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Many non-owners—those renting or living with someone else—are eager to buy a home. But their current financial situation is what is mostly holding them back.The National Association of REALTORS®’ newly released “2019 Profile of Buyers and Sellers” report contained a new section this year, including a survey about non-owners and their views on homeownership. NAR released its annual report during the 2019 REALTORS® Conference & Expo
Millennials are flocking to affordable smaller cities, baby boomers are retiring in walkable communities that offer urban amenities, and Gen Xers are heading to larger, high-priced markets. Realtor.com® researchers recently evaluated the migration trends of the generations. Life stages—growing families, retirement, and employment—continues to drive demand in housing.Millennials, the largest U.S. generation ever, is particularly making its ma
A major culprit behind the rising costs of new-home construction: pricey lots. In fact, the median single-family lot price outpaced inflation to reach a record high in 2018, according to a newly released analysis from the National Association of Home Builders. Half of lots sold for at or above $49,500.“Given that the nation’s lots are getting smaller and home production is still significantly below the historically normal levels, it might see
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Ohio is proving to be a hot housing market. The state boasted the largest number of metros to make it onto a top 20 list of the nation’s top-performing housing markets for October, realtor.com®’s data shows. realtor.com® ranks the markets based on where homes are selling the fastest and where visitors to realtor.com® are clicking on listings the most.The following Ohio metros made this month’s list: Columbus (number 3); Springfield (numb
Following three consecutive weeks of increases, the 30-year fixed-rate mortgage posted a drop this week. The average rate was 3.69%, Freddie Mac reports.“After a yearlong slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade-related optimism,” says Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the ma
Who are your clients these days?Snapshot of BuyersAverage age: 47Median household income: $93,200Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couplesDemographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% otherAverage length of house hunt: 10 weeks (touring a median of 9 homes)Primary reason for purchase: Desire to own a homeMost common house type purchased: Detached single-family home, 1,850 sq
Many home sellers are forgetting to hide their prescription drugs prior to an open house, warn real estate professionals.Besides staging, decluttering, and stowing away jewelry or valuables, home sellers are overlooking the need to tuck prescription drugs away from medicine cabinets and drawers, they say. A recent article at realtor.com® warns of the dangers and calls out specific medications like Oxycontin, attention deficit disorder medic
Tech companies this year have been committing billions to responding to housing shortages in the Golden State. Apple is the latest, announcing this week that it would allocate $2.5 billion to help address the housing availability and affordability crisis in California.Homeownership in the Bay Area is at a seven-year low. Sixty-three percent of millennials surveyed earlier this year said they were considering moving out of California due to high h
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