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Graphic depicting rising homeowner mortgage rates

What Happens When Mortgage Rates Break 7%?

NAR Chief Economist Lawrence Yun paints a picture of what could happen with borrowing costs once it passes a critical threshold. Mortgage rates remained just shy of 7% this week—the 30-year fixed rate loan is at 6.94%—which could be a “new normal” after recent rapid increases in borrowing costs, says Nadia Evangelou, senior economist and director of forecasting for the National Association of...

Man hanging up a 'For Sale' sign

Home Prices, Bidding Wars Withstand Sliding Sales

There’s some encouraging news in NAR’s latest housing report, though sales of existing home are still falling amid economic uncertainty. Home sales continued sliding in September as home buyers retreat from the market amid near-7% mortgage rates and mounting recession fears. Total existing-home sales—comprising transactions for single-family homes, townhomes, condos and co-ops—dropped 1.5% last...

An aging kitchen in need of being updated

Aging Housing Stock Prompts Remodeling Boom

The median age of a home in the U.S. is 39 years old. The aging housing stock signals a growing remodeling market ahead, according to a new report from the National Association of Home Builders. As homes age, they need repairs or updated components such as appliances. Homeowners may add amenities to older homes as well, to have them better compete against more modern home styles and amenities. The...

Four female REALTOR volunteers helping their community

Results of National Call for REALTOR® Volunteerism Are Huge

From volunteering at local homeless shelters to community cleanup efforts, REALTORS® turned out in large numbers during the nationwide REALTOR® Volunteer Days, and the results of their giveback efforts are rolling in. At least half of the nation’s 1,138 local and state REALTOR® associations planned volunteer projects and invited their members to join the efforts during the week-long nationwide...

Person controlling their home using technology (smart home)

Smart-Home Tech That Helps Homeowners Age in Place

Smart-home technologies may help a growing number of older adults age in place, enabling them to improve their quality of life and continue to live independently longer, research shows. “Emerging technologies like smart beds and systems that detect falls can make aging in place a safer and more viable option,” Nadia Evangelou, senior economist and director of forecasting for the National Association of...

Two patches of grass shaped like footprints in the hardened mud

Looking to Cut Your Carbon Footprint? There’s an App For That

April 22 marks Earth Day and a new mobile app is showing homeowners how to track and reduce their home maintenance costs and carbon emissions. Dwellin is touted as a free, sustainable home mobile app that can help home, apartment, condo, and townhouse owners estimate and reduce annual home maintenance costs and their carbon footprint. “EV manufacturers, governments, and businesses are all working...

a man and a woman stressed-out over their housing situation

Housing Affordability Is Stressing Out Buyers

High home prices and mortgage rates are serving as a wake-up call to potential home buyers this spring that their budgets just aren’t going to go as far as they would have a year ago. In the first quarter of this year, 81% percent of consumers said they could afford less than half the homes for-sale in their markets. That marks the highest share since before the pandemic, the National Association of Home...

Graph showing that Americans are buying smaller homes than at the height of the pandemic

Downsizing Trend Taking Root as Home Prices Rise

Every square foot can count in pricing a home. As such, home buyers are purchasing smaller homes as prices continue to soar. New data from Redfin shows that Americans are purchasing smaller homes than they did earlier on in the pandemic. In March, the typical home under contract was 1,720 square feet. That is down 1.8% compared to a year ago and about the same size as homes that were selling prior to...

$100 bills folded into the shape of a house resting on an outstretched human hand

Home Seller Profits Averaged $94K in 2021

Home sellers in 2021 may have been a little shocked at the profit they made selling their homes. A report shows that home sellers nationwide realized a profit of $94,092 on a typical sale in 2021, up 71% from two years ago, according to ATTOM Data Solutions, a real estate data firm. Home seller profits rose in more than 90% of the housing markets tracked based on median purchase and resale prices,...

An older and younger homeowner standing before their house

Owners Under 30 Want to Move, Seniors Want to Stay

Americans under the age of 30 are on the move. They’re buying, selling, and moving at high rates, largely driven by career changes and the pandemic, according to the new State of Homeownership Report released by Matic, an insurtech platform. Senior homeowners, on the other hand, are less likely to change their living arrangements or consider refinancing compared with younger adults, the survey...

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