By Melissa Dittmann Tracey Americans say they long for a career as a luxury real estate agent even more than as a social media influencer, according to a new survey. CHICAGO – Tell your kids: Social media influencers like Mr. Beast — who has 255 million subscribers on YouTube — have nothing on you. Those who work in real estate may have the job most people wish they had, even more than being an influencer on YouTube. “Luxury real estate agent” landed on a recent list of “America’s most envied jobs,” ahead of other careers like video game designers, marine
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The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. WASHINGTON – The Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA) today announced new policies that will allow borrowers to challenge property appraisals if they believe the appraisals were inaccurate or biased. FHA’s new requirement for lenders participating in its single-family mortgage program will enable borrowers to request a re-assessment if they believe bias was involved. At the same time, FHFA’s new reconsideration of value, or ROV, policies at Fannie Mae and Freddie Mac will let borrowers
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By Cora Lewis While the Fed doesn’t set mortgage rates, it influences them. Even with higher rates, it could be a good time to buy, one economist said. NEW YORK — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target. The central bank kept its key rate at a two-decade high of
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By Alex Veiga The average rate on a 30-year mortgage has increased for five consecutive weeks and is at 7.22%, the highest since November 30. LOS ANGELES — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year. The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in
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Having mortgage preapproval has always been important, but it might be even more significant than it was a half-decade ago. NEW YORK – Shopping for and ultimately purchasing a home can feel like a day at an amusement park. Much like a ride on a roller coaster, buying a home can be both exciting and a little scary, and those peaks and valleys have been even more profound in recent years, when the real estate market has been as tough as ever to navigate due to low inventory and high prices. Though the real estate market has changed significantly in
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By Amy Connolly New study found home sellers see a 13.1% premium in May. The study also found May 27th is the best day to sell a home, with a seller premium of 16.2%. IRVINE, Calif. – The months of May, February and April offer the highest seller premiums – making these months the best times to sell your home, according to ATTOM’s annual analysis of the best days of the year to sell a home. The property data analytics company ATTOM said data suggests that from early in the year through summer is not only the busiest season for
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By Matt Ott Responses to the nationwide survey said Americans remain concerned about high prices, particularly for food and gas. WASHINGTON — U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures with prices and interest rates still elevated. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 97 in April from 103.1 in March. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The index measuring Americans’ short-term expectations for income, business and the
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Nearly seven out of 10 (69%) Realtor members at large volunteered monthly, spending an average of eight hours volunteering each month, NAR said. WASHINGTON – Charitable giving continues to rise among Realtors® and Realtor associations, according to a new report from the National Association of Realtors®. The 2024 Community Aid and Real Estate Report – CARE Report – provides insight into the monetary and volunteer contributions of NAR members, broker-owners and AEs or MLS staff. Monthly volunteering and annual monetary donations by Realtors both increased this past year, demonstrating Realtors’ continued dedication to giving back. Monetary contributions from brokers and
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By Tim Henderson A growing number of majority Black ZIP codes saw big property value increases. In Orlando, home prices grew 26% from 2000 to 2016 and another 215% since then. WASHINGTON – Black homeowners’ property values are on the rise across the country, with some of the biggest upswings in Midwestern and Southern states. The boon to Black homeowners, after decades of lagging property values, could help them close a racial wealth gap that has kept the American dream out of reach. Home values increased on average 84% in majority-Black ZIP codes between 2016 and 2023, outpacing growth in
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