Bidding wars and high home prices are increasingly sidelining first-time home buyers. To make matters more challenging, they are also up against investors willing to pay cash for a home, which they are typically unable to do. They are losing out on homes facing multiple offers and missing some of the lowest mortgage rates of all time—under 3%.But “the American dream [of homeownership] is not dead,” Jessica Lautz, vice president of research
Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” Lawrence Yun, chief economist at the National Association of REALTORS®, told The Washington Pos
Profit margins for home sellers took an unexpected dip in the second quarter, but they continue to significantly exceed levels from a year ago. The dip may be a sign that investment returns may be declining, according to ATTOM Data Solutions’ second-quarter 2021 U.S. Home Sales Report.In the second quarter, the typical single-family and condo sale in the U.S. posted an average profit of $94,500. That was up from $90,000 in the first quarter and
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Three in 10 home sellers say they’ve used a hidden camera during an open house or showing at their home, according to a new LendingTree study of more than 2,000 consumers.The most common reason, cited by nearly half of those who provided reasons, is to understand what home buyers do and don’t like about the homes. Thirty-six percent of those respondents said they wanted to use the camera to gather information that could be useful during negot
Borrowers can still take advantage of some of the lowest mortgage rates of all time. For the fifth consecutive week, the 30-year fixed-rate mortgage has remained below 3%. Also, the 15-year fixed-rate mortgage averaged 2.10% this week, an all-time low, Freddie Mac reported.“As the economy works to get back to its pre-pandemic self, the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgag
Consumers rated mortgage servicers’ customer service higher during the pandemic. Much of that satisfaction, however, is driven by non-bank servicers, which offer more digital solutions for consumers. Traditional banks are starting to lose their edge over non-bank lenders, according to the J.D. Power Mortgage Servicer Satisfaction Study.Bank-affiliated services have historically outperformed non-banks by a large margin in customer satisfaction.
Borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less—financial aid for businesses stemming from pandemic-related distress—may be able to apply for forgiveness directly through the Small Business Administration’s new portal.The SBA is launching a new application portal to streamline forgiveness requests: Directforgiveness.sba.gov. The platform will begin accepting applications from borrowers on Aug. 4. It will help
Investors are snatching up homes and are being blamed for contributing to the inventory shortages in several markets across the country. Investors are buying homes and then holding on to the properties, often turning them into rentals, and not returning very many homes back onto the market from their growing portfolios. Housing experts say that in some markets it's exacerbating housing shortages.Investors have been blamed for taking away the most
Investors are swooping back into commercial real estate, sending sales volume this year back to pre-pandemic levels. Low interest rates are also helping to drive the renewed interest, as is investors’ optimism that the worst of the pandemic may be over, The Wall Street Journal reports.But the commercial sector has changed compared with pre-pandemic days: Sunbelt cities posted record sales, suburban offices appear to be more favored th
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