Young people don't want their parents' dream houses. Instead, they want smaller homes in walkable neighborhoods.

By Teresa at MSN Real Estate Jan 14, 2011 11:26AM

You know all those idyllic suburban developments with cul-de-sacs and lakes and nearly identical houses, far away from the noise of urban life?

Gen Y doesn't want to live in one.

We're not surprised to hear that the dream houses of the younger generation don't include formal living rooms, but we are stunned to hear they don't want soaker tubs. The young home seekers on HGTV always want soaker tubs. © Daniel Pupius/Flickr/Getty Images

According to speakers at the National Association of Home Builders conference in Orlando, Fla., this week, members of Gen Y want to be able to walk to stores and restaurants and maybe even to work. They agree with a study that finds walkability increases home value.

What else does Gen Y want in a home? This is WSJ.com's synopsis of the comments of Tony Weremeichik of Canin Associates, an Orlando architecture firm:

"Smaller rooms and fewer cavernous hallways to get everywhere, a bigger shower stall and skip the tub, he said. Oh, but don’t forget space in front of the television for the Wii, and space to eat meals while glued to the tube, because dinner parties and families gathered around the table are so last-gen. And maybe a little nook in the laundry room for Rover’s bed?"

Gen Y also wants outdoor space, but not too much. They don't want to mow the lawn. They also like developments with amenities such as fitness centers, game rooms and party rooms.


Built in 1770 and updated in 2004, the farmhouse is listed for $1.6 million.

By MSN Real Estate partner 15 hours ago

ZillowBy Emily Heffter, Zillow


You had me at seven fireplaces (and a bread oven).


Actress Renee Zellweger's Connecticut country home, on the market for $1.6 million, is hardly roughing it.


The luxury farmhouse, built in 1770 and updated in 2004, is a stylish and luxurious country getaway. Set on 38 acres overlooking the Quinebaug River in rural Pomfret Center, the retreat at 96 Cotton Road is 3,463 square feet with a top-of-the-line kitchen, a bread oven in the family room and a swimming pool.

Tags: celebrity

The average interest rate on a 30-year fixed mortgage is the same as last week, Freddie Mac says.

By MSN Real Estate partner 16 hours ago

© Ariel Skelley/Blend Images/CorbisBy Prashant Gopal, Bloomberg


U.S. mortgage rates were little changed, keeping borrowing costs close to the lowest this year as housing rebounds after a slow start to 2014.


The average rate for a 30-year fixed mortgage held at 4.13 percent, Freddie Mac said in a statement on Thursday. The average 15-year rate rose to 3.26 percent from 3.23 percent, according to the McLean, Virginia-based mortgage-finance company.

Tags: loans

Housing recovery failing to build momentum as sales of new single-family homes fell 8.1% from May.

By MSN Partner 19 hours ago

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If you're buying a home, you may face stiff competition. Here's how to beat out the other buyers.

By MSN Real Estate partner Wed 3:17 PM

© Getty ImagesBy Susan Johnston, U.S. News & World Report


With low real estate inventory in many parts of the country, properties in some markets are receiving multiple offers and sparking bidding wars among eager buyers. National real estate brokerage Redfin reports that in March, 63.4 percent of offers submitted by Redfin agents across 19 markets faced competition from other buyers, up from 58.7 percent in February. That's below last year's bidding peak of 73.4 percent last March. Still, Redfin real estate agent Mia Simon, who serves Silicon Valley buyers, says in this climate, "it's very rare to have [an offer] where we're the only one." 


Here's a look at strategies for homebuyers competing in a bidding war. 


Mortgage applications increased 2.4 percent this week, buoyed by more refi activity.

By MSN Real Estate partner Wed 8:22 AM

© Alex Stojanov/AlamyBy Diana Olick, CNBC


Mortgage rates didn't move at all last week, but more borrowers made applications to refinance their home loans.


A weekly measure of loan volume by the Mortgage Bankers Association showed a 2.4 percent gain in total applications week-to-week, with a 4 percent jump in refinances leading the charge.


Refinancing has been languishing for more than a year, after rates jumped a full percentage point in the spring of 2013. Refinance application volume is still down over 40 percent from a year ago, despite slightly lower rates currently.

Tags: loans

If homeowners aren't competing with banks when selling homes, the news may be good.

By MSN Real Estate partner Tue 10:23 AM

© Andy Dean / AlamyBy Nick Timiraos, The Wall Street Journal


The U.S. housing market appears to be finding its footing after a sharp rise in mortgage rates last summer, on top of some big price gains, deflated sales.


The National Association of Realtors reported on Tuesday that sales of previously owned homes rose 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million units. That's the third straight monthly gain and the highest level since last October.



The Connecticut property was connected to the tax-evasion scheme for which the late 'Queen of Mean' served jail time.

By MSN Real Estate partner Tue 9:51 AM

ZillowBy Emily Heffter, Zillow


The Greenwich, Connecticut, summer home where hotelier Leona Helmsley died has been completely renovated and is back on the market for $65 million.


The mansion was at the center of the tax-evasion scheme that landed Helmsley in jail in the 1990s. The case took Helmsley and her husband, Harry, from glamorous to notorious as the case played out in the press. Helmsley was dubbed the "Queen of Mean" and famously was quoted as saying that "only the little people pay taxes."


The billionaire couple were indicted for claiming as business expenses things they purchased for the 17,493-square-foot brick estate, which sits on 40 acres on Round Road, one of the most famous parts of Greenwich. Among the luxuries they added to the home: a marble dance floor above the swimming pool, a $45,000 silver clock and $500,000 worth of jade art objects, according to The New York Times.

Tags: celebrity

With listings withheld from the market, the housing supply remains tight despite an increase in actual listings.

By MSN Real Estate partner Tue 9:34 AM

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