The rising cost of housing is the biggest hurdle for young prospective buyers to overcome, according to new research from Freddie Mac. Home prices are rising faster than incomes, and the lag in young adult homeownership rates will likely continue until 2025, Freddie Mac notes.The homeownership rate among those under the age of 35 has fallen 8 percent since reaching a peak in 2004. Freddie Mac’s analysis reveals that higher rents and home prices
More vacation and investment property owners intend to rent out their homes as short-term rentals this year, according to research from the National Association of REALTORS®.Twenty-five percent of those with vacation properties and 24 percent with investment properties rented their home as a short-term rental in 2017—30 and 32 percent, respectively, plan to do so in 2018, according to NAR.Forty-five percent of investment buyers say they purcha
Rents in America’s largest markets are rising fast, and urban dwellers may be finding it more difficult to afford their rent.“Because of high home prices and rising rents, people are getting creative and looking [for rental apartments] in areas that they might not have looked at before,” says Danielle Hale, chief economist at realtor.com®. “When you’re looking for affordability, you’ve got to make trade-offs. … There might not be
About RaulI'm a fifteen year veteran of the Escrow and Title industry. I also have an in depth understanding of the home loan process. All of these capabilities give me the advantage of serving clients with an exceptional knowledge base, resources and a level of quality that is unsurpassed! I'm fluent in Spanish which is also of great benefit to the growing Hispanic population in our area. Being one of fourteen children I have learned at a young
Smart-home gadgetry and design trends emphasizing openness are leading to more noise disturbances, such as echoes, inside homes. Some homeowners are even hiring “acoustic consultants” to help alleviate the issues.A common noise-prone living arrangement is an open floor plan with a minimalist design, where more emptiness and fewer items of furniture enable reverberations inside the home. It can make make it difficult for owners to pick up othe
Home improvement reality television shows have long misguided consumers about the renovation process. You likely have some clients who are obsessed with channels such as HGTV, and they may have developed some common misunderstandings about the real time and effort it takes to undergo remodeling a home. Fox News recently highlighted several myths these shows tend to generate.The answer to creating more space is always to knock down walls. Designe
Young adults express such a strong desire to own a home that they are willing to take on extra work or make another major sacrifice in order to afford one. Thirty-six percent of millennial home buyers say they’ve taken a second job to save for a down payment, according to a new Redfin survey of about 500 respondents between the ages of 24 and 38 who plan to buy their first home in the coming year.The top concern among these first-time home buye
More commercial buyers are taking a page from the coworking trend, in which office space is used in a more communal way. Operators of coworking spaces typically sign a lease for a generic office and build out areas for numerous desks and amenities often geared toward community. Operators then sublease those areas at a premium, and on short, flexible terms, to individuals or companies looking for smaller office space.“Coworking is upping the gam
Homes in new communities can sometimes look alike. But luxury builders are hoping to make their properties stand out with extravagant features such as champagne vaults, candy rooms, and bowling alleys. One Los Angeles development company has even included a shark tank in one of its spec homes, Curbed.com reports.The home, fittingly dubbed the “shark house,” features a 300-gallon, two-foot-deep tank containing three hound sharks, a remora sha
For the first time in decades, the population growth of urban cities is keeping pace with the suburbs, according to a joint report by the Urban Land Institute and RCLCO Real Estate Advisors. More than 29 million Americans now live in urban neighborhoods.Between 2000 and 2015, the population of urban downtowns rose by 1 percent—well below the suburbs’ 13 percent growth. However, urban and suburban areas grew at about the same rate between 2010
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