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LATEST NEWS & EVENTS
Realtor Mag | Friday, May 4, 2018
How to Prevent a Low Appraisal
Many buyers are offering more than the asking price on properties undergoing bidding wars, but when the appraisal reveals the true market value of the home, they may find they’ve agreed to pay too much. Home sales commonly fall through when a property appraises for less than the price the buyer offers; the seller may be unwilling to accept a lower offer, and the buyer may decide the deal isn’t worth it.
Realtor Mag | Thursday, May 3, 2018
Fed Decides to Leave Rates Alone—For Now
The Federal Reserve decided Wednesday that it would not raise rates and keep its benchmark interest rate unchanged, despite rising inflation. Mortgage rates are not directly tied to the Fed’s benchmark rate, but they do tend to be influenced by them.
The Federal Open Markets Committee had raised rates for the first time in 2018 at its last meeting in March. At that time, it had increased the federal funds rate by 25 basis points.
At May’s meeting, the FOMC voted to keep rates the same and maintain the target range at 1.5 percent to 1.75 percent.
Realtor Mag | Thursday, May 3, 2018
Must-Do May Checklist for Homeowners
May marks a golden opportunity for homeowners to assess their home and ensure everything is in tip-top shape before the summer months begin. HouseLogic recently provided a checklist that your clients can use to save both time and money.
Realtor Mag | Wednesday, May 02, 2018
Kitchens Dethroned as Top Remodeling Project
Bathrooms have overtaken kitchens as the most popular remodeling project, according to a newly released survey by the National Association of Home Builders.
"Small-scale renovations are slowly becoming just as popular as large-scale projects, as seen with bathroom remodeling becoming more common than kitchens," says 2018 NAHB Remodelers Chair Joanne Theunissen. "Home owners are finding cost-effective and [faster] upgrades can also add comfort and value to their homes."
Realtor Mag | Thursday, March 22, 2018
GSEs Try to Boost Affordable Housing Efforts
Under an umbrella of higher home prices, mortgage financing giants Fannie Mae and Freddie Mac have recently taken several efforts to try to open up housing options for low- and middle-income buyers. The government-sponsored enterprises have added support for three lower-cost housing options: rural homes, manufactured housing, and the existing stock of affordable homes.
More than 23 percent of Americans live in rural areas. The median incomes in rural areas tend to fall below national levels. Under a Duty to Serve program, Fannie and Freddie will be purchasing more loans in certain low-income areas. Fannie plans to purchase up to 5,000 additional rural single-family loans, and Freddie Mac expects to buy about 3,360 loans by the third year of the program.
Realtor Mag | Thursday, March 22, 2018
Fed Raises Rates: What This Means for Mortgages
The Federal Reserve voted Wednesday to raise its short-term interest rates, and that likely will mean more mortgage rate increases are on the horizon. The Fed’s rates are not directly tied to mortgage rates but tend to follow 10-year Treasury bonds. However, mortgage rates are often influenced by the Fed’s rates.
The Fed increased its federal fund rate from 1.5 percent to 1.75 percent, which is the highest level since 2008. The Fed’s move Wednesday marks the first of what many economists predict will be three rate hikes this year. Some economists are predicting the federal funds rate to be at 2.1 percent by the end of the year.
Realtor Mag | Thursday, March 22, 2018
Gen Z Already Buying Homes
Generation Z—the post-millennial generation—is already making a move into homeownership. This generation—which tops out at age 23—consists of those born in 1995 or later.
Nearly 100,000 members of Gen Z have a mortgage, according to data from TransUnion, a credit agency. Their average loan balance is $140,000.
Realtor Mag | Thursday, March 22, 2018
‘Super Wood’ Could Be the Next Steel
University of Maryland researchers announced they’ve created a way to make wood stronger, lighter, and cheaper than steel. The researchers see the super wood as having a major influence in the building industry one day.
“This new way to treat wood makes it 12 times stronger than natural wood and ten times tougher,” says Liangbing Hu, a Maryland professor and leader of the team who conducted the research. “This could be a competitor to steel or even titanium alloys, it is so strong and durable. It’s also comparable to carbon fiber, but much less expensive.”