Average Mortgage Amount Increases to $410,000
Mortgage Bankers Association: With home price appreciation continuing to rise, last week’s average now marks the highest average mortgage amount since May.
More New Homes Are Being Built with 4-Plus Bedrooms
NAHB: Since COVID-19, more Americans want bigger homes: The share of single-family homes started with 4 or more bedrooms rose from 42.6% in 2019 to 45.2% in 2020.
Incorporate Humor on Social Media with Real Estate Memes
Entertaining real estate memes can attract social media users like millennials, who may look at 20 to 30 memes daily, which could lead to a 60% increase in engagement.
Rising Prices Push Home Equity to Its Highest Level in 10 Years
Homeowners with a mortgage gained an average $51,500 in home equity in the second quarter – a 29.3% year-to-year increase. It’s the biggest jump since 2Q 2010.
Better Listing Descriptions? Focus on Readers, Not the House
A listing description’s first sentence should answer readers’ top question: “Why should I keep reading?” Most of the time it will note the home’s most desired feature.
Housing Affordability Hits Its Lowest Point in 13 Years
When calculating affordability, low mortgage rates have offset rising home prices so far, but 75% of U.S. counties are now less affordable than their historical average.
Congress Approves Short-Term Funding to Avert Shutdown
A possible government shutdown – and potential speedbump for closings – was postponed until at least Dec. 3 after Congress voted to approve a short-term extension.
Rent History Will Help More Buyers Qualify for a Loan
17% of buyers who couldn’t qualify for a mortgage should have better luck now that Fannie Mae includes rent history in its lending decisions. Lenders consider a history of on-time rent payments a strong predictor for whether borrowers will make regular mortgage payments.
Housing Costs May be Affecting Employment Numbers
People quit jobs if they grow discontented, and rising rental costs may be causing some discontent: 51.2% of workers say they plan to look for a new job this year.
HUD: Refusing Group Home Rentals Is Fair Housing Violation
Texas single-family landlords refused an applicant who wanted to create a group home for people with mental disabilities. HUD says that’s a fair housing violation.