The national median home price surged to $263,800 in June, a record high, according to the National Association of REALTORS®. That has prompted some buyers to hit the pause button.Buyers were still requesting tours at the same rate in June; however, 11 percent fewer buyers were submitting an offer, according to a recent survey by the real estate brokerage Redfin, which surveyed 15 major metro housing markets.Typically, the housing market starts
The mansion featured in the 1960s TV series “The Beverly Hillbillies” hit the market this week for $350 million, making it the priciest listing in the U.S.The neoclassical house, built in 1933, was used in the hit TV show to depict a rags-to-riches story of Jed Clampett and his family who moved from Limestone, Tenn., to Beverly Hills. The home in real life belonged to billionaire Jerry Perenchio, who died in May at the age of 86. He lived in
Sale prices of luxury homes in the second quarter of the year surged 7.5 percent compared to a year ago. It’s the first time the luxury market’s gains outpaced the rest of the market since 2014, according to data by the real estate brokerage Redfin. Redfin defines the luxury markets as the top 5 percent of the priciest homes sold in each city.But one of the main reasons behind the luxury market’s strong performance may be because sellers ha
More than half of American homeowners—58 percent—say they expect there will be a “housing bubble and a price correction” within the next two years, according to the latest survey of more than 1,000 Americans from ValueInsured’s Modern Homebuyer Survey.Many consumers surveyed say they believe that real estate is reaching the top of the market. Because of that, 83 percent of Americans surveyed say now is a good time to sell their home, up
A brokerage can now target past visitors to its site and present them with relevant Facebook adsFacebook has unveiled its first ad product designed specifically for the real estate industry.“Dynamic Ads for Real Estate” allows a brokerage to advertise relevant listings to Facebook and Instagram users who have previously searched for properties on the brokerage’s website.With a Facebook employee telling Inman that the online giant is “b
The biannual Imprev Thought Leader Study digs into where brokers are planning to invest resourcesKey Takeaways Mobile apps and social media will continue to be important outlets for real estate agents; portals and search advertising were considered less important by respondents. Respondents plan to invest in predictive analytics and big data; fewer planned to invest in artificial intelligence or virtual reality platforms.Mobile is still ultra-hot
Retiring baby boomers are popularizing the idea of “aging in place,” modifying their current homes to allow them to live independently for as long as possible. This may mean adding handrails or hands-free faucets in bathrooms or larger conversions of multilevel homes that allow for first-floor living.But certain locations may offer more “aging in place” features than others. Realtor.com® scoured listing data in the 300 largest U.S. metro
“Tiny house regret” is becoming a thing, as homeowners who downsized to the extreme to simplify their lives find that it’s not always as cheap or easy as they thought. Reader’s Digest spotlights some of the hidden costs of tiny homes, which are often defined as 400 square feet or less.The home’s foundation can increase building costs. Location isn’t the only thing that can make building a tiny home expensive. If buyers choose to b
When your seller receives multiple bids on their property, the highest offer shouldn’t always be their default choice. If it comes with an appraisal contingency—and the appraised value doesn’t match the sale price—your seller could be back at square one, looking for another buyer.With the national median home price reaching $263,800 in June—a record high, according to the National Association of REALTORS®—home prices in many markets
As home prices continue to rise, some mortgage lenders are loosening their underwriting standards so borrowers can purchase property sooner. “The reality has sunk in that there are buyers out there who will be able to buy homes and make the mortgage payments,” William E. Brown, president of the National Association of REALTORS®, told mortgage industry news website OriginatorTimes.com. The industry is “trying to give them more options to bu
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