By Michael Bateman Financial experts suggest carefully evaluating monetary, personal comfort and family needs when considering downsizing upon retirement. Weigh the pros and cons. ELIZABETHTOWN, Ky. – Question: Should I downsize my home when I retire? Answer: Retirement is usually a time of major life changes ranging from not working full-time to modifying where and how you choose to live. With regards to the later, there are significant pros and cons to downsizing/rightsizing and it may not be the right choice for everyone. To help decide if moving to a smaller or differently configured living space makes sense for you,
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Mortgage Bankers Association: With home price appreciation continuing to rise, last week’s average now marks the highest average mortgage amount since May. WASHINGTON – The dollar value of mortgages that home buyers are taking out is soaring as they try to afford higher home prices. The average amount for a mortgage averaged $410,000 last week, according to data from the Mortgage Bankers Association. That marks the highest average mortgage amount since May. “With home price appreciation continuing to run hot, increasing more than 19% annually in July, applications for larger loan amounts continue to outpace lower-balance loans,” says Joel Kan,
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NAHB: Since COVID-19, more Americans want bigger homes: The share of single-family homes started with 4 or more bedrooms rose from 42.6% in 2019 to 45.2% in 2020. WASHINGTON – More Americans are desiring bigger homes since the pandemic – and builders are responding. The share of new single-family homes with four or more bedrooms posted a sharp uptick, unlike in recent years, the National Association of Home Builders reports on its Eye on Housing blog. The share of single-family homes started with four bedrooms or more rose from 42.6% in 2019 to 45.2% in 2020. “These developments are linked
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Entertaining real estate memes can attract social media users like millennials, who may look at 20 to 30 memes daily, which could lead to a 60% increase in engagement. NORWALK, Conn. – Social media has become an important marketing tool for real estate professionals, but consumers often scroll through their feeds inattentively. To attract prospects, agents can incorporate some humor to their marketing methods, alongside educational and promotional posts. For instance, real estate memes can be both relatable and engaging, and can help entertain millennials, the largest generation of home buyers. Forbes estimates there are more than 3 billion social
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By Alex Veiga Homeowners with a mortgage gained an average $51,500 in home equity in the second quarter – a 29.3% year-to-year increase. It’s the biggest jump since 2Q 2010. LOS ANGELES (AP) – Soaring home prices have pushed up average homeowner equity growth to the highest level in more than a decade, though recent signs of a cooling U.S. housing market point to more moderate gains in the second half of the year. Homes with a mortgage gained an average of $51,500 in equity in the second quarter, an increase of 29.3% from the April-June quarter last year, according
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By Talis Shelbourne 17% of buyers who couldn’t qualify for a mortgage should have better luck now that Fannie Mae includes rent history in its lending decisions. Lenders consider a history of on-time rent payments a strong predictor for whether borrowers will make regular mortgage payments. WASHINGTON – “There are many Black families with strong rental histories. What you’re lacking … in terms of credit score, history or whatever, you’re compensating for in rental history.” – Deon Price, Acts Housing real estate agent Renters looking to become homeowners have another tool at their disposal now that Fannie Mae has added
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By Bart Jansen and Savannah Behrmann A possible government shutdown – and potential speedbump for closings – was postponed until at least Dec. 3 after Congress voted to approve a short-term extension. WASHINGTON – Congress approved legislation Thursday to avert a government shutdown hours before a midnight deadline, passing a measure that extends funding for the federal government through Dec. 3. The House voted 254-175 to approve the bill that raced through both chambers in a few hours. House Speaker Nancy Pelosi, D-Calif., said the legislation would keep government services functioning, prevent furloughs for hundreds of thousands of workers and
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