According to Redfin, the typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their home’s buyer. That’s down from an average of 2.62% in January 2024. Commissions have been gradually declining over the last few years, from an average of 2.89% in 2013 to 2.66% in 2023. But news…
Based on Freddie Mac’s latest Primary Mortgage Market Survey, the U.S. 30-year fixed-rate mortgage averaged 6.86 percent as of June 27, 2024. Sam Khater “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s Chief Economist. “By historical standards, the economy is in good…
According to the National Association of Realtors, U.S. Pending home sales in May slipped 2.1 percent. The Midwest and South posted monthly losses in transactions while the Northeast and West recorded gains. Year-over-year, all U.S. regions registered reductions. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings…
Our buyers closed two weeks ago. They had only been complaining about a smell on the basement stairs, even though the contract post-inspection only required us to clean the brand-new carpet and fix some electrical issues. Nothing about remedying a smell. The carpet cleaner they chose even said it just smelled like a typical concrete…
I’m looking at a small vacant lot in Maryland, being sold as 1 of 5 other vacant lots. They are all builder owned. The deed does not describe any restrictions regarding improvements, and the builder does not require the buyer to use him for any new construction. It’s advertised ‘No HOA.’ Is it possible for…
Set to close in 5 days in NJ. Today our real estate attorney said the seller is backing out. Apparently they didn’t like something they saw in their new-build home (cracked foundation) so they cancelled their purchase and decided not to sell their current house. 100% of our escrow will be returned, sellers verbally offered…
Why are closings in New York City so painstakingly slow? We have been in contract since May 4. A simple condo sale. The buyers have their mortgage guarantee letter, 47 days after the contract, and we still wait for a closing date, while our sellers in NJ impatiently awaiting our closing date. We hear stories…
I was the top bidder in an auction, but a few days before it was set to close, the auctioneer informed me that the seller had accepted a private bid and ended the auction early. Surprisingly, the auction website shows the same bid amount as mine. I asked the auctioneer and they told me they…
When it comes to selling your home, staging and decorating can play a crucial role in making a good first impression on potential buyers. Here are some tips to help you make your home look its best: Declutter: One of the most important things you can do is to declutter your home. Remove any excess…
Buying a fixer-upper can be an attractive option for many homebuyers, as it allows them to purchase a home in a desirable area at a lower cost. However, there are both pros and cons to buying a fixer-upper that should be carefully considered before making a decision. One of the biggest advantages of buying a…