Numerous factors make homebuying advantageous for the rest of this year.
"I know it's hard to face rising interest rates and rising home prices at the same time," says Ilyce Glink, real estate expert and managing editor of the Equifax finance blog. "The good news is there's still plenty of runway if you want to buy a house this year."
Glink believes first-time homebuyers should consider these five good reasons to buy a house before the end of the year.
Get ready for small, if any, price increases in the next few years, according to a new report.
The U.S. home-price rebound has nearly run its course, and Americans should prepare for several years of home prices that don't increase much, if they rise at all, according to a report published by bond strategists at Bank of America Merrill Lynch.
Most economists expect home prices to rise around 5 percent this year, before rising at around 3 percent over the next few years. Home price increases in recent years have been driven primarily by supply shortages, and some economists have said that prices could continue to outpace income or rent growth if more homes aren't made available for sale.
The CNN newsman has put two more waterfront estates on the market, after listing another earlier this summer.
The silver-haired newsman listed 12 Saint George Place in Quiogue for $2.699 million earlier this summer and has since dropped the price to $2.599 million. Around the same time, he listed the mansion next door at 20 Saint George Place as a rental, asking $65,000 for the month of July and $75,000 for August.
Now both properties are for sale. The latter, which Cooper has owned since 2003, is listed for $3.599 million. It includes a third, smaller lot off the water, 16 Saint George Place, according to listing agent Enzo Morabito of Douglas Elliman Real Estate.
This is the first time the Bay Area's median price has hit seven figures.
If San Francisco needs a new name in the zany plan to create six Californias, they might as well call it "Millionaireville."
According to DataQuick, the median home price in San Francisco in June hit the seven-figure mark for the first time. It was also the first time that any of the Bay Area-counties had hit the seven-figure median.
While good for sellers and brokers, the million-dollar mark is sure to fuel the growing class wars in the city over real estate. Many longtime renters are being displaced as values soar and rents jump. More traditional buyers are also being outbid by highly paid tech workers and overseas buyers who are paying all cash.
The Park Avenue apartment where the former first lady grew up is now listed for $44 million.
The art deco-style building was developed by the former first lady’s grandfather, and she lived in the apartment on the sixth and seventh floors of 740 Park Ave. while she was in elementary school.
Hedge fund investor David Ganek and his wife, a novelist, are selling the apartment following an insider-trading scandal at Ganek’s firm, the New York Post reported.
Despite the disappointing report, there were silver linings in permits and year-over-year trends.
Housing starts sank 9.3% last month to a seasonally adjusted annual pace of 893,000, the weakest showing since September 2013, the Commerce Department said Thursday.
It was the second-straight monthly drop and was driven by a nearly 30% decline in the South, the largest monthly decrease on record for that part of the country. Other parts of the U.S., however, posted increases.
More people ages 18 to 34 bought homes last year, according to the Census Bureau.
While still historically very low, homeownership among 18-to-34-year-olds increased last year, even as it declined for 35-to-54 year-olds, according to a report by Jed Kolko, chief economist at Trulia Inc., the online real-estate information company.
Kolko's analysis also says demographic changes among young adults, including delaying marriage and parenthood, account for nearly all of the declines in homeownership among young adults. Many of those changes, he says, were well underway even before the recession hit.
Here's help deciding which option works best for you to tap the equity your property has built.
Which makes the most sense?
The answer depends on:
- How much equity you have.
- How much you want to borrow.
- When you plan to repay the money.
- Whether you want a fixed or flexible term.
- The interest rate on your current mortgage.