Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

Send me a message

Feed aggregator

Real Estate Competition Fierce, Experts Say

NAR Daily News Magazine - June 6, 2018 - 12:00am

The Federal Trade Commission and the Department of Justice heard from a variety of sources Tuesday that nontraditional...

Categories: Real Estate

‘Low Price’ Homes Appreciating Fastest

NAR Daily News Magazine - June 6, 2018 - 12:00am

Gains for lower-priced homes are seeing significantly higher increases than more expensive homes, a new report shows.

Categories: Real Estate

4 Issues Prompting Settlement Delays

NAR Daily News Magazine - June 6, 2018 - 12:00am

The majority of contracts settled on time in April, but for the 17 percent that saw a delay, here’s what was to blame.

Categories: Real Estate

With Rentals, Concessions Becoming the Norm

NAR Daily News Magazine - June 6, 2018 - 12:00am

Many markets are being saturated with new apartment buildings, and developers are now finding they need to offer incentives to tenants in order to...

Categories: Real Estate

Loan Demand Surges on Lower Rates

NAR Daily News Magazine - June 6, 2018 - 12:00am

Mortgage applications reversed course as homeowners and home purchasers took advantage of the lowest rates in six weeks.

Categories: Real Estate

Lava Destroys Hundreds of Homes in Hawaii

NAR Daily News Magazine - June 6, 2018 - 12:00am

A magnitude 5.5 earthquake shook the island Tuesday night, reportedly causing ash to spew a mile into the air.

Categories: Real Estate

June Is National Homeownership Month

RisMedia Consumer News - June 5, 2018 - 3:28pm

June is National Homeownership Month, and the industry is recognizing the importance of homeownership as a milestone of the American Dream.

This year’s theme, set by the Department of Housing and Urban Development (HUD), is “Find Your Place.” HUD is one of many agencies that provide resources to help consumers obtain and sustain homeownership. Through its network of housing agencies, consumers can seek out counselors for homeowner education, foreclosure prevention and budgeting assistance. With mortgage options through the Federal Housing Administration (FHA), consumers with low credit or low-down payment funds can reach their homeownership goals faster—a significant method of aid for millennials and upcoming buyer generations flooded with student loans, making it difficult to amass the funds needed for conventional financing. According to HUD, over 47 million homeowners since 1934 purchased a home with a mortgage insured by FHA, and around 40 percent of all borrowers purchase their first home using an FHA loan.

“Homeownership serves as an enduring symbol of security and prosperity, and it provides many Americans with a legacy they can pass down to their children and grandchildren,” said HUD Secretary Ben Carson in a statement. “During National Homeownership Month, we recognize the abiding value of owning a home, and we rededicate ourselves toward helping hard-working families to find their place in the American dream.”

Although homeownership rates are currently stalled at 64.2 percent, experts say the lack of dramatic increase is a reflection of a market that is withstanding challenges such as low inventory and rising interest rates. While the number has not moved much since the first quarter of 2017, there have been gradual increases since 2016, following a significant drop after the housing crisis.

While the National Association of REALTORS® (NAR) celebrates its commitment to homeownership year-round through resources provided on its Homeownership Matters and HouseLogic sites, NAR President Elizabeth Mendenhall recognized June as a pivotal time to reaffirm the association’s mission to promote homeownership.

“National Homeownership Month is a time to celebrate and promote the modern American Dream of owning a home,” said Mendenhall in a statement. “Homeownership changes lives and enhances futures, and many Americans see it as one of their greatest hopes. These individuals are counting on the nation’s 1.3 million REALTORS® to champion and protect homeownership and help make it more affordable, attainable and sustainable. REALTORS® pledge to continue to lead efforts to ensure that the dream of homeownership is not only possible, but very real, for any and all who want to achieve it, so they can have a place of their own to make memories, start growing their financial futures, and build strong communities.”

In addition, Freddie Mac’s website for National Homeownership Month provides valuable resources for homeowners, such as educational articles, homeownership program statistics and opportunities consumers can take advantage of in order to make their homeownership dream a reality.

According to the National Association of Home Builders (NAHB), primary residences are ahead of all other financial assets, business interests and retirement accounts, accounting for nearly one-quarter of all assets held by households in 2016, as reported in the latest edition of the Federal Reserve’s Survey of Consumer Finances.

“Homeownership is a primary source of net worth for many Americans, and is an important step in accumulating personal financial assets over the long term,” said Randy Noel, chairman of the NAHB, in an interview on NAHBNow.

In recognition of National Homeownership Month, NAHB is making a toolkit available for its members; the toolkit includes a video on the value of homeownership, sample social media posts, radio scripts and other talking points, relevant articles, and even print ads showcasing the benefits of homeownership.

Citing the passing of the Economic Growth, Regulatory Relief and Consumer Protection Act and this past year’s tax reform bill as recent progress, President Donald Trump released a statement pledging the administration’s commitment toward increasing homeownership incentives across the country:

“During National Homeownership Month, we affirm the joy and benefits of homeownership. For millions of Americans, owning a home is an important step toward financial security and achieving the American Dream. My Administration is committed to fostering an economic environment in which every family has the opportunity to enjoy the sense of pride and stability that can come with owning a home.”

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post June Is National Homeownership Month appeared first on RISMedia.

Categories: Real Estate

‘Hypervacancy’ Reaches ‘Epidemic Levels’

NAR Daily News Magazine - June 5, 2018 - 12:00am

Many formerly industrial cities are grappling with a glut of large, vacant buildings—some stretching across entire blocks of neighborhoods,...

Categories: Real Estate

Survey: Owners Say HOAs Protect Home Values

NAR Daily News Magazine - June 5, 2018 - 12:00am

The majority of Americans prefer living in a neighborhood with a homeowners association, saying it preserves curb appeal, promotes safety, and...

Categories: Real Estate

First-Time Buyers Account for More Mortgages

NAR Daily News Magazine - June 5, 2018 - 12:00am

They took out 46 percent of mortgages backed by Freddie Mac in the first quarter of the year—a record for the GSE.

Categories: Real Estate

Report: Higher Prices, Rates Are Unsustainable

NAR Daily News Magazine - June 5, 2018 - 12:00am

“A half percentage point increase in interest rates each year, combined with the current rate of [monthly home price appreciation], would...

Categories: Real Estate

Homeownership Still Vital to Build Wealth

NAR Daily News Magazine - June 5, 2018 - 12:00am

As June marks National Homeownership Month, housing groups say real estate continues to be the largest component of individual financial stability...

Categories: Real Estate

Help Millennial Buyers Make Smart Decisions

NAR Daily News Magazine - June 5, 2018 - 12:00am

General interest in homeownership increases more and more, and rental growth is petering out. But buying is still a challenge for millennials....

Categories: Real Estate

Agent Fined Nearly $3K for Profuse Signage

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

City officials in Huntington Beach, Calif., say real estate professional Jerry Del Mauro displayed too many open house signs, violating an...

Categories: Real Estate

New-Home Features Change as Inventory Rises

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

More newly built homes are on the market than at any point since the Great Recession, according to the Census Bureau. These are their most common...

Categories: Real Estate

Where to Find Homes for Less Than $100K

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

Home shoppers looking for a bargain can still score deals in these cities.

Categories: Real Estate

Survey: Neighborhood ‘Vibes’ That Draw Buyers

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

Whether it’s “quiet and quaint” or “modern millennial,” the look and feel of an area is an important consideration...

Categories: Real Estate

Most Baby Boomers Plan to Delay Retirement

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

The inability to afford quality health care and housing is one reason older Americans say they must continue working later in life.

Categories: Real Estate

Vermont Joins Effort to Attract Relo Buyers

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

Several states and cities have been offering relocation buyers financial incentives—including paying off student loan debt—to move...

Categories: Real Estate

At Home in Retirement: Boomers Facing a Hard Truth

RisMedia Consumer News - June 3, 2018 - 12:03pm

Baby boomers are on the cusp of retirement, but the ability to afford their desired lifestyle is at odds with their preferences, according to a recent report by The NHP Foundation (NHPF), an affordable housing nonprofit.

Of the boomers surveyed for the report, 85 percent want to be in the home they have now in retirement, but, of those, 76 percent have no budget for retirement, or anticipate half of their income will be Social Security—not enough to sustain, according to The NHPF. Despite the disconnect, 83 percent are confident their current home will be their home in retirement; just 17 percent believe they will have to move.

There are boomers who are concerned about housing, however; in fact, housing is one of their three top worries: being unable to afford healthcare (cited by 36 percent), being dependent on their kids (28 percent), and having to live in a home outside their standards (22 percent). For boomers, affordability is the No. 1 factor in their housing in retirement.

One-thousand Americans aged 50 and older (non-retirees) participated in the report.

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 At Home in Retirement: Boomers Facing a Hard Truth appeared first on RISMedia.

Categories: Real Estate