Michele Petry, Bankrate Journalist Profile

Articles

Should You Wait For Rates To Drop 1% To Refinance?

1 week ago | bankrate.com | Jeff Ostrowski |Michele Petry

For decades, the conventional wisdom about mortgage refinancing has been clear: You should swap loans only when mortgage rates have dropped a full percentage point from the rate on your original loan. However, that’s not always the case. Should you hold off on refinancing until rates drop 1 percent? The 1 percent advice is certainly useful as a rule of thumb, but will it guide you toward the best deal? Not necessarily. Money tip: “Don’t generalize.
Hot Markets For Earning Rental Income

2 weeks ago | bankrate.com | David McMillin |Michele Petry

Ask people where they’re heading this summer, and you’ll likely find some familiar big-name tourist spots. However, Bankrate’s 2025 Vacation Rental Study shows that there is plenty of big demand in smaller spots, too. The study analyzed the top 50 in-demand vacation rental markets in the country to determine where homeowners increase short-term rental rates the most when warm weather rolls around.
Real Estate Fees And Commissions in Washington

2 weeks ago | bankrate.com | David McMillin |Michele Petry

No matter which side of the bargaining table you’re sitting on, the Washington housing market has some good news for you. May data from Redfin shows that, for buyers, there are more than 20 percent more homes available to purchase now than there were a year ago. And for sellers, more than 25 percent of homes sell for above their list price. Make no mistake, though: Buying or selling a home here is a complex process. That’s why the vast majority of people hire a real estate agent to guide them.
Can You Afford To Buy A Home? Can Anyone?

3 weeks ago | bankrate.com | Rick Sharga |Michele Petry

There’s no escaping the fact that homes in the U.S. have been getting less and less affordable. According to the National Association of Realtors (NAR), the median price of an existing home sold in April was $414,000. That’s up almost 3 percent from the March price, and almost 2 percent from April 2024. Meanwhile, the U.S. Census Bureau reported that the median price of a new home sold during the month was $407,200, almost a full percentage point more than in March.
Real Estate Commissions And Fees In South Carolina

4 weeks ago | bankrate.com | Taylor Freitas |Michele Petry

Real estate agent commissions, which are typically charged as a percentage of a home’s sale price, are one of the biggest expenses South Carolina homeowners face when selling a home. And now, due to a recent lawsuit settlement, buyers (both here and elsewhere) are starting to share the burden as well. If you’re hiring an agent to buy or sell a house in the Palmetto State, it’s important to understand how much their services will cost — and what you’ll get for your money.
Cost Segregation Study: What It Is, How It Works

1 month ago | bankrate.com | Meaghan Hunt |Emmanuel Nyame |Michele Petry

A cost segregation study is an approach real estate investors can leverage to maximize their savings on income-generating properties. They are conducted by highly skilled teams of professionals, which may include tax accountants, attorneys, engineers and more. These studies have downsides to keep in mind as well, including an upfront cost and a risk of audit when employing the findings.
Largest Real Estate Companies In America

1 month ago | bankrate.com | David McMillin |Michele Petry

If you’re looking for a real estate company to help you navigate the process of buying or selling a home, you have a lot of options — there are more than 100,000 firms in the U.S., according to data from the National Association of Realtors (NAR). With so many choices, it can be tough to figure out which one is right for you. While bigger isn’t necessarily better, size does speak volumes in the business of selling homes: Bigger companies tend to produce more transactions each year.
Real Estate Commissions And Fees in Minnesota

1 month ago | bankrate.com | Taylor Freitas |Michele Petry

For homeowners in Minnesota (and elsewhere), real estate agent commissions have long been one of the biggest expenses of selling. Traditionally, home sellers were on the hook for all agent commissions in a transaction, including both their own agent’s fee and the buyer’s agent’s as well. But recently, a lawsuit settlement has changed the structure of real estate commissions — and now, buyers may have to pay their agents directly.
Single-Person Penalty: Why Many Singles Choose To Rent

1 month ago | bankrate.com | Andrew Dehan |Michele Petry

Renting is more affordable than paying a mortgage in most regions across the U.S. The high cost of housing is easier to afford for households with multiple people — and thus multiple incomes. For single people, who have only their own income to work with, renting might be the only viable housing option. Rising housing costs have been felt by renters and homeowners alike, but single-person households may be feeling the brunt of it.
Is A Buyer’s Market On The Way For U.S. Housing?

1 month ago | bankrate.com | Rick Sharga |Michele Petry

Sellers have had the advantage in the housing market for several years, largely due to low levels of available homes. However, many experts see market conditions starting to shift in buyers’ favor. Whether conditions favor buyers or sellers may depend on individual local market dynamics. Homebuyers, it seems, haven’t been able to catch a break.