The average long-term U.S. mortgage rate dropped below 7 percent to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Better affordability statistics in both metro areas mean they’ll likely see more pent-up demand released next year as mortgage rates fall in line with growing certainty about the U.S. economy.
Shelton-based luxury residential brokerage William Raveis has bought its second Massachusetts brokerage in just under two months.
The Biden administration is taking steps to help create more affordable houses and apartments, including accessory dwelling units, which could help fill the inventory gap that plagues the housing sector.
Sellers giving in to a “new normal” for mortgage rates. Home prices staying roughly flat. Demand for apartments and rental houses staying strong. And life not getting any better for the workaday homebuyer.
Some experts expect the nation’s housing markets to begin a long, grinding climb-out next year from the multi-year inventory dives they’ve been on since 2020, but one Connecticut market is expected to be among the nation’s best.
The existing home market has been stymied – by mortgage rates in the 8 percent range and ultra-low inventory – and it’s created an opening for builders to take credit for double their normal share of sales.
These “baskets” were really foil roasting pans creatively wrapped and filled with essential Thanksgiving staples, accompanied by a grocery gift card to purchase a turkey.
Affordability concerns are everywhere in the nation’s many real estate markets, so is it any surprise that the youngest buyer cohorts are increasingly looking to rent out parts of their homes to make ends meet?
In another sign of just how expensive American homes and monthly mortgage payments have become, the National Association of Realtors says the typical homebuyer’s income jumped nearly $20,000 in one year.
Attaching a check to the offer on a house you hope to purchase is thae right way to signal your intentions to the seller. But that means you need to keep your side of the bargain, too.
Homebuyers who can afford to bypass the highest mortgage rates in two decades are increasingly forgoing financing and paying all cash.
Shelton-based luxury brokerage William Raveis Real Estate has planted its flag in Massachusetts’ Pioneer Valley region along the Connecticut River with the purchase of a local firm with offices in Northampton and Amherst.
The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb – modest relief for prospective homebuyers even as home loan applications have slumped to their lowest level since 1995.
This past week’s ruling in one of the two “bombshell” commission lawsuits and Anywhere Real Estate’s and RE/MAX’s earlier settlements in both cases together form a watershed moment that will ultimately force buyer agents to negotiate their commissions directly with the seller and/or their buyer.
Attaching a check to the offer on a house you hope to purchase is the right way to signal your intentions to the seller. But that means you need to keep your side of the bargain, too.
A Missouri jury handed down a verdict Tuesday afternoon that could upend the residential real estate industry and slap its biggest trade group and several major brokerages with at least $1.8 billion in fines.
It happens every election cycle: “If that guy wins,” one side or the other vows, “we’re moving to Canada.” It turns out that’s a lot harder than you might think in practice.
A new report from real estate data firm ATTOM says the few Hartford-area residents who are selling their homes have seen the biggest gain in raw profits among any of the nation’s major metro areas.
