Want a house? See what $1 million gets you

Sat, 07 Sep 2013 12:52:13 +0000

First, negative home equity. Millions of homeowners are still stuck in place, unable to sell because they owe more on their mortgages than their homes are worth. While more than 3 million homeowners came up from underwater in the past year, 12.2 million are still drowning in mortgage debt, according to a recent report from Zillow.

Confidence, or lack thereof, is also still keeping some sellers sidelined.

“There always is a tendency to time the market, which we know is becoming a little bit harder to do,” said Budge Huskey, CEO of Coldwell Banker in an interview on CNBC. “It’s an assessment of their overall impressions of the economy. I think there’s still a little hesitation. People want to see stronger economic growth, people want to see more progress made toward unemployment rates and just feel better about moving on.”

Lack of inventory means it is a seller’s market, despite so much hesitance by potential sellers themselves. That will keep home prices strong, unless and until more people decide to list their homes and home builders ramp up production, which they have been so far slow to do.

(Read more: $1 million summer homes)

It begs the question, what is housing worth today, market-to-market? A million dollars may buy a McMansion in Oklahoma, but barely buy a bedroom in Manhattan.

In an effort to gauge differing values, CNBC is trawling the million-dollar market again, this time in a “back-to-school” edition.

Starting on “Squawk Box” this Friday, two reporters will show two homes without disclosing their locations; they will document the interiors, exteriors, marketed features and one unique bonus offered by each home.

Real estate maven Dolly Lenz will decide which house gives buyers a better bang for the buck.

We will then reveal where the two houses are located, and with that added to the mix, Lenz will choose a winner. That house will then go up against the next mystery location on the next show.

(Follow along on Twitter with the hashtag #MillionDollarHome and see the early winners here as well).

—By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

Questions?Comments? facebook.com/DianaOlickCNBC

Article source: http://www.cnbc.com/id/101009330

Million-Dollar Homes: Summertime Edition Preview

Tue, 25 Jun 2013 01:59:44 +0000

Home prices continue to rise in the double digits compared to a year ago, but state to state, neighborhood to neighborhood, the story changes. In addition to location, price point is playing an even greater role in the sales picture. Fewer homes priced under $100,000 are selling, while the higher priced market is suddenly taking off.

That’s why CNBC is taking a closer look once again at the million-dollar market, this time with a summertime twist.

(Read More: Vacation Home Sales Sizzle, Rentals Booking Fast)

The Million-Dollar Home special, which returned this past Spring to resounding response, is now venturing to the vacation home market. As before, it will be a contest.

Article source: http://www.cnbc.com/id/100839349

homesmillbrae.com » Dollar Market

Want a house? See what $1 million gets you

Million-Dollar Homes: Summertime Edition Preview