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. Demand was still 8% lower than the same week one year ago.The average contract interest rate for 30-year fixed-rate mortgages with
Borrowing costs, which are rising toward 7% again, are putting a damper on the housing market.Recent swings in mortgage rates are helping to drag down contract signings, which fell 5% in January, the National Association of REALTORS® reported this week. Pending home sales, a forward-looking indicator of housing activity based on contract signings, were down 8.8% compared to a year earlier.“The job market is solid, and the country’s total wea
Weatherization, also known as weatherproofing, protects a home’s interior from outdoor elements, moisture and extreme temperature fluctuations.Those who live in cold climates are well versed in adding an extra layer or two to stay warm as temperatures drop. Though homeowners might not think of it as such, the same concept applies to homes in cold climates. Weatherization, also known as weatherproofing, protects a home’s interior from outdoor
New-home sales increased 1.8% to a seasonally adjusted annual rate of 661,000. Economists say the report, alongside improved builder sentiment, shows promise for a robust springNew-home sales improved across the board in January, according to the U.S. Census Bureau and the Department of Housing and Urban Development on Monday.New-home sales, which include when a homebuyer makes a deposit or signs a sales agreement, increased 1.8 percent year
Escalating borrowing costs may interrupt a rebound in home sales—if only briefly.Mortgage rates have started climbing again, reaching the highest level since mid-December. The 30-year fixed-rate mortgage jumped to an average of 6.9% this week, Freddie Mac reports. Home prices also are weighing on buyers’ budgets, with the median price nationwide surging last month to a record $379,100, the National Association of REALTORS® reported.What’s
Navigating the challenges and opportunities of property managementBecoming a landlord can be a promising avenue for generating passive income and building wealth — but it’s not without challenges. From understanding legal requirements to managing tenant relationships, there’s a lot to consider before taking the plunge. These eight essential factors can help you prepare for the responsibilities and opportunities of being a landlord.Foll
Existing-home sales decreased 1.7% annually in January, according to the National Association of Realtors. However, sales did improve 3.1% from DecemberExisting-home sales struggled to break out of a winter slump, according to a National Association of Realtors report published on Thursday.The sale of existing single-family homes, townhomes, condominiums and co-ops declined 1.7 percent year-over-year from 4.03 million in January 2023 to a se
Homeownership rates are up across racial and ethnic groups, according to NAR data, but disparities persist.Homeownership among Asians and Hispanics in the U.S. has hit an all-time high, reaching 63.3% and 51.1%, respectively, according to the National Association of REALTORS®’ 2024 Snapshot of Race and Home Buying in America. The report, which reflects 2022 data, the most recent available, shows an uptick in homeownership rates across min
More apps are popping up to help owners leverage their home in creative ways to earn extra money.Some homeowners are earning extra cash to offset their living expenses by renting out their yards as private dog parks to people with pets.Elizabeth Morton, a homeowner in Candler, N.C., charges $11.50 an hour per dog and earned $36,000 last year renting out her yard. She says she often has 10 bookings a day from pet owners eager to rent her fenced-in
Research from Colliers found that lease rates reached $9.72 per square foot last year despite supply far outpacing occupancy.Despite a considerable increase in available U.S. industrial real estate capacity during 2023, rent rates for warehouse and distribution space jumped far faster.According to year-end data from real estate firm Colliers, lease rates for U.S. warehouse and distribution space spiked 20.6% year-over-year last year and reach an
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