As home prices and mortgage rates are increasing, so are closing costs. The average payment for mortgage closing costs for a single-family property was $6,905 in 2021 (including transfer taxes), a 13.4% annual increase, according to CoreLogic’s ClosingCorp, a real estate closing cost data and technology resource.The average price of a home in the U.S. rose by more than $50,000 last year, while the average purchase closing cost climbed by $818,
A growing number of consumers are exploring unconventional pathways to homeownership, including buying a home with a friend, family member, or partner, according to the National Association of REALTORS®’ 2021 Home Buyers and Sellers Generational Trends Report.With rising costs, home buyers may find pooling their money together can put homeownership more within reach.“This strategy can help ease the financial burden of purchasing a home
Pets have been playing an increasingly important role in shopping for a home. More Americans have become pet owners during the pandemic, and they’re prioritizing their pets’ needs when looking for a home or rental. Forty-three percent of pet owners say they’d be willing to move to accommodate their pet, according to a 2021 study from the National Association of REALTORS®. What’s more, 68% of pet owners surveyed by realtor.
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports.“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming mon
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Home shoppers’ interest in relocating to a different state is on the rise, finds a new survey from realtor.com®. During the first quarter, 40.5% of prospective buyers searching for homes for sale on realtor.com® were looking for homes outside of their current state.“After two years of pandemic remote work, offices have started to reopen, but instead of seeing a slowdown in the number of people interested in homes out of state, we’re seein
The beginning of the pandemic spawned a “baby bust,” with birth rates falling to 100-year lows. But economists say that is quickly reversing. Could a baby boom be next? Not necessarily, economists say, but the latest data still shows an increase.Historically, birth rates tend to go down during recessions and uncertainty in hard times, like pandemics. Birth rates followed that trend early in the pandemic when the states with the largest COVID-
Homeownership is a big part of the “American Dream” for Asian Americans, according to a new report from realtor.com®, which coincides with Asian American & Pacific Islander Heritage Month. Their presence in the real estate market has been rebounding sharply after having decreased during the early stages of the pandemic.Homeownership rates for Asian Americans were at 61.2% in the fourth quarter of 2021. Home sales have grown the most amon
Home prices are surging across the country, but a handful of areas are seeing some of the highest appreciation in the country upwards to 28% or more in one year alone.The majority of the top 10 areas recording the largest annual gains are in midsize and small markets and half are located in Florida, according to a new quarterly housing report released by the National Association of REALTORS®.“Traditionally, homes in these markets were viewed a
Homeowners may be shocked at what their price is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday.The median sales price of a single-family existing home rose at a faster pace in the first quarter and was at $368,200, a 15.7% uptick from a year ago.While prices rise and mortgage rates t
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