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Real Estate

Shopping Malls Are Getting Emptier

NAR Daily News Magazine - April 4, 2018 - 12:00am

Mall vacancies reached a six-year high as the sector continues to struggle.

Categories: Real Estate

Young Adults Feel Crushed by Rate, Price Hikes

NAR Daily News Magazine - April 4, 2018 - 12:00am

Are you ready? Ninety-two percent of active buyers age 18 to 34 say rising interest rates will impact their home search.

Categories: Real Estate

Spring Buyers Want This Type of House

NAR Daily News Magazine - April 2, 2018 - 12:00am

“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish...

Categories: Real Estate

Report: FHA Granted Loans to Ineligible Borrowers

NAR Daily News Magazine - April 2, 2018 - 12:00am

A HUD watchdog group says the agency failed to flag nearly 10,000 customers who were barred under federal guidelines from receiving FHA loans.

Categories: Real Estate

Top 10 Cities for Sellers This Year

NAR Daily News Magazine - April 2, 2018 - 12:00am

Real estate pros and their clients may have an easier time solidifying a sale in these markets, where homes are selling faster and for more money...

Categories: Real Estate

Board Curbs Appraiser Requirements

NAR Daily News Magazine - April 2, 2018 - 12:00am

Faced with labor shortages in the appraisal field, the Appraisal Foundation is easing the qualifications necessary for people to work as a...

Categories: Real Estate

Where Middle-Class Buyers Aren’t Squeezed

NAR Daily News Magazine - April 2, 2018 - 12:00am

Middle-income earners are being hit with income stagnation, rising housing costs, and increasing debt loads, but there are several markets across...

Categories: Real Estate

HELOC Borrowers Express Doubts, Desires

NAR Daily News Magazine - April 2, 2018 - 12:00am

As home prices rise, more homeowners are turning to home equity lines of credit, but they have concerns about cashing out on their home.

Categories: Real Estate

Keys to Buying a Second Home

RisMedia - April 1, 2018 - 12:00pm

(TNS)—If you’ve been thinking about buying a second home, now is a good time to take the leap. Mortgage rates are still historically low.

But there are some vital things to do before you start shopping. Follow these steps to make buying a second home a smooth process:

The best way to start the search for a second home is to find a real estate agent who is familiar with your desired location. This person could provide you information about neighborhoods, market prices and the pros and cons of particular properties.

With an eye toward the long-term value of a property, the agent could fill you in on price histories and how comparable sales have fared, and resale prospects. Factors that tend to help properties hold or increase in value are proximity to a major metropolitan area, ease of access and the availability of year-round amenities.

Factor in additional costs. Today’s second-homebuyers are more interested in enjoying their properties rather than getting a quick return on their investment.

Still, you should consider that you will be away from the property a lot of the time, which usually entails additional costs, such as having a management company check the place in your absence for water leaks, frozen pipes and other problems.

Getting insurance for a second home may be more challenging than it is for a primary residence. If you are considering a second home on the beach, for example, you’ll need flood insurance in addition to regular home insurance. It has become more difficult to get flood insurance in coastal communities, and the cost has increased greatly in some markets.

Be sure you can afford two mortgages. You have to qualify for a second-home mortgage, which is on top of any mortgage debt on your primary home.

Typically, you will need to make a down payment of at least 10 percent, meet credit standards and debt-to-income requirements, and provide documents for income and asset verification.

If you have a good relationship with the mortgage lender on your primary residence, that might be a good place to start your quest for a second-home mortgage.

Take into account the tax implications of your purchase. If you use your home as a true second home, you could get a deduction for mortgage interest and property taxes, just as you do with your first-home mortgage.

Be aware that under the new federal tax law, the cap to the mortgage interest deduction will be lowered from $1 million to $750,000. So if you already have a $750,000 mortgage and get a loan for a vacation home, you won’t be able to deduct the interest on the second mortgage.

If you rent out your second home, you will have to consider additional tax ramifications, particularly if the rental period extends beyond 14 days a year.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Keys to Buying a Second Home appeared first on RISMedia.

Categories: Real Estate

10 Brokerages With the Most Sales in the U.S.

NAR Daily News Magazine - March 30, 2018 - 12:00am

The annual REAL Trends 500 report reveals the rankings of the country’s largest real estate firms.

Categories: Real Estate

5 Signs It’s Time for an Office Remodel

NAR Daily News Magazine - March 30, 2018 - 12:00am

When the job is rushed out of necessity—just like home renovations—you can end up spending more money on fixes and updates than...

Categories: Real Estate

Mortgage Rates Ease Slightly This Week

NAR Daily News Magazine - March 30, 2018 - 12:00am

The 30-year fixed-rate mortgage fell 1 basis point to an average 4.44 percent this week, Freddie Mac reports.

Categories: Real Estate

Markets Where Prices Hit Record Highs Again

NAR Daily News Magazine - March 30, 2018 - 12:00am

“Never in history have there been more eyes on fewer homes than today,” says a spokesman for realtor.com®, which has released...

Categories: Real Estate

5 Ways to Make a Front Porch Summon Buyers

NAR Daily News Magazine - March 30, 2018 - 12:00am

It’s the first space buyers will see during a showing, so don’t neglect to spruce it up. These attention-grabbing ideas can make a...

Categories: Real Estate

Rental Market Sees More ‘Normal Conditions’

NAR Daily News Magazine - March 30, 2018 - 12:00am

Costs of apartment leases are moderating, and incomes are rising, which is creating a much more financially comfortable situation for renters...

Categories: Real Estate

Home-Selling Can Come With $18,000-Plus Price Tag

RisMedia Consumer News - March 28, 2018 - 2:37pm

Are you a homeowner listing your property for sale? Consider the expenses that are often overlooked by sellers: cleaning costs, moving costs, painting, staging…

“Even in the hottest housing markets in the country, selling a home takes time and costs money,” says Jeremy Wacksman, CMO at Zillow, which assessed the costs that come with listing in the recently released “2018 Hidden Costs of Selling” report.

“From decluttering and staging to pre-inspections, agents and homeowners often spend months behind the scenes prepping a home—well before it’s listed on the market,” Wacksman says. “If you’re planning to sell this year, try to take some time to research what costs you may be responsible for and how they could affect your profit, or even budget for your next house.”

According to the analysis by Zillow, the average homeowner is on the hook for $18,342 when selling, with $4,985 allocated to prep projects and $13,357 going to the agent’s commission and sales taxes. The data was drawn from Thumbtack, which offers quotes for professional services.

Costs differ by market, the analysis found. In San Jose, Calif., where the median price is one million-plus, the average cost to sell is $81,507; in Cleveland, Ohio, where the median price is $137,600, the average cost to sell is $12,986. (Get the complete data for the largest markets.)

Carrying out improvements, though pricey, is worth it, says Lucas Puente, economist at Thumbtack.

“While there could be some initial sticker shock associated with the costs of selling a home, investing in home improvement projects like painting and home staging often proves to be very valuable in the long run,” Puente says. “Homeowners starting to think about selling should take time to research and budget for the projects that can ultimately help sell their home faster and at a higher value.”

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Home-Selling Can Come With $18,000-Plus Price Tag appeared first on RISMedia.

Categories: Real Estate

Contract Signings Start Spring Season on High Note

NAR Daily News Magazine - March 28, 2018 - 12:00am

Pending home sales reversed course in February, increasing in most areas of the country even as a shortage of homes for sale and higher home...

Categories: Real Estate

Facebook Accused of Allowing Discrimination in Housing Ads

NAR Daily News Magazine - March 28, 2018 - 12:00am

Several fair housing organizations sued Facebook on Tuesday, accusing the social media giant of allowing landlords and brokers to discriminate on...

Categories: Real Estate

Some Owners Making Efforts to Cut Property Taxes

NAR Daily News Magazine - March 28, 2018 - 12:00am

The new federal tax law puts a limit on property tax deductions, causing some homeowners to find it beneficial to appeal their property taxes.

Categories: Real Estate

Loan Activity Gets a Boost, Despite Rising Rates

NAR Daily News Magazine - March 28, 2018 - 12:00am

An increase in mortgage rates didn’t suppress loan demand in the kickoff to the spring buying season.

Categories: Real Estate