Brokers should be happy to know that consumers are optimistic about both the U.S. economy and the real estate market, according to the latest Berkshire Hathaway HomeServices quarterly Homeowner Sentiment Survey. However, the possibility of interest rates rising has many potential home buyers concerned, especially millennials.According to the survey, 68 percent of prospective homeowners aged 18 to 34 say they are experiencing a sense of urgency to
Real estate professionals who work with brokerages that manage multifamily properties are increasingly finding themselves playing the role of matchmaker for apartment dwellers. Brokers are helping renters find ways to afford their rent by matching them with a roommates, The New York Times reports.For example, Brooklyn-based brokerage Nooklyn has created a parallel to Match.com for roommates within its apartment-hunting app. Renters describe it as
Vacant lots in desirable urban neighborhoods will run out soon, says Issi Romem, chief economist at BuildZoom, a lead-generation company for building contractors. In some of the nation's priciest cities, such as New York, new construction tends to be concentrated in downtown clusters where zoning rules allow high-density construction, according to Romem's research on construction trends. Such cities stopped expanding outward, and builders are now
Home buyers aren't just having difficulty finding a house in a low-inventory environment. They're also struggling to find quality schools for their children.While enrollment in schools has increased, state and local funding for construction of new schools is down. Though governments spent $12.6 billion on elementary school construction in 2016—which is the highest amount in six years, according to Census data—it reflects a 31 percent decrease
An overabundance of new rental housing stock likely will slow down the rapid increase in rental rates over the next few months, experts say. "That will shift the balance over the next year to favor renters a bit more in contrast to the strong landlord market we've seen over the past five years," says Daren Blomquist, senior vice president for ATTOM Data.Monthly rates for single-family rentals in 375 counties rose a collective 4.5 percent in the l
Most mortgage lenders require borrowers to purchase home insurance, but many buyers may be confused about what their policy covers. Realtor.com® recently highlighted several common myths consumers believe when it comes to home insurance.Myth number one: All of a home's belongings are covered. "A homeowners insurance policy is not designed to cover everything," says Jeanne Salvatore, chief communications officer at the Insurance Information Insti
San Francisco teachers are struggling to afford to rent or own a home in the city. City officials hope to change that. They are earmarking $44 million to construct the first-ever teacher housing development in San Francisco. The housing development will be affordable to public school teachers who work in the area.An area in the city known as Outer Sunset will have existing property bulldozed in order to build 130 to 150 rental units for teacher h
Seventy-two percent of renters “prefer” or “strongly prefer” to own a home rather than rent one, according to the latest SCE Housing Survey conducted by the Federal Reserve Bank of New York.Nearly 56 percent of renters view homeownership as a “good investment,” the survey finds.The majority of renters favor homeownership, despite expressing concerns about their ability to one day afford a home. However, they do believe it’s getting
Kitchen revamps tend to be one of the most popular home remodeling projects. About 10.2 million American households tackled a kitchen remodel or replacement work in 2015, according to a recent report from the National Kitchen & Bath Association. Homeowners tend to want new flooring, countertops, cabinets, sinks, and faucets in their kitchen remodels.Also, "more homeowners are incorporating smart technology using the Amazon Echo or Google Home
Trading up from a starter home to a larger home has proven to be increasingly difficult for a growing group of homeowners across the country. Sure, owners may be able to snag a record-high price for their current home, but high prices and the low inventory are making it tough for them to buy something better in a tight market, realtor.com® notes.“In today’s competitive landscape, moving up from [starter homes] to the white picket fence has b
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