Fannie Mae, the largest source of mortgage funds in the U.S., made changes last month to its underwriting requirements that aim to make it easier for home buyers with college debt to qualify for financing.The company is no longer factoring in debt that’s being paid by someone else when calculating a loan applicant’s debt-to-income (DTI) ratio. If loan applicants are getting their car payments or student debts taken care of by someone else, f
A butler’s pantry could be a strong selling point for your listing. These spaces are often used as staging areas for meal prep and typically include a countertop and cabinets for storing tableware, dishes, serving pieces, and other items. More upscale butler’s pantries may include a dishwasher, small refrigerator, or sink.Reba Haas, a real estate professional with RE/MAX Metro Realty in Seattle, says buyers are drawn to the accessibility of
The paint on the wall may soon be a source of energy for a home. Researchers at RMIT University in Melbourne, Australia, say “solar paint” will be available to homeowners in the next few years.It’s a sunlight-absorbing paint developed by RMIT researchers that produces hydrogen fuel from solar energy and moist air. Even a brick wall could potentially be turned into an energy-harvesting form of real estate, says lead researcher Torben Daene
Coliving arrangements—which, in essence, are adult dorms or micro apartments that incorporate a social element—are soaring in popularity, and more developers are designing units to better accommodate and provide social interaction for strangers who choose to move in together as rental costs surge.Property Markets Group, an apartment developer in New York City, Miami, and Chicago, says it has built one of its first rental apartment buildings
More than 10 percent of new single-family homes that began construction in 2016 were part of a teardown project, according to new data from the National Association of Home Builders. That’s up from 7.7 percent in 2015. NAHB defines a teardown as a home that is built on a site where a previous structure existed. Nationwide, there were 79,300 single-family teardowns started in 2016, up from 55,200 in 2015, NAHB estimates.Builders continue to
Four economists outlined what they think the housing market will do in 2017Key Takeaways Homes are getting snapped up almost as quickly as they're being put on the market. Mortgage rates are expected to continue to rise, which could "lock in" some sellers and incentivize them to stay put. Equity is rising, but inventory remains a problem in many markets.DENVER — Lawrence Yun, the chief economist at the National Association of Realtors (NAR), ha
Buyers are absorbing the increased costs of new construction lotsDENVER — The home price surge happening across markets right now feels uncomfortably familiar. 2006, anyone?Indeed, prices are back to levels that they hit at the peak of the bubble.But this time different forces are at play, said HomeAdvisor Chief Economist Brad Hunter in a presentation this morning at the National Association of Real Estate Editors conference. Rising home prices
Your buyers may soon be able to bring less to closing. They were blamed for precipitating the housing crisis years ago, but major lenders are giving no- and low-down payment loans another shot.Several major lenders are reportedly offering loans with just 1 percent down. Navy Federal, the nation’s largest credit union, offers its members zero-down mortgages in amounts up to $1 million. NASA Federal Credit Union markets zero-down mortgages as wel
On Wednesday, the Federal Reserve took a largely expected move to raise its key interest rate one-quarter percentage point. This marks the second of three hikes that is expected to occur this year.“The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation,” according to the Fed’s statement.While mortgage rates aren’t directly
Google owner Alphabet Inc. is dipping its toe into the real estate industry in order to help its employees deal with escalating housing costs in Silicon Valley. The tech giant purchased 300 apartment units from a modular-home startup known as Factory OS. The apartment units are expected to serve as short-term housing for Google employees, The Wall Street Journal reports.The cost of the deal is reported to be between $25 million and $30 millio
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