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Real Estate News

- In 2018, there were more than 600,000 American homes in foreclosure In 2018, there were more than 600,000 American homes in foreclosure. While this total seems large, it actually represents the lowest rate of default since the nation’s financial crisis. For comparison, in 2010, which is when the nation’s foreclosures peaked, there were about 2.9 million American homes facing a foreclosure. In order to determine the long-term damage of these foreclosures, LendingTree conducted a study to assess how credit scores trend following a default, and how lenders loan to borrowers with a ... [Read More]

- More than a decade after the foreclosure crisis, home equity has recovered to a record high of $15.8 trillion. This pool represents an opportunity, lenders say: homeowners with credit card and other debt can save thousands by refinancing using their own home equity . The average credit card debt among households that carry a balance — in other words, those that don’t pay off their bill in full each month — is $9,333, according to an analysis of Federal Reserve data by ValuePenguin . Meanwhile, a record $6.3 trillion in home equity is considered “tappable,” meaning that homeowners ... [Read More]

Source: time.com

- A mortgage broker can help underscore the financial benefits of homeownership Potential buyers interested in making the switch from renting to buying a home often hesitate due to worries of more costly monthly payments or having to be ready with a big down payment. But these fears are often grounded in misinformation. And that’s where real estate professionals can provide guidance by partnering with an independent mortgage broker. Together, they can help ease pain points at the outset of the home buying process and help buyers leave renting behind. For instance, a mortgage broker can help ... [Read More]

- Refinancing when mortgage rates fall, something that’s been happening throughout much of 2019, allows homeowners to save on their monthly payments with a lower interest rate than their current loan. Homeowners should consider refinancing if they can shave one-half to three-quarters of a percentage point off a mortgage loan, says Greg McBride, CFA, chief financial analyst for Bankrate. Refinancing from a 30-year or adjustable rate mortgage to a lower fixed rate can help consumers pay less money each month and cut the total amount of money of interest paid on the loan. Here are some ways that ... [Read More]

Source: bankrate.com

- Key Points Total mortgage application volume rose 2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 69% higher than the same week one year ago, when interest rates were much higher. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 3.82% from 3.87%, with points increasing to 0.44 from 0.34 (including the origination fee) for loans with a 20% down payment. Mortgage applications to purchase a home increased 5% for the week and were 9% ... [Read More]

Source: cnbc.com

- When I ask rental property owners how they first got into the business, a common response is they were moving out of their home, and instead of selling it, they decided to turn the home into a rental. Often, this response is followed by a lengthy list of grievances about the obstacles they faced when turning their home into a rental, and what they wish they had known before starting the process. If you’re considering moving out of your home and converting it into an investment property instead of selling it, these five steps can serve as a good starting point:   1. Refinance For A Down ... [Read More]

Source: forbes.com

- Typical buyer viewed 10 homes before purchasing About three-quarters of buyers reported finding their homes using their phones, according to a report from the National Association of Realtors . Mobile-phone use differed by generations: about 80% of Millennials, meaning younger than 38 years old, began their search on their phone, while 78% of Gen Xers, meaning 39 to 53, and 68% of Young Boomers, meaning 54 to 63, started there. The typical buyer contacted an agent and visited a median of 10 homes over 10 weeks before purchasing a home, NAR said. Broken out by generations, it was older buyers ... [Read More]

- The steps to buying a house might seem complicated at first—particularly if you're a home buyer dipping a toe into real estate for the very first time. Between down payments, credit scores, mortgage rates (both fixed-rate and adjustable-rate), property taxes, interest rates, and closing the deal, it's easy to feel overwhelmed. There's so much at stake with a first home! Still, if you familiarize yourself with what it takes to buy your first home beforehand, it can help you navigate the real estate market with ease. So let's get started! In this step-by-step guide, you'll learn what it takes ... [Read More]

Source: realtor.com

- First-time buyers in the Washington region face several challenges. First, home prices, at a regional median of $470,000 in July, are steep for buyers without a house to sell for a substantial down payment. Second, according to data from Bright MLS, the number of homes for sale in the area declined 18 percent in July compared to July 2018 and is well below the five-year average of homes for sale. The persistent issues of price and inventory mean that first-time buyers often must compete with other buyers and with investors for a well-priced home in a desirable neighborhood. Investors ... [Read More]

- Knowing how to unclog a drain is one of the essential skills any homeowner or renter should have. With the amount of dirt, hair, and general debris that finds its way down a tub and shower drain on a daily basis, the occasional clogged drain in the bathroom or kitchen sink is all but unavoidable. You might have heard of tricks to unclog a drain, like using baking soda, vinegar, or boiling water to act as a drain cleaner, but what's the best way to get rid of a clog? Luckily, there are plenty of clogged drain fixes that are relatively easy to do, as long as you don't mind getting your hands ... [Read More]

Source: realtor.com

- Home appraisals are conducted by a professional appraiser to give an estimate of the market value of a house or property. They are most often conducted at the behest of the lender. In some instances, home appraisals can come in low because values have been declining in the neighborhood, improvements need to be made to the dwelling or the buyer has simply offered too much. A lower home appraisal can derail a potential sale when a lender won’t agree to provide the full amount of financing the buyer needs to close the deal. Why home appraisals are important Appraisals are important to mortgage ... [Read More]

Source: bankrate.com

- Gold fixtures, sleek tile and a connecting courtyard shower contribute to a refreshing bathroom remodel in Los Angeles When designer David Veltman first saw his client’s master bathroom, located in a midcentury house in the Hollywood Hills neighborhood of Los Angeles, the idea to add an outdoor shower immediately leaped into his mind. “It was the perfect setup for one,” Veltman says. “The sliding door from the bathroom to the courtyard was already there, and it even had water running to a hose that we could tap into.” The homeowners liked the idea and have since fallen in love with ... [Read More]

Source: houzz.com