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8 mentions found


☆ Millennials have been priced out of buying homes, and are venting that they can't afford rent either
  + stars: | 2024-02-22 | by ( Lindsay Dodgson | ) www.businessinsider.com   time to read: +5 min
Read previewFirst millennials were priced out of buying homes, and now they can't even afford their rent. In another recent video, Ora Hardesty tearfully said that for the first time ever she wouldn't be able to afford rent. "I don't have a lot of lavish things, I don't go on vacations, and I don't spend a lot." Rents are higher than ever, and millions of millennials are spending the majority of their paychecks on their housing. AdvertisementAccording to real-estate experts, millennials are in a perfect storm, tackling a slew of financial woes at once.
Persons: —, Kaitlin Murray, she'd, it's, Ora Hardesty, Alana Lindsay, Coldwell Banker Warburg, Omer Reiner, Rashi Malhotra, Lee Davenport, Whoopi, Whoopi Goldberg Organizations: Service, Business, Coldwell Banker, BI Locations: Boston, New York, Savannah , Georgia, United States
☆ Bidding wars over apartments are more ferocious than ever — and they're here to stay
  + stars: | 2023-10-11 | by ( James Rodriguez | ) www.businessinsider.com   time to read: +16 min
Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.
Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, —, James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City
☆ I entered a bidding war to land an apartment. It was way more brutal than I expected.
  + stars: | 2023-10-11 | by ( James Rodriguez | ) www.businessinsider.com   time to read: +16 min
Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.
Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, —, James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City
☆ Will mortgage rates go down in 2024?
  + stars: | 2023-09-15 | by ( Molly Grace | Laura Grace Tarpley | Mortgage Reporter | ) www.businessinsider.com   time to read: +8 min
Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.
Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron
☆ Is now a good time to sell a house?
  + stars: | 2023-08-25 | by ( Molly Grace | Sarah Silbert | Mortgage Reporter | ) www.businessinsider.com   time to read: +9 min
We talked to real estate pros to get their insight on whether now is the time to sell your house. If you're waiting for mortgage rates to fall before you sell, you're playing a potentially risky game. Should I sell now frequently asked questionsShould I sell my house now or wait until 2024? If you wait until 2024 to sell your house, it's possible that mortgage rates will be lower. Should you sell house when the market is high?
Persons: they're, Rachel King, Alec Cantley, Cantley, Mary Hall Mayer, Coldwell Banker Warburg, Mayer, you'll, they'll, Fannie Mae, it's Organizations: Service, Premier Sotheby's, Coldwell Banker Locations: Wall, Silicon, New York City, Asheville , North Carolina, Chevron
☆ Vodka Vaults and Human Centerpieces: Real-Estate Pros Dish on Over-the-Top Open Houses
  + stars: | 2023-08-03 | by ( Robyn A. Friedman | ) www.wsj.com   time to read: +1 min
So, we decided to throw what we called a “vodka vault party” to encourage people to sample vodka on the terraces. We hired a fabulous bartender and offered the guests vodka tastings from brands such as Anestasia, Barr Hill and Purity. We also hired a DJ, and by the end of the evening, everyone was dancing in their faux fur. The penthouses sold a few months later. One sold in August 2016 for $1.625 million, and the other in September 2016 for $2.999 million.
Persons: Samantha Rose Frith, Coldwell Banker Warburg, Joel Moss, Barr Organizations: Coldwell Banker Locations: New York City, Chelsea
☆ Manhattan real estate sales plunge 38%, but cash deals hit all-time record
  + stars: | 2023-04-04 | by ( Robert Frank | ) www.cnbc.com   time to read: +4 min
Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports. The average sales price fell 5% to $1.95 million and the median sales price fell 10% to $1.075 million, according to the report. The average discount from the initial list price to sales price in the first quarter price was 7%, up from 5% in the fourth quarter, according to Serhant. Overall, cash deals rose to a record 57% of all sales in the quarter, Miller said. "It's not by any stretch a seller's market, but it's getting busier each month."
☆ Manhattan apartment sales declined 18% in third quarter, as rates rose and markets fell
  + stars: | 2022-10-04 | by ( Robert Frank | ) www.cnbc.com   time to read: +3 min
Sales in Manhattan last declined in the fourth quarter of 2020, when they fell by 21%. While prices in the Big Apple remain high − with the average Manhattan apartment price rising 4% over the past year to $1.96 million − price increases are slowing and the inventory of unsold homes is starting to rise. Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York's real estate comeback. "The real sellers are meeting the buyers," said Toni Haber of Compass. "The full impact on sales and prices won't be known for at least another quarter," according to a report from Brown Harris Stevens.
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