Real Estate

How Buyers Can Instantly Improve Their Credit Scores

NAR Daily News Magazine - February 26, 2020 - 12:00am

But be aware: The better your scores are to start with, the more difficult it can be to improve them right away, financial experts say.

Categories: Real Estate

Homeowners Sound Off on Their Biggest Housing Worries

NAR Daily News Magazine - February 26, 2020 - 12:00am

Homeowners are sitting on a record amount of equity, so what has them so worried about housing?

Categories: Real Estate

The Share of Single Homeowners Is at Record High

NAR Daily News Magazine - February 26, 2020 - 12:00am

More than 38% of U.S. homeowners are single.

Categories: Real Estate

Where iBuyers Are Your Biggest Competition

NAR Daily News Magazine - February 26, 2020 - 12:00am

Metros seeing strong iBuyer activity lately are also poised to see growth in home sales in the coming months, according to a new analysis.

Categories: Real Estate

Next Big Proptech Hunt Expands Into Canada

NAR Daily News Magazine - February 25, 2020 - 12:00am

NAR’s Second Century Ventures announces another global expansion of its real estate accelerator program.

Categories: Real Estate

The South Has the Hottest Job Markets in the Country

NAR Daily News Magazine - February 25, 2020 - 12:00am

Booming employment meccas tend to translate to booming housing markets, too.

Categories: Real Estate

Investors Find Pet-Friendly Properties More Profitable

NAR Daily News Magazine - February 25, 2020 - 12:00am

American households are more likely to include pets than children, and vacancy rates are lower for rental properties where pets are allowed, a study finds.

Categories: Real Estate

Mortgage Rates Plunge to 8-Year Low Amid Coronavirus Fears

NAR Daily News Magazine - February 25, 2020 - 12:00am

Borrowing rates for home buyers and refinancers are falling fast, and they could sink even lower, Mortgage News Daily reports.

Categories: Real Estate

Racial Disparities Persist on Path to Homeownership

NAR Daily News Magazine - February 25, 2020 - 12:00am

Mortgage rejections are among the biggest hurdles for African American and Hispanic home shoppers.

Categories: Real Estate

Homeownership Trends: Report Shows Some Don’t Know Their Interest Rate

RisMedia Todays Top Consumer Stories - February 24, 2020 - 3:05pm

Interest rates are often a big motivational factor when it comes to home-buying. High interest rates? Buyers may not bite. Low, however, and the market tends to get busy.

So what does it say that many homeowners don’t know what rate they’re currently paying on their mortgage? They may not be motivated to sell their home and buy again, or to refinance. According to a recently released Bankrate report, 27 percent of respondents stated they didn’t know what their interest rate was.

Here’s the breakdown for what other survey takers reported:

  • Paying 0% to 3.999% – 31%
  • Paying 4% to 4.499% – 18%
  • Paying 4.5% to 4.999% – 7%
  • Paying 5% to 5.499% – 6%
  • Paying 5% to 5.999% – 1%
  • Paying 6% or higher – 11%

“It is concerning that more than a quarter of mortgage borrowers don’t know the rate of interest they’re paying on their existing mortgage,” said Mark Hamrick, senior economic analyst for Bankrate.com, in a statement. “Given the decline in mortgage rates we’ve seen over the past year, many qualified homeowners would stand to benefit, or save, by refinancing.”

Where do homeowners stand on moving out? Over half don’t want to, according to the report. The survey found that 56 percent want to remain in their home “forever.” There is a sharp contrast, however, to the next largest group, at 19 percent, who has a much shorter time frame in mind: 1-5 years.

Is there a generational tie-in? A majority of baby boomers (63 percent) said they don’t expect to move out of their current residence. Meanwhile, only 42 percent of millennials hope for the same. Generation X is about 50/50, however, with 52 percent wanting to stay in a forever home.

Location, relationship status and income may also play a role. According to the report, 60 percent of those who live in the South don’t want to move, and of those earning under $40,000 per year, 67 percent want permanence, as well. A high percentage of widowers (70 percent) also plan to stay in their current primary home for the foreseeable future.

What about those wanting to move in the next 10 years? Thirty-two percent are millennials, 19 percent are Gen Xers, 18 percent are baby boomers and 11 percent are from the Silent Generation. For these homeowners, an understanding of their current interest rates, and those being offered in the market, could prove valuable if a move is in the cards. For those who are staying in their homes, being aware of their interest rate could provide opportunities for refinancing if market rates are lower, helping them cut down on costs.

“With the prospective reduction in monthly payments, the savings could be better put to use, including toward retirement or another worthy financial goal,” Hamrick said. “Here’s where what you don’t know can hurt you, costing you money.”

To access the report, visit www.bankrate.com.

Liz Dominguez is RISMedia’s senior editor. Email her your real estate news ideas at [email protected].   

The post Homeownership Trends: Report Shows Some Don’t Know Their Interest Rate appeared first on RISMedia.

Categories: Real Estate

Homeownership Trends: Report Shows Some Don’t Know Their Interest Rate

Daily Real Estate News - February 24, 2020 - 3:05pm

Interest rates are often a big motivational factor when it comes to home-buying. High interest rates? Buyers may not bite. Low, however, and the market tends to get busy.

So what does it say that many homeowners don’t know what rate they’re currently paying on their mortgage? They may not be motivated to sell their home and buy again, or to refinance. According to a recently released Bankrate report, 27 percent of respondents stated they didn’t know what their interest rate was.

Here’s the breakdown for what other survey takers reported:

  • Paying 0% to 3.999% – 31%
  • Paying 4% to 4.499% – 18%
  • Paying 4.5% to 4.999% – 7%
  • Paying 5% to 5.499% – 6%
  • Paying 5% to 5.999% – 1%
  • Paying 6% or higher – 11%

“It is concerning that more than a quarter of mortgage borrowers don’t know the rate of interest they’re paying on their existing mortgage,” said Mark Hamrick, senior economic analyst for Bankrate.com, in a statement. “Given the decline in mortgage rates we’ve seen over the past year, many qualified homeowners would stand to benefit, or save, by refinancing.”

Where do homeowners stand on moving out? Over half don’t want to, according to the report. The survey found that 56 percent want to remain in their home “forever.” There is a sharp contrast, however, to the next largest group, at 19 percent, who has a much shorter time frame in mind: 1-5 years.

Is there a generational tie-in? A majority of baby boomers (63 percent) said they don’t expect to move out of their current residence. Meanwhile, only 42 percent of millennials hope for the same. Generation X is about 50/50, however, with 52 percent wanting to stay in a forever home.

Location, relationship status and income may also play a role. According to the report, 60 percent of those who live in the South don’t want to move, and of those earning under $40,000 per year, 67 percent want permanence, as well. A high percentage of widowers (70 percent) also plan to stay in their current primary home for the foreseeable future.

What about those wanting to move in the next 10 years? Thirty-two percent are millennials, 19 percent are Gen Xers, 18 percent are baby boomers and 11 percent are from the Silent Generation. For these homeowners, an understanding of their current interest rates, and those being offered in the market, could prove valuable if a move is in the cards. For those who are staying in their homes, being aware of their interest rate could provide opportunities for refinancing if market rates are lower, helping them cut down on costs.

“With the prospective reduction in monthly payments, the savings could be better put to use, including toward retirement or another worthy financial goal,” Hamrick said. “Here’s where what you don’t know can hurt you, costing you money.”

To access the report, visit www.bankrate.com.

Liz Dominguez is RISMedia’s senior editor. Email her your real estate news ideas at [email protected].   

The post Homeownership Trends: Report Shows Some Don’t Know Their Interest Rate appeared first on RISMedia.

Categories: Real Estate

Study: Lack of Accessible Housing Fosters Unfair Cost Burdens

NAR Daily News Magazine - February 24, 2020 - 12:00am

Homes with features designed to improve quality of life for people with disabilities are 10% more expensive than nonaccessible homes nationwide, data shows.

Categories: Real Estate

Don’t Let Sellers Leave Tax Breaks on the Table

NAR Daily News Magazine - February 24, 2020 - 12:00am

Remind clients to ask their financial advisers about the deductions they’re eligible for in a home sale. One of the big ones: selling costs.

Categories: Real Estate

Improve a Home’s Lighting Without an Electrician

NAR Daily News Magazine - February 24, 2020 - 12:00am

Lighting can set the right mood in a home and make it feel more welcoming, and achieving that doesn’t always require professional work.

Categories: Real Estate

6 Design Trends Already Shaping 2020

NAR Daily News Magazine - February 24, 2020 - 12:00am

Look for daring color statements and bold uses of natural elements to accessorize and transform spaces, designers say.

Categories: Real Estate

Man Posing as Police Officer Targets Female Agents

NAR Daily News Magazine - February 24, 2020 - 12:00am

A caller claiming to be a detective in Battle Creek, Mich., is telling local pros that they are in legal trouble and requesting an in-person meeting.

Categories: Real Estate

Home Sales Dip, But First-Timers Return to Market

NAR Daily News Magazine - February 21, 2020 - 12:00am

Low mortgage rates entice rookie buyers, and more robust housing starts should boost sales in the near future, according to NAR.

Categories: Real Estate

House Bill Seeks to Extend VA Loans to Co-op Buyers

NAR Daily News Magazine - February 21, 2020 - 12:00am

“Our veterans shouldn’t be priced out of these housing options because they’re excluded from the VA’s loan program,” one lawmaker says.

Categories: Real Estate

Cobuying Gains Traction Among Young Adults

NAR Daily News Magazine - February 21, 2020 - 12:00am

Faced with rising home prices and student loan debt, some cash-strapped millennials are teaming up with friends to purchase a home.

Categories: Real Estate

Entrepreneur Sues Compass, Claims to Be Cofounder

NAR Daily News Magazine - February 21, 2020 - 12:00am

Technology investor Avi Dorfman says he helped create the strategy to get the multibillion-dollar brokerage off the ground but was later shut out of the firm.

Categories: Real Estate