Low inventory pushed existing-home sales down in April and sped up the median number of days a home sat on the market to a new low of 29 days, the National Association of REALTORS® reported Wednesday. That is the shortest timeframe since NAR began tracking such data in May 2011. The previous record was 32 days, which was reached last May.Though homes are selling faster, inventory woes persist. Total existing-home sales—which are completed tran
Sales of newly built single-family homes plunged 11.4 percent in April to a seasonally adjusted annual rate of 569,000 units, the first time such sales have decreased this year, the Commerce Department reported this week. Still, builders are writing off the dip as a minor setback, instead focusing on the bigger picture."Despite some slowness this month, total new-home sales in 2017 are up more than 11 percent from this time last year, and builder
First, an Australian millionaire tells millennials they might be better able to afford a house if they just spent less money on luxury items such as avocado toast. Now millennials are getting flack for driving up housing prices.A report released this week by BuildZoom, a website for construction contractors, finds that fewer homes for sale meet the preferences of millennials. The report found young adults have been increasingly flocking to U.S. c
Think about what you can do to make the transaction smooth and simple for yourself and the buyersKey Takeaways Be clear in communicating intentions about selling "as is" upfront to avoid confusion. Consider doing some preliminary due diligence to make the transaction process go smoother for yourself and the buyer.Selling a home “as is” sounds simple enough, right?A buyer can conduct whatever inspections or due diligence they want, but the sel
Brokers should be happy to know that consumers are optimistic about both the U.S. economy and the real estate market, according to the latest Berkshire Hathaway HomeServices quarterly Homeowner Sentiment Survey. However, the possibility of interest rates rising has many potential home buyers concerned, especially millennials.According to the survey, 68 percent of prospective homeowners aged 18 to 34 say they are experiencing a sense of urgency to
Real estate professionals who work with brokerages that manage multifamily properties are increasingly finding themselves playing the role of matchmaker for apartment dwellers. Brokers are helping renters find ways to afford their rent by matching them with a roommates, The New York Times reports.For example, Brooklyn-based brokerage Nooklyn has created a parallel to Match.com for roommates within its apartment-hunting app. Renters describe it as
Vacant lots in desirable urban neighborhoods will run out soon, says Issi Romem, chief economist at BuildZoom, a lead-generation company for building contractors. In some of the nation's priciest cities, such as New York, new construction tends to be concentrated in downtown clusters where zoning rules allow high-density construction, according to Romem's research on construction trends. Such cities stopped expanding outward, and builders are now
Home buyers aren't just having difficulty finding a house in a low-inventory environment. They're also struggling to find quality schools for their children.While enrollment in schools has increased, state and local funding for construction of new schools is down. Though governments spent $12.6 billion on elementary school construction in 2016—which is the highest amount in six years, according to Census data—it reflects a 31 percent decrease
An overabundance of new rental housing stock likely will slow down the rapid increase in rental rates over the next few months, experts say. "That will shift the balance over the next year to favor renters a bit more in contrast to the strong landlord market we've seen over the past five years," says Daren Blomquist, senior vice president for ATTOM Data.Monthly rates for single-family rentals in 375 counties rose a collective 4.5 percent in the l
Most mortgage lenders require borrowers to purchase home insurance, but many buyers may be confused about what their policy covers. Realtor.com® recently highlighted several common myths consumers believe when it comes to home insurance.Myth number one: All of a home's belongings are covered. "A homeowners insurance policy is not designed to cover everything," says Jeanne Salvatore, chief communications officer at the Insurance Information Insti
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