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MLS Group Commits to Common IDX Feed

NAR Daily News Magazine - April 4, 2018 - 12:00am

MLS RoundTable, a group of multiple listing service providers representing approximately 325,000 real estate professionals, announced today that...

Categories: Real Estate

Blame Stock Market for Loan Demand Drop?

NAR Daily News Magazine - April 4, 2018 - 12:00am

Wild fluctuations in the stock market may be giving some potential home buyers the jitters. 

Categories: Real Estate

Shopping Malls Are Getting Emptier

NAR Daily News Magazine - April 4, 2018 - 12:00am

Mall vacancies reached a six-year high as the sector continues to struggle.

Categories: Real Estate

Young Adults Feel Crushed by Rate, Price Hikes

NAR Daily News Magazine - April 4, 2018 - 12:00am

Are you ready? Ninety-two percent of active buyers age 18 to 34 say rising interest rates will impact their home search.

Categories: Real Estate

4 Demographic Shifts Worth Watching

NAR Daily News Magazine - April 3, 2018 - 12:00am

John Burns of Johns Burns Real Estate Consulting shares the population trends to watch over the next 10 years, and how they will impact the...

Categories: Real Estate

Homeowner Equity Is Hitting a Record High

NAR Daily News Magazine - April 3, 2018 - 12:00am

The amount of equity that owners can tap into is now at the highest level on record, according to a new report.

Categories: Real Estate

More Commercial Deals Don’t Need an Appraisal

NAR Daily News Magazine - April 3, 2018 - 12:00am

U.S. bank regulators said on Monday that commercial real estate transactions less than $500,000 can proceed without an independent...

Categories: Real Estate

Banks Help Qualify Self-Employed Buyers

NAR Daily News Magazine - April 3, 2018 - 12:00am

Self-employed borrowers have struggled to qualify for mortgages with tightened lending rules over the last few years. Some banks are looking to...

Categories: Real Estate

Focus Externally to Boost Revenue

NAR Daily News Magazine - April 3, 2018 - 12:00am

By spending so much time and energy on internal needs, brokerages can miss opportunities to look outward and capitalize on revenue growth.

Categories: Real Estate

Are Builders Starting to Cater to Millennials?

NAR Daily News Magazine - April 3, 2018 - 12:00am

The young generation is increasingly entering the housing market as first-time buyers and are expected to lead the growth in new-home buyers...

Categories: Real Estate

Spring Buyers Want This Type of House

NAR Daily News Magazine - April 2, 2018 - 12:00am

“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish...

Categories: Real Estate

Report: FHA Granted Loans to Ineligible Borrowers

NAR Daily News Magazine - April 2, 2018 - 12:00am

A HUD watchdog group says the agency failed to flag nearly 10,000 customers who were barred under federal guidelines from receiving FHA loans.

Categories: Real Estate

Top 10 Cities for Sellers This Year

NAR Daily News Magazine - April 2, 2018 - 12:00am

Real estate pros and their clients may have an easier time solidifying a sale in these markets, where homes are selling faster and for more money...

Categories: Real Estate

Board Curbs Appraiser Requirements

NAR Daily News Magazine - April 2, 2018 - 12:00am

Faced with labor shortages in the appraisal field, the Appraisal Foundation is easing the qualifications necessary for people to work as a...

Categories: Real Estate

Where Middle-Class Buyers Aren’t Squeezed

NAR Daily News Magazine - April 2, 2018 - 12:00am

Middle-income earners are being hit with income stagnation, rising housing costs, and increasing debt loads, but there are several markets across...

Categories: Real Estate

HELOC Borrowers Express Doubts, Desires

NAR Daily News Magazine - April 2, 2018 - 12:00am

As home prices rise, more homeowners are turning to home equity lines of credit, but they have concerns about cashing out on their home.

Categories: Real Estate

Keys to Buying a Second Home

RisMedia Buying 101 - April 1, 2018 - 1:00pm

(TNS)—If you’ve been thinking about buying a second home, now is a good time to take the leap. Mortgage rates are still historically low.

But there are some vital things to do before you start shopping. Follow these steps to make buying a second home a smooth process:

The best way to start the search for a second home is to find a real estate agent who is familiar with your desired location. This person could provide you information about neighborhoods, market prices and the pros and cons of particular properties.

With an eye toward the long-term value of a property, the agent could fill you in on price histories and how comparable sales have fared, and resale prospects. Factors that tend to help properties hold or increase in value are proximity to a major metropolitan area, ease of access and the availability of year-round amenities.

Factor in additional costs. Today’s second-homebuyers are more interested in enjoying their properties rather than getting a quick return on their investment.

Still, you should consider that you will be away from the property a lot of the time, which usually entails additional costs, such as having a management company check the place in your absence for water leaks, frozen pipes and other problems.

Getting insurance for a second home may be more challenging than it is for a primary residence. If you are considering a second home on the beach, for example, you’ll need flood insurance in addition to regular home insurance. It has become more difficult to get flood insurance in coastal communities, and the cost has increased greatly in some markets.

Be sure you can afford two mortgages. You have to qualify for a second-home mortgage, which is on top of any mortgage debt on your primary home.

Typically, you will need to make a down payment of at least 10 percent, meet credit standards and debt-to-income requirements, and provide documents for income and asset verification.

If you have a good relationship with the mortgage lender on your primary residence, that might be a good place to start your quest for a second-home mortgage.

Take into account the tax implications of your purchase. If you use your home as a true second home, you could get a deduction for mortgage interest and property taxes, just as you do with your first-home mortgage.

Be aware that under the new federal tax law, the cap to the mortgage interest deduction will be lowered from $1 million to $750,000. So if you already have a $750,000 mortgage and get a loan for a vacation home, you won’t be able to deduct the interest on the second mortgage.

If you rent out your second home, you will have to consider additional tax ramifications, particularly if the rental period extends beyond 14 days a year.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

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The post Keys to Buying a Second Home appeared first on RISMedia.

Categories: Real Estate

10 Brokerages With the Most Sales in the U.S.

NAR Daily News Magazine - March 30, 2018 - 12:00am

The annual REAL Trends 500 report reveals the rankings of the country’s largest real estate firms.

Categories: Real Estate

5 Signs It’s Time for an Office Remodel

NAR Daily News Magazine - March 30, 2018 - 12:00am

When the job is rushed out of necessity—just like home renovations—you can end up spending more money on fixes and updates than...

Categories: Real Estate

Mortgage Rates Ease Slightly This Week

NAR Daily News Magazine - March 30, 2018 - 12:00am

The 30-year fixed-rate mortgage fell 1 basis point to an average 4.44 percent this week, Freddie Mac reports.

Categories: Real Estate

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