For the fourth consecutive month, the gap between homeowner and appraiser opinions on property values narrowed. Still, homeowners tend to believe their homes are worth more than appraisers do.In September, homeowners’ opinions on home prices tended to be 1.14 percent higher than appraisers, according to the latest National Quicken Loans Home Price Perceptions Index.There is a fair amount of variation in price perceptions across the country, ho
A Toronto couple has settled a three-year-long legal battle against their neighbors, whom they accused of copying the design of their multimillion-dollar home.Jason and Jodi Chapnik allege that a house near them looks “strikingly similar” to theirs. They argued in court that the home is using the same shade of blue and matching grey stonework. They’ve accused the neighbors of decreasing the value of their home and taking away its uniqueness
The majority of consumers start their house search online. But could your website’s housing search functionality be turning off potential buyers? Matt Cohen, chief technology officer at Clareity Consulting, wrote a column at RISMedia highlighting a few common mistakes that real estate websites and apps are making, including:Offering too many search fields. It can make the process more complicated by offering too many parameters to conduct a ho
Fannie Mae’s Home Purchase Sentiment Index matched an all-time high in September, as consumers show optimism for buying and selling. The index now matches the record high that was set in June.“The biggest driver for the increase in the [index] is the rebound in the ‘good time to buy’ sentiment, which outweighed the largest drag—a sizable reduction in the net share of consumers expecting home prices to rise over the next year,” says Do
More borrowers are being dishonest on their mortgage applications.Mortgage fraud risk is up by nearly 17 percent in the most recent 12-month period, according to CoreLogic, a real estate data firm. “Occupancy” fraud is rising the fastest, in which applicants deliberately misrepresent their intended use of the property. For example, a client may tell a lender that they plan to live in the house when they really intend to rent it out. Applicant
Ninety-one percent of closed sales in August contained a sales contingency, allowing a buyer or seller to back out of the contract if certain conditions were not met. This percentage was reported in the August 2017 REALTORS® Confidence Index Survey, a monthly survey sent to more than 50,000 real estate practitioners.The most common contract contingencies in August were related to passing home inspections (19 percent); the buyer obtaining financ
Are you a cat person or a dog person? Which type of pet you pledge your allegiance to may influence where you decide to live, according to a new realtor.com® analysis. Some cities tend to be more welcoming to canines while others favor felines, realtor.com® researchers found. “The West Coast is far more climatically friendly to dogs, especially if you like going to dog parks and schmoozing with other owners every weekend—even in the winter,
Homeowners who have embraced the “tiny home” lifestyle are discovering that it’s not so easy to find a place to put their property. Many tiny houses—usually considered to be between 100 and 400 square feet—are built on trailers with wheels so they can be towed, but zoning regulations in many cities don’t allow for temporary structures such as RVs or other movable homes. These laws also frequently specify a minimum size for a home or l
The federal government is investigating a number of predatory lending schemes targeting thousands of veterans who have Veterans Administration mortgages. Officials say the scams aim to convince borrowers to repeatedly refinance, ultimately paying more on their loans. Some lenders also are being accused of using teaser interest rates, “cash out” windfalls, and lower monthly payments, using marketing materials that sometimes resemble Department
In the midst of a devastating hurricane season, many real estate pros are finding a new role as advisers, helping members of their community find temporary shelter, matching owners of damaged property with contractors or investors, and providing general emergency information. Help from the real estate community is needed before and after a storm, whether that’s handing out information on what to do and how to protect a home or being an informat
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