Michele Petry, Bankrate Journalist Profile

Articles

Can You Afford To Buy A Home? Can Anyone?

2 days 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

1 week 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

2 weeks 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

2 weeks 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

2 weeks 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

3 weeks 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?

3 weeks 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.
Home Prices Are Falling In These Formerly Hot Markets

1 month 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.
Real Estate Commissions And Fees In Michigan

1 month 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.
Real Estate Commissions in New Jersey

1 month 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.