Homebuyers

Young adults increasingly need help from a parent, or other older adult, to buy their first home. The tough market is removing some of the stigma.

Softer demand for second homes has led to greater inventory in some markets, but overall, the climate is still competitive for buyers.

More agents might start charging buyers hourly rates or working on retainer.

According to real estate firm Zillow, the typical buyer pays $2,188 monthly — well above the 30% of median income guideline used to calculate housing affordability.

People who sold a median-price home last year made more than $120,000 in profit on a typical sale, according to a new report out today from the property data company ATTOM.

The median age of first-time homebuyers is now 35 — up from 29 in 1981. And the median age of all homebuyers is now 49 — up from 31 in 1981.

The jurors found that the National Association of Realtors and a couple of big brokerages conspired to inflate commissions.

A lot of homebuilders are working with lenders to offer lower mortgage rates — or they're offering other incentives like money towards closing costs.

The average monthly payment on a new mortgage rose 46% in 2022, and home prices and mortgage rates have continued to climb in 2023.

Both the buyer and the seller have unrealistic expectations right now, while prices and mortgage rates are high.