Home searches are lengthening as buyers find themselves up against steep competition. Sixty-four percent of buyers who are actively engaged in the homebuying process reported searching for three months or longer without success, according to research from the National Association of Home Builders reflecting first-quarter data.These long-term home searchers increasingly are blaming bidding wars. Forty-five percent of house hunters looking for thre
Appraisers are an integral part of the real estate sales process. It’s imperative that agents not only understand the fundamentals of the appraisal system but also follow the best practices for communicating with appraisers, especially while navigating today’s market.At an interactive session Thursday called “Ask an Appraiser” during the 2021 virtual REALTORS® Legislative Meetings, panelists shared best tactics for working with appr
After one of the swiftest economic declines in history at the start of the COVID-19 pandemic, the U.S. economy has experienced a significant recovery that began in the third quarter of 2020 and is continuing into 2021, experts said on Friday at the Commercial Economic Issues and Trends Forum. The panel discussion during the virtual REALTORS® Legislative Meetings explored the implications of the recovery for commercial real estate, pred
Across the country, listings are being scooped up so quickly that there’s little inventory accumulation. Contract signings increased 23.3% year over year in March, according to the National Association of REALTORS® Pending Home Sales Index. Buyer demand has indeed created a hot market, but it’s also putting pressure on agents to help their clients compete amid multiple offers.Unfortunately, multiple-offer situations can lead to some bumps in
The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC repor
A U.S. District Court judge ruled Wednesday that the Centers for Disease Control and Prevention’s nationwide eviction moratorium is unlawful, striking down the ban and delivering relief to housing providers who haven’t been able to collect rent from struggling tenants for more than a year. The U.S. Department of Justice has filed an appeal.After the CARES Act, which Congress passed in March 2020, established an eviction moratorium t
Home sellers continue to see higher profits from their homes as a hot housing market rolls on. In the first quarter, sellers generated an average profit of $70,050 on the sale of their home, up 26% compared to a year earlier ($55,750), according to ATTOM Data Solutions’ 2021 U.S. Home Sales Report.The $70,050 in profit accounts for a 34.2% return on investment compared to the original purchase price, which is also higher than the 30.8% from a y
The most in-demand locations for renters are certainly not the ones you’d expect, RentCafe notes in its latest study. Mid-sized markets, such as Central Valley, Calif.; Spokane, Wash.; and Boise, Idaho, were the most sought-after apartment markets in the last quarter.“The largest markets and surrounding exurbs show renters are distinctively looking to get more square footage or more amenities for the same price, within these hubs and close to
May offers some of the best days of the year to sell a home at a premium, assuming history repeats itself. Home sales over the past 10 years have shown that spring and summer months tend to offer the highest premiums when selling. Home sellers, on average, see an 8.8% premium above market value during these months, according to a new study from ATTOM Data Solutions, a real estate research firm. Ten of the best days to sell are in the month of May
With rising home prices, some markets have lost affordability, but a robust economy promises to help housing thrive in many areas of the country.Realtor.com® and The Wall Street Journal identified the top markets with growing economies and booming housing markets in their brand-new joint Emerging Housing Markets Index. The index evaluates the nation’s 300 largest metros to identify the areas with strong housing demand,
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