Investors are seeing early benefits to their opportunity zone investments: Median single-family and condo prices are increasing in the majority of nationwide opportunity zones—by 62%, according to a third-quarter report released by ATTOM Data Solutions. Prices increased by at least 20% annually in nearly half of the zones.Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income
House hunters will likely wonder about the age and upkeep of certain big-ticket features in a home like the roof and HVAC system. But they will also likely be interested in just how move-in ready the home is. Sellers can take on some prep work to get their house move-in ready to appeal to the largest buyer pool.HomeLight, a real estate referral company, recently interviewed real estate agents to list some of the top remodeling projects before sel
Existing-home sales fared strongly in October even as buyers continued to complain there aren’t enough homes on the market. Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased by 0.8% in October compared to September, the National Association of REALTORS® reported Monday. Compared to a year ago, however, sales are down 5.8%.Meanwhile, the inventory of unsold homes fell by 12%
As home buyers continue their searches in an active and competitive fall season, the nation’s top-performing markets in October are all affordable alternatives to their nearby big-city counterparts.Topping realtor.com®’s October list was Manchester, N.H., about an hour northwest of Boston. Homes in Manchester are selling in under 24 days—about 21 days faster than the overall housing market. Properties there are receiving about 2.8 times as
The 30-year fixed-rate mortgage was back above 3% this week, and economists believe rates will continue to increase over the next few months.“The combination of rising inflation and consumer spending is driving mortgage rates higher,” says Sam Khater, Freddie Mac’s chief economist. “Shoppers looking to buy a home are fueling a strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This rea
Nearly half of all opportunity zone redevelopment areas have seen prices rise at least 20% annually, according to a new report from ATTOM Data Solutions. Home values in opportunity zones are moving up and parallel the broader U.S. housing market.Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income areas, offering investors significant tax breaks over several years to those who
Rising mortgage rates don't seem to be scaring off home buyers. Mortgage applications to purchase a home, viewed as a gauge of homebuying demand, increased 2% last week, the Mortgage Bankers Association reported Wednesday.Homebuilders are reporting stronger buyer traffic too after a brief lull earlier this fall, according to a recent builder sentiment report released by the National Association of Home Builders.“Purchase applications incre
While more homeowners have been interested in gaining space during the pandemic, the market for tiny homes is still appealing to certain segments, particularly investors and first-time home buyers.The affordability of these homes is one of the biggest draws. Many tiny homes cost between $30,000 to $60,000. For comparison, the median price for a starter home is $233,400, according to the National Association of REALTORS®.IPX1031, a 1031 exchange
Home buyers and homeowners got another chance this week to lock in historically low rates. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” says Sam Khater, Freddie Mac’s chief economist. “These low mortgage rates, combined with the tailwind of first-time home buyers entering the market
Homeowners are striking gold in real estate. The percentage of financed homes that were equity rich in the third quarter grew to nearly 40%, up from 28.3% a year ago, ATTOM Data Solutions reports. A home is considered equity rich when the combined estimated amount of loan balances on the property is no more than 50% of the estimated market value.“Homeowners across most of the United States could sit back with a smile yet again in the third quar
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
