global economic volatility rocked the U.S. luxury housing market in the first quarter of 2016, as the average sale price of luxury homes fell 1.1 percent compared to last year. The decline followed a year of weakening luxury home price growth. Redfin defines the luxury market as the most expensive 5 percent of homes sold in a given quarter.
That’s because home prices ran up so far so fast during the recent historic housing shortage, that higher rates are having an outsized impact. Real estate agent Lynn Fairfield of Re/Max Suburban held an open house Sunday in suburban Chicago, and rates were front and center in the living room conversations.
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LA Testing, a California laboratory that tests for toxic contaminates, says a foreclosed home can contain hidden risks, especially if it has been vacant for several years, as many of these homes..
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In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly. In the mind of the homeowner, annual home price [.]