The wave of expenditures home buyers make after purchasing a property provides an economic boost to local markets and supports new goods and services, a new study shows. In the first year of homeownership, a new owner will spend about $10,601 on appliances, furnishings, and home improvement projects, according to an analysis by the National Association of Home Builders.Homeowners in the first two years of ownership spent an average of $4,500 m
The 30-year fixed-rate mortgage this week made its biggest increase since March, moving closer to a 4 percent average, Freddie Mac reports.“Global interest rates turned up sharply over the last week,” says Freddie Mac chief economist Sean Becketti. “The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent.”Freddie Mac
Millennials tend to shy away from tracking their finances, but that’s not stopping many who have become homeowners from socking away money for a rainy day. Varo Money, Inc., a banking app directed toward millennials who utilize “hands-off” budgeting, recently surveyed 287 creditworthy millennials on their financial aspirations, their use of credit, and their everyday routines with money.Forty-one percent of millennials with an income over $
The number of apartment dwellers nationwide is nearing a record, as 95 percent of units are now occupied, according to rental data from RealPage, a real estate analytics firm. “Solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments” are continuing to boost rental demand, says RealPage CEO Greg Willett.But supply isn’t keeping up with demand: 86,431 units were added na
Buyers need to reserve the equivalent of about 2 percent to 5 percent of a home’s purchase price for closing costs, such as appraisal, lender, and title fees. But that’s only a portion of extra homeownership expenses.Nearly half of home shoppers say they faced more than $2,000 in unexpected charges during the homebuying process, according to a survey by TD Bank. Ten percent spent at least $5,000 more than they originally expected. So make s
Frustrated buyers may have better luck seeking out ugly ducklingsKey Takeaways Fueled by low rates and rising incomes, demand remains strong enough to keep supply critically low. Soaring prices in May are changing the face of affordability across the nation, putting homeownership beyond the reach of thousands of first-time buyers.When an irresistible force like housing demand confronts an implacable barrier like ever-tightening inventory shortage
With the right approach and advice, being the bearer of bad news can be an opportunity in disguiseKey Takeaways The U.S. average credit score is 687, well under the 741 average had by mortgage borrowers in Q1 2017. Although it’s difficult to be prescriptive when helping buyers restore financial credibility, there are many solutions available. If you have time, mold buyers into the clients they need to be.While widespread inventory shortages m
Homeowners often look for which properties hold the best long-term value to protect their biggest asset.SmartAsset, a personal-finance technology site, recently analyzed historical price data and ranked the top housing markets for growth and stability. Researchers considered the 358 largest urban markets and focused on homes purchased between the first quarter of 1992 and the last quarter of 2016.The 10 best housing markets for growth and stabili
Cybercrime is posing a risk to an increasing number of real estate transactions, with home buyers’ down payment funds the main target of scammers. Anthony Lamacchia, broker-owner of Lamacchia Realty in Waltham, Mass., wrote a recent article for Boston.com warning consumers to beware about the scam.Criminals are targeting home buyers by sending them emails that look like they might come from their real estate agent or attorney. The emails may c
Shopping centers contribute mightily to local economies through hefty property taxes—so as more shut down, it could have a big impact on city budgets. Just how much do some malls pay?Mall of America in Bloomington, Minn., shelled out $30 million in property taxes in 2016, making it the shopping center that paid the most in the nation, according to commercial real estate blog Commercial Café. With 4.9 million square feet of shops, restaurants,
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