By: Susan Doyle and Michele Lerner (washingtonpost.com)Mortgage rates ticked downward this week, rocked by an undercurrent of economic uncertainty, but continue to be elevated above the familiar days when they hovered around 3 percent.The 30-year fixed-rate mortgage averaged 5.25 percent as of Thursday, a dip from last week when it averaged 5.3 percent, according to data released by Freddie Mac. This time...
Real Estate News
By: Jordan RosenfeldThe pandemic put only a temporary damper on the housing market, as the market rebounded robustly, hotter than ever, particularly in 2021. As we’ve rolled into 2022, the market is starting to simmer down just a little but not much. The median home price in January 2022 was $350,300, as compared to $356,700 from August 2021, according to the National Association of Realtors. And the...
By Michele Lerner (washingtonpost.com)With mortgage rates spiking in recent weeks to levels not seen for more than a decade, home loan borrowers are considering their options for financing. Approximately 11 percent of mortgage applications were for adjustable-rate mortgages (ARMs) in the first week of May, according to the Mortgage Bankers Association — nearly double the share of ARM applications three...
By: Clare Trapasso (realtor.com)Q:Between the increases in mortgage rates and prices, it’s so hard to afford a home now. Should I max out my budget?Don’t do it.Granted, it’s hard not to buy a home at the top of your budget when prices have hit record highs and mortgage rates are climbing—especially if you fall in love with a particular property and get into a bidding war over it. But I urge you to...
By Michele Lerner (washingtonpost.com)February 10, 2022If you’re a home buyer, you may have hoped that the real estate market might freeze up a bit in early January to allow breathing room in a less competitive market. Unfortunately, that doesn’t appear to be happening.While it is early in 2022, Realtor.com’s Monthly Housing Report shows that the real estate market is starting off just as competitive...
By: Margaret Heidenry (realtor.com)Capital gains tax is the income tax you pay on gains from selling capital assets—including real estate. So if you have sold or are selling a house, what does this mean for you?If you sell your home for more than what you paid for it, that’s good news. The downside, however, is that you probably have a capital gain. And you may have to pay taxes on your capital gain in...
By Larissa Runkle (realtor.com)Feb 21, 2022“Being a homeowner is easy,” said nobody ever. Besides the routine maintenance and upkeep (that lawn always seems to need cutting or raking), there’s also the never-ending expense of homeownership. And we all know that number can be fairly significant.According to a recent report, the average American homeowner spends between $3,000 to $12,000 a year on...
By Lisa Kaplan Gordon (realtor.com)When you buy an old house worn down by time and climate, it’s a no-brainer to hire a home inspector to check what shape it’s in—before you commit to your purchase. But should you hire a home inspector for a new house, even if it hasn’t been finished yet?As odd as it may seem, the answer is yes. Here’s why new houses should get inspected, too, and the best way to...
In the months leading up to the end of your rental lease, some important decisions about your living situation need to be made. Sure, you need to find a new place. But moving from one apartment to the next is not as simple as finding a new place, packing up your stuff, and driving away without ever looking back. Truthfully, you can do that, but don’t expect to get a penny of your security deposit back,...
The home appraisal process is just a formality when buying real estate, right? You’ve found the house you love and put in a good offer, and it was accepted! It’s time to break out the Dom Pérignon White Gold? Sorry, not yet.If you’ve applied for a mortgage, your home-to-be still has to undergo a comprehensive appraisal of its worth—and an unfavorable home appraisal can kill a real estate deal....