Nearly 80 percent of all borrowers are paying for real estate taxes and home insurance through escrow accounts, according to a recent analysis by CoreLogic. That is up 900 basis points over the past six years.The mortgage industry has been encouraging more borrowers to use escrow accounts because it ensures they have reserves to cover the costs of the mortgage principal, interest, taxes, and insurance. It also helps to lower the risks of tax and
Home improvement projects present the biggest opportunity for scammers to take advantage of homeowners, according to the Better Business Bureau’s Risk Index. Victims of home improvement scams lost an average of $1,400 from shady contractors, painters, and other repairmen, according to the BBB’s analysis.The analysis found that such scams pose the highest risk to homeowners based on three criteria: exposure (how likely consumers are to be expo
The median gross income for a real estate professional in 2016 was $42,500, most of which came from selling homes, according to the National Association of REALTORS®’ 2017 Member Profile. Annual income varied widely based on experience, with practitioners who had been in the real estate business less than two years earning $8,930, while those with 16 or more years of experience earned $78, 850.But what types of activities draw the most busines
The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year
"Falls on Me" is the official lead single by Fuel from their 2003 album Natural Selection. It is the second overall single from the album with "Won't Back Down" having been originally released on Daredevil: The Album a few months prior.Written by guitarist Carl Bell, "Falls on Me" is about the difficulties of remaining in a monogamous relationship; according to Bell, "Everybody is hardwired to have some wanderlust in them... But that song comes f
Many people seek to downsize their home in retirement—but not their homebuying wish list. Retirees reportedly are flocking to smaller newly built homes that are customized to their personal needs and tastes.One advantage older home buyers find with these custom homes is that they can be built to accommodate medical conditions or physical restrictions, such as wider hallways to accommodate mobility devices. The home also can be outfitted with ag
Home shoppers are getting another week to lock in some of the lowest mortgage rates of the year. “Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”Fredd
Real estate professionals who want to highlight a home’s solar energy features on the MLS usually have to do so under the “other” category, which may not capture enough attention from buyers. But that may soon change.The Lawrence Berkeley National Laboratory at the University of California is developing new data standards for a special MLS field that will automatically populate solar data within the country’s 700 MLSs. This would help mak
SmartAsset, a personal finance technology company, has analyzed its second annual round of undervalued cities in the U.S. Each city had a projected price per square foot based on livability metrics such as unemployment rate, crime, high school graduation rates, number of entertainment and dining establishments, and walkability. SmartAsset then compared that number to the actual price per square foot.In Charleston, buyers purchase homes for $106.
Ooma, a smart home phone and security company, offers six tips for preventing break-ins. Front door surveillance. Because 34 percent of break-ins happen through the front door of a home, recommend that your clients install a smart doorbell that routes to their phone. Other security options Ooma mentions include two-way speakers that will give visitors the impression the owner is home, or video cameras so your clients can see who’s at the door
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