It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
Mortgage rates hit 7.17%, the highest in decades. This volatility is making it difficult for buyers and sellers to navigate the market, as rates can significantly impact monthly mortgage payments and affordability. Some buyers are finding ways to adjust to higher rates, but many sales are expected to shift towards the end of May and early June when sellers typically receive better prices.
The cost of a new house can vary based on various factors, including the finishes chosen by the buyers. To save money, potential buyers may consider hiring a contractor later on to add desired finishes after moving in. This strategy can help avoid high costs for unnecessary upgrades during construction, allowing buyers to focus on essential structural elements.
If you locked in a high mortgage rate in recent years, keep an eye out for interest rate cuts from the Federal Reserve. This could be an opportunity to refinance and save on your monthly mortgage payments. However, it's important to consider the closing costs associated with refinancing and compare them to your potential savings. If you bought your home with an FHA loan, you may also consider refinancing to eliminate the mortgage insurance premium.
Newly built homes come with hidden costs that can pop up after the first year of ownership. Property taxes are often estimated based on old data or projected values. When the county reassesses the home's value, taxes can increase significantly, leading to a jump in mortgage payments. To avoid surprises, homebuyers should research the local tax assessment cycle and consult with a loan officer to estimate the potential property tax increase.
After lawsuits over high commissions, the National Association of Realtors has agreed to settle for $418 million. This will affect buyers and sellers, as sellers will no longer automatically pay both realtor fees. Instead, buyers must contract separately with their agent, resulting in lower commissions. The changes aim to reduce housing prices but raise concerns about buyers possibly foregoing agent expertise to save money. The settlement await finalization, but if approved, it will reshape the real estate market.
Homebuyers and sellers can negotiate real estate agent commissions, as 64% of those who attempted negotiation were successful. Agents typically commission a percentage of the sale price, but low-commission and flat-fee alternatives exist. Dual agents may offer reduced commissions as they receive both sides of the split. It's essential to ask about fees, compare rates, and discuss concerns with agents to save money. Negotiating commissions can lead to a more favorable deal and a better understanding of the associated costs.
Chinese authorities will not intervene to rescue debt-ridden real estate companies; instead, they will allow bankruptcy or restructuring according to market principles. This move aims to curb reliance on the real estate sector, which has been contributing heavily to the economy. The government prioritizes promoting affordable housing and ensuring long-term stability in the industry while penalizing developers who breach public interests.
