Some of the hottest rental markets in the country may have finally hit their peak. For example, markets like San Francisco and Manhattan are posting some of the highest year-over-year drops in average rents by 4.3 percent and 2.2 percent, respectively.Nationally, rents are remaining stable. The average apartment rent is $1,312, according to data from Yardi Matrix. Rents across the country are rising, but only slightly now—by just $6 from Februa
You can’t solely blame the millennial generation for the delay into homeownership. In other parts of the world, like China, 70 percent of young adults are homeowners, according to a new survey by HSBC, which evaluated homeownership rates of 9,000 people born between 1981 and 1998 in nine countries.The homeownership rate of Chinese millennials is nearly double the global average of 40 percent. Following China, Mexican millennials came in second
Fewer foreclosures are on the market. First-quarter foreclosure activity has fallen below pre-recession levels nationwide in 102 out of 216 metro areas analyzed, according to ATTOM Data Solutions. Still, a few markets are showing elevated levels of foreclosures.For example, first-quarter foreclosure activity levels were still above pre-recession averages in Philadelphia (97 percent above); New York (80 percent above); Washington, D.C. (64 percent
Homeowners say their homes are worth more than what appraisers say they’re worth, and the gap between the values is growing, according to Quicken Loans’ latest Home Price Perception Index reading for March.Appraisals, on average, were 1.77 percent lower than what homeowners expected, according to the index. This marks the fourth consecutive month in which the gap between homeowner estimates and appraiser opinions has widened.That said, apprai
A new realtor.com® survey reveals the top desires of home buyers today: Ranch-style homes, big backyards, and updated kitchens.More than half of home buyers say they’re on the hunt for a three-bedroom home, and 75 percent want a two-bathroom home as well, according to realtor.com®’s home buyer survey. The survey also showed a strong demand for townhouses and row homes among younger home shoppers, as 40 percent said they are looking for a to
Foreign-born residents will have a “significant impact” on the housing market according to “Housing in America: Immigrants and Housing Demand,” released by the Urban Land Institute’s Terwilliger Center for Housing. The report also notes that if the current levels aren't sustained, the industry could suffer.“Immigrants have helped stabilize and strengthen the housing market throughout the recovery,” says Stockton Williams, executive
More buyers moved to lock in rates last week, as mortgage costs dipped to their lowest average of the year. Total mortgage application activity—which includes loans for homebuying and refinancing—increased 1.5 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Purchase applications made up most of that increase, rising 5 percent week-over-week and now sitting 3 percent higher than the same
Marketing homeownership to renters? Your job may be getting tougher. A new survey from Freddie Mac finds more renters are optimistic about their financial situations, but they’re less likely to move even if their rents increase.“It would appear from our new survey that renters today feel better about their finances, like where they are living, and view renting favorably,” says David Brickman, executive vice president of Freddie Mac Multifam
How fast can you pick out signs of deferred maintenance in a listing? Realtor.com® recently spotlighted several red flags to watch for at an open house.Intense scents.The stronger the air freshener, the more likely the seller is trying to mask an offensive odor, warns Denise Supplee, a real estate professional with Long and Foster Real Estate in Doylestown, Pa. “When there’s too much going on in the scent department—plug-ins, wax warmers,
With low inventories across the U.S., now is a great time to sell. You may have clients interested in putting a rental property on the market that’s currently occupied by tenants. Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla., offers these three tips to successfully navigate the transaction.1. Understand the tenants’ rights.Tenants’ rights vary from state-to-state, but overall, if the rent has been paid on time
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