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2 weeks 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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3 weeks 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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3 weeks 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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3 weeks 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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4 weeks 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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4 weeks 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?
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1 month ago | 
bankrate.com | David McMillin |Michele Petry
Weren’t mortgage rates supposed to be lower by now? The Federal Reserve slashed the federal funds rate three times at the end of 2024, which raised expectations that the cost of borrowing would drop, too. Instead, 30-year mortgage rates did what no one wanted them to do: They went up.
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1 month ago | 
bankrate.com | Erik Martin |Michele Petry
You’re not required to hire a real estate agent to sell your home in California. But selling without one involves a lot of work and a big time commitment. Selling by owner spares you from paying a listing agent’s commission, but you may still be responsible for the buyer’s agent’s fee. California has specific disclosure requirements for home sellers, so without the help of a professional agent it’s smart to hire a real estate attorney.
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1 month ago | 
bankrate.com | David McMillin |Michele Petry
April showers bring May flowers — and, typically, a lot of blossoming homebuyers. As the weather begins to brighten, the housing market historically gains momentum, with crowded open houses and an uptick in listings. But will the sun shine on hopeful house-hunters this spring? The answer may depend on where those homes are located.
