Seventy-one percent of contracts in December were settled on time, but 25% faced a delay, according to the latest REALTORS® Confidence Index. The index is based on a survey of more than 8,000 real estate respondents. Four percent of contracts in December were canceled altogether.The top issues REALTORS® encountered that led to contract delays were:Issues related to obtaining financing: 37%Appraisal issues: 19%Home inspection/environmental issue
After a real estate groups’ lawsuit, a New York judge has granted a temporary restraining order to prevent new rules taking effect that banned brokers from receiving fees on rentals in the state. The short-term reprieve was in response to the Real Estate Board of New York, the New York Association of REALTORS®, and other brokerages suing the Department of State over its broker ban fee ruling that they called “unlawful”and having
As interest rates move lower, borrowers can unlock some serious savings by gathering more than one quote from a mortgage lender. It may be worth the extra time to gather up to three quotes from mortgage lenders. The average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage, a new study by LendingTree finds.In some metro areas, particularly among the nation’s priciest areas, the savings could be even g
Low mortgage rates continue to push borrowing costs lower this year, but not every consumer is able to qualify. About a quarter of mortgage refinance applications are getting denied, according to a study from LendingTree of more than 10 million mortgage applications.The top four reasons why applications were denied were debt-to-income ratio, credit history, incomplete application, and insufficient collateral.Debt-to-income ratios c
One in four homes with a mortgage in the U.S. were considered equity rich in the fourth quarter of 2019, according to newly released data from ATTOM Data Solutions, a real estate data firm. That means the loans on those properties are 50% or less of the home’s estimated market value.The Northeast and West saw the highest amounts of equity among homeowners. California led, with 42.8% of its homeowners considered equity rich, followed by Ver
The U.S. housing market is feeling the impact of the new coronavirus outbreak from China. Mortgage interest rates have dropped because of it, and the luxury sector has seen Chinese buyers, who had been propelling that market, quickly vanish from it.“China has been the most important source of foreign demand for real estate,” Lawrence Yun, chief economist at the National Association of REALTORS®, told realtor.com®. “The upper-end market ca
Fixer-uppers have long had their fans. Some investors love the idea of making major repairs to a home that increase its value and then resell the property for profit. Others are looking for a low-priced starter home and might not mind making gradual improvements over time.But anyone who’s seen the 1986 movie “The Money Pit” knows that if due diligence isn’t adequately performed, that theatrical storyline involving a barrage of proble
Home prices plunged during the Great Recession, with some areas seeing prices drop by 33% between April 2006 and March 2011. But most markets have seen major recoveries since.Western housing markets have seen the strongest recoveries, according to a new analysis from SmartAsset, a personal finance site. All five of these market metro areas have seen their home prices more than double since they bottomed out during the recession. The markets with
Homes within walking distance of neighborhood amenities, such as schools, shopping, and parks, can fetch an average of $77,668 more than comparable properties further away, according to a new Redfin study. However, more buyers are being priced out of such a high premium, and therefore, the premium has dropped 2.3% since 2016, researchers note.“The premium drop is tied to affordability,” says Redfin Chief Economist Daryl Fairweather. “Proper
Borrowing costs dropped to their second-lowest levels in three years, offering home shoppers an opportunity to lock in lower monthly mortgage payments.The lower rates are “supporting homebuyer demand and leading to higher refinancing activity,” says Sam Khater, Freddie Mac’s chief economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to s
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