Real Estate News

First-Time Buyers Have Bought 985K Homes This Year

NAR Daily Real Estate News - August 30, 2018 - 1:00am

New buyers under the age of 35 have been increasing their homeownership rates and are “showing a determination and resiliency to become homeowners,” according to a new report.

Categories: Real Estate News

News Corp to Buy Tech Platform Opcity

NAR Daily Real Estate News - August 30, 2018 - 1:00am

The acquisition will bring more lead generation offerings to realtor.com® with a platform that matches qualified home buyers and sellers will real estate professionals in real time.

Categories: Real Estate News

Community Searches for Missing Texas Real Estate Agent

NAR Daily Real Estate News - August 30, 2018 - 1:00am

Police continue to investigate the disappearance of a 28-year-old real estate professional in Killeen, Texas, who was last seen on Sunday.

Categories: Real Estate News

10 Good Neighbor Finalists Represent Hearts of Servants

NAR Daily Real Estate News - August 30, 2018 - 1:00am

These REALTORS® make an extraordinary impact on their communities through volunteer service.

Categories: Real Estate News

Borrowers Are Bogged Down by Too Much Paperwork

NAR Daily Real Estate News - August 29, 2018 - 1:00am

“As the Amazons and Ubers of the world continue to raise the bar for ‘consumer-grade’ experiences, home buyers have made it clear that it’s also time for the home purchasing and mortgage processes to change,” a Fannie Mae researcher notes.

Categories: Real Estate News

Wildfire Risk Isn’t Spooking Home Buyers

NAR Daily Real Estate News - August 29, 2018 - 1:00am

Real estate prices in wildfire-prone areas are in line with homes in low-risk areas, even immediately after fires, a new study shows.

Categories: Real Estate News

Contract Signings Cool as More Buyers Are Priced Out

NAR Daily Real Estate News - August 29, 2018 - 1:00am

But there are signs that inventories are rising in several large metros, which could help moderate price growth in the coming weeks. Read more from NAR’s latest housing report.

Categories: Real Estate News

Why Homes in 8 States Have Lost Billions in Potential Value

NAR Daily Real Estate News - August 28, 2018 - 1:00am

These areas boast some of the priciest real estate in the country, but increasing flood threats are chipping away at their desirability.

Categories: Real Estate News

Downsizing Doesn’t Always Lower Housing Expenses

NAR Daily Real Estate News - August 28, 2018 - 1:00am

Homeowners may think moving to a smaller house will trim costs, but economists say it's often not a cost-cutting move.

Categories: Real Estate News

Yun: How We’re Doing 10 Years After the Great Recession

NAR Daily Real Estate News - August 28, 2018 - 1:00am

NAR’s chief economist reflects on the road real estate has traveled over the last decade and how far the housing market has come.

Categories: Real Estate News

5 Email Subject Lines Clients Won’t Click

NAR Daily Real Estate News - August 28, 2018 - 1:00am

Be careful of these common gaffes when sending out a marketing message, and make sure you’re being as relevant to your subscribers as possible.

Categories: Real Estate News

2018’s Most Reliable Housing Markets for Growth, Stability

NAR Daily Real Estate News - August 27, 2018 - 1:00am

Colorado may offer buyers the best prospects for steady home appreciation over the long term, according to a new analysis.

Categories: Real Estate News

Smart-Home Gadgets Buyers Will Pay Extra to Have

NAR Daily Real Estate News - August 27, 2018 - 1:00am

Fifty-three percent of builders say they are equipping new construction with technology. But are they the kind buyers want?

Categories: Real Estate News

Police Hunt 3 Suspects Who Robbed N.Y. Brokerage

NAR Daily Real Estate News - August 27, 2018 - 1:00am

Two men and a woman stole jewelry, $8,000 in cash, a security system, and several credit cards from agents at the office.

Categories: Real Estate News

Affordability Called Housing’s ‘Boogeyman’

NAR Daily Real Estate News - August 27, 2018 - 1:00am

Economists and housing experts say increases in home prices won’t ease soon, but they knock down concerns of another housing bubble.

Categories: Real Estate News

Airbnb Sues NYC, Says Law Infringes on Hosts’ Rights

NAR Daily Real Estate News - August 27, 2018 - 1:00am

A New York ordinance set to take effect this winter would allow local officials to gather Airbnb hosts’ names and addresses.

Categories: Real Estate News

Housing Deadline Looms for Displaced Puerto Ricans

NAR Daily Real Estate News - August 27, 2018 - 1:00am

Federal aid intended to subsidize housing costs for Puerto Ricans who were displaced by Hurricane Maria is set to expire Friday.

Categories: Real Estate News

Housing in 2020: Construction Costs Grow, Mortgage Rates Slow

RisMedia Consumer Advice - August 26, 2018 - 1:06pm

Where will housing be in 2020? According to the latest Metrostudy predictions, if all continues on its current track, construction costs could continue to increase, and mortgage rates could reel in.

While rates have increased in the last six months, impacting affordability, the rise is not significant according to historical trends, says Mark Bound, chief economist and senior vice president at Metrostudy, a provider of primary and secondary market information to the housing and residential construction industries. In the long term, Boud predicts mortgage interest rates will top out at 5.8 percent in 2020 and 2021, eventually being pulled down by slower economic growth—and because of tighter lending practices, the market environment will not become as dire as the last housing bubble.

As for inventory, it is significantly under-supplied, while homes are increasingly overvalued; however, the risk of a price collapse is small due to the tight market, and Boud expects the cycle of under-supply to plateau in 2020. The lack of new inventory is, in part, in response to trade increases, as many of the imposed tariffs—specifically the 20-plus percent tariff on lumber imports, and 10 and 25 percent tariffs on aluminum and steel imports, respectively—directly impact construction efforts.

These factors could lead to an increase in overall construction timelines, as well as an increase in construction costs by at least $2,000 per house, according to Boud. More homes in the upper price ranges are being built, while inventory under $400,000 is lower, in some cases. Overall, the national market is becoming top-heavy, which typically only occurs where land is more expensive, such as in California, Boud says.

Remodeling activity continues to rise in response to homeowners staying in their homes for longer, as well as the continuing trend toward purchasing existing homes, which triggers renovations. According to Boud, this is most common in coastal markets, or markets that have high appreciation rates, such as Texas.

Something to watch? Inflation. Boud says inflationary pressures are slowly building—inflation rose from 2.4 percent in March to 2.9 percent in August—but in a few years, the national debt could slow economic growth, which, in turn, could slow down rising interest rates.

Another concern? The current downward trend of the 2-10 Treasury yield spread, which could see negative figures in about a year, may be a sign that a recession is in the cards.

However, the current economy is healthy, Boud says. In the past 12 months, 2.4 million jobs have been generated, increasing demand for housing and pushing the unemployment rate down. Additionally, housing starts are fairly stable, forecasted to be 1.28 million in 2018, and increasing to 1.33 million in 2019 and 1.345 million in 2020, before plateauing.

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 Housing in 2020: Construction Costs Grow, Mortgage Rates Slow appeared first on RISMedia.

Categories: Real Estate News

Hurricane Lane Threatens More Than 48K Homes in Hawaii

NAR Daily Real Estate News - August 24, 2018 - 1:00am

Some areas of the state’s Big Island are already reporting more than two feet of rain as of early Friday.

Categories: Real Estate News

Study: Most Millennials Don’t Have a Qualifying Credit Score

NAR Daily Real Estate News - August 24, 2018 - 1:00am

Sixty-one percent need to improve their credit in order to obtain lower interest rates when they’re ready to take out a mortgage, according to Experian.

Categories: Real Estate News