Seventy-two percent of renters “prefer” or “strongly prefer” to own a home rather than rent one, according to the latest SCE Housing Survey conducted by the Federal Reserve Bank of New York.Nearly 56 percent of renters view homeownership as a “good investment,” the survey finds.The majority of renters favor homeownership, despite expressing concerns about their ability to one day afford a home. However, they do believe it’s getting
Kitchen revamps tend to be one of the most popular home remodeling projects. About 10.2 million American households tackled a kitchen remodel or replacement work in 2015, according to a recent report from the National Kitchen & Bath Association. Homeowners tend to want new flooring, countertops, cabinets, sinks, and faucets in their kitchen remodels.Also, "more homeowners are incorporating smart technology using the Amazon Echo or Google Home
Trading up from a starter home to a larger home has proven to be increasingly difficult for a growing group of homeowners across the country. Sure, owners may be able to snag a record-high price for their current home, but high prices and the low inventory are making it tough for them to buy something better in a tight market, realtor.com® notes.“In today’s competitive landscape, moving up from [starter homes] to the white picket fence has b
How to keep your cool when everyone else is losing itKey Takeaways It’s not about you; it’s about your clients and the transaction. Don't react to other people's anger or aggression.Co-written with Lynn Wheeler.Yep, it’s that time of year again: The time when you’re running crazy with your hair on fire and your phone melting in your hands; when you need six more hours in the day to get everything done; when you’re juggling multiple off
Facing the challenges of low inventory, acknowledging the facts and pushing forwardKey Takeaways Some sellers are developing unreasonable expectations in this seller's market. Investors and baby boomers aren't selling as expected, which is contributing to the issue of low inventory.We are in what I call an epic seller’s market, and it is impacting every aspect of business from lead generation to how we use technology.The seller’s market is fu
Many in the real estate market are looking to the townhome market to help fill the demand for greater entry-level homes for buyers. But the wait will be longer.Townhouse construction starts continued to increase on a year-over-year basis, but the growth rate has showed signs of slowing recently, according to an analysis by the National Association of Home Builders.Townhouse starts totaled 98,000 in the fourth quarter of 2016, a 4 percent increase
For the fifth consecutive week, the 30-year fixed-rate mortgage remained around 4 percent."The 30-year mortgage rate fell 3 basis points this week to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “However, this week's survey closed prior to Wednesday's flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey."Freddie Mac reports the following
Mortgage refinance activity may have been the true hidden culprit behind the housing crisis, according to a new report by the Urban Institute written by Laurie Goodman, codirector of UI’s Housing Finance Policy Center.Mortgage refinances were more likely to default than mortgages taken out to purchase a home “mostly because many people were treating their homes as ATMs through cash-out refinances,” Goodman notes.Eighty-four percent of gover
The Consumer Financial Protection Bureau reportedly is looking into whether some of Zillow’s advertising revenues violate regulations against kickbacks, MarketWatch reports.The investigation centers around the Real Estate Settlement Procedures Act, known as RESPA, and how a real estate agent or lender gets business from a home buyer. RESPA prevents agents and lenders from funneling customers to one another in exchange for kickbacks or rewards.T
More homes are predicted to be sold this year than in more than a decade. In 2017, the number of existing-home sales is expected to increase about 3.5 percent to 5.64 million. By 2018, existing-home sales will likely rise another 2.8 percent to 5.8 million, according to forecasts by the National Association of REALTORS®.The rise in new jobs, pent-up household formation, and increasing consumer confidence are helping to propel the housing market
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