Conforming loan limits got a boost for 2019 in nearly every part of the U.S. The Federal Housing Finance Agency, a regulator for mortgage financing giants Fannie Mae and Freddie Mac, announced that conforming loan limits will rise in 2019 to $484,350 in most parts of the country. That marks a 6.9 percent increase over this year’s $453,100.The FHFA limits set the maximum single-family mortgage amounts that Fannie Mae and Freddie Mac will finance
Residential property owned by black Americans has been greatly undervalued, a newly released joint Brookings Institution and Gallup study suggests. Homes in majority-black neighborhoods consistently sell or are appraised for lower prices, by an average of $48,000 per home, researchers found. That amounts to $156 billion in cumulative losses nationwide.Homes of similar value with similar features are valued at 23 percent less in majority-black ne
Rising mortgage rates and home prices may prove a bigger thorn to home buyers in 2019 as buying a home gets more expensive in the new year. Meanwhile, as more homeowners list their homes, sellers will face greater competition, possibly increasing the need for concessions.Mortgage rates are forecast to reach 5.5 percent by the end of the year, and monthly mortgage payments will increase 8 percent. That could put homeownership more out of reach to
Household debt levels have reached a record high of $13.5 trillion this year, according to the Federal Reserve Bank of New York. Many of these financial woes are from housing.“Escalating rises in real estate prices are causing more consumers to be stretched,” Eric Tyson, co-author of Mortgages for Dummies, told realtor.com®. “In the years ahead, we could reach the point where it really puts a lid on future price appreciation.”Realtor.co
Seniors are being targeted in a new real estate scam that tries to get them to sign over their home for far below market value.Mary Ann Welch, 70, shared with Capital Public Radio how she received a letter in her mailbox that offered to buy her Sunnyvale, Calif., home for $750,000. The letter included paperwork for her to sign and consent to sell. Welch had not put the house up for rent or for sale. The two-bedroom home is within walking distance
Making sure a listing is clean when the owners have a dog or cat can be tough. Pets can leave behind messes, scratch marks, fur, dander, and odors. Home improvement website HouseLogic offers some of the following tips on how to tidy a house with pets while it’s on the market:Steam clean all fabrics.Steam clean carpets, rugs, upholstered furniture, and the drapes. “Job number one is to take care of [the soft surfaces in your house],” Mel
Tom Ferry shares out-of-the-box ways to stand out and generate more business Everybody wants more listings. But how do you get them?In today’s Coaching Corner, I’m revealing four creative strategies to attract more listings – but that’s not all.This post was originally part of a four-part series on innovative listing strategies that spanned everything from sticky notes to Instagram Live videos and polls. At the end of this article, I’ll
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Townhouse construction is outperforming other building sectors, a new analysis from the National Association of Home Builders shows. In the third quarter of this year, townhouses accounted for 33,000 residential construction starts compared to 27,000 in the second quarter of 2017. Construction of townhomes is 24 percent higher than the prior four quarters.Builders expect demand to grow. “Townhouse construction is set for further expansion given
When asked about life priorities, millennials name homeownership as their second-highest goal behind retirement—and before marriage and having children, according to Bank of America’s 2018 Homebuyer Insight Report. Seventy-two percent of millennials say owning a home is their top priority, while 50 percent pointed to marriage and 44 percent to having children.“Millennials are redefining life’s priorities by placing homeownership above ne
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