Real Estate News

Mortgage Rates Jump to 4-Year High

NAR Daily Real Estate News - April 20, 2018 - 12:00am

The recent surge placed the 30-year fixed-rate mortgage at an average it hasn’t reached since January 2014.

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Affordable Price Tags in Top ‘Green’ Markets

NAR Daily Real Estate News - April 20, 2018 - 12:00am

Eco-friendly homes are growing in demand, but buyers don’t always have to expect to pay a premium.

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Retail Vacancies on Track to Reach Record High

NAR Daily Real Estate News - April 20, 2018 - 12:00am

Recent closures of several big-box stores are leaving ample space empty nationwide.

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Young Buyers: Student Debt Kills Ownership

NAR Daily Real Estate News - April 20, 2018 - 12:00am

More than 80 percent of people between the ages of 22 to 35 who are carrying student loan debt say their repayment bills make it too difficult to...

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Many Metros Are Surging Above Price Peaks

NAR Daily Real Estate News - April 20, 2018 - 12:00am

In many markets, home prices have never been this high.

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New Data Finds Homeowners Struggle When Selling, Despite Hot Market

RisMedia Consumer Advice - April 19, 2018 - 4:01pm

Twelve days before Thanksgiving, Mark and Sue Meaney decided to put their 109-year-old house on the market. They looked at comps of similar-sized homes near their St. Paul neighborhood, agreed on a price with their agent and waited anxiously for their first offer to roll in.

Mark and Sue knew their timing wasn’t ideal. The holidays loomed, and the market was slowing; worse, St. Paul was entering its notorious subzero season.

The couple felt torn. After one year of searching for a new home, they had found the perfect place a few miles away. It was spacious enough to raise their kids and had a first-floor bedroom and bathroom for Sue’s aging parents.

As first-time sellers—Mark and Sue had lived in the house for 20 years—the couple took a leap of faith. They bought the new home, moved in Sue’s parents and dropped nearly $20,000 to spruce up their old house to help it sell quickly.

Several weeks later, their vacant home remains for sale, its exterior weathering the forces of yet another Minnesota winter.

Selling a Home: Truth in Data
Skim any number of news articles on the U.S. housing market and chances are you’ll run across the phrases “low inventory,” “sellers’ market” and “strong demand.” This rings especially true in larger metropolitan areas, where stories of bidding wars abound, leaving the impression that sellers in these markets simply list their homes, sit back and receive offers above the asking price.

For much of the U.S., however, the data reveals a starker reality.

According to new findings from Zillow Group—which used data from the Zillow Group Consumer Housing Trends Report 2017—selling a home in the U.S. is not only fraught with anxiety, but often culminates in unmet expectations.

In fact, close to one-third of sellers said they felt unsatisfied with the selling process. Of first-time sellers, nearly 30 percent were unprepared for how long it took to sell their homes and said they wished they would have started the process sooner, according to the analysis.

Furthermore, 76 percent of sellers across the U.S. ended up making at least one concession, with lowering the price the most-cited compromise. Thirty-six percent said they either struggled to sell their homes within their desired price range or time frame.

“This data shows there is a huge opportunity to create a better end-to-end experience for sellers and help them turn over their homes faster,” said Jeremy Wacksman, chief marketing officer at Zillow Group.

More Information, More Stress
Much of the stress sellers feel stems from that nail-biting wait to get the right offer. Fueling this collective anxiety is, of course, more access to information.

While the internet has greatly democratized the buying and selling process, it has also created a state of seller vigilance. Sellers are more involved than ever in the sale of their homes—and more stressed out.

Take Mark, for instance. He’s constantly monitoring how many views his house gets on Zillow and how it ranks compared to other homes coming on the market. Despite working with an agent, Mark is immersed—and stressed.

While Zillow’s findings show that 82 percent of sellers valued having an agent guide them through the process, America has entered a new era of how deeply involved homeowners are in selling their most expensive investment, Wacksman said.

Sonia Krishnan is a senior writer at Zillow Group. This article was originally published on the Premier Agent Resource Center on Feb. 16, 2018. See the full story here.

For the latest real estate news and trends, bookmark RISMedia.com.

The post New Data Finds Homeowners Struggle When Selling, Despite Hot Market appeared first on RISMedia.

Categories: Real Estate News

3 Steps for Unmarried Couples Looking to Buy

NAR Daily Real Estate News - April 19, 2018 - 12:00am

These three tips are for couples who haven’t tied the knot but want to make homeownership their reality.

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Why New-Home Market Can’t Meet Demand

NAR Daily Real Estate News - April 19, 2018 - 12:00am

“It takes me twice as long now to do an estimate [on a new home] as it used to,” one builder says.

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Hero on Southwest Flight Is a REALTOR®

NAR Daily Real Estate News - April 19, 2018 - 12:00am

A Texas real estate agent and a firefighter are being credited for helping stop a woman from being sucked out the window during a fatal accident...

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A Costly Mistake for Mortgage Borrowers?

NAR Daily Real Estate News - April 19, 2018 - 12:00am

When your clients are shopping for a home loan, emphasize that there could be big savings after gathering multiple quotes from lenders. A new...

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Where Singles Are Most Likely to Own

NAR Daily Real Estate News - April 19, 2018 - 12:00am

Some places in the U.S. offer better odds for solo shoppers to break out of renting and into homeownership.

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Single-Family Rentals See Big Price Jumps

NAR Daily Real Estate News - April 19, 2018 - 12:00am

Low-end rental home inventory is fueling the bulk of the growth in rent prices, according to a new analysis.

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U.S., U.K. Warn of Russian Cyberattacks to Private Homes

NAR Daily Real Estate News - April 18, 2018 - 12:00am

The U.S. and Britain have issued a first-of-its-kind warning about Russian cyberattacks that could extend to individual homes.

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Fewer Households Can Afford Homes for Sale

NAR Daily Real Estate News - April 18, 2018 - 12:00am

Housing affordability fell from a year ago, meaning fewer households can afford the inventory of homes for sale based on their incomes, according...

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Winter Blues Still a Drag on Homebuilding

NAR Daily Real Estate News - April 18, 2018 - 12:00am

Fewer new single-family homes are in the pipeline; builders blame the weather. 

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How Language Plays a Role in Homeownership

NAR Daily Real Estate News - April 18, 2018 - 12:00am

A new study released by the Urban Institute shows that limited English proficiency can be a barrier to homeownership. 

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Spring Has Finally Sprung on Loan Demand

NAR Daily Real Estate News - April 18, 2018 - 12:00am

The spring homebuying season has gotten off to a slow start, at least based on the number of borrowers taking out home mortgages. But some signs...

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Does Your Work From Home Need Permits?

NAR Daily Real Estate News - April 17, 2018 - 12:00am

Many cities and towns require freelancers and self-employed workers to apply for a permit to work from their residence. Learn what they're...

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Report: U.S. Needs 7.3 Million More Homes

NAR Daily Real Estate News - April 17, 2018 - 12:00am

Housing construction has not kept pace with population growth for more than a decade, and if it’s not reversed, an inventory crisis could...

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FOMO Drives Young Buyers Toward Ownership

NAR Daily Real Estate News - April 17, 2018 - 12:00am

The “fear of missing out” is a cultural phenomenon influencing millennials to consider purchasing a home, according to a new Bank of...

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