Interest rates have been rising so fast that many buyers who signed contracts to purchase new homes in the last year have been caught off-guard. Mortgage rates were at record lows of 3% or even less in some cases last year. Yet, a series of sudden increases have sent mortgage rates to 5.3% as of
President Biden outlines plan to tackle America’s housing shortage
May 18, 2022 by Leave a Comment
The United States is struggling with a shortage of up to 5.5 million homes, experts say. The housing gap is so large that it would take more than 10 years to reduce, even if builders accelerate new home construction right away, the National Association of Realtors believes. So President Joe Biden’s new plan that calls
College grads struggle with rising rental costs
May 17, 2022 by Leave a Comment
College graduates say they’re struggling to get ahead due to soaring rental costs that are draining the bulk of their newly earned paychecks. The National Association of Collects and Employers’ most recent complete data shows that in 2020, the average starting salary for college grads was around $55,000, up more than 14% from ten years
Demand for adjustable-rate mortgages hits 14-year high
May 16, 2022 by Leave a Comment
Demand for mortgages is on the rise due to what analysts say is an increase in listings on the market and fear that interest rates will continue climbing higher. However, buyers are increasingly turning to adjustable-rate mortgages, or ARMs, as opposed to standard fixed-rate mortgages. ARMs have an advantage in that they offer lower initial
In today’s hot market, not being able to sell is causing lots of embarassment
May 13, 2022 by
Reports frequently mention that homes in the U.S. are selling like hot cakes, going under contract within days, or even hours, of being listed, and often for way abve the asking price. But that’s not true for the homes that aren’t selling, and it’s reportedly causing some embarrassment – as well as surprise and anger
Americans fear inflation will stop them from achieving homeownership
May 12, 2022 by Leave a Comment
With inflation running at a 40 year high and the cost of everyday living and goods on the rise, it’s perhaps not surprising to learn that Americans have become increasingly concerned. They’re worried that their personal finances will suffer, and cause them to miss out on their long-term financial goals, which includes homeownership, a new
Developers say ready-to-move-in turnkey homes are in vogue
May 11, 2022 by Leave a Comment
Developers say that so-called “turnkey homes”, which are luxurious, fully-furnished and decorated homes that are ready to move in, are what an increasing number of home shoppers are looking for these days. The turnkey home trend is increasingly prevalent in states such as California and Hawaii and in many second-home resort communities, says a report
Pets are influencing Americans’ home choices
May 10, 2022 by
More Americans have adopted pets since the COVID-19 pandemic emerged, and those furry friends are having a big impact on the kinds of homes they desire. Home buyers and renters alike are both prioritizing the needs of their pets when looking for a new place to live. According to a 2021 study by the National
Home buyers in Sun Belt cities feel the heat of rising prices
May 9, 2022 by
Home prices are on the rise everywhere, but it seems that buyers in Sun Belt cities such as Phoenix, Tampa, Fla.; and Atlanta are having it harder than most as more people from out of town look to move there. Because those cities are popular destinations for people looking to relocate, home prices are not
More than two-thirds of Americans say now is a bad time to buy a house
May 8, 2022 by
In one of the most unsurprising poll results seen this year, when a house is on the agenda, a record majority of Americans have indicated they believe now is most definitely not a good time to buy a home. Gallup’s annual Economy and Personal Finance poll found that just 30% of Americans currently believe now
