2023

The down payment on a home is a percentage of the property's price paid for in cash upfront. Conventional loans require a minimum down payment of 3 percent, while FHA loans require 3.5 percent. VA loans and USDA loans don't require a down payment. In April 2023, 40% of respondents cited the inability to afford a down payment and closing costs as a hurdle to homeownership. Most states and...

Brian Chesky and Joe Gebbia founded Airbnb in 2007, and it has since grown to become a major player in the hospitality industry, worth more than Hilton and Wyndham combined. However, due to its rapid growth, various municipalities have imposed restrictions on short-term rentals in areas with a large Airbnb presence, including San Francisco, Carmel, Santa Monica, Mammoth Lakes and San...

California has added >123K housing units, reaching a 15-yr high. Single-family homes made up 54% of new construction. Also, 44% were multifamily units and 1% were mobile homes. The state’s goal is to build 2.5M homes by 2030, revised from the original goal of 3.5M by 2025....

The pandemic has had a major effect on the office sector, resulting in higher vacancy rates and a transformation in what employees are seeking from their office environment. Companies are now choosing urban mixed-use projects offering a variety of amenities, such as childcare, groceries, food, and health and fitness. The ROW DTLA is a prime example of this, having secured over 300,000 square feet of...

Senate Bill 584, by state Sen. Monique Límon, seeks to impose a tax on short-term rentals (Airbnb, Vrbo, etc.), in order to raise funds for low-income housing. However, this bill would end up deterring people from seeking short-term rentals and increase costs, while also mandating expensive labor-union wages for private contractors. This would punish short-term rental owners and consumers in order to...

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For decades, the recommended down payment on a house has been 20%, however due to rising home prices, the average down payment in 2022 was just 6%. Recently, two major lenders have started offering some customers mortgages with only 1% down payments, to help those struggling to buy a home. However, this lower down payment comes with higher monthly payments and a higher interest rate, as the lender takes...

The housing market may look different for 2nd-time homebuyers than for first-time buyers. Sourcing a down payment may be harder, but selling your current home can provide funds. 2nd-time homebuyers should research different mortgage qualification programs. Consider working with a Real Estate agent who has experience with second-time home buyers....

A shortage of homes for sale is creating a difficult market for buyers in the US. The number of homes for sale is at a record low, and prices are ↑ due to high demand. The pandemic has caused a shift in housing preferences, with many people looking for larger homes in suburban or rural areas. The low supply of homes for sale is also due to a lack of new...

Using home equity to fund a large expense such as a home renovation or a new car is a cost-effective way to do so. Home equity loans and home equity lines of credit (HELOCs) offer rates considerably lower than other financing options, such as credit cards and personal loans, allowing you to save thousands of dollars in interest. To get the best rate available, borrowers should compare quotes from...