Don’t assume your clients need a high income to avoid a mortgage. The Pennsylvania Association of REALTORS®' Welcome Home Survey for the first quarter of 2017 shows older people with lower incomes are paying in cash in higher numbers than most would assume.“While is seems counterintuitive that one in three buyers with incomes under $50,000 reported buying homes in cash, age may be driving a higher share of lower-income respondents reportin
Equifax, Experian, and TransUnion announced they will soon remove tax lien and civil judgment data from some consumer credit records. The reason for this change is that many liens and most judgments fail to include vital pieces of information. Beginning on July 1, the public records data the firms use must include these data points: the consumer’s name, address, and either a social security number or a date of birth. Existing reports that fail
The gap continues to widen between what homeowners say their home is worth and appraisers' valuations. Homeowners’ estimates of values were, on average, 1.69 percent higher than appraisers’ home value opinions in February, according to Quicken Loans’ National Home Price Perception Index. The gap has been detected every month since February 2015.A few metros are running counter to national trends with appraiser opinions actually higher than
Single-family builders are beefing up their use of green products and services. On average, single-family builders report using 10.2 green products or practices per new house they construct.What’s more, 22 percent of builders say they always or almost always have their homes certified to a green standard, according to a new survey of 337 single-family builders conducted by the National Association of Home Builders. Every builder who responded t
Rising home prices are boosting homeowners’ equity across the country. Nationwide, owners saw home equity rise, on average, by $13,700 during 2016, according to CoreLogic’s latest “Homeowner Equity Report.” States like Washington and Oregon saw some of the largest home-price appreciation last year, up $31,000 and $27,000, respectively.Take a look at this map to see the average equity per owner in your state.Of the largest metros by popula
Entering real estate’s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor.com®’s chief economist.Some buyers are in more of a hurry this season too. In the last two
Just how large a house really is may depend on whom you ask, The Wall Street Journal reports. That’s because appraisers, developers, builders, real estate professionals, tax assessors, and architects all measure spaces differently. No universal standard exists for calculating a home’s square footage. Further, it can also vary regionally.For example, some calculate space on only the interior dimensions of finished living spaces. Some industry
Do your agents know how to answer the buy-versus-rent question from clients? Essentially, what people are asking is what’s the best way to accumulate wealth, says Ken Johnson, a real estate economist, associate dean of graduate programs, and professor at Florida Atlantic University College of Business. “Historically, housing has won,” he says.Of course, that changed with the onset of the housing bubble in the early 2000s. But brokers can br
The voice-control market is seeing explosive growth in the smart home-arena. From Amazon’s Echo to Google’s Home, more homeowners are taking control over their homes, using their voice to speak commands to their home’s appliances.But some manufacturers are starting to question whether the appeal in the smart-home arena is really voice-controlled or possibly text-controlled.Facebook founder Mark Zuckerburg has been working on Jarvis, his own
The practice of sellers renting back their home after the sale is increasing in a number of high-end markets, The Wall Street Journal reports. As housing supplies remain tight, some sellers are finding they may need some extra time to relocate. For home buyers, the deal may be appealing because the seller can help to defray maintenance costs until they are ready to move in.But, real estate agents warn, going from owner to tenant can cause some tr
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