Co-buyers—multiple unmarried buyers listed on the sales deed—are bringing some of the highest down payments to settlement, according to ATTOM Data Solutions’ First Quarter 2018 U.S. Residential Property Loan Origination Report.The average down payment for homes purchased by co-buyers in the first quarter was $56,911—46 percent higher than the average down payment of $38,915 for homes purchased by other buyers. The average co-buyer brought
Mortgage rates were back on the rise this week, increasing to their second highest level this year. The move follows the Federal Reserve’s vote on Wednesday to raise its federal fund rate by 25 basis points.The 30-year fixed-rate mortgage followed suit, rising eight basis points to average 4.62 percent during the week, Freddie Mac reports.“The good news is that the impact on consumer budgets will be smaller than past rate hike cycles,” say
About one-third of real estate professionals recently surveyed say they spend more than seven hours of each workday consulting their mobile device. That percentage has unsurprisingly been growing—in 2017, only 18 percent of real estate pros surveyed said they spent that much time on their device during the workday. The latest findings come from the 2018 REALTOR® Mobile Usage Report, conducted by the Realtors Property Resource®.REALTORS®
Freddie Mac announced a new partnership with a job-hunting firm called NextJob to provide employment search assistance to current and aspiring homeowners living in high-need or other poverty areas.The program will assist homeowners who have Freddie Mac Home Possible mortgages increase their re-employment prospects following a job loss, reduced hours, or other employment challenges that threaten their ability to make their mortgage payments. The p
If a REALTOR® violates the Code of Ethics, the local association could identify the offender to the membership, releasing his or her name, photo, and a description of what was done wrong. There is also an option for publication of every violation if they meet certain criteria.This policy change is based on a program the California Association of REALTORS® piloted for four years. During the pilot period, CAR found a marked decrease in ethics vio
The Federal Reserve voted Wednesday to raise interest rates for the second time this year and indicated that it will step up the pace of interest rate hikes if economic growth continues to boom. It changed its outlook to a total of four likely increases this year. Eight Fed policy makers said they expected four or more quarter-point rate increases for the full year.“The committee expects that further gradual increases in the target range for th
With home prices up in most markets, homeowners aren’t being shy about tapping into their newfound equity. Home equity lines of credit were up 18 percent in the first quarter, and up 14 percent from a year ago, according to ATTOM Data Solutions’ First Quarter U.S. Residential Property Loan Origination Report.“Putting home equity to work is the name of the game in the 2018 housing market,” says Daren Blomquist, senior vice president at ATT
Generation Z is still mostly comprised of kids, but analysts in the housing market are already expecting big things about this generation’s future appetite for real estate.Generation Z, born in 1997 and beyond, is a cohort of about 65 million to 75 million who are expected to start buying homes on a large scale within five to 10 years. The oldest members of Gen Z are in their early 20s. Millennials are currently the largest group of homebuyers.
Rising interest rates and the economy are the top two current issues to watch in real estate, according to the Counselors of Real Estate’s Top Ten Issues Affecting Real Estate 2018-2019, a list of the biggest threats to the housing market. For the first time, CRE broke its annual list down into current and longer-term issues to watch during the industry’s next year.Top Current Issues to Watch1. Interest rates and the economy: As interest ra
If your clients are looking for not just a new home but a new neighborhood, you can help them find the information they'll need to consider their decision. Along with the usual sources for statistics, consider pointing them to social media so they can learn about neighborhoods from the people who live there.Nextdoor specializes in connecting neighbors and providing a hyperlocal site for recommendations and news. While the site requests a local a
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