Thursday, August 4, 2022 / by Dave Magua
Power Buyer Knock believes it’s found a creative way to help take some of the sting out of rising mortgage rates — by letting homebuyers use the equity in their existing home to buy down their mortgage rate or make a bigger down payment on their next home purchase.
The new interest-free home equity advance announced by Knock Tuesday is available to homebuyers using the company’s “Home Swap” product to buy their next home before they sell their existing property.
“With mortgage rates doubling since the start of the year and home prices continuing to grow at double-digits, buying a home has gotten a lot more expensive,” Knock co-founder and CEO Sean Black said in a statement. “At the same time, homeowners have more of their wealth tied up in their home than any other time in history.”
Americans have about $11 trillion in tappable equity tied up in their homes, or about $207,00 on average, according to a recent analysis&nbR ...
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Wednesday, July 13, 2022 / by Dave Magua
About 60,000 home-purchase agreements were canceled in June 2022, or about 14.9% of all homes that went under contract throughout the month, according to a new report from Redfin.
Such figures of canceled contracts have not been seen since early pandemic days in March and April 2020, when the number of contracts that fell through hit 17.6 percent and 16.4 percent, respectively. By contrast, 12.7 percent of contracts fell through in May 2022 and 11.2 percent fell through in June 2021.
Redfin’s analysis includes MLS data dating back to early 2017. The brokerage also pointed out in its report that homes that fall out of contract one month may have entered a contract in a different month, i.e., a property whose contract was canceled in June may have initially gone under contract in May.
“The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” Redfin Deputy Chief EconomistN ...
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Wednesday, August 25, 2021 / by Dave Magua
The real estate market isn't the only thing on fire in Boca Raton. A lot of new things are coming: The Boca Center for the Arts, The Brightline, and more!
Boca Raton Center for Arts & Innovation: Decades in the Making
The Edith & Martin Stein Family Foundation recently made a
seven-figure donation to The Boca Raton Arts District Exploratory Corporation (BRADEC). This pledge of $5M will help break the ground for the Boca Raton Center for Arts & Innovation. This center will be Boca Raton’s hub for all things tech, culture, and education. Upon the full raising of the capital and completion of the design, planning, permitting and pre-construction phases, construction will commence, with an estimated 24-28 month construction schedule.
The newly-improved amphitheater will be first finished, expected by 2025, with the full center slated to open in 2027.
Under Constr ...
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