With mortgage rates and prices high, first-time home buyers find these competing goals aren’t always doable, at least at the same time. Here are points to consider. Jade Akintola and Brandon Thomas Brown are balancing three competing financial priorities — preparing for the birth of their first child, saving up for a down payment on their first home and contributing to their retirement fund. Something, they decided, had to give, so in the sho
As NAR economists predict a fall below 6% by year’s end, new data reveals the rate threshold at which the market would likely be flooded with buyers.Mortgage rates fell for the fifth consecutive week, continuing to help improve affordability for budget-conscious home shoppers this spring. The 30-year fixed-rate mortgage decreased to 6.27% this week, Freddie Mac reports. Rates could be headed below 6% in the coming months as inflation
Real estate taxes have been on the rise over the last few years. Help home buyers avoid sticker shock.Property taxes can make up a sizable portion of homeowners’ budgets, particularly in certain markets. While owners in some locations pay less than $1,000 a year, that bill can top $9,000 in other areas. In general, property taxes are increasing nationwide, doubling in some markets between 2021 and 2022, according to a recent study from ATTOM D
Median on new leases rose to $4,175 in March, even as apartment hunters got more listings to choose from. Manhattan apartment landlords are testing renters’ limits even before the market’s busiest season arrives. The median monthly rate rose to a record-high $4,175 in March, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s up $25 from the previous peak, reached i
The United States Consumer Price Index cooled to 5 percent in March compared to a year ago, but remained elevated overall despite the Federal Reserve’s efforts to harness price growth on consumer goods and housing.The CPI for all urban consumers, a measure of inflation, rose 0.1 percent in March after climbing 0.4 percent in the previous month and 5 percent over the past 12 months, according to Bureau of Labor Statistics data r
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Homeowners aim to lighten up their home’s look on the outside, a new survey finds. The majority of homeowners say they would like to lighten up their home’s exterior with a neutral color palette, according to a new survey of more than 1,400 respondents conducted by The Harris Poll and commissioned by Alside, an exterior building product firm. The top five most popular siding colors for 2023, as identified by survey respondents, are:Off-white/
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Home improvement remains a hot trend as people update their spaces to be more functional for the long-term.Facing lean housing inventory, more would-be move-up home buyers may be feeling stuck in place. As they wait out the market, many continue to tackle remodeling projects on their current home. In fact, remodeling activity surged to a record high last year, according to the 2023 U.S. Houzz & Home Study(link is external), a survey that
Home buyers can expect more savings as borrowing costs continue to decline from their peak in late 2022.Lower mortgage rates are giving buyers a boost at the start of the spring homebuying season. The 30-year fixed-rate mortgage dropped to 6.28% this week, the fourth straight week of declines, Freddie Mac reports. While rates are still higher than they were a year earlier, they’ve gradually scaled back from a 7% peak at the end of 2022.“Compa
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