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When you're trying to make your offer as attractive as possible, skipping the inspection may seem like a good idea. Here's why it's not.
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If you’re buying a home in a competitive market and your offers keep getting beat out, you may be tempted to resort to desperate measures. In addition to offering more than the asking price or a quick closing, some buyers agree to waive inspections.
This is never a good idea. The home may look OK to the naked eye, but it’s what’s beyond the surface, or items that you can’t identify as problematic, that cause the biggest issues.
For example, the typical buyer won’t be able to spot asbestos, nor will they see evidence of termite infestation or a leak inside the HVAC system.
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The Department of Housing and Urban Development (HUD), in conjunction with the U.S. Census Bureau released its report on New Residential Sales for November 2017 on Friday.
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The sales figures were seasonally adjusted and came to an estimated 733,000, an increase of 17.5 percent (plus or minus 10.4 percent) from October’s revised rate of 624,000—representing the highest level since July 2007. Additionally, figures increased 26.6 percent (plus or minus 16.6 percent) of November’s estimate a year prior, which totaled 579,000.
New houses sold in November had an average price of $318,700; the median sales price came to $377,100. The report also figures that, at the end of November on a seasonally adjusted level, there are…
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Looking to buy a home in 2018? Use highlights from Trulia's research on 2017's home buying trends to help you make the smartest moves.
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Trulia’s economics research team has spent the year digging into exactly what’s going on out there: How quickly deals are being done, who’s making them, how many are falling through. We looked into where the market has recovered, and where it hasn’t. We did a deep dive into the numbers behind to that eternal question: Is it cheaper to buy or to rent? If you’re looking to buy in 2018, these takeaways mean everything for a successful strategy.
It may seem like boom times in real estate, but in May our data…
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In the not too distant future, if someone were to ask, “How much did your home cost?” the answer would probably be, “18 bitcoins.” For that’s the going rate for an average American home in cryptocurrency, according to a recent analysis reported by Redfin.
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Although most brokerage firms do not currently accept cryptocurrency as a form of payment, the report notes Redfin’s agents in cities across the U.S., especially California, have said they had conversations with people about using cryptocurrency as part of their transaction.
But is cryptocurrency set to become the payment of choice among homebuyers and sellers?
“It’s hard to say whether the use of cryptocurrency to buy and sell homes is a long-term trend or just…
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Homebuyers are becoming increasingly more positive about today’s housing market. According to Fannie Mae’s recent Home Purchase Sentiment Index (HPSI), the number of buyers who say now’s a good time to buy is up seven percentage points for the month—and is nearing its highest point on record.
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The HPSI for November weighed in at 87.8—up from just 85.2 in October and 82.2 last year. Currently, about 29 percent of consumers believe it’s a good time to buy a home.
According to Doug Duncan, Fannie Mae’s Senior VP and Chief Economist, November’s HPSI indicates the market may be in for an upturn come 2018.
“In November, the HPSI rebounded to near its all-time high, returning the index to its gradual upward trend and…
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Expectations are rising for home price appreciation, according to the 2017 Q4 Zillow Home Price Expectations Survey. Home prices have continued to rise, and showed no signs of slowing.
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Zillow sponsors a quarterly survey, conducted by Pulsenomics LLC, which asks more than 100 housing experts, market strategists, and economists what to expert for the U.S. housing market in 2018. The survey has revealed a steady uptick in home price increase, pushed along by the struggling supply over 33 straight months.
Zillow reports that although overall new construction picked up slightly toward the end of 2017, single-family construction was still plagued by a slow pace. Only 16.7 percent of experts who responded to the survey…
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The November RE/MAX National Housing Report recently released, reporting that October home sales increased 2.5 percent year-over-year—keeping 2017 prices ahead of 2016.
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In terms of inventory, the report found that October’s supply decreased to 3.3 percent, representing the lowest for any October since the housing report began tracking data nine years ago.
Median sales prices are now $224,000, which is an increase of 3.3 percent compared to October 2016.
According to Adam Contos, RE/MAX Co-CEO, the housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country.
“With job growth and increased household formation, buyers will struggle and…
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America’s homes are getting bigger, but more space comes at a price: the backyard.
New single family homes are using land relative to home size at near-record levels, even after considering the number of stories homes have.
It’s a trend that has been taking shape for much of the past three decades as lot sizes continue to shrink and home square footage continues to grow. Homes built since 2015 occupy 25% of the land on which they sit, while homes built in 1975 occupy just 13.9%.
Many people like the idea of living in a single-family home and having a yard to call your own along with some space between…
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