The video in the adjacent link addresses the State-mandated Consent to Act form used, when appropriate, by the 20,000-plus NVR members statewide. Silver State REALTORS must know the correct situations to use the form to avoid landing in the hot seat, as well as when it's not needed.
Nevada REALTORS Legal Information Line Counsel Christal Keegan clears the confusion and identifies: 1) when the Consent to Act form should be used, and 2) how the form should be signed. Watch this short legal video and learn all you need to know. Be sure to check out our corresponding legal article on this same topic. If you have any questions, please contact the Legal Information Line: via email at InfoLine@NVRealtors.org or by phone at 800-748-6999. Click here to watch the video.
Reno metro area named among regions where households need to make the most to afford a home
Housing affordability is tightening as home prices continue to climb faster than incomes. The median family income rose by 4.5% year over year in December 2021, while the monthly mortgage payment rose 22.5%, the National Association of REALTORS® reports.
The threat of rising mortgage rates could pose another challenge to housing affordability in the coming months as well. In the fourth quarter, the average monthly mortgage payment on an existing single-family home rose to $1,240, based on a median home value of $361,700 with a 20% down payment and 3.13% 30-year fixed-rate mortgage, according to NAR's latest quarterly housing report. This marks a jump of $201 compared to a year ago.
Mortgage payments are comprising a median of 16.9% of a family's household income, up from 14.7% a year ago, according to NAR data. Click here to read the full story.
Realtor.com survey sheds light on which buyers are teaming up on a mortgage
Love isn't in the air with every homebuyer, and many are making the decision to dive into homeownership without putting a ring on it. Realtor.com® recently released the results of a new survey with HarrisX which found that homebuying isn't just for married couples. Nearly one third (31%) of all Americans and 41% of 18-34 year-olds have bought a primary residence with someone they aren't married to. Perhaps even more telling - 55% of Americans and 68% of 18-34 year-olds would consider it.
More than three quarters (76%) of survey respondents said that the optimal age to buy a home is before the age of 35 - but it's not easy to go it alone. In order to break into a housing market with sky-high prices and limited homes for sale, many Americans are open to buying with friends, roommates and even extended family members. Who's buying together? The most common co-buyers are romantic partners, but friends, extended family and even roommates are buying together. Click here to read more, including the most likely candidates.