Appraising the value of a home depends as much on its actual age as it does the effective age.
What a house is worth depends on the context. Constructing conventional homes has a price tag that is over 200% greater than barndominiums.
Affordability in the property market continues to be a challenge, leading to fewer homes selling above list price.
Millennial first-time homebuyers are most prevalent in the affordable Midwest and costal metros with high-tech job opportunities.
After the real estate housing market recorded a record 18.25% appreciation in March 2022, annual new home price appreciation slowed to 4%.
While the share of first-time homebuyers declined throughout much of 2022 due to mortgage rate hikes, it recently rebounded.
During the pandemic, more people moved out of expensive metros in search of affordability, outdoor amenities and warmer weather. However, homebuyers’ location choice may shift again.
Electing to accept an appraisal waiver may make the difference between closing on a loan and getting stuck in a repeat bidding cycle.
The question of housing affordability is a common one, and with P&I payments 58% higher than last year, this question has become even more urgent.
While options like iBuying should not be overlooked, it can also be helpful to consult a real estate agent because they can offer advice that stems from learned experience.
Despite the ubiquitous nature of the internet, the human element of real estate transactions remains a critical part of the journey.