Homeownership in the U.S. has become increasingly expensive over the years, and it’s not just the purchase price that’s on the rise. The hidden costs of maintaining a home have also seen a significant increase. According to a recent report by Bankrate.com, the average annual cost of owning a home comes to $18,118, or $1,510
Real Estate
Homeowners across the United States are sitting on near-record amounts of home equity. The total home equity for U.S. mortgage holders has surged to over $17 trillion, making it a lucrative option for those looking to leverage their assets towards financial goals. This increase in equity per borrower, which has risen to approximately $305,000 from
Experts in the real estate industry seem to have conflicting views on where the housing market is headed in the latter half of the year. While some, like Glenn Kelman from Redfin, are optimistic about improvements, others remain cautious about predicting market trends. Kelman believes that the housing market has hit rock bottom in the
The real estate market is no stranger to the allure of iconic homes with famous pedigrees. Buyers often find themselves willing to pay a premium for properties that have a piece of pop culture history attached to them. The exact value of this premium is difficult to quantify, as wealthy buyers might be willing to
Many Americans view real estate as a prime long-term investment opportunity, with a recent Gallup survey revealing that 36% of Americans ranked real estate as their top choice for investing. This sentiment surpassed stocks, gold, and savings accounts, among others. The emotional connection that real estate can evoke sets it apart from traditional investments like
Last week, mortgage interest rates climbed to their highest level since early May, leading to a 5.2% decline in total mortgage application volume. This marks the second consecutive week of decreasing mortgage demand, as reported by the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances also saw
The Dubai Mall, one of the world’s largest malls, is set to undergo a massive expansion with an estimated cost of 1.5 billion dirhams ($408 million). This sprawling shopping complex in the heart of the United Arab Emirates’ commercial capital is already a tourist hotspot, housing 1,200 stores, 200 food and beverage vendors, an aquarium,
The real estate market has been a topic of concern for many consumers facing high housing prices. Some attribute these high prices to the activity of private equity firms and real estate investors. In the first quarter of 2024, data from Redfin revealed that investors purchased approximately 44,000 homes in the United States, marking a
When Paul Lester delved into the world of luxury real estate in Los Angeles, he brought a fresh perspective to the standard property viewing experience. By incorporating an art opening into a Beverly Hills property tour, he elevated the entire package, attracting a different kind of buyer. The merging of real estate and art proved
In April, signed sales contracts on existing homes dropped by 7.7% compared to March, marking the slowest pace since April 2020, according to the National Association of Realtors. This decline in pending sales, which are considered a forward-looking indicator of closed sales in the coming months, was also 7.4% lower than in April of the