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There is so much demand for housing and so few homes for sale, that prices have nowhere to go but up — unless they get so high that no one wants to buy.
Home prices and housing demand are both soaring, and real estate agents are desperate to find more homes to list.
One contractor laments that as their phone keeps ringing, “You have to tell them it will likely be a couple years.”
There was already a labor shortage in the construction industry, and two severely damaging hurricanes only made matters worse.
Instead of home sellers paying real estate agents hefty commissions to sell their house, a new “flat fee” method is emerging that could become the new normal. Diana Olick reports.
On the agent side, the draw is that real estate professionals no longer have to negotiate commissions and haggle with other agents.
After two straight years of gains, the rate of home flipping flattened in the second quarter of this year.
At least 300,000 borrowers will become delinquent on their loans when banks initiate foreclosure proceedings after Hurricane Harvey.
Home sales continued their downward slide in July, with buyers signing fewer contracts to buy existing homes.
Low supply, high demand and increased prices cast a long shadow over the housing market — and it could get worse.
Newly built homes are more expensive than they’ve ever been before. That’s why sales are suffering.
As more baby boomers decide to stay in their homes longer, they may be putting added pressure on the country’s tight housing supply. Diana Olick reports.
The housing recovery is suffering partly because baby boomers aren’t downsizing as they used to–it’s getting too expensive.
A generational shift might be behind lower customer satisfaction for mortgage companies.
The median home value in June surpassed $200,000, up 7 percent from a year ago, according to Zillow.