Zillow Says Extra Hidden Costs for Homes Could Cost Up to $15,000

Today’s News Synopsis:

The sizes of single-family homes are becoming smaller as more people are shopping for townhouses and the size of the home is decreasing.  Mortgage rates decreased this past week with 30-year rates now at 4.02% and 15-year rates at 3.27%.  Zillow revealed extra costs homeowners may find themselves having to pay for their house, which could cost up to $15,000.

In The News:

NAHB – “New Single-Family Home Size Continues to Trend Down” (5-17-2017)

“After increasing and leveling off in recent years, new single-family home size continued along a general trend of decreasing size during the start of 2017.”

Freddie Mac – “Mortgage Rates Edge Down” (5-18-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed mortgage rate remaining around four percent for the fifth consecutive week.”

Zillow – “U.S. Homeowners Can Spend $15,000 in Hidden Costs to Sell a House” (5-18-2017)

“Nationally, U.S. homeowners spend $15,190 on average in extra or hidden costs associated with selling their home, according to a new analysis from Zillow and Thumbtack. Since most (63 percent) of today’s sellers have never sold a home before, some of these costs could come as a surprise.”

Bloomberg “Real Estate Deals Vanish in New York” (5-18-2017)

“Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.  Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.”

Realtor.com – “What Is a Mansion?  The Luxury Home Next Door Might Not Qualify” (5-18-2017)

“What do you think of when you hear the word “mansion”? Do visions of huge manor houses with acres of lush green lawn, sweeping staircases, and grand ballrooms dance through your head?”

Market Watch – “Zillow advertising under CFPB fire sets real estate industry on edge” (5-18-2017)

“Earlier this month, Zillow Group Z, -0.65%  , the popular online real estate data provider, reported blowout earnings. Revenue rose 32% compared to a year ago, and online visits were up 18%.”

CNBC “Real estate CEO: Record-low housing inventory is ‘freaking us out'” (5-18-2017)

“The number of homes for sale in America has been falling steadily for the past year, but the situation is apparently getting much worse as spring demand heats up.”

Realtor.com “How Risky a Mortgage Applicant Are You?  Here’s How to Find Out” (5-18-2017)

“Mortgages aren’t just handed out like free toasters at a bank. On the contrary, before lenders fork over that big bundle of cash that you need in order to buy a home, they’ll size you up carefully to try to determine whether you’re worth the risk.”

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $175,000 on this single family property appraised for $290,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference 2017 on Wednesday, May 24.

Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends
on Thursday, June 1.

Aaron Norris will be presenting his latest talk Technology Trends and Effects on Real Estate with NorcalREIA on Wednesday, June 14.

 

Looking Back:

The Mortgage Bankers Association reported a 1.6% decrease in mortgage applications from the previous week.  Glassdoor Inc. released a list of the top 25 cities where it might be easier finding a job.  Trump said if he were elected president, he had plans to do away with Dodd-Frank.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.






 

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