Manchester, N.H., about an hour northwest of Boston. Homes in Manchester are selling in under 24 days—about 21 days faster than the overall housing market. Properties there are receiving about 2.8 times as

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Inflation Drives Mortgage Rates Over 3%

The 30-year fixed-rate mortgage was back above 3% this week, and economists believe rates will continue to increase over the next few months.“The combination of rising inflation and consumer spending is driving mortgage rates higher,” says Sam Khater, Freddie Mac’s chief economist. “Shoppers looking to buy a home are fueling a strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This rea

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Credit Scores Reach All-Time High

Since the beginning of the pandemic, the average FICO credit score has increased by eight points to reach 716, according to Fair Isaac Corp. Pandemic-related relief programs and a decrease in consumer spending early in the pandemic may have helped Americans improve their credit histories by paying existing debts and curtailing new debt.The increase has largely been driven by consumers who started with a credit score below 600. FICO usually consid

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Opportunity Zones See Rising Prices, Growth

Nearly half of all opportunity zone redevelopment areas have seen prices rise at least 20% annually, according to a new report from ATTOM Data Solutions. Home values in opportunity zones are moving up and parallel the broader U.S. housing market.Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income areas, offering investors significant tax breaks over several years to those who

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Where Early Retirees are Relocating

The pandemic has prompted up to 3 million Americans to retire earlier than planned. But not as many are moving right after retirement, as retirees have often done in the past.The number of retirees who moved in 2021 fell by 43% compared to the previous year, according to a new analysis from Hire A Helper, a home services firm. The reasons some are choosing to stay in place long after retirement are the rise in home prices, lack of retirement savi

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Mortgage Applications Climb, even as Rates Rise

Rising mortgage rates don't seem to be scaring off home buyers. Mortgage applications to purchase a home, viewed as a gauge of homebuying demand, increased 2% last week, the Mortgage Bankers Association reported Wednesday.Homebuilders are reporting stronger buyer traffic too after a brief lull earlier this fall, according to a recent builder sentiment report released by the National Association of Home Builders.“Purchase applications incre

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Builders Say Labor Shortages at Record Highs

A record number of home builders are reporting a shortage of workers such as carpenters, painters, and electricians, the National Association of Home Builders reports. The shortages come at a time when demand is increasing for new homes. Builders are struggling to meet demand and faced with both surging prices for materials and shortages of lots.The share of builders reporting a shortage of labor reached a record high of 76% in Oct

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More Owners Say they're Ready to Sell This Winter

A greater number of homeowners are interested in entering the housing market over the next six months, and they have some big expectations. Topping the list are bidding wars and a fast-paced sale, and they also look to buyers to forgo contingencies like home inspections and appraisals, according to a new realtor.com® survey of 2,583 consumers conducted this fall.More than one-third of prospective sellers are ready to take advantage of the c

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Top Places to Buy a Tiny Home

While more homeowners have been interested in gaining space during the pandemic, the market for tiny homes is still appealing to certain segments, particularly investors and first-time home buyers.The affordability of these homes is one of the biggest draws. Many tiny homes cost between $30,000 to $60,000. For comparison, the median price for a starter home is $233,400, according to the National Association of REALTORS®.IPX1031, a 1031 exchange

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