Though millennials express desire for homeownership, they aren’t saving anywhere near what they need for a down payment. About 80 percent of millennials recently surveyed by rental website Apartment List say they hope to one day buy a home, but 36 percent say they’ll likely need to wait more than five years before they can. Only 16 percent believe they’ll be able to buy within two years, according to the survey of 24,000 millennial renters
Not everyone is heading to a major metropolis. You may not have even heard of many of the metros topping the Census Bureau’s latest list of fastest-growing cities—but that may change as their populations surge.The nation’s fastest-growing city this year is Conroe, Texas. About 40 miles outside of Houston, Conroe saw its population increase 7.8 percent between July 1, 2015, and July 1, 2016, according to the Census report, which only include
Low mortgage rates and strong job growth are giving the housing market one of its best years in decades—even as overall economic growth has weakened—according to Freddie Mac’s monthly Outlook report for May. The report’s optimism is a change from the mortgage giant’s previous predictions, when economists said the housing market likely would not perform as well as it did in 2016.New-home sales in March were better than expected, and exis
Warn homeowners that more reports are surfacing of a microscopic parasite nesting in community and residential pools and hot tubs. The parasite, known as Cryptosporidium or “Crypto,” can make people sick, and the Centers for Disease Control and Prevention warns that the problem is rising to epidemic levels nationwide.Traces of fecal matter from humans and pets found in pools and hot tubs are leading to the increase in Crypto cases, the CDC sa
Despite rising home prices, it’s still cheaper to own a home than to rent, reports CNBC. But the toughest part for those who want to buy is actually finding a home.Inventory levels in April dropped 9 percent compared to a year ago, and listings spent an average of 29 days on the market before selling—the shortest timeframe since the National Association of REALTORS® began tracking such data in 2011.“One thing we added this month to our REA
Homes with solar panels tend to sell for higher prices than comparable homes with conventional energy, studies show. One study, released two years ago by Lawrence Berkeley National Laboratory, found that solar homes sell for a 15 percent premium. But selling these homes can require extra preparation on the part of real estate agents.The biggest issue is how the panels were financed. If the owner simply bought the panels, there shouldn’t be any
Fannie Mae is cracking down on selling foreclosed homes to firms that it says engage in abusive forms of seller financing, which could include rent-to-own leases or longer term installment contracts known as contract for deed, The New York Times reports.In its first action on the new policy, Fannie Mae said it would no longer sell properties to Vision Property Management, which operates in more than a dozen states and is one of the largest firms
Investment companies are betting big that the rental boom will continue, which is why they’re still snatching up properties even as foreclosures dry up.Following the financial crisis, investors purchased foreclosures on the cheap and then rented these single-family homes out for profit. It’s a move that worked for several years, but now there are fewer foreclosures to buy, home prices are on the rise, and there’s fewer homes overall on th
In the first quarter of 2017, nearly one in five home buyers focused their online searches on properties outside of their current metro area, according to an analysis by Redfin of nearly 1 million users searching for homes across 75 metro areas.There are not enough “budget-friendly housing” options to make consumers want to stay loyal to their current cities, says Nela Richardson, Redfin’s chief economist. “For many, the only path to hom
One week after facing a class-action lawsuit over its home-price tool, Zillow is looking to improve it with a contest. The real estate website is offering a $1 million award to the “person or team” who can improve its Zestimate, an online tool meant to help people estimate the value of their property. Zillow officials say the contest has been in the works for more than a year and was not motivated by the lawsuit.Last week, Zillow faced a clas
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