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2 weeks ago | 
bankrate.com | Jeff Ostrowski |Michele Petry
Price reductions. Sparsely attended open houses. Homes languishing on the market as the weeks turn to months. While the U.S. housing market continues to achieve new price records at the national level, some formerly hot corners of the country have experienced slowdowns over the past couple of years. Sun Belt states — which saw an impressive growth spurt during the pandemic — still boast strong job markets and continued population growth, but home prices are cooling.
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3 weeks ago | 
bankrate.com | Taylor Freitas |Michele Petry
If you’re preparing to buy or sell a home in the Great Lakes State, there’s a good chance you’re thinking about hiring a real estate agent to help you through the process — most people do. And if that’s the case, you’re probably also wondering how much an agent’s services might cost. Real estate agents earn a commission when a deal closes, whether they’re representing the buyer or the seller. Historically, though, both agents’ commissions were paid by the home seller.
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3 weeks ago | 
bankrate.com | Mia Taylor |Michele Petry
Buying a home is an expensive process, and one of the most significant expenses you’ll pay is often your real estate agent‘s commission. When you consider the fact that each agent involved in a transaction typically earns 2.5 to 3 percent of the home’s sale price, the total cost of commissions can be hefty. On a $400,000 home, for instance, a full 6 percent comes to $24,000.
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1 month ago | 
bankrate.com | Mia Taylor |Michele Petry
Traditionally, selling your home involved paying the commission of both your own real estate agent as well as the buyer’s agent, which could run as high as 6 percent of the home’s sale price. As a result, New York sellers faced a steep commission bill when it came time to close on a deal, given the state’s high housing prices.
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1 month ago | 
bankrate.com | Beth Braverman |Michele Petry |Casey Fleming
Everything old is new again — and that adage certainly applies to townhouses. This venerable form of housing originated in densely populated cities but can now also be found in suburbs and exurbs all over the U.S.And while their popularity has ebbed and flowed over the decades, there are signs that townhouses are on the upswing.
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1 month ago | 
bankrate.com | Mia Taylor |Michele Petry
If you’ve bought or sold a home in the past, you’re familiar with the way real estate agent commissions have historically been handled: The seller was responsible for paying the commission for both their own agent and the buyer’s agent. That meant a pretty hefty bill, given that the total commission for both agents typically amounted to 5 to 6 percent of a home’s selling price. On a $350,000 home, 6 percent totals a steep $21,000.
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1 month ago | 
bankrate.com | Elizabeth Rivelli |Michele Petry
When you buy a new home, or sell your current one, thinking about how to measure its square footage probably isn’t top of mind. And while it may seem like an inconsequential metric, it’s one of the most important factors that determine a property’s value. “If you mis-measure a property, it’s a domino effect — it’s going to throw the whole value off,” says Marlon Day, senior director of Quest Valuation & Advisors in Atlanta.
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1 month ago | 
bankrate.com | Larissa Runkle |Michele Petry
A single-family home is a standalone residential structure, designed to be occupied by one household. Single-family homes typically offer more privacy and space than other residences, and usually cost more as a result. Despite being attached to other units, townhouses can be considered a type of single-family home. In the world of real estate, there can be a dizzying amount of lingo to learn and understand.
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1 month ago | 
bankrate.com | Jennifer Bradley Franklin |Michele Petry
The decision to rent or buy a home will impact your life for years to come, and for many first-time homebuyers, a condo is a natural entry point into homeownership. But how does buying a condo differ from renting? What’s the difference between a condo and an apartment anyway? Let’s take a closer look. Condo vs. apartment: What’s the difference? The biggest difference between a condo and an apartment is ownership.
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1 month ago | 
bankrate.com | Jim Probasco |Michele Petry |Emmanuel Nyame
“How much can I afford to pay for a house?” It’s a question all hopeful homebuyers ask themselves. Coming up with a monthly payment that works for you might be easy — simply subtract your monthly expenses from your gross monthly income. Unfortunately, that number might not align with the amount of money a bank will lend you. That’s because banks and other lending institutions have a formula they often use to determine what you can afford: the 28/36 rule. What is the 28/36 rule?
