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Real Estate

4 Financial Lessons Boomers Can Teach Millennials

NAR Daily News Magazine - July 31, 2018 - 12:00am

Younger buyers are on a better financial path than most people assume, and they'll continue to be if they don’t make the same missteps as previous generations.

Categories: Real Estate

How Much Cigarette Smoke Decreases Resale Value

NAR Daily News Magazine - July 31, 2018 - 12:00am

The odor can also linger in a home for months after the smoking owner moves out, according to a realtor.com® study.

Categories: Real Estate

Consumers: Family Ties Don’t Trump Free Dream Home

NAR Daily News Magazine - July 31, 2018 - 12:00am

A new survey reveals just how much prospective buyers would sacrifice in order to score the perfect home at no cost.

Categories: Real Estate

Homeowners Stand to Save More Than Renters

NAR Daily News Magazine - July 31, 2018 - 12:00am

Owners can often conserve more money once housing costs and living necessities are all covered. However, a new study shows those who rent can barely get by in some cities.

Categories: Real Estate

NFIP Extended to Nov. 30, But Reforms Still Needed

NAR Daily News Magazine - July 31, 2018 - 12:00am

The Senate approved a bill Tuesday to keep the National Flood Insurance Program operating for four more months.

Categories: Real Estate

How Move-Up Buyers Are Saving for Their Next Home

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

Many can’t afford the increasing prices of larger properties. But they’re using this method to add to their income and take on a second mortgage.

Categories: Real Estate

Renters Accuse Invitation Homes of Poor Maintenance

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

They complain of incessant water leaks, bug infestations, mold—and even raw sewage soaking into crawl spaces, according to an investigative report.

Categories: Real Estate

Where Homeowners Are Moving the Most

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

These cities show the highest turnover in property ownership.

Categories: Real Estate

‘Anything Goes’ Pricing Strategy ‘No Longer Working’

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

Buyers are more cautious about how much they spend on a home, which should prompt sellers to rethink their high asks, experts say.

Categories: Real Estate

The Kitchen New-Home Buyers Want

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

Is the all-white kitchen still the most in-demand aesthetic?

Categories: Real Estate

Has the Inventory Crunch Begun to Subside?

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

Housing supply nationwide in June posted its first increase in three years, according to NAR.

Categories: Real Estate

5 Reasons You Should Call Instead of Text

NAR Daily News Magazine - July 27, 2018 - 12:00am

While real estate professionals must communicate on different platforms, this is why voice calls might be the best form of contact.

Categories: Real Estate

With Rates Back on the Rise, Prospective Buyers Pause

NAR Daily News Magazine - July 27, 2018 - 12:00am

“The next few months will be key for gauging the health of the housing market,” says Freddie Mac’s chief economist.

 
Categories: Real Estate

Young Americans Push Homeownership Rate Up

NAR Daily News Magazine - July 27, 2018 - 12:00am

However, with sales dropping, some economists are skeptical that the climb will last.

 
Categories: Real Estate

Borrowers Shy Away From Online Mortgages

NAR Daily News Magazine - July 27, 2018 - 12:00am

J.D. Power’s annual list of lenders with the most customer satisfaction reveals that efforts to digitize the process have not moved the needle.

 
Categories: Real Estate

Some Not-So-Tiny Obstacles in the Growing Market for Tiny Houses

RisMedia Consumer News - July 26, 2018 - 3:25pm

(TNS)—When Tom Alsani heard about plans for a tiny-home community in St. Petersburg, Fla., he got so excited he immediately wanted to know more.

“Right now I have a house with three bedrooms, but the kids are gone and I’m trying to downsize,” says Alsani, a quality-control inspector for furniture companies. “To me, a tiny house is very, very attractive. It’s a state of mind; it’s not about how big you have it but the level of contentment and happiness.”

Few housing options have captured the public imagination like tiny houses, seen as an affordable and, yes, adorable antidote to the excesses of modern life. Their appeal is wide—to empty nesters like Alsani, soon to be retired and living on Social Security, to millennials, too burdened with student loan debt to buy a normal-size house, and to vagabonds at heart who like the idea of packing up and hitting the road at a moment’s notice.

But for all the enthusiasm, the tiny house movement isn’t moving very fast. Financing, zoning laws and entrenched attitudes have conspired to limit tiny houses to a tiny percentage of the nation’s housing stock.

“With tiny homes, because it has a new name and is not called an RV or a mobile home, people don’t know how to treat it,” says Preston Melson, a partner in a St. Petersburg company that makes tiny houses.

Today, though, “tiny house” typically means a dwelling of 400 square feet or less on wheels. While the mobility is attractive, it has impeded the widespread acceptance of tiny homes.

Legally, wheeled houses are considered recreational vehicles and are generally restricted to RV parks by county and municipal zoning laws. Many so-called “tiny homers” don’t want to live in RV parks, however, because they cater primarily to vacationers, not permanent residents.

Owners who don’t plan to move their tiny homes can build them as permanent structures on vacant land where zoning permits; thus, the challenge of tiny houses “is where to put them,” Melson says. “That’s the No. 1 enemy.”

Paying for tiny houses is getting easier. Since 2013, SunTrust’s LightStream division has offered tiny-home loans—actually, personal, non-secured loans of up to $100,000—for as long as seven years. Interest rates range from 4.04 percent to 11.04 percent, depending on the borrower’s credit history. (The minimum score is 660, and the applicant must have some assets like a 401(k) or stock.)

Though it has fewer borrowers than for car and home improvement loans, the market for tiny-home loans “punches above its weight,” says Julie Olian, LightStream’s vice president of Public Relations. “Our portfolio has grown as the market has increased. It’s a great way to get a first home and it’s one that’s flexible in terms of where it is [located].”

©2018 Tampa Bay Times (St. Petersburg, Fla.)
Distributed by Tribune Content Agency, LLC

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The post Some Not-So-Tiny Obstacles in the Growing Market for Tiny Houses appeared first on RISMedia.

Categories: Real Estate

‘Fair’ vs. ‘Very Good’ Credit: The Impact on Mortgages

NAR Daily News Magazine - July 26, 2018 - 12:00am

Consumers who make efforts to raise their credit scores from “fair” to “very good” could see significant savings when they apply for mortgages. Here’s how much.

Categories: Real Estate

New-Home Sales May Be in Trouble

NAR Daily News Magazine - July 26, 2018 - 12:00am

Recent reports show the market for new homes is slowing at an unusual time of year. Builders are blaming the summer slowdown on tariff strife.

Categories: Real Estate

Foreign Buyers Lessen Their Investments in U.S. Real Estate

NAR Daily News Magazine - July 26, 2018 - 12:00am

Ongoing housing shortages and rising home prices are prompting international buyers to pause in their recent homebuying sprees in the United States.

 
Categories: Real Estate

Minutes, or Money? Homeowners Save by Trading Off Travel to Work

RisMedia Consumer News - July 25, 2018 - 3:11pm

In city cores, commuting from farther out takes time, but can save thousands, according to an analysis newly released by Zillow.

In Boston, there is a 13.4 percent difference in home prices, typically, between the center of the city and locales 15 minutes out—the highest rate of savings, and totaling $57,260. In Seattle, the difference is 11.3 percent, or $54,599; in Washington, D.C., the difference is 9.4 percent, or $37,709. The analysis factored in 34 of the largest metros, in conjunction with HERE Technologies, a city intelligence and mapping platform.

In approximately one-third of the cities examined, however, the opposite is true. Compared to downtown, homes are pricier in suburbs in Texas—Dallas-Fort Worth, Houston and San Antonio, specifically—and in Baltimore, Detroit and Sacramento. San Antonio has the highest premium rate, at 14.2 percent (translating to $27,509), and Dallas has the lowest, at 0.1 percent ($308).

Convenience costs—but according to Aaron Terrazas, senior economist at Zillow, 15 minutes daily equals five months over a lifetime. With affordability eroding, is shorter travel worth it?

“There has been an urban revival in many U.S. cities over the past two decades driven by evolving preferences among young adults and a long-term shift in the American economy toward service jobs, but, this does come with a cost,” says Terrazas. “In many cities, there’s a growing tradeoff between a short commute and an affordable home. The regular commute to and from work looms large over the typical American worker’s life. Over a 30-year career, reducing your one-way commute by just 15 minutes frees up five months of one’s life for more rewarding pursuits.

“For some home shoppers, it may be worth paying more to spend less time sitting in traffic, but for others, deteriorating mortgage affordability and lifestyle needs and wants make longer commutes a reality,” Terrazas says.

Across age groups, closer commutes are important. According to a January National Association of REALTORS® (NAR) survey, both millennials and the Silent Generation would live in an apartment or townhome if it meant less travel to work.

For more information, please visit www.zillow.com.

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 Minutes, or Money? Homeowners Save by Trading Off Travel to Work appeared first on RISMedia.

Categories: Real Estate