One in four homes with a mortgage in the U.S. were considered equity rich in the fourth quarter of 2019, according to newly released data from ATTOM Data Solutions, a real estate data firm. That means the loans on those properties are 50% or less of the home’s estimated market value.The Northeast and West saw the highest amounts of equity among homeowners. California led, with 42.8% of its homeowners considered equity rich, followed by Ver
The U.S. housing market is feeling the impact of the new coronavirus outbreak from China. Mortgage interest rates have dropped because of it, and the luxury sector has seen Chinese buyers, who had been propelling that market, quickly vanish from it.“China has been the most important source of foreign demand for real estate,” Lawrence Yun, chief economist at the National Association of REALTORS®, told realtor.com®. “The upper-end market ca
Fixer-uppers have long had their fans. Some investors love the idea of making major repairs to a home that increase its value and then resell the property for profit. Others are looking for a low-priced starter home and might not mind making gradual improvements over time.But anyone who’s seen the 1986 movie “The Money Pit” knows that if due diligence isn’t adequately performed, that theatrical storyline involving a barrage of proble
Home prices plunged during the Great Recession, with some areas seeing prices drop by 33% between April 2006 and March 2011. But most markets have seen major recoveries since.Western housing markets have seen the strongest recoveries, according to a new analysis from SmartAsset, a personal finance site. All five of these market metro areas have seen their home prices more than double since they bottomed out during the recession. The markets with
Homes within walking distance of neighborhood amenities, such as schools, shopping, and parks, can fetch an average of $77,668 more than comparable properties further away, according to a new Redfin study. However, more buyers are being priced out of such a high premium, and therefore, the premium has dropped 2.3% since 2016, researchers note.“The premium drop is tied to affordability,” says Redfin Chief Economist Daryl Fairweather. “Proper
Borrowing costs dropped to their second-lowest levels in three years, offering home shoppers an opportunity to lock in lower monthly mortgage payments.The lower rates are “supporting homebuyer demand and leading to higher refinancing activity,” says Sam Khater, Freddie Mac’s chief economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to s
Land sales and prices both rose across property types last year, and an uptick is likely to continue into 2020, if at a somewhat slower pace, according to the 2019 Land Market Survey, a joint survey from the REALTORS® Land Institute and the National Association of REALTORS®. The study acknowledges headwinds, with zoning regulations and obtaining financing as the top issues affecting land transactions. The survey is based on responses from
One-third of first-time buyers turned to family and friends for financial help in purchasing a home last year, according to data from the National Association of REALTORS®. Indeed, 27% received a gift from family or friends, the data shows.“Using family as a source of down payment help is most common among younger millennial buyers (ages 20 to 28) compared to other generations, and is more common among unmarried couples,” writes Jessica Laut
Young adults may be eager to buy, but 75% of first-time home buyers say they’re overwhelmed about the purchase process, according to TD Bank’s First-Time Homebuyer Pulse of more than 850 millennial buyers between the ages of 23 to 38.Many have not taken the first step to talk with a lender before they start actively looking. Only 30% of respondents say they have spoken to a mortgage lender before starting their house hunt. “To put the cart
Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% a
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