Young adults may be eager to buy, but 75% of first-time home buyers say they’re overwhelmed about the purchase process, according to TD Bank’s First-Time Homebuyer Pulse of more than 850 millennial buyers between the ages of 23 to 38.Many have not taken the first step to talk with a lender before they start actively looking. Only 30% of respondents say they have spoken to a mortgage lender before starting their house hunt. “To put the cart
Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% a
Builders are feeling bullish. They’re quick to brush off the modest 0.4% dip in sales of newly built single-family homes on a monthly basis in December. Instead, they’re focusing on how sales are still 23% higher than a year ago.“High levels of home builder confidence, coupled with an insufficient existing housing supply to meet current demand, suggest growth ahead for new home sales this year,” says Dean Mon, chairman of the National Ass
Homes with high curb appeal tend to sell for an average of 7% more than similar houses with an uninviting exterior, according to a joint study by the University of Alabama and the University of Texas at Arlington. Further, the premium rises to as high as 14% in slower real estate markets with greater housing inventory, shows the study, which was published in the Journal of Real Estate Finance and Economics.Researchers examined Google Street
In expensive housing markets where inventories are tight, some buyers are finding it more affordable to invest in a multifamily property rather than purchase a single-family home, The Washington Post reports. The buyers can live in one of the units in the building while renting out the others to defray some mortgage costs and build equity.Lenders are offering incentives for such multifamily investments, including competitive interest ra
First-time and repeat buyers say they’d rather have a smaller home with high-quality amenities than a bigger property with fewer such features, according to a survey the National Association of Home Builders released during the International Builders’ Show last week in Las Vegas. The NAHB’s report, titled “What Home Buyers Really Want,” identified the following features as being most desired by both segments of buyers.Laundry roomsEnerg
Developers who take steps to improve the energy efficiency of their office buildings may boost the property’s value, gain a competitive sales edge, and improve the buildings’ performance, according to a new study by the Urban Land Institute called “Unlocking Hidden Value in Class B/C Office Buildings.” But developers don’t have to spend big bucks on high-end updates to unlock the savings, the study finds.Class B and C office buildings t
The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage, The Wall Street Journal reports.Fair Isaac Corporation, more commonly known as FICO, will soon start more harshly penalizing the scores of consumers who have rising debt levels or who fall behind on loan payments. The company will also flag certain consumers who sign up for personal loans, whi
Oakland, Calif., is vying to be the first city in the state to prohibit landlords from turning away potential renters who fail a criminal background check. The Oakland City Council passed the measure this week, which local lawmakers hope will help ease homelessness, and the ordinance will undergo a final review on Feb. 4 before being enacted. Similar measures have taken effect in cities along the West Coast—where homelessness is acute—includi
There’s a wide variety of issues that can lead to defects in residential and commercial construction, but the most common relate to poorly trained contractors, finds a new analysis based on four years of research from LJP Construction Services.Poor workmanship, misinterpretation of plan details, and deviations from manufacturers’ recommendations are the top culprits causing construction deficiencies, the study notes. For single-family homes,
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