Buyers need to reserve the equivalent of about 2 percent to 5 percent of a home’s purchase price for closing costs, such as appraisal, lender, and title fees. But that’s only a portion of extra homeownership expenses.Nearly half of home shoppers say they faced more than $2,000 in unexpected charges during the homebuying process, according to a survey by TD Bank. Ten percent spent at least $5,000 more than they originally expected. So make s
Frustrated buyers may have better luck seeking out ugly ducklingsKey Takeaways Fueled by low rates and rising incomes, demand remains strong enough to keep supply critically low. Soaring prices in May are changing the face of affordability across the nation, putting homeownership beyond the reach of thousands of first-time buyers.When an irresistible force like housing demand confronts an implacable barrier like ever-tightening inventory shortage
With the right approach and advice, being the bearer of bad news can be an opportunity in disguiseKey Takeaways The U.S. average credit score is 687, well under the 741 average had by mortgage borrowers in Q1 2017. Although it’s difficult to be prescriptive when helping buyers restore financial credibility, there are many solutions available. If you have time, mold buyers into the clients they need to be.While widespread inventory shortages m
Homeowners often look for which properties hold the best long-term value to protect their biggest asset.SmartAsset, a personal-finance technology site, recently analyzed historical price data and ranked the top housing markets for growth and stability. Researchers considered the 358 largest urban markets and focused on homes purchased between the first quarter of 1992 and the last quarter of 2016.The 10 best housing markets for growth and stabili
Cybercrime is posing a risk to an increasing number of real estate transactions, with home buyers’ down payment funds the main target of scammers. Anthony Lamacchia, broker-owner of Lamacchia Realty in Waltham, Mass., wrote a recent article for Boston.com warning consumers to beware about the scam.Criminals are targeting home buyers by sending them emails that look like they might come from their real estate agent or attorney. The emails may c
Shopping centers contribute mightily to local economies through hefty property taxes—so as more shut down, it could have a big impact on city budgets. Just how much do some malls pay?Mall of America in Bloomington, Minn., shelled out $30 million in property taxes in 2016, making it the shopping center that paid the most in the nation, according to commercial real estate blog Commercial Café. With 4.9 million square feet of shops, restaurants,
During the second quarter of this year, median home prices increased at a faster pace than average weekly wages in 87 percent of U.S. counties, according to real estate data firm ATTOM Data Solutions. The firm analyzed a sampling of 464 of the largest counties and found the trend was present in 403 of them.Housing in 210 of the 464 counties—or 45 percent—was deemed less affordable than historic norms; that marks the highest share since 2009,
Interest rates for a 30-year fixed-rate mortgage took another dip this week, setting a new low for 2017, Freddie Mac reported in its weekly mortgage market survey.“The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “However, the majority of our survey was conducted prior to Tuesday’s sell off in the bond market, which drove Treasury yields higher. Mortgage rates m
Homeowners who seek an estimate of their home’s value online often find that it doesn’t match the actual value. You need to know how to talk to your clients about this discrepancy, and the Economists’ Outlook blog, which is run by the National Association of REALTORS®, recently offered tips from data scientist Karen Belita.She notes that Automated Valuation Models, or AVMs, are based on computer algorithms and calculations that “take di
Some urban areas are great for both buying and rentingWhen searching for a home, deciding whether to rent or buy can be a daunting task. The choice is one of the biggest decisions that many adults make in their lives.Many younger people have been renters for most of their adult lives, which makes the leap into homeownership a difficult one. The costs of buying can vary more than renting, but there are many hidden costs that can be overlooked, mak
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