New Legislation Aims to Streamline Homebuyer Contracts
In a significant move aimed at protecting homebuyers in California, Governor Gavin Newsom has signed a bill limiting residential purchase agreements to three months. This new legislation seeks to enhance transparency and reduce the pressure on buyers in a competitive real estate market. Previously, homebuyer contracts often extended for longer periods, leading to uncertainties and […]
Mortgage Rate Drop Sparks a Wave of Refinancing Activity
In a significant turn of events, the recent drop in mortgage rates has triggered a surge in refinancing applications across the United States. Homeowners are seizing the opportunity to lock in lower interest rates, leading to a refinancing boom that could have lasting impacts on the housing market and broader economy. The Catalyst: A Dip […]
Significant Changes Ahead for Realtors: Insights from the Recent NAR Settlement
In a landmark settlement that could reshape the real estate landscape, the National Association of Realtors (NAR) has agreed to make substantial changes in response to a class-action lawsuit. This decision marks a pivotal moment for real estate professionals and industry practices nationwide. Overview of the Settlement The settlement, announced on August 17, 2024, resolves […]
The Cost to Own a Home Is Rising Again in 2024
Achieving home ownership is a goal for millions of Americans, but it’s become increasingly expensive to purchase a home in the United States due to a lingering combination of low inventory, inflation, and serious competition. Prices have skyrocketed in the past few years in real estate hotspots like California, with the California Association of Realtors […]
Median Home Prices Continue to Climb Out of Reach of the Average American
Housing prices are just one of the many increasing costs in the modern economy, but recent statistics indicate that the median sales prices of houses sold in the United States has reached a level far out of the reach of the median household income. Costs vary across the country, of course, and incomes do, too, […]
How Much Does it Cost to Buy a Bigger Home?
While housing trends have changed over the years, one has remained stable for decades, and that is the popularity of homes with ample space. The average size of a single-family home has more than doubled from just over 900 square feet in 1949 to an eye-popping 2,480 square feet in 2021. What’s more, a recent […]
Mortgage Cost Increases Significantly and Outpaces Income Gains from 2020 to 2024
The affordability crisis in the real estate market has reached a milestone in the first months of 2024, with experts suggesting that the average homebuyer needs an 80 percent higher income to afford the average house today versus 2020. Numbers published by home listing aggregate site Zillow indicate that a family needed $47,000 in household […]
The Benefits and Process of Buying a Second Home
Purchasing a second home is a solid option for growing a portfolio and it also means having access to a vacation home or an extra source of income from rent. Just as a buyer might when purchasing their first home, buying a second property means considering several factors like budget, timing, savings, and credit. Many […]
Mortgage Activity and Home Affordability in 2024
As the United States leaves 2023 and its rising mortgage interest rates behind, the real estate market continues to experience difficulties as affordability remains a key concern for buyers. Despite the expectation that the Federal Reserve will keep interest rates steady or eventually reduce rates in 2024, the average contract interest rate for 30-year fixed-rate […]
What are the Benefits of Taking out a Home Improvement Loan?
Home equity lines of credit (HELOCs) and home equity loans have been around for decades. Even so, they’ve become increasingly popular in 2023, and they’ll likely remain popular as long as home values keep rising, which they’re set to do for the foreseeable future. High interest rates, coupled with a shortage of homes, will ensure […]