The nation’s housing stock is quickly aging. The median age of an owner-occupied home rose to 37 years in 2015, up from 31 years a decade ago, according to the latest data from the 2015 American Community Survey. As of 2015, more than half of the housing stock in the U.S. was built prior to 1980. Thirty-eight percent of the homes were built prior to 1970. Meanwhile, homes constructed after 2000 comprise 19 percent of the housing stock.“This h
In some markets, the land is more valuable than the home that stands on it.Case in point, in San Francisco’s Sunset District, a fire destroyed a home for sale leaving it inhabitable. Despite that, last February, the home sold quickly for just under $1 million. Seven months later, the home was transformed into a four-bedroom home and sold for $1.77 million.In San Francisco, land is a premium, and buyers often pay more for the land than the home
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The number of home buyers ages 55 and older is expected to grow over the next decade, and builders across the country are ramping up to serve them. At the International Builders' Show in Orlando, Fla., this week, the National Association of Home Builders is educating attendees about how to support the industry's efforts to cater to this segment of the market.In one session, Deryl Patterson, president of Housing Design Matters in Jacksonville, Fl
A security company has issued a warning to real estate professionals about a growing scheme in which criminals are hacking into their emails and sending messages to their clients to wire down payment funds to fraudulent accounts.Information security firm SANS cites an example of the "business email compromise" scheme from an email an agent recently forwarded to the company. The email was a seemingly typical exchange with a potential buyer who exp
Do you know the pain points your buyers are most concerned about when it comes to purchasing a home? A new TD Bank survey of 135 real estate professionals nationwide reveals six stressors that are causing their clients the most anxiety: Confusion around paperwork required: 31.85% Unexpected costs: 22.22% Concerns over financing: 21.48% Appraisal and inspection: 11.85% Meeting and closing date: 6.67% Credit approval: 5.93%To better support your cl
Construction of single-family homes is expected to gradually rise this year, as a growing economy, solid employment gains, and rising household formation buoys builders' forecasts.Last year, the National Association of Home Builders projected 1.16 million total housing starts in 2016, which was up nearly 5 percent from the previous year. Now NAHB is forecasting a 10 percent increase in single-family production for 2017 and a 12 percent rise for 2
In about two-thirds of the country – or 66 percent of the largest U.S. counties -- it’s more affordable to buy a home than to rent one, according to a report by ATTOM Data Solutions.They compared the monthly rents of three-bedroom apartments to monthly payments on median-priced homes (including the mortgages, property taxes, and insurance) across 540 counties.“It feels like buying a home is getting tougher and tougher from an affordability
Purchasers buying in a community with a homeowners association need to make themselves aware of an important set of rules known as restrictive covenants or CC&Rs. These are the rules established by the subdivision that they must follow in order to live in there. The rules tend to be geared about maintaining the attractiveness and value of the property.“A reasonable HOA is like heaven,” says Bruce Ailion, a real estate pro and attorney for
Keep a close eye on these housing markets. Several cities are expected to see explosive growth in their job markets in the coming year. And where jobs are plentiful usually the housing markets get a boost too.Nationally, employment is looking up as well. The national unemployment rate has dropped to 4.6 percent, the lowest since 2007, according to the U.S. Bureau of Labor Statistics.WalletHub compared 150 of the most populated U.S. cities across
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