Homebuilders started on fewer new homes in March as the COVID-19 pandemic spread across the nation. New construction was at a pace of 1.22 million units in March, the Commerce Department reported Thursday. However, that number is still 1.4% higher than a year ago.Building permits—which help gauge future construction activity—were at a seasonally adjusted rate of 1.35 million in March, still 5% higher than last year’s rate. Nevertheless, a s
Where would we be without family and friends? More of us would be apartment dwellers, according to a new report from the National Association of REALTORS®. Thirty-two percent of first-time homebuyers received a gift or loan from a relative or friend last year, according to the report, and 8% of repeat buyers received down payment gifts, according to “2020 Downpayment Expectations & Hurdles to Homeownership.” The report, released today, i
Real estate sales are continuing on within a global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that some are willing to put an offer on a home without even physically stepping inside.A quarter of REALTORS® surveyed reported that their clients put contracts on homes this week without physically seeing the property. The survey was released Thursday by the National Association of REALTORS®.As stay-at home o
Last year marked the fifth consecutive annual increase in the Hispanic homeownership rate, the only demographic with five consecutive years of gains, according to a new report released by the National Association of Hispanic Real Estate Professionals. Hispanics added 277,000 new households last year, a 31.4% net growth.Hispanic homeownership rates last year posted the largest gains in Houston; Dallas; New York/Jersey City; Riverside/San Bernardin
Real estate has been the sole road to wealth for many of the world’s billionaires. Overall, there are 256 billionaires in the world whose main business is in real estate—up by 17 a year ago, according to the Hurun Global Real Estate Rich List 2020.China is the leader at 137, 54% of the international total, the report shows. Hong Kong is home to the most real estate billionaires.Meanwhile, the U.S. boasts 34 real estate billionaires, or 13% of
The IRS has moved the federal tax day to July 15, but in preparation, there are several things real estate pros can do to lower their tax bill. Many agents and brokers classify themselves as self-employed under federal tax guidelines. Income tax, therefore, is not automatically withheld from paychecks and generally must be paid through quarterly estimated tax payments.Self-employed status means that real estate pros may be eligible to deduct thei
The first round of stimulus checks is expected to reach Americans on Wednesday, and consumers are already making plans for how they plan to use the funds. More than one in four—or 28%—of about 1,000 Americans surveyed said they’ll use their check to cover rent and mortgage costs, according to a survey from Creditful, a personal finance resource.Millennials are the most likely to use their checks for housing, the survey finds. They plan to u
The IRS extended more tax deadlines to cover individuals, trusts, estates, corporations, and more, including deadline extensions for both 1031 like-kind exchanges and opportunity zone investments. Both programs are to help spur economic growth in communities. The National Association of REALTORS® advocated for both extensions.Last month, the IRS had announced that taxpayers have until July 15 to file and pay 2019 federal income taxes. The origin
Could less-dense cities grow in popularity? The housing market saw some shifts in March as a global pandemic struck the U.S. and prompted stay-at-home orders across cities and states.Realtor.com®’s monthly top 20 list for March “is not fully reflective of the effect of the coronavirus,” says Javier Vivas, director of economic research at realtor.com®. “We’re still about a month away from seeing how supply and demand are going to play
The amount of property taxes levied on single-family homes last year totaled $306.4 billion, up 1% from the year prior, ATTOM Data Solutions reported Thursday. Most homeowners faced a higher tax bill in 2019, averaging $3,561 per home—or an effective tax rate of 1.14%--although that varied considerably from county to county.Nevertheless, “the nationwide increase was the smallest in the last three years, a sign that cities, towns, and counties
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