Homeowners may be shocked at what their price is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday.The median sales price of a single-family existing home rose at a faster pace in the first quarter and was at $368,200, a 15.7% uptick from a year ago.While prices rise and mortgage rates t
About 14% of new home buyers—or one in seven—forgo a home inspection, a survey finds from Clever Real Estate. Buyers are more likely to hire a home inspector when purchasing an existing home.But new homes can turn up problems too.For those who did do an inspection, 65% said they uncovered issues with their newly constructed home. The majority of those problems were minor and did not delay closing. However, about a quarter—24%—of new
The 30-year fixed-rate mortgage barely budged this week, but it’s still stressing home shoppers feeling concern about being priced out. The 30-year fixed-rate mortgage averaged 5.10%, down slightly from 5.11% last week, Freddie Mac reports.But it is one week before the Federal Reserve is expected to raise interest rates further, Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, says on the associa
The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume.ARMs were blamed for contributing to the housing bubble of the mid-2000s, offering teaser low rates to borrowers that, once they reset, led to some
Home prices are still rising, but sellers’ profits may be slowing from their recent highs. However, most sellers continue to see huge gains and profits still remain at historical highs.The profit margins on median-priced single-family home sales across the U.S. fell to 47.2% in the first quarter. It was the first quarterly decline since late 2019 and the largest in a decade, according to a new report released by ATTOM Data Solutions. The first-
Homeowners have seen the news headlines, and they believe if they sell now, they should get top dollar—and beyond—for their home. About 43% of sellers recently surveyed say they expect their home to sell over the asking price, according to a new survey of 1,000 homeowners conducted by Clever Real EstateMore than a quarter of sellers—28%—expect to receive an offer on the first day the home is listed. Fifty-three percent anticipate an offer
Average closing costs for a single-family home rose by 13.4% in 2021, according to a new analysis by CoreLogic, a real estate research firm. That equates to about $6,905 including transfer taxes and $3,860 when transfer taxes are excluded.Home buyers also are facing higher borrowing costs from mortgage rates and higher home prices. The 30-year fixed-rate mortgage averaged 5.11% last week, according to Freddie Mac. Since the beginning of the
Home sellers are still fetching multiple offers on their properties and buyers continue to face competition, even as the housing market has shown some signs of slowing.REALTORS® reported an average of nearly five offers on each home that sold in March, according to the March REALTORS® Confidence Index survey.On average, half of buyers made two offers before being successful in their purchase by the third try, the survey shows.Buyers are paying
The 30-year fixed-rate mortgage averaged 5.11% this week, continuing its rapid rise, Freddie Mac reports. The higher borrowing costs are forcing home buyers to expand their budgets.With higher rates and home prices, house hunters need to earn about $25,000 extra if they want to buy the typical home now compared to a year earlier, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes for th
Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels.The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher—132%—compared
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