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☆ Mortgage rates are now at the highest level of the year, and could go even higher
▼ + stars: | 2024-04-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

The average rate on the popular 30-year fixed mortgage crossed over 7% on April 1, according to Mortgage News Daily, and it just kept going. It now sits right around 7.5%, the highest level since mid-November of last year. Rates hit their highest level in a few decades last October, causing home sales to grind to a halt. Rates then fell through mid-January to the mid-6% range and held there into February, causing a surge in home sales. "Sales data over the next few months is likely to reflect the impact of now-higher mortgage rates."

Persons: Jerome, Powell, Danielle Hale Organizations: Mortgage News Daily, Builders, Realtor.com

☆ New Rule for Buying a Home: Fire Your Real-Estate Agent
▼ + stars: | 2024-04-18 | by ( Albert Fox Cahn | ) www.businessinsider.com time to read: +12 min

She had never purchased a home, and as a lawyer, I just assumed I knew how the system worked: The buyer has an agent, but the seller pays a commission (typically 6% of the sale price) that's split between their agent and the buyer's agent. So my agent wasn't going to find me my dream house, and the work of hunting was basically on me. But the real-estate industry has made it hard for many buyers to understand just how little having an agent can help. The class-action settlement with the NAR is going to make it a lot harder for sellers to be forced to pay for buyers' agents. Going forward, for people like me without an agent, a savvy seller may pay just 3% of the sales price to their own agent instead of 6% to be split with a buyer's agent.

Persons: it's, vouched, Obvious, Stephen Brobeck, Alice, Wonderland, I'd, I've, —, cosmically, Brobeck Organizations: National Association of Realtors, Hunger, US Department of Justice, Realtors, Consumer Federation of America, New York City, NAR Locations: Brooklyn, New York City, McCarren, Williamsburg, New York

☆ Mortgage rates are now at the highest level of the year, and could still climb
▼ + stars: | 2024-04-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Persons: Jerome, Powell, Danielle Hale Organizations: Mortgage News Daily, Builders, Realtor.com

☆ The 20 best cities to own an electric vehicle, ranked
▼ + stars: | 2024-04-10 | by ( Dan Latu | Catherine Boudreau | ) www.businessinsider.com time to read: +3 min

Realtor.com and Kelley Blue Book ranked the top 20 US cities for EV owners to live. Cities that ranked highly have more homes that can accommodate EVs and more public charging ports. First, the percentage of homes in a market that advertised their friendliness for electric vehicles, including at-home charging stations. Second, the density of electric vehicles compared to available public charging ports. Read on for the top 20 metros for electric-car owners, as determined by Realtor.com and Kelley Blue Book.

Persons: Realtor.com, Kelley, —, Biden, Danielle Hale, Read Organizations: Kelley Blue, EV, Service, Cox Automotive, Realtor.com, metros Locations: United States, San Francisco, Boston, Salt Lake City . California, San Jose

☆ The exclusive island where people keep giving away homes for free — even though the typical house costs $3.6 million
▼ + stars: | 2024-04-06 | by ( Dan Latu | ) www.businessinsider.com time to read: +7 min

But in stark contrast to the eight-figure homes is another common Nantucket practice: giving away homes for free. It is much cheaper, however, to move a "free" house onto a property than to construct an entirely new dwelling. Some of the 'free' homes do good for the communitySome of Nantucket's year-round workforce lives in repurposed "free" homes. Maremagnum/Getty ImagesBuyers of the "free" homes fall into three main categories, Cohen told Business Insider. Since 1994, Housing Nantucket has repurposed 39 "free" homes into income-capped rentals on the island.

Persons: —, Stephen Schwarzman, Dave Portnoy, Anne Kuszpa, It's, Steven Cohen, Cohen, they're, there's, Kuszpa Organizations: Service, Blackstone, Barstool, Wall Street Journal, Housing, Business Locations: Nantucket, Massachusetts, Cape Cod, Housing Nantucket, Miacomet

☆ The 7 biggest home-staging mistakes people make when trying to sell their house
▼ + stars: | 2024-04-02 | by ( Erin Mcdowell | Samantha Grindell | ) www.businessinsider.com time to read: +1 min

Staged homes sell 88% faster and for 20% more than non-staged homes, a report found. Interior designer Dan Mazzarini and home stager Meridith Baer shared common home-staging mistakes. Business Insider spoke to Dan Mazzarini, an interior designer and the creative director at BHDM Design , and Meridith Baer, the owner of Los Angeles-based luxury home-staging company Meridith Baer Home, about the biggest mistakes people make when staging. AdvertisementA 2023 report by Realtor.com also found that staged homes sell 88% faster and for an average of 20% more than non-staged homes. Here are the biggest home-staging mistakes people make when trying to sell their house.

Persons: Dan Mazzarini, Meridith Baer, —, Realtor.com Organizations: Service, Business, National Association of Realtors Locations: Interior, Los Angeles

☆ They celebrated their 25th anniversary with a trip to Paris and ended up buying a stone house in the countryside for $100,000. Now, they're dreaming of retiring there.
▼ + stars: | 2024-04-02 | by ( Amanda Goh | ) www.businessinsider.com time to read: +9 min

Michael and April Meyer bought a stone house in France for about $108,000 in 2022. "It was like our Tour de France," Michael said. Michael and April Meyer/@FrenchStoneHouseLifeThey made the offer in July last year when they were only a third through their planned six-week trip, Michael said. Embracing French cultureThe couple is also committed to immersing themselves in the French way of life — they're even taking French language classes back in the US. Michael and April Meyer/@FrenchStoneHouseLifeTheir French stone house is a vacation home at the moment, but the couple is toying with the idea of possibly retiring there in the future.

Persons: Michael, Meyer, —, April Meyer, @FrenchStoneHouseLife, Michael said, — they're, They've, That's, it's, Bernice, it'd, you've Organizations: Service, de France, Social, Social Security Administration, YouTube Locations: France, California, Europe, Hawaii, Paris, Sacramento, Michael, zipping, Burgundy, Bordeaux, Loire, Limoge, America, agoh@businessinsider.com

☆ Sydney Sweeney fans can thank PowerPoint for her Hollywood success
▼ + stars: | 2024-04-01 | by ( Amanda Goh | ) www.businessinsider.com time to read: +4 min

Advertisement"It was hard because LA is very different from Spokane," Sweeney told Who What Wear. Advertisement"My quote, unquote success didn't come until I was in my 20s," she said, adding that her parents didn't really get to experience her success with her because of their divorce. I just felt a responsibility to show them that it was worth it," Sweeney told Variety. Sweeney isn't the only celebrity to pitch her parents about going into acting using PowerPoint; Emma Stone did it too. AdvertisementA representative for Sweeney didn't immediately respond to a request for comment sent outside regular business hours.

Persons: —, Sydney Sweeney, Sweeney, didn't, Amy Sussman, she'd, Murray, Sweeney isn't, Emma Stone, Stone, Sweeney didn't Organizations: Service, Business, Census Bureau, British GQ, Hollywood Reporter, Hollywood Locations: Los Angeles, Spokane , Washington, LA, Spokane, Hollywood, British

☆ Puerto Rican tax breaks are luring wealthy newcomers. A millennial says that's bad news for members of her generation with dreams of careers and homeownership.
▼ + stars: | 2024-03-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

Puerto Rico is becoming an increasingly popular destination for mainland Americans looking to relocate for tax purposes without giving up their US citizenship. Maridav/Getty ImagesBetween 2021 and 2022, about 27,000 individuals moved from the US mainland to Puerto Rico, according to data collected by the US Census Bureau . Related storiesIn 2021, the cost of living in Puerto Rico rose by 7%, the largest jump seen in 40 years. According to data from Realtor.com, the median home price in San Juan, Puerto Rico, in February was $950,000, up 37% in the past year. AdvertisementAccording to the Associated Press, there are now 25,000 short-term rentals in Puerto Rico, up from 1,000 in 2014.

Persons: —, Anna, Brock Pierce, Anna aren't, Adrián González Costa, Hurricane Maria, Puerto Ricans Organizations: Service, Puerto Ricans, Business, US Census Bureau, Federal Housing Finance Agency, San Juan, Puerto Rican Independence Party, San Juan Daily Star, Associated Press, AP Locations: Puerto Rico . Puerto Rico, Europe, Puerto Rico, Maridav, Puerto, Realtor.com, San Juan , Puerto Rico, Aguas Buenas, San Juan, San Juan ., AFP

☆ 15 cities where apartments are getting cheaper while rent reaccelerates nationwide
▼ + stars: | 2024-03-27 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

However, as the chart below shows, one-bedroom apartments were 0.5% cheaper than they were last year while two-bedroom places were 0.8% more expensive. 15 cities where rent is decliningApartments across the country generally got more expensive in March, Zumper's report found, though there are some notable exceptions. Two-thirds of the top-100 US real estate markets had higher rent compared to last month while 19 cities were flat, Zumper researchers noted. However, more than a dozen metropolitan areas — many of which were in the Southwest or South regions — actually became cheaper to rent in. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the largest 100 cities in the US.

Persons: shouldn't, PqameYEcoP — James Faris, @JamesFaris_, it's, Anthemos Georgiades, there's, Zumper, Zumper's Organizations: Business, Zumper, CPI Locations: Realtor.com, Southwest

☆ Renting is now cheaper than buying a home in every major US city — especially in these 29 markets where apartment dwellers can save at least 30% each month
▼ + stars: | 2024-03-26 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Buying a house now makes less financial sense than renting, according to Realtor.com. Here are 29 cities where renting is less costly relative to buying. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: —, Realtor.com Organizations: Service, Business Locations: Realtor.com

☆ New Yorkers who make six figures won't save as much moving to Texas and Florida anymore
▼ + stars: | 2024-03-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

New Yorkers have historically moved to Florida and Texas to save money on taxes and other expenses. AdvertisementIn December, Rahul Sen Sharma told Business Insider that he was moving from New York to Miami — and bringing his company with him. New Yorkers moving to Texas for many of the same reasons will also face sticker shock. The savings gained by moving to Florida and Texas are dwindlingUtilities, gas, and housing are just a few expenses that have gotten pricier in Florida and Texas since 2019. "The property-tax percentage rate is higher," Marie Bailey, a Texas real-estate agent who moved from California, told Business Insider's Alcynna Lloyd.

Persons: —, Rahul Sen Sharma, Sen Sharma, BI's Phil Rosen, Jeff Bezos, Ken Griffin, SmartAsset, Dallas, Alexander Spatari, Realtor.com, Jaclyn DeJohn, SmartAsset's, Wager, Robert Walsh, Marie Bailey, Insider's Alcynna Lloyd Organizations: Service, Miami —, Bloomberg ., New, Miami, relocators, Miami . Miami Beach, Bloomberg, Business, Sunshine State, CBS, Fort Locations: Florida, Texas, New York, Miami, NYC, Austin, Florida and Texas, Dallas, Miami ., Manhattan, Fort Lauderdale , Florida, Fort Lauderdale, California

☆ They moved into floating homes and houseboats — and discovered a world of adventure and hidden expenses
▼ + stars: | 2024-03-25 | by ( Amanda Goh | ) www.businessinsider.com time to read: +10 min

Read previewMoving into their 360-square-foot floating home a year ago was a dream come true for Sarah Spiro and Brandon Jones. In 2023, there were 70 floating home sales reported on the Regional Multiple Listing Service, or RMLS, which covers the Portland area and a significant part of northwest Oregon, Portland Floating Homes real-estate broker John McPherson told BI. Lily and Dylan Rose moved onto their houseboat on Lake Union in Seattle in June 2019. AdvertisementHome insurance for a floating house tends to be about double what it is for a regular house on land, McPherson said. Additionally, the float — the part of the floating house that's equivalent to a foundation — deteriorates over time, McPherson said.

Persons: —, Sarah Spiro, Brandon Jones, Spiro, keepingafloatwiththejoneses Spiro, Jones, keepingafloatwiththejoneses, Adam Lind, @adam.floatinghome, It's, John McPherson, Lily, Dylan Rose, Elizabeth Earle, BI's Jordan Pandy, Earle, Elizabeth Earle Earle's, McPherson, Daryl Fairweather, Redfin's, Realtor.com, Hannah Jones, it's, Laura Woodley, Woodley, isn't, Kate Fincham, Fincham, Lily Rose, Dylan, Rose, she's Organizations: Service, Business, Portland Floating Homes, Realtor.com, Union, Trust, England & Wales, Lake Union Locations: Fontana Lake, North Carolina, Portland, Oregon, Seattle, Sausalito , California, Johns Island , South Carolina, England, Bluffers Park, Toronto, Lake, Boston

☆ Could real estate go the way of the travel industry? Not just yet
▼ + stars: | 2024-03-23 | by ( John Towfighi | ) edition.cnn.com time to read: +5 min

Sites like Redfin and Zillow provide a way for buyers and brokers to connect online, but the role of real estate agents in closing purchases has persisted. “Ultimately, people will understand what real estate agents really do, especially on the buy side,” Piskorski said. But even with the possibility of major changes, Hale said, one thing will almost certainly remain the same for real estate agents. Currently, the framework of real estate solely emphasizes the buy and sell transaction, said John Bodrozic, co-founder of HomeZada, a real estate tech company. Yet what ultimately differentiates a travel agent from a real estate agent is the value and risk associated with the purchase.

Persons: Tomasz Piskorski, ” Piskorski, Danielle Hale, ” Hale, Hale, “, John Bodrozic, Bodrozic, ”, Bobby Juncosa, Piskorski, ” Juncosa, Juncosa Organizations: CNN — Technology, National Association of Realtors, Columbia Business School, NAR, CNN, Buyers, ” Finance

☆ The fastest-growing and fastest-shrinking cities in the US
▼ + stars: | 2024-03-21 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Wildwood-The Villages, Florida, saw its population increase 4.7% from July 1, 2022, to a year later. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Wildwood-The Villages in Florida saw the greatest increase from July 1, 2022, to July 1, 2023, among metros. Additionally, the data from the Census Bureau shows there were also a lot of metros with population percent declines during that time.

Persons: —, Kristie Wilder, Paul Mackun Organizations: Service, Bureau Locations: Florida, Napa , California, Ithaca , New York, Charleston, West Virginia, South, Wildwood, New Orleans, Metairie, Louisiana

☆ 10 easy design tips that will make your house more attractive to buyers, according to a home stager
▼ + stars: | 2024-03-15 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +3 min

Baer shared her biggest tips for successfully staging a house in order to sell it quickly. AdvertisementBaer told Business Insider that the priciest home she's staged recently was a $200 million property in Florida. According to a 2021 survey by the National Association of Realtors, 82% of buyers' agents said home staging made it easier for their buyers to visualize themselves in the home. AdvertisementRealtor.com also reported in 2023 that staged homes sell 88% faster and for an average of 20% more than non-staged homes. Here are 10 easy design tips that will make your house more attractive to buyers, according to a professional home stager.

Persons: Meridith Baer, Baer, —, she's, HomeAdvisor, Realtor.com Organizations: Service, Business, Hamptons, Meridith Baer Home, Forbes, National Association of Realtors Locations: Los Angeles, San Francisco , New York, Miami, Florida

☆ See how badly your home could be hit by heat, wind, and bad air over the next 30 years
▼ + stars: | 2024-03-13 | by ( Dan Latu | Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Realtor.com has unveiled a set of climate risk tools that homeowners and homebuyers alike can use to learn the specific climate risks of a property. The tools, called Heat Factor, Wind Factor, and Air Factor, are available starting Wednesday and can map out a neighborhood's risks of above-normal days on the heat index, chances of experiencing wind gusts over 50 mph, and days of poor air quality. More than 40% of US homes, valued at a combined $20 trillion, are vulnerable to extreme heat, wind, and poor air quality, according to a Realtor.com analysis. Understanding your home's climate riskPrior to releasing the heat, wind, and air quality tools, Realtor.com already provided fire and flood risks for properties based on data from First Street. First Street, a climate-risk firm, is also behind the data on extreme heat, wind, and air quality now added to listings.

Persons: Realtor.com, Oscar Seikaly, Bob Stephens, homebuyers, Danielle Hale, Hale, Z, Redfin, we've Organizations: Service, Factor, Air Factor, Business, San, Sun Locations: Florida , California, Texas, Miami, San Francisco, California, Florida

☆ Here's how long it would take to build enough homes to fix the housing crisis
▼ + stars: | 2024-03-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Read previewIt's no secret there's a housing shortage in the US, and it's not likely to get better any time soon. Hannah Jones, senior economic research analyst for Realtor.com, told Business Insider this year "will still be a challenging housing market." "Buyers are seeing less home inventory, less homes for sale in the market, and sellers are less incentivized to sell in today's market," Jones said. The situation is even more stark when looking at single-family homes alone. Jones said, "multifamily housing has been a bit of a bright spot in the last couple of years."

Persons: —, it's, Hannah Jones, Jones Organizations: Service, Business

☆ The housing market may finally be thawing as mortgage rates and housing inventory improve
▼ + stars: | 2024-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Mortgage rates eased for the first time in five weeks, Freddie Mac said Thursday. Easing affordability and improving inventory suggests a gradual thawing of the market. "It's important to remember that rates can vary widely between mortgage lenders so shopping around is essential." However, Capital Economics strategists wrote earlier in the week that easing mortgage rates won't be enough to spark a meaningful, lasting rebound in home demand. Advertisement"Even if mortgage rates fall to 6% as we expect, mortgage rate 'lock in' will continue to curb home moves," Capital Economics strategists wrote in a note.

Persons: Freddie Mac, —, — that's, Freddie Mac's, Sam Khater, Jerome Powell, Realtor.com, that's Organizations: Service, Capital

☆ Weekly mortgage demand surges 11% as more homes hit the spring market
▼ + stars: | 2024-03-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Spring hasn't officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. There were 14.8% more homes actively for sale in February compared with the same time last year, according to Realtor.com. Notably, homes priced in the $200,000 to $350,000 range grew by 25% from a year ago, outpacing all other price categories. There are very few borrowers today with rates that are high enough to benefit from a refinance.

Persons: Mike Fratantoni, Danielle Hale, Realtor.com Organizations: Spring, Mortgage, –, MBA's Locations: Hawthorn Woods , Illinois

☆ Homebuyers should consider these 17 cheaper-than-average cities where affordable houses are becoming much easier to find
▼ + stars: | 2024-03-05 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Spring is just around the corner, and the same may be true of a housing market revival. Housing inventory is starting to rise alongside temperatures, according to a just-released report from Realtor.com. Researchers at the listings site noted in a March 5 announcement that US active property listings rose 14.8% in February from 2023, while new listings jumped 11.3%. The jump in property listings was widespread, as it occurred in 29 of the 50-largest US cities, according to Realtor.com. 25 cities where cheaper-than-average houses are prevalentBelow are the 17 US real estate markets where houses are cheaper than the national median of $415,500, and inventory growth is also positive.

Persons: Realtor.com, haven't Organizations: Realtor.com, Business, homebuyers

☆ The Austin housing market just won't quit. It's an example of what's happening nationwide despite high prices and interest rates.
▼ + stars: | 2024-03-02 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Austin's housing market is heating up again, despite recent forecasts that it would tank. Nationwide forecasts now predict a rise in home prices, despite still-high interest rates. AdvertisementJust when some people thought the Austin, Texas, housing market was going to crash, it's starting to heat up again. This sudden surge in Austin housing sales is a bit surprising. Despite high prices and interest rates, homebuyers are determinedIn 2022, Nicholas Gerli, the CEO of real estate data analytics firm Reventure Consulting, named Austin the No.

Persons: —, Austin isn't, Nicholas Gerli, Austin, Realtor.com, George Rose, Fannie Mae Organizations: Nationwide, Service, Business, Realty Austin, Reventure Consulting, National Association of Realtors, NAR, Federal Reserve Bank Locations: Austin , Texas, Austin

☆ The Best Markets for First-Time Home Buyers
▼ + stars: | 2024-02-29 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

In a market with high prices, low inventory and high mortgage interest rates, no one faces a steeper uphill climb than first-time home buyers. Generally, they have lower incomes and are younger, meaning they’ve had less time to build good credit and amass a down payment. In all, 2,738 markets within the 100 largest U.S. metro areas (with populations of more than 5,000) were considered. For geographic diversity, the top 10 list was limited to one market per metro area. The median home price in each of the top 10 markets was below $300,000 — less than the national median of about $380,000 — and in four of the 10, it was below $200,000.

Thanks to high mortgage rates, mortgage refinance rates, and even higher home prices, the mood among hopeful homebuyers has been fairly bleak. Is there a chance the housing market will crash anytime soon? Though a large number of Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond. The US is currently between 2.3 million and 6.5 million units short of a healthy housing supply, according to Realtor.com. What a housing market crash would mean for homebuyersAnything is possible, and nobody has a crystal ball to see for certain what will happen in the housing market in the coming months and years.

Persons: —, homebuyers, Fannie Mae's, Lawrence Yun, Yun Organizations: Service, Housing Survey, National Association of Realtors, Housing Locations: Chevron

☆ 'If you see a home you love, don't wait': How homebuyers should react to falling mortgage rates, according to Realtor.com
▼ + stars: | 2024-02-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Gradually falling mortgage rates will create a more challenging market, Realtor.com wrote in a new report. They said homebuyers shouldn't wait for lower rates, and buy a home when they're financially ready. Homebuyers shouldn't hold out for lower mortgage rates, as the gradual decline will only encourage other market challenges. Instead, it's best that financially prepared buyers move forward on properties that fit their needs, Realtor.com wrote in on Tuesday. Mortgage rates have been on the decline since peaking at a near-8% level last October, a high not reached since 2000.

Persons: Realtor.com, homebuyers, they're, Homebuyers shouldn't Organizations: Business

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