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☆ These sisters became co-owners of the family farm at 22 and 24, joining the ranks of women as key decision-makers on farms
▼ + stars: | 2024-05-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +7 min

Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey. Courtesy: Alstede FarmsSisters Rebekah Alstede Modery and Sarah Alstede were raised on a New Jersey farm. In February, the sisters joined their father, Kurt Alstede, and their stepmother, Mary Thompson-Alstede, as co-owners of Alstede Farms. 'A huge undertaking' as a familyCo-owners of Alstede Farms from left to right: Mary Thompson-Alstede, Rebekah Alstede Modery, Kurt Alstede and Sarah Alstede. Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey.

Persons: Rebekah Alstede Modery, Sarah Alstede, Rebekah, Kurt Alstede, Mary Thompson, It's, Dominique Sims, NASS, Agriculture hasn't, Inwood, Lance Honig, Sarah, that's, Bernt Nelson, Rachel Schattman, Alstede Organizations: Delaware Valley University, CNBC, Centenary University, Alstede, National Agricultural Statistics Service, U.S . Department of Agriculture, The Ohio State University, Agriculture, Agricultural Resource Management, USDA Economic Research Service, American Farm Bureau Federation, University of Maine, Farmers Locations: Chester , New Jersey, New Jersey, Sarah, Agriculture, U.S

☆ How to make your home hurricane resistant, as scientists predict an 'extremely active' storm season
▼ + stars: | 2024-05-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +11 min

In this article Follow your favorite stocks CREATE FREE ACCOUNTRyersonclark | E+ | Getty ImagesMaking your home hurricane resistant can be a significant financial undertaking. In 2024, the national average cost to upgrade an entire house with hurricane windows runs between $1,128 and $10,293, or $100 and $500 per window, including installation, according to This Old House. Hurricane resistance is about preventing 'pressurization'Hurricanes are different and unpredictable storms, said Jeff Ostrowski, a housing analyst at Bankrate. If installing new hurricane windows aren't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.

Persons: Phil Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Massachusetts Institute of Technology, Hurricanes, National Oceanic, Fluid Dynamics, Climate, Energy Solutions, Swiss, Finance, Colorado State University, Department of Atmospheric, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: windstorms, U.S, Florida, In Florida, Alabama, Louisiana, dsireusa.org

☆ As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market
▼ + stars: | 2024-04-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ending April 25, according to Freddie Mac data via the Federal Reserve. It remains unclear when the Federal Reserve might make its first rate cut. "I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "We might not see rates fall in any meaningful way until [the] later half of this year," he said.

Persons: Freddie Mac, Matthew Walsh, Walsh Organizations: Federal Reserve, Moody's Analytics, Finance

☆ New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says
▼ + stars: | 2024-04-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

While the spring housing market has been plagued with low supply, high prices and spiking interest rates, would-be homebuyers are focusing on new construction. New homes have more incentives and availability than previously owned ones. "There's more opportunity in new construction," said Nicole Bachaud, a senior economist at Zillow Group. Meanwhile, sales for previously owned homes dropped by 3.7% from March 2023, the National Association of Realtors found. With 30-year fixed-rate mortgage rates sitting above 7%, homeowners who bought at much lower rates in recent years don't like the prospect of trading in their low rate for a higher one.

Persons: Nicole Bachaud, Biden, Bachaud Organizations: Zillow, . Census, U.S . Department of Housing, Urban Development, National Association of Realtors, Finance, Buyers Locations: U.S

"It resonates with both millennials and Gen Zers, which I think indicates that Gen Z is feeling the same 'girl-boss' pressures that millennials famously grew up with," said Casey Lewis, a social media trend forecaster. "I'm a millennial and I grew up like I needed to maximize every minute of the day," Lewis said. And yet, even in cases where women are now breadwinners, the division of labor at home has barely budged, the Pew report found. "But we also live in an environment of layoffs and rising costs, so not being productive isn't really an option," she added. Even though you're not reading the news, you're still seeing how the economy is impacting peers.

Persons: Taylor Swift, “ Midnights, Kevin Mazur, Gen Zers, millennials, Casey Lewis, Eve Rodsky, Taylor, Lewis, That's, Heather Boneparth, Gen Organizations: Crypto.com Arena, Poets Department, Pew Research Center, U.S . Bureau of Labor Statistics Locations: Los Angeles

It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.

Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S

☆ Homeownership isn't for everyone, money coach says: Don't fall for artificial 'pressure to buy'
▼ + stars: | 2024-04-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +8 min

Jannese Torres is the founder of the blog Delish D'Lites and the podcast "Yo Quiero Dinero." Yet in her pursuit of the American dream, she realized that she didn't know what to do with her financial success. Our families have told us to go and pursue the American dream, but we haven't been given instructions for how to manage the emotions that come with it. JT: Looking back at it now, I was falling victim to the American dream. Jannese Torres Latina money expert and entrepreneurship coachI definitely felt the pressure to keep up with the Joneses in that respect.

Persons: Jannese Torres, D'Lites, Dinero, you've, Torres, Jannese Torres Ana Teresa Solá, I've, We're, Jannese Torres It's, it's, who's Organizations: CNBC, Latina, ATS, JT, Jannese Torres Latina Locations: Latina, U.S

☆ Here are some tips for homebuyers to save on costs with newly built homes, experts say
▼ + stars: | 2024-04-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Buyers of newly built homes can come across a number of sticker shocks. In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Depending on what you're picking, they're adding up the tab," Fuentes said. To save on costs with a new build, it may be in a potential buyer's best interest to hire a contractor later on to add desired finishes, experts say. "Think about those elements that could be easily added at a later date," said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.

Persons: Veronica Fuentes, Fuentes, Angie Hicks Organizations: . Census, Department of Housing, Urban, Finance Locations: U.S, Washington ,

☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

☆ Buyers of newly built homes can face a property tax surprise. Here’s why
▼ + stars: | 2024-04-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

With new builds, property taxes can change dramatically after purchase because initial rates are often based on estimates. Why property taxes can jump for new buildsWhen lenders qualify someone for a home purchase, they factor in the principal, the interest payment on the mortgage, homeowner's insurance and property taxes. Instead, mortgage lenders will often use an older tax rate from the area or an estimated tax rate to calculate the owner's monthly payment. watch nowInitially, the homeowner will typically pay the estimated property tax rate into escrow. Depending on the local tax assessment cycle, the county office will eventually assess the value of the new house to determine the actual property tax rate.

Persons: homebuyers, Melissa Cohn, Brian Nevins, Cohn Organizations: Getty, National Association of Realtors, William, Mortgage, Bay Equity

☆ $1 million homes are now 'typical' in a record number of U.S. cities, analysis finds. Here’s where they are
▼ + stars: | 2024-04-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

In February, the country had 550 "million-dollar" cities, or areas where the "typical" home value is $1 million or more, according to a new analysis by Zillow. That is a gain of 59 cities from 2023, and edges out the previous record of 522 such cities when home values peaked in 2022. Some places have lost 'million-dollar city' statusCalifornia has the most million-dollar cities, with 210. Even though there are more million-dollar cities this year, the record amount is connected to how the lock-in effect is affecting an area's supply, according to Olsen. "In those places where we've lost million-dollar cities … they're not as locked in, and they have a lot more of that new construction that helps that picture, too," she said.

Persons: Jon Lovette, Skylar Olsen, Zillow, Olsen, we've Organizations: Colorado — Locations: U.S, California, — New York , New Jersey , Florida , Massachusetts, Colorado

☆ Housing 'affordability has just totally collapsed,' economist says
▼ + stars: | 2024-04-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"Since the pandemic, affordability has just totally collapsed," said Chen Zhao, a senior economist at Redfin. February 2021 was the last month when the typical household earned more money than they needed to afford the median home. The U.S. Department of Housing and Urban Development (HUD) sets the standard of affordability at 30% of household income. Affordability deficit narrowed in FebruaryThe average household fell short $29,448 to afford a home in February, according to Redfin. The affordability deficit narrowed because rates have been on a consistent decline since the last peak in October, according to Zhao.

Persons: Chen Zhao, They've, Zhao, It's, Jeff Ostrowski, Veronica Fuentes, Fuentes, Ostrowski, Buyers, Redfin, Louis, What's Organizations: Getty, Redfin, Finance, U.S . Department of Housing, Urban Development, Northwestern Mutual, Cleveland Locations: U.S, Detroit, Pittsburgh, St, Philadelphia, Indianapolis, Warren, Mich, Cincinnati, Milwaukee , Kansas City , Virginia Beach, Va, Antonio, Columbus , Ohio

☆ As new vehicles become more like computers, what car shoppers need to know about protecting their data
▼ + stars: | 2024-03-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

New cars today are loaded with high-tech features for car shoppers, from their own operating systems to navigation and remote unlock. Almost every new vehicle collects different types of details about you — and they will share and sell that data, according to a September report by Mozilla, a data privacy advocate, which looked at the privacy practices of 25 different car brands. Only two car brands currently allow users to delete their personal data, Mozilla found: Renault and Dacia. "This is still kind of the 'Wild, Wild West' of data collection and aggregation," said Theresa Payton, the founder, president and chief executive officer of Fortalice Solutions, a cybersecurity advisory firm. While it remains to be difficult to do your own research, there are three steps car shoppers can take as they assess potential new cars, experts say.

Persons: Ivan Drury, Theresa Payton, Tom McParland, Said Drury Organizations: Mozilla, Finance, Renault, Dacia, Fortalice Solutions, Automatch Consulting Locations: Edmunds, West

☆ Rents across the U.S. grew for the first time in 6 months — only Arizona saw price drops in every metro
▼ + stars: | 2024-03-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Rent prices for one- and two-bedroom apartments grew in March for the first time in six months. The monthly cost for a one-bedroom apartment across the U.S. bumped up to $1,487, a 0.3% increase from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847, according to a new report by Zumper, a real estate data site. For example, the rent price for a one-bedroom apartment in Baltimore, Maryland, is $1,390, down 0.7% from a year ago, per Zumper. "As we get closer and closer to summer, we start to see rent prices increase in more places."

Persons: Zumper, Crystal Chen, Jacob Channel, Susan M Organizations: Zumper, Finance, The Wharton School, University of Pennsylvania Locations: U.S, Baltimore , Maryland, Zumper . Arizona

☆ Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers
▼ + stars: | 2024-03-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"We're back to that trend, despite these higher mortgage rates," she said. However, the market today is vastly different from the market two to eight years ago, experts say. The average home is still unaffordable for most potential buyers while inventory has slightly improved but not enough to meet demand. "The sentiment we're getting from our agents is that neither sellers nor buyers are satisfied with this market," Fairweather said. And buyers are disappointed in rising prices and rising mortgage rates."

Persons: Daryl Fairweather, Matthew Walsh, It's, Fairweather, Sellers Organizations: Finance, Moody's Locations: U.S

☆ What a $418 million settlement on home-sale commissions may mean for you
▼ + stars: | 2024-03-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

As proposed, the settlement would have the NAR completely remove commissions from its MLS system by July. watch nowIn the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. What the settlement could mean for homebuyersThe settlement agreement doesn't say that the buyer's agent will not be paid nor that the buyer's agent cannot charge fees. While commission fees are negotiable between involved parties, knowing what cards you have on the table as a homebuyer will be more important now than before. As a result of the settlement, the seller will no longer be responsible for commission fees for a buyer's agent.

Persons: Cobreiro, Cobriero, Amanda Pendleton Organizations: MLS, Zillow, Federal Reserve

☆ Home prices rose 2.4 times faster than inflation since 1960s, study finds. What that means for homebuyers
▼ + stars: | 2024-03-19 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

"When demand for other consumer products comes up, or when it increases, it's usually not too hard for people to scale up supply," Brannon said. Moreover, the current housing affordability makes 64.2% of owners and renters have negative feelings about the economy, Redfin found. In fact, affordable housing is a pressing topic for both liberal and conservative voters: the topic is ranked as No. 1 for liberals while it's No.3 for conservatives, according to a separate survey by The Real Estate Witch. To address the issue, President Biden announced in early March as part of his budget for fiscal 2025, a plan to cut housing costs, boost supply and expand access to affordable housing.

Persons: Brannon, Kirabo Jackson, Qualtrics, Redfin, it's, doesn't, Brennon, Biden Organizations: Westend61, U.S . Census, White House Council, Economic Advisers, CNBC Locations: U.S

☆ The best time to sell your home — in 2023, listings in this period sold for $7,700 more, research finds
▼ + stars: | 2024-03-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Spring, the season when home buying and selling activity kicks off, is around the corner. Available housing supply is already rebounding: The number of new listings jumped 14.8% from a year ago, the largest annual gain since May 2021, according to new data from Redfin, a real estate site. Buyers are typically looking to land a new home before their children's new school year while a seller's house benefits from the fresh flowers and renewed greenery post-winter. In 2023, homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home, according to a new Zillow analysis. "We've learned that real estate cycles don't always happen [at this] time of year," said Melissa Cohn, regional vice president at William Raveis Mortgage.

Persons: Amanda Pendleton, We've, Melissa Cohn Organizations: Zillow, Finance, William, Mortgage Locations: Redfin, U.S

☆ Renters face a competitive spring market: What to know about 3 kinds of properties you may see
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"In a condo or co-op building, upfront costs and fees are determined at the building level and they can vary significantly," Romero said. To compare, for a typical rental building, according to New York state law, the application fee is capped at $20, and the security deposit is limited to one month's rent, Romero said. Rhode Island has a new state law that prohibits landlords, rental agents and property managers from charging application fees to rental applicants beyond the actual cost of conducting certain background checks if needed. What to know about renting a condo or co-opTo be sure: condos and co-op properties are primarily targeted to people who want to buy. If you come across condos or co-ops in your rental search, here are a few things to consider: 1.

Persons: " Romero, Romero, Frank Dong Organizations: Getty, Rhode, Ruby Locations: New York, . Wisconsin

☆ What kind of 'Barbie' are you? Here are the Barbieland jobs that most real-life women hold, according to government data
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

In the "Barbie" movie, the narrator says, "Barbie has a great day every day." As women's participation in the labor force has increased over the years, the group continues to face hurdles along the way. "We have the tightest labor market for women in the past 20-something years," Bustamante said. "As the labor market gets tighter and tighter and tighter, women's employment rises faster than men's," Pollak said. "To think of just the scale of construction employment and women are still such a marginal piece of that sector," he said.

Persons: Margot Robbie, Barbie, Julia Pollak, R, Bustamante, Pollak, " Pollak Organizations: Mattel, Warner Bros, U.S . Bureau of Labor Statistics, Roosevelt Institute, Census, National Women's Law, Warner Brothers Pictures Locations: New York, U.S

☆ Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It's not just due to high mortgage rates
▼ + stars: | 2024-03-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Factors beyond high mortgage rates are affecting housing affordability for many Americans, according to experts. Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. While the typical household in 2024 makes about $81,000 a year, up from $66,000 in 2020, wages have not kept up with housing costs. "Since January of 2020, the typical mortgage payment on the typical home in the U.S. has nearly doubled," said Orphe Divounguy, a senior economist at Zillow. Nowadays, potential homebuyers need to make about $106,500 a year in order to afford the typical home today, an 80% increase from January 2020, according to Zillow.

Persons: Orphe Divounguy, Kirabo Jackson, Jackson Organizations: Zillow Group, Finance, White House Council, Economic Advisers Locations: U.S, Zillow

In each case, substitute materials were used to make furniture that was less expensive but also less durable than the solid wood pieces that previous generations bought. "In the 1980s, you could buy a sofa for $399. You could probably still buy a sofa for $399," Koehler said. But choosing a more expensive piece isn't necessarily a guarantee of better quality, Koehler said. You can also check the furniture description to see whether it is made from solid wood or particle board under a veneer.

Persons: CoCo Ree Lemery, Lemery, Mark Schumacher, Koehler Organizations: Purdue University, Home, CNBC, telltale

☆ 'A budget is a picture of what your money is doing,' The Budgetnista says. Here's where to start
▼ + stars: | 2024-03-03 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Karan Kapoor | The Image Bank | Getty ImagesHaving a strong budget can help you build financial wellness. "A budget is a picture of what your money is doing," Tiffany Aliche, also known as The Budgetnista, told CNBC during a Women & Wealth livestream. You have to understand what your money is doing," said Aliche, a personal financial educator and author of "Get Good with Money." Make a list of expenses: The first thing to do is write a list of all the things you spend money on within a given month, said Aliche. It can also help to list out expenses you don't pay every month, such as annual memberships or quarterly taxes.

Persons: Karan Kapoor, Tiffany Aliche, Sophia Bera Daigle, who's Organizations: Bank, Getty, CNBC, Wealth, Gen, CNBC Financial Locations: Austin , Texas

Customers look at appliances for sale at a Best Buy store in Miami, Florida, Oct. 8, 2021. However, the machine broke for the same reason again a few months later, and then again shortly after that. After the mechanic's third visit, Rathner said he told her, "You need to stop calling me and just buy a new dryer. watch nowHomeowners spend about 34% more on appliances than they did 15 years ago, "above and beyond inflation," Tomalak said. "Homeowners are purchasing appliances with more bells and whistles, but which become obsolete sooner and have more aspects to repair versus appliances years ago," he said.

Persons: Joe Raedle, Sara Rathner didn't, Rathner, Todd Tomalak, Tomalak, Brian Laung Aoaeh, Aoaeh Organizations: Getty, Finance, Zonda Media, Refashiond Ventures Locations: Miami , Florida, Richmond , Virginia, New York

☆ 36% of homebuyers and sellers don’t know they can negotiate real estate agent fees. Here’s how to do it
▼ + stars: | 2024-02-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

In this article TREE Follow your favorite stocks CREATE FREE ACCOUNTFuse | Corbis | Getty ImagesHow real estate agent commissions workIn 2023, the average commission was 5.37%, LendingTree found. Yet 48% of homebuyers and sellers didn't know how much their agent received in commission for their latest home transaction, according to LendingTree. "[Real estate agents] are doing a lot of work behind the scenes that isn't necessarily [or] immediately apparent to sellers and buyers," he said. How to negotiate real estate agent feesWhile real estate agents must be upfront with their fees, buyers and sellers should make sure to ask questions about what they are charging and why. If you're working with a dual agent, or a real estate agent who's representing both the buyer and seller, you might point out to them that they don't have to split the commission with anyone.

Persons: LendingTree Organizations: Federal Reserve, National Association of Realtors . Technology, Antitrust

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