For the first time in 25 years, federal regulators are increasing the property value limit under which buyers of certain homes must obtain an appraisal as part of the selling process. Federal banking agencies have approved a plan enabling certain homes worth $400,000 or less to be subject to an evaluation rather than an appraisal.The last time this threshold changed was in 1994, when regulators set the rule for properties worth $250,000
Despite some pushback against the open floor plan, it remains a popular layout concept for younger buyers and homeowners. Forty-three percent of millennials say they want a completely open plan for their family and dining rooms, a higher share than any other generation, according to research from the National Association of Home Builders.However, the desire for an open layout tends to drop with age: Only 40% of Generation Xers, 37% of baby b
Bathrooms are getting more technological. Many homeowners say they desire to play music in the bathroom, and they’re adding in voice assistants like Amazon’s Alexa and Google Home to make it easier to do so, new research from the National Kitchen & Bath Association shows. “Bringing voice control into the bathroom is a big request,” David VanWert, a technology integrator in Los Angeles, told Forbes.com. “Being able to ask your house
President Donald Trump on Friday signed an extension of the National Flood Insurance Program through Nov. 21, marking the 13th time the program has been granted a last-minute reprieve from expiration. The NFIP, which faces financial challenges and is billions of dollars in debt, had been set to expire Sept. 30 until Congress rushed a bill to extend the program last week.The NFIP is the nation’s largest flood insurer and provides coverage to 22,
New York is the priciest rental market in the nation, according to a new RENTCafe report. It has 28 of the 50 most expensive ZIP codes for renters nationwide. Tenants living in ZIP code 10282, encompassing the Battery Park neighborhood of Manhattan, pay an average of a whopping $6,211 a month in rent. ZIP code 10013, which includes TriBeCa, Lower Manhattan, and Chinatown, followed in the rankings with average monthly rents at $5,237.RENTCafe anal
A big culprit to the ongoing housing shortage: The dwindling number of new-home construction over the last several years. A new study from John Burns Real Estate Consulting is putting it into perspective at just how much new-home construction has been lagging: The top 10 housing markets in the country are building at a rate that is 54% lower than they were 14 years ago.Markets like Chicago, Riverside-San Bernardino, Calif., and Las Vegas have bee
Retiring baby boomers are finding that downsizing is not always the answer. Empty nesters transitioning from their longtime houses are finding they still need plenty of space, The Washington Post reports.“Older home buyers today are ‘smart-sizing’ rather than just downsizing,” Mollie Carmichael, a principal with the housing research firm Meyers Research, told The Washington Post. “Affordability is a big priority before an
“Hipsturbia” is one of 10 emerging trends in real estate to watch, according to a newly released report by the Urban Land Institute and PwC. The term refers to the trend of suburbs that are creating their own versions of downtowns featuring vibrant “live/work/play” districts. More suburbs are taking a chance on these mixed-use, walkable developments, researchers note in the “Emerging Trends in Real Estate” report.“Many of these ‘c
Existing-home sales rose in August, marking two consecutive months of gains, even as a limited number of homes for sale remains a pressing issue on the market, the National Association of REALTORS® reported Thursday. Three of the four major regions of the U.S. saw an uptick last month, the West being the only region not to see an increase in sales.“As expected, buyers are finding it hard to resist the current [mortgage] rates,” says Lawrence
The Federal Reserve lowered its benchmark interest rate by another quarter of a percentage point on Wednesday to a range of 1.75% to 2%, citing concerns over a global economic slowdown. Mortgage rates aren’t directly tied to the Fed’s interest rate, but they do tend to be influenced by them.Following its meeting, the Fed signaled that another rate cut is likely before the end of the year. It cited “uncertainties” about the economic o
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