Consumers looking to purchase a home are continuing to invest in down payments, even though the average amount is modest compared to traditional beliefs. Recent data from Realtor.com shows that in the first quarter of 2024, the average down payment stood at 13.6%, with a median amount of $26,000. While these figures are slightly higher
Real Estate
In recent years, as home values continue to climb, more Americans are finding themselves in a position where they owe capital gains taxes when selling their property. According to a report from real estate data firm CoreLogic, nearly 8% of home sales in 2023 exceeded the $500,000 limit for tax-free profits, up from roughly 3%
Recent reports have indicated a decline in the number of homeowners undertaking remodeling projects. The Leading Indicator of Remodeling Activity (LIRA), a key metric for measuring home improvement and repair spending, peaked at 17.3% in the third quarter of 2022, but has been steadily decreasing since then. Similarly, the NAHB/Westlake Royal Remodeling Market Index, which
As the world becomes more interconnected, many Americans are considering purchasing real estate overseas. According to the latest Trend Report by Coldwell Banker Global Luxury, nearly 40% of U.S. millionaires are planning on buying a home abroad within the next year. Additionally, two-thirds of respondents are looking to purchase a property outside of the U.S.
The mortgage rates have been on a rollercoaster ride this year, starting significantly higher and then slightly decreasing last week. This slight dip in rates sparked new demand, especially in the refinancing sector. The average interest rate for 30-year fixed-rate mortgages also saw a slight decrease, which fueled the interest of potential buyers looking for
When it comes to home financing, the 30-year fixed-rate mortgage is a staple for most U.S. homebuyers. However, what many may not realize is that this offering is quite distinct and uniquely American in nature. Unlike other countries, the U.S. has established a mortgage product that is tailored to spread out repayment over three decades
The dream of owning a home has become increasingly out of reach for renters in 2024. A recent survey by the New York Federal Reserve revealed that only 13.4% of renters believe they will one day be able to afford a home. This percentage is significantly lower than in previous years, with a peak of
Renting a place in a major city is a significant financial decision, as prices are often high. It is advised to spend no more than 30% of pre-tax income on rent, according to financial experts. Researchers at Global Property Guide collected data from government websites and real estate marketplaces to determine the median rental prices
In a time when mortgage rates are on the rise, many consumers are seeking ways to lower their monthly payments. This trend has led to an increased interest in adjustable-rate mortgages (ARMs). These loans typically offer lower initial interest rates compared to fixed-rate mortgages, making them an attractive option for some borrowers. However, ARMs come
The real estate market continues to experience strong demand and limited supply, resulting in soaring home prices. In February, home values jumped by 6.4% year over year, marking the fastest rate of price growth since November 2022. The 10-city composite rose by 8%, while the 20-city composite saw an annual gain of 7.3%. This trend