Home prices have accelerated at a record pace over the last decade, bringing growing wealth to households from long-term homeownership, according to a new report released by the National Association of REALTORS®.From 2010 to 2020—across income groups and metro areas—the total housing wealth for middle-income households grew by $2.1 trillion, according to NAR’s report, Housing Wealth Gains for the Rising Middle-Class Markets.A homeowner who
With soaring home prices and high demand, homeowners are finding it a great time to sell. But some sellers—particularly first-timers—may be so caught up in the headlines about the rosy market that their expectations may become clouded.Real estate professionals shared with realtor.com® some of the mistakes of rookie home sellers in the current market:Unrealistic price expectations: It’s a seller’s market, but that
Hoping to take advantage of mortgage rates that are still historically low, more Americans are pushing into higher mortgage levels to afford more expensive homes. Lenders reported that 2021 marked the highest dollar volume in jumbo loan originations since 2005. Jumbo loans are mortgages that exceed the loan limits of Fannie Mae and Freddie Mac.Rates were cheaper last year, which gave buyers extra budgeting power. In 2021, mortgage rates on j
Surging home prices have prompted buyers to max out their budgets and priced out others. Buyers willing to move, however, can find several markets across the country that still offer affordability, housing experts say. Realtor.com® researchers analyzed housing data and 250 of the largest markets nationwide to identify the most affordable in the nation.They found several Midwest markets offer the best affordability. Also, some of the most in
Mortgage rates fell again this week amid Russia’s invasion of Ukraine, sparking uncertainty across the globe including in U.S. markets. The 30-year fixed-rate mortgage dropped to a 3.76% average this week, Freddie Mac reports.“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While inflati
Spring may have sprung early in the housing market. The U.S. median list price set a record high of $392,000 in February, according to realtor.com®’s Monthly Housing Trends Report. Many markets continued to post double-digit annual price gains, led by Las Vegas, Miami, and Tampa, Fla., with annual increases of at least 31% each.“Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of
Hardwood floors have long been the most beloved flooring type in real estate. But they may not be the best choice for high-traffic areas in a home, according to a new Consumer Reports analysis. Hardwoods are prone to scratching and they can show a lot of wear and tear, testers there say.Instead, in areas of the home that see a lot of traffic, such as family rooms, kitchens, halls, and mudrooms, wood-look porcelain tile is the best option, accordi
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About 1.4 million residential properties in the U.S. sit vacant, comprising about 1.4% of the housing inventory. These “zombie foreclosures” continue to represent only a minuscule part of the nation’s housing stock, a new report from ATTOM Data Solutions shows.Nearly 300,000 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 31% from a very low rate in the first quarter of 2021, accord
The American home is getting larger. The pandemic has prompted more homeowners to want more space to spread out in, and also may have encouraged bigger households as more people live under one roof. That has led to an increase in the size of new single-family homes.The median single-family square floor area has increased to 2,338 square feet. The average square footage for new single-family homes rose to 2,561 in the fourth quarter of 2021, accor
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