The National Association of REALTORS® Board of Directors will vote in May on a budget proposal that includes $35 million in new programming for the association’s 1.3 million members. The additional funding will go toward the association’s new S.M.A.R.T Initiatives (Strategic Measures Advancing REALTORS® to Tomorrow).NAR created a webpage devoted to outlining the association’s proposed budget allocations. The association aims to be transp
If your investors are in search of higher profits, they may want to look to Baltimore; Macon, Ga.; Montgomery, Ala.; Detroit; and Atlanta. These metros each boast counties that have some of the highest potential for single-family rental returns in 2018, according to a new analysis by ATTOM Data Solutions. The real estate data firm’s Q1 2018 Single-Family Rental Market report ranks the top U.S. markets for purchasing single-family rental propert
In some markets, home buyers are bringing down payments to the closing table that are larger than the 20 percent industry benchmark. For example, in San Jose, Calif., buyers are putting down an average 23.9 percent of the sale price of a home.Realtor.com® analyzed mortgage data to identify the average down payment in each of the 50 largest U.S. metros. The markets with the highest down payments tended to be in the areas where homes also cost the
Though consumers are optimistic about the economy and their own personal financial situations, more are expressing anxiety about their ability to buy a home, save for a down payment, and qualify for a mortgage, according to the National Association of REALTORS®’ Housing Opportunities and Market Experience (HOME) survey for the first quarter of 2018.The share of consumers who are confident about buying a home edged down to 68 percent in the l
After last week’s first rate drop of the year, mortgage rates showed little change this week—a welcome sign for the week’s kickoff to the spring home shopping season.But home buyers and borrowers should expect several rate increases over the next few months, economists caution.“The Federal Reserve raised interest rates [this week]—a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen,”
Many homeowners and buyers in flood-prone areas will see higher flood insurance premiums starting April 1. The premium hikes, which are required by law, will be as little as 2 percent for some properties and as high as 24 percent for others. On average, the increase will be about 8 percent.“The National Flood Insurance Program requires premiums to rise on certain classes of properties over a period of years until they’re paying the full actua
Under an umbrella of higher home prices, mortgage financing giants Fannie Mae and Freddie Mac have recently taken several efforts to try to open up housing options for low- and middle-income buyers. The government-sponsored enterprises have added support for three lower-cost housing options: rural homes, manufactured housing, and the existing stock of affordable homes.More than 23 percent of Americans live in rural areas. The median incomes in ru
With six months remaining in the 2018 fiscal year, the National Association of REALTORS® urges the passage of the “omnibus appropriations bill” agreed upon by U.S. House and Senate negotiators last night, which is designed to fund the federal government through Sept. 30.The 2,232-page bill contains important provisions related to housing that real estate professionals have been fighting for, including alleviating the weakening of the Low-In
The Federal Reserve voted Wednesday to raise its short-term interest rates, and that likely will mean more mortgage rate increases are on the horizon. The Fed’s rates are not directly tied to mortgage rates but tend to follow 10-year Treasury bonds. However, mortgage rates are often influenced by the Fed’s rates.The Fed increased its federal fund rate from 1.5 percent to 1.75 percent, which is the highest level since 2008. The Fed’s mov
Home buyers should expect to pay about $168 extra per month for their mortgage this year due to higher home prices and interest rates over the past 12 months, according to a new analysis by realtor.com®. The figure is based on the purchase of a $274,900 home, the median list price.The average monthly mortgage is now $1,486, up from $1,318 in February 2017, according to realtor.com®.But location can have a big impact. For example, Seattle buyer
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