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‘Hidden Costs’ of Homeownership Continue to Soar 

Appraisal Buzz

Median home prices have risen above $400,000 nationwide, and the average annual cost of owning and maintaining a single-family home in the U.S. Bankrate compiled the typical costs of property taxes, homeowners insurance, and home maintenance, which was estimated to be 2% of a home’s value per year.

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Seattle documents renovation programs, tax relief for aging in place

Housing Wire

According to Zillow , the average home price in the Emerald City is currently $884,828 , up 4.3% But a nonprofit organization in the Seattle area is seeking to help more seniors renovate their homes to age safely. Even if you have your home paid off, if you can’t afford the property taxes, that’s a problem,” she said.

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Report: Investor Home Purchases Surge

Appraisal Buzz

This surge follows a period of fluctuating investor activity during the COVID-19 pandemic, where purchases more than doubled during the 2021 homebuying boom, only to drop nearly 50% in 2023 due to declining rents and home values. High insurance rates and property taxes in the area were cited as factors deterring investment.

Investors 370
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Build-for-rent is a bet on the ‘new normal’ housing market

Housing Wire

One slice of the single-family home market that has gained traction over the past year in a topsy-turvy housing landscape is the build-for-rent sector — or BFR. The National Association of Home Builders (NAHB) also recognizes the potential of the build-for-rent (BFR) sector. In addition, JP Morgan Chase & Co.

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Investors bought one in six homes sold in Q2 2024: Redfin

Housing Wire

It then plunged nearly 50% in 2023 due to declining rents and home values in some markets. But multifamily construction starts have slowed , which is good news for landlords looking to increase rents.

Investors 468
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Severe storm fallout could destabilize the intersection of mortgage and insurance

Housing Wire

The reckoning with homeowners insurance adds another element to keep track of — on top of traditional indicators like interest rates and home values. “As As a model vendor, one of CoreLogic’s services is to construct risk models for insurers to better understand the severity and frequency of losses.

Insurance 459
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Opinion: How did homeowners get into home equity prison?

Housing Wire

Then, the housing market takes off like a rocket with home values exceeding all expectations. Having the ability to essentially live anywhere gives them leverage in negotiations because there are more potential forever homes to make offers on than if they were focusing on a certain neighborhood.