Real Estate News

More Boomers Seek No-Fuss Apartment Life

NAR Daily Real Estate News - November 27, 2017 - 12:00am

Between 2009 and 2015, the number of renters ages 55 and older jumped 28 percent, while renters ages 34 and younger only increased 3 percent,...

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4 Renovations That Grab Buyers’ Attention

NAR Daily Real Estate News - November 27, 2017 - 12:00am

Among the home improvement projects your clients are most likely to value are those that increase storage space and preserve vintage details.

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Cities With Highest Spikes in Homeownership

NAR Daily Real Estate News - November 27, 2017 - 12:00am

Metros in the Rust Belt, as well as smaller cities near bigger and more expensive urban areas, are seeing their homeownership rates expand rapidly...

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What’s on the Line as Senate Eyes Tax Reform

NAR Daily Real Estate News - November 27, 2017 - 12:00am

Senate lawmakers could soon put their version of tax reform to a vote, as REALTORS® continue to mobilize against the bill.

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CRS Name Change Creates Stronger Link to Industry

NAR Daily Real Estate News - November 27, 2017 - 12:00am

The Council of Residential Specialists has been rebranded as the Residential Real Estate Council in an effort to distinguish itself from the...

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Shoppers Flock to Mom-and-Pop Retail Stores

NAR Daily Real Estate News - November 27, 2017 - 12:00am

For the past two years, consumers have been spending more money at mom-and-pop retail stores than big-box chains, according to credit card company...

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New Homes Are Getting Smaller

NAR Daily Real Estate News - November 27, 2017 - 12:00am

As builders refocus on the entry-level market, a downward trend in new-home sizes is expected, according to the National Association of Home...

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Holiday Splurges to Warn Your Clients Against

NAR Daily Real Estate News - November 22, 2017 - 12:00am

The holidays can bring plenty of cheer but some traditions can make your job as a real estate pro tougher. Here are a few tips for your home...

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Plenty to Be Thankful for in Real Estate

NAR Daily Real Estate News - November 22, 2017 - 12:00am

The housing market is facing headwinds in the coming months, but don’t overlook these key indicators that bode well for your business....

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‘Underwater’ Homes Are Drying Up

NAR Daily Real Estate News - November 22, 2017 - 12:00am

The number of homeowners who owe more on their houses than the properties are worth has plunged by more than 1.4 million in the past...

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Townhouse Market Attracting More Buyers

NAR Daily Real Estate News - November 22, 2017 - 12:00am

Builders are ramping up construction on townhouses as home shoppers show renewed interest in attached single-family housing. 

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Buyers Rush to Lock in Before the Holidays

NAR Daily Real Estate News - November 22, 2017 - 12:00am

Home shoppers were taking out mortgages in higher numbers last week.

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6 Tricks to Curb Holiday Snacking

NAR Daily Real Estate News - November 22, 2017 - 12:00am

It’s that time of year when everyone feels the need to share delicious treats, especially at work. These techniques can help you stay...

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Best and Worst Places for Millennial Home-Buying

RisMedia Consumer Advice - November 21, 2017 - 4:19pm

Members of the millennial generation, especially first-time buyers, are already struggling to purchase a home due to student loan debt, trouble saving for a down payment and tight inventory—factors cited in the National Association of REALTORS® (NAR) 2017 Profile of Home Buyers and Sellers. According to GOBankingRates, slow wage growth and low unemployment rates across the country are also impacting the homeownership rate.

There are, however, specific locations that may be easier to purchase in because of low median list prices and low monthly mortgage payments. GOBankingRates rated the most and least expensive states across the U.S. to help millennial buyers find affordable housing. The report uses a median income of $60,932 to represent ages 25-34, and the following rankings are based on a 20 percent down payment and a 30-year, fixed rate mortgage.

Top 5 Most Affordable States

  1. West Virginia
    Median Lis price: $154,900
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $693
  1. Ohio
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $704
  1. Arkansas
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $757
  1. Indiana
    Median list price: $167,000
    Estimated time to save for a down payment: 2.7 years
    Monthly mortgage payment: $757
  1. Iowa
    Median list price: $169,000
    Estimated time to save for a down payment: 2.8 years
    Monthly mortgage payment: $766

Top 5 Most Expensive States

  1. Hawaii
    Median list price: $599,000
    Estimated time to save for a down payment: 9.8 years
    Monthly mortgage payment: $2,584
  1. California
    Median list price: $499,950
    Estimated time to save for a down payment: 8.2 years
    Monthly mortgage payment: $2,168
  1. Massachusetts
    Median list price: $419,900
    Estimated time to save for a down payment: 6.9 years
    Monthly mortgage payment: $1,833
  1. Colorado
    Median list price: $408,068
    Estimated time to save for a down payment: 6.7 years
    Monthly mortgage payment: $1,780
  1. Oregon
    Median list price: $352,000
    Estimated time to save for a down payment: 5.8 years
    Monthly mortgage payment: $1,551

For more details, read the entire GOBankingRates report.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

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

The post Best and Worst Places for Millennial Home-Buying appeared first on RISMedia.

Categories: Real Estate News

How FCC Plan to End Net Neutrality Hurts You

NAR Daily Real Estate News - November 21, 2017 - 12:00am

NAR says that without a “neutral online playing field,” real estate companies, multiple listing services, and...

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Where Owners Forget to Lock Their Doors

NAR Daily Real Estate News - November 21, 2017 - 12:00am

These regions are more prone to burglaries, considering the amount of homeowners who forget to lock their doors.

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Home Sales Are Rising Despite Supply Woes

NAR Daily Real Estate News - November 21, 2017 - 12:00am

Existing-home sales in October rose to the strongest pace since earlier this summer.

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How to Handle Internet Trolls

NAR Daily Real Estate News - November 21, 2017 - 12:00am

Respond to rude comments online or angry customer complaints with these four tips that will help salvage a sale, relationship, or your name...

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Know Your Home’s Earthquake Risk

NAR Daily Real Estate News - November 21, 2017 - 12:00am

Half of the world’s population lives near active earthquake faults, and some may not even know it.

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Equity-Rich Properties Surge Nationwide

NAR Daily Real Estate News - November 21, 2017 - 12:00am

Continued home price appreciation is helping to grow the number of equity-rich homeowners across the country.

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