About 60 percent of home buyers put 6 percent or less down on their home purchase, according to data from the National Association of REALTORS®. Considering the median existing-home price is $258,300, a 6 percent down payment would be $15,498.Some aspiring buyers may be unsure of how to come up with that amount. But there are plenty of seemingly simple things they can do to start saving. NAR offers the following infographic. Sou
Many home sellers succumb to myths about home pricing that don’t match the reality of the housing market. Realtor.com® recently highlighted several of those common pricing myths, including:You won’t always make money on the sale of a home.Home sellers shouldn’t always assume they’ll walk away with a profit. The National Association of REALTORS® estimates home prices will increase 5 percent by the end of this year. That said, 23 markets
Following several weeks of drops, mortgage application volume pushed higher last week. The uptick was mostly due to an increase in refinancers who took advantage of lower mortgage rates.Total mortgage application volume, which reflects refinance and home-buying activity, rose 3.3 percent week over week on a seasonally adjusted basis last week, the Mortgage Bankers Association reported Wednesday. However, volume remains 23 percent lower than a yea
Hispanics are increasingly making up what’s considered the typical American home buyer, Curbed.com reports. Latinos are expected to make up 52 percent of new home buyers between 2010 and 2030, largely driven by the country’s 14.6 million Latino millennials.Since 2000, the number of Hispanic households has jumped by 6.7 million, which comprises 42.5 percent of the country’s overall household growth. Hispanics’ “fervent desire to own a ho
Bitcoin millionaires are now looking to cashing in their digital currencies in luxury real estate.Bitcoin trader Mike Komaransky has listed a 9,500-square-foot mansion in Maimi for 1,400 bitcoins, now equivalent to about $6.5 million. Komaransky also has agreed to accept Zcash, another form of digital currency. Komaransky first purchased the home in 2014 for $4.6 million.Bitcoins, created in 2009, are a decentralized digital currency, or “crypt
Amid Hurricane Harvey and now a looming threat from Hurricane Irma, the National Association of REALTORS® warns Congress that letting the National Flood Insurance Program expire at the end of the month could have dire consequences. NAR says thousands of homeowners, consumers, and commercial property owners could soon find themselves unprotected and unable to get a mortgage.The NFIP is set to expire on Sept. 30.The NFIP helps to pay for and pro
Prior to the housing crisis, many consumers were in the mindset of buying a “starter home” to stay in for five or six years and then move on to a larger space as their family grew. But the idea of the starter home has become a fading memory.Homeowners don’t want to give up their ultralow mortgage interest rates that they have secured in recent years. They’re also finding fewer larger homes to move into. As a result, many are making the b
The Department of Housing and Urban Development says it’s planning to raise premiums and tighten loan limits for seniors who use reverse mortgages, announcing the changes this week in a letter to lenders, The Wall Street Journal reports.“Given the losses we’re seeing in the [reverse mortgage] program, we have a responsibility to make changes that balance our mission with our responsibility to protect taxpayers,” said HUD Secretary Ben C
Average mortgage rates moved lower this week, as the 30-year fixed-rate mortgage continues to sit well below 4 percent.“The 10-year Treasury yield fell to a new 2017 low on Tuesday,” says Freddie Mac chief economist Sean Becketti. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt th
Real estate professionals across the country are rushing to help victims of Hurricane Harvey pick up the pieces after devastating floods struck the Texas coastline this week, submerging Houston and other areas in more than 50 inches of water. These practitioners are making temporary housing arrangements for displaced families, offering resources to repair flooded homes, raising funds, and coordinating supplies to be sent to those in need.Make a
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