Could the Price for New Homes Be Coming Down?

If the price of lumber is a leading indicator, the cost of new home construction might be coming down. Or at least seeing some relief from rising costs. Lumber prices have fallen 47% year to date. But that isn’t the big news. The bigger news is that prices are down 65% from a 2021 record

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Luxury apartment building will boom in 2020, experts say

American building firms are set to construct the highest number of apartments in 2020 for more than 40 years, according to a new analysis from property management software firm RealPage. Many of those new apartments are targeted at the luxury home sector, RealPage added. In total, around 371,000 new rental apartments are expected to be

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New homes are smaller and have fewer bedrooms

New home contractors are building homes with fewer bedrooms than previously in order to cater to the demand for smaller, more affordable properties. According to the U.S. Census Bureau’s latest survey of construction firms, the number of bedrooms in the average newly constructed home in the country is falling. The amount of new single-family homes

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8.3 million first-time buyers poised to hit the market by 2022

A wave of first time buyers is expected to fall upon the U.S. housing market in the next three years. Around 8.3 million first-time buyers will be looking to apply for a mortgage between 2020 and 2022, according to a new report by the TransUnion credit rating agency. That’s significantly higher than the 7.6 million

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How Are Home Builders Shifting With Trends in 2019?

2018 was a difficult year for the home building industry. The recent decline in mortgage rates has encouraged an increase in the number of people building new homes. Despite this, the demand for new houses in 2019 has far exceeded supply, with many home builders unable to keep up. This is due to factors such

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New home prices tumble in September

Median prices for newly built homes dropped significantly last month, but not because builders are offering any special discounts or deals. Rather, the drop came due to a greater mix of price points builders are now selling at, CNBC reported. The median price of a new home was $299,400 in September, down 8% from the

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Zillow Offers partners with homebuilders

Zillow is teaming up with select homebuilders across the country to give home shoppers an easier and more convenient way to move into their dream home. The partnership helps home sellers move into their new construction home without the hassle and stress of selling their existing home traditionally, by using Zillow Offers. Zillow is partnering

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NAR’s Yun forecasts new home sales boom in 2019

National Association of Realtors’ chief economist Lawrence Yun says home sales are likely to hit a 12-year high this year as builders race to meet demand for entry-level homes from first-time buyers. While existing home sales are likely to remain flat this year, new home sales should top 667,000, which would be the highest number

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Effective Ways to Increase Your Chances of Getting a Mortgage

Becoming a homeowner is a milestone in the life of any adult. Making the jump from renting to owning represents an important step on the road to financial security, and for most people, a home is the investment of a lifetime. However, before receiving the keys to your first house, you’ll need to be approved

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LA builders offer incentives as home sales slump

Builders are increasingly offering buyers incentives in order to help sell their homes, with promotions including paying the closing costs, buying down mortgage rates and even straight discounts, which is a move they’re normally reluctant to make. “We are really working a little bit harder to get people in the door and to get people

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