While existing-home sales dipped in March as the COVID-19 pandemic sparked stay-at-home restrictions across the country, they're not far off from the numbers a year ago, and home prices continue to rise.The National Association of REALTORS®’ monthly existing-home sales—which includes completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 8.5% in March compared to February. Sales were at a seasonally adjusted
When Congress passed the first of three coronavirus relief packages in early March, it included an important provision waiving Medicare restrictions on providing telehealth services to seniors. Additionally, many major medical insurance carriers have recently added a telemedicine option. That’s good news, but what about those who don’t have Medicare or other coverage that includes virtual doctor visits?Members’ health coverage is
Listing data, detailed photos, and virtual and live-video tours will suffice for a growing number of consumers who are looking to buy a home; they don’t need to physically visit the property before making an offer, according to a new joint survey from realtor.com® and Toluna Insights.Twenty-four percent of 1,300 consumers surveyed say they’d be willing to buy a home without seeing it in person, and 30% would be willing to rent one, the surve
Mortgage rates dropped for the third consecutive week, inching closer to the lowest averages ever on record. “Refinance activity remains high, but home purchase demand is weak due to economic tightening,” says Sam Khater, Freddie Mac’s chief economist. “While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real-time daily economic activity metrics suggest that th
Homebuilders started on fewer new homes in March as the COVID-19 pandemic spread across the nation. New construction was at a pace of 1.22 million units in March, the Commerce Department reported Thursday. However, that number is still 1.4% higher than a year ago.Building permits—which help gauge future construction activity—were at a seasonally adjusted rate of 1.35 million in March, still 5% higher than last year’s rate. Nevertheless, a s
Where would we be without family and friends? More of us would be apartment dwellers, according to a new report from the National Association of REALTORS®. Thirty-two percent of first-time homebuyers received a gift or loan from a relative or friend last year, according to the report, and 8% of repeat buyers received down payment gifts, according to “2020 Downpayment Expectations & Hurdles to Homeownership.” The report, released today, i
Real estate sales are continuing on within a global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that some are willing to put an offer on a home without even physically stepping inside.A quarter of REALTORS® surveyed reported that their clients put contracts on homes this week without physically seeing the property. The survey was released Thursday by the National Association of REALTORS®.As stay-at home o
Last year marked the fifth consecutive annual increase in the Hispanic homeownership rate, the only demographic with five consecutive years of gains, according to a new report released by the National Association of Hispanic Real Estate Professionals. Hispanics added 277,000 new households last year, a 31.4% net growth.Hispanic homeownership rates last year posted the largest gains in Houston; Dallas; New York/Jersey City; Riverside/San Bernardin
Real estate has been the sole road to wealth for many of the world’s billionaires. Overall, there are 256 billionaires in the world whose main business is in real estate—up by 17 a year ago, according to the Hurun Global Real Estate Rich List 2020.China is the leader at 137, 54% of the international total, the report shows. Hong Kong is home to the most real estate billionaires.Meanwhile, the U.S. boasts 34 real estate billionaires, or 13% of
The IRS has moved the federal tax day to July 15, but in preparation, there are several things real estate pros can do to lower their tax bill. Many agents and brokers classify themselves as self-employed under federal tax guidelines. Income tax, therefore, is not automatically withheld from paychecks and generally must be paid through quarterly estimated tax payments.Self-employed status means that real estate pros may be eligible to deduct thei
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