After a few years of flying high, home prices are finally coming back down to earth with a thud. In fact, the prospect of an outright price drop is looming on the horizon, according to a new Realtor.com report. In March, real estate listing prices came in nationwide at a median of $424,000, down from June’s all-time record high of $449,000. And while this March’s prices are 6.3% higher than in...
Real Estate News
The takeover by banking regulators this month of Silicon Valley Bank and Signature Bank has conjured up the ghost of the Great Recession.Of the 523 bank failures since 2008, Federal Deposit Insurance Corp. figures show, only one was larger than either Silicon Valley Bank or Signature Bank. That would be Washington Mutual Bank, which had $307 billion in assets, while Silicon Valley Bank had $209 billion and...
If you’re in the market for a home but are discouraged by the current high mortgage rates, you’ve probably heard the advice “buy now and refinance later”—maybe from your mortgage lender, real estate agent, or a well-meaning friend. This seemingly simple solution might empower you to stretch your budget now, with the plan to refinance when mortgage rates drop. But is “buy now, refinance...
As a homeowner, it’s essential to make sure your home’s exterior is in good shape when it comes time to sell. First impressions are everything, and potential buyers can quickly be turned off by a home that doesn’t look well-maintained. That’s why focusing on the right exterior renovations and repairs can help you save money and protect your sale. Upgrade Your Front Door A worn or outdated...
For many home shoppers, buying a house right now can seem like a very pricey pipe dream. Mortgage interest rates still hover at an uncomfortably high mid-6% range for 30-year fixed-rate loans. And the Realtor.com® economists expect home prices will rise 5.4% year over year in 2023. Those factors mean buying a home right now is an expensive endeavor. But this doesn’t mean your goal of...
monkeybusinessimages | Getty After home financing costs nearly doubled in 2022, some relief is in sight for potential homebuyers in 2023. The interest rate for a 30-year fixed-rate mortgage in the U.S. is expected to drop to 5.25% by the end of this year, according to a forecast by the financial services website Bankrate. That’s 1.49 percentage points lower than the current rate, and nearly...
Buyers got on a roller coaster in January 2022 and stayed strapped in for the real estate market loops throughout the year. Mortgage rates were low, then soared to a 20-year high of 7.08% before dipping again. Median national list prices rose to a historic $450,000, and then they, too, began to fall. Homes in July were snatched up in 34 days—and come November, they lingered on the market for 56...
Every house hunt starts with a dream, one that can easily escalate into pure fantasy. Homebuyers, particularly first-timers, often harbor visions of purchasing the perfect house, in a great neighborhood, for a bargain price. All that might have been achievable—with some luck—in the past. But in today’s hot seller’s market, once buyers move beyond mooning over listings to making an actual offer,...
Do you need a mortgage pre-approval letter to make an offer on a house? You know you need to get your financial ducks in a row before looking at homes, but does that include securing a pre-approval letter from the bank?The truth is, in today’s super competitive housing market, getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it...
Owning a home is the American dream, but at the moment it’s more like home buying cancel culture.According to a 2022 survey by home warranty site Cinch Home Services of 1,000 Americans who have tried to buy or sell a home in the past year, more than half of buyers (51%) say they had a home purchase contract fall through in that time period.Why is this happening—and what can you do to make sure that...
