The gap between appraised value and homeowner price expectations widened in January, the first time in eight months. Quicken Loans’ Price Perception Index showed appraisers valued homes an average of 0.6 percent lower than what homeowners estimated. The difference seems slight but, on an average-priced home, it could mean a couple thousand dollars’ difference from sellers.“The appraisal is one of the most important pieces of data in the mor
As property prices rise, more small real estate investors are reportedly are teaming up with others so they can afford their next flip or rental property. They’re pooling funds with friends, relatives, or other investors to pay for their next property, and that means sharing the risks and profit that go along with that plan.The most common partnerships are among those who want to keep and rent out their properties after fixing them up, because
It seems a 1,000-plus point drop in the stock market last week mixed with rising interest rates may have been enough to give homeowners and buyers the jitters. Overall mortgage applications last week dipped 4.1 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.Broken out, mortgage applications for home purchases plunged 6 percent last week. However, that number is still 4 percent higher tha
Could love-themed addresses help you sell a listing faster? A study from Sharestates, a crowdfunding platform for real estate investors, examined sales data on streets with names including words such as Hart, Diamond, and Valentine in New York City, upstate New York, and Long Island. They looked at the return on investment, after-repair value, median sales prices, and increase in demand.Researchers found that homes on Hart Street in Brooklyn had
Some of the Department of Housing and Urban Development’s programs could be in jeopardy under President Donald Trump’s fiscal year 2019 budget proposal. Trump released his budget plan on Monday, with a proposal to cut HUD’s funding by about $8.8 billion, or 18 percent of its 2017 levels.The proposal would reduce Section 8 federal housing subsidies, eliminate the $1.9 billion fund for public housing capital repairs, and end funding to the fe
It’s a good time to be a homeowner: Nearly two-thirds of housing markets across the country saw home prices at all-time highs in the fourth quarter of 2017, the National Association of REALTORS® reported Tuesday.The national median existing single-family home price in the fourth quarter was $247,800, up 5.3 percent from a year ago. Ninety-two percent of the markets measured by NAR saw an uptick in single-family home prices. Twenty-six metros
With the backing of Fannie Mae, home-sharing giant Airbnb has announced a new partnership with select lenders, including Quicken Loans, Citizens Bank, and Better Mortgage, that will allow homeowners to report rental earnings as part of their income when applying to refinance a mortgage. Owners who rent rooms on Airbnb had been facing delays, higher interest rates, and loan limitations when refinancing.“This initiative was developed to identif
Bitcoin has been used in a few real estate transactions in recent months, but does the cryptocurrency really have the power to revolutionize how homes are bought and sold? Housing experts don’t agree unanimously.“Bitcoin millionaires” is a new breed of financially savvy consumer looking to invest their profits in real estate. Earlier this year, research from realtor.com® uncovered 37 listings nationwide in which bitcoin was mentioned as
The owners of a Los Angeles home that was featured in the FX show “American Horror Story” have sued their brokers, claiming the property’s Hollywood connection was not properly disclosed before the sale.Ernst von Schwarz and Angela Oakenfold bought the home—which was the central setting of the show’s first season in 2011—for $3.2 million in 2015. They claim in a lawsuit filed in Los Angeles County Superior Court that the house has att
As mortgage rates continue to inch higher, consumers are bracing for steeper homebuying costs this spring. Households earning the national median income of $68,000 a year could afford about 59.6 percent of new and existing homes that were sold in the fourth quarter of 2017, according to the National Association of Home Builders. The trade group’s latest report looks at home prices, mortgage interest rates, and median household income across 23
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