The National Association of Home Builders surveys builders each month to gauge their confidence in the market for newly built, single-family homes. Survey responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In January, the NAHB’s Housing Market Index rose one point from the previous month to 47. Robert Dietz, NAHB’s chief economist, says the market is facing offsetting factors. “NAHB is forecasting a slight gain for single-family housing starts in … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications skyrocketed last week. The MBA’s Market Composite Index – which measures both refinance and purchase demand – was up 33.3 percent from one week earlier. Joel Kan, MBA’s vice president and chief economist, says the spike may be due to seasonal volatility. “This time of the year is a particularly volatile time for application volumes, so it can be more helpful to focus on the level rather than the percentage … [Read more...]

The average age of first-time home buyers is rising. Last year, it was 38 years old – up three years from 35 years old in 2023. The reason is simple. Buying a home has become more expensive and younger buyers face financial challenges older, repeat buyers don’t. Having to save a down payment from scratch, for example. That’s caused the average American to wait a little longer before becoming a homeowner. It’s also caused millennial buyers to consider overlooking a home’s issues in order to buy sooner. What are some … [Read more...]

When you buy a home, you become a property manager. Which means you’re responsible for the home’s maintenance and upkeep. Everything from cutting the lawn and pulling weeds to maintaining the HVAC system is now your responsibility. It can take some work. It also takes some money. In fact, according to one new survey, 46 percent of homeowners said they spent more than $5,000 last year on unexpected repairs. That’s a 10 percent jump from the year before and pretty good evidence that new homeowners should prepare an … [Read more...]

A first-time home buyer’s priorities aren’t much different than any other buyer. After all, what home buyer isn’t looking for a good house in an affordable area that will see a great return on investment? That could describe just about everyone looking for a home to buy. But while we’re all mostly searching for the same things, first-time buyers do face some unique challenges, especially when home prices and mortgage rates are high. That’s why the National Association of Realtors’ consumer website compiled a list … [Read more...]

On TV, renovations are quick, easy, and always end in a job done perfectly. You don’t see the dust or endure weeks without access to your kitchen or bathrooms. You certainly don’t ever see a contractor who cuts corners, doesn’t finish the work, or does a poor job. In other words, renovations can be challenging. Maybe that’s why a recent survey of prospective home buyers found that 56.1 percent of them say the most important factor when searching for a home to buy is finding one that is move-in ready and needs no … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances and 15-year fixed-rate loans. Jumbo loans, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight declines. Still, rates remain elevated and that brought demand for mortgage applications down 3.7 percent last week from the week before. Joel Kan, MBA’s vice president and deputy chief economist, says demand for … [Read more...]

Each month, Fannie Mae surveys Americans and asks for their opinions on the housing market and economy. Participants weigh in on everything from mortgage rates and home prices to whether it’s a good time to buy or sell a home and how they feel about their job and financial situation. The resulting Home Purchase Sentiment Index then distills that information into a single number that reflects how Americans view housing market conditions. In December, the index fell 1.9 points to 73.1, which is lower than the … [Read more...]

Generally speaking, people want to live close to family, friends, and work, which is why most buyers choose a home relatively close to where they currently live. But there are many reasons somebody might have to move and sometimes they require traveling a greater distance – including to another state altogether. A recent analysis looked at people who left their home state to find out which states are most popular with long-distance movers. It found some established trends. For one, Americans are moving south. The … [Read more...]

The internet is likely the first place you’ll go when you decide to buy a home. It’s the quickest way to get a feel for your local housing market. It’s also a great way to find out your priorities. After all, the first terms you enter when you search for homes to buy are likely the ones that are most important to you. So, what are some common home shopper search queries? Well, according to a new analysis of search-term trends, last year’s most searched-for attributes were a combination of function and fantasy. … [Read more...]