No matter how much money you have, you still have to make choices about how to spend it. Spending too much on one thing means not having as much for another. This is simple budgeting. And, since your mortgage will likely be among your biggest monthly bills, you'll want to give some thought to how much of your income you'd be comfortable putting toward it. Conventional wisdom says you shouldn't spend more than 30 percent of your income on housing. But historically, Americans' mortgage payments have been closer to 21 … [Read more...]

There's a long list of things you need to consider when looking for a house to buy. Whether it's the size of the kitchen, the number of bedrooms, or just what condition its in, there's no shortage of considerations. And, for people with dogs, a home that's a good fit for their furry friend is definitely among them. Dogs have needs too. And, since they're a part of the family, those needs will have an impact on which house you choose. For example, having an outdoor space – whether it's a fenced in yard or a nearby … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline was significant and caused demand for loan applications to surge. In fact, refinance activity was up 39 percent week-over-week and purchase demand rose 3 percent from one week earlier. Demand for loans to buy … [Read more...]

New numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show new home sales reached an 11-month high in February. In fact, sales rose 4.9 percent over the previous month, beating economists' expectations and rising above numbers from last year at the same time. There was also a revision to January's estimate, which added nearly 30,000 sales to initial reports. Regionally, new home sales surged in the Midwest and Northeast, while remaining relatively flat in the South and West. … [Read more...]

As home prices have recovered over the past several years, prospective buyers have become increasingly concerned about affordability conditions. After all, buying a home is a major financial commitment and getting less house for your money isn't ideal. But things may be changing. In fact, a recent survey of active home shoppers found that a majority think prices may have hit their peak. According to the results, 56 percent of respondents said they don't expect prices to climb any further. That's good news for … [Read more...]

Contracts to buy homes fell 1 percent in February from the month before, according to new numbers from the National Association of Realtors. The decline follows a strong showing in January and was primarily felt in the Midwest, where pending sales activity fell 7.2 percent. The South and West saw increases. Pending sales are important because they track contracts, not closings. That means, they can be a good indicator of what home sales numbers will look like a month or so from now. Lawrence Yun, NAR's chief … [Read more...]

According to the Mortgage Bankers Associations Weekly Applications Survey, average mortgage rates were down across all loan categories last week, including rates for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline coincided with a surge in demand for mortgage applications. In fact, refinance activity was up 12 percent over the previous week and the purchase index rose 6 percent. Joel Kan, MBA's … [Read more...]

If you're a prospective home seller, you're probably thinking about upgrades, renovations, and remodeling projects. Making your home appealing to buyers is important when it's time to sell. But how do you choose which projects are smartest for your money? Well, according to a recent analysis, there are some easy answers. For example, though kitchens are one of the more important rooms in the house, they aren't necessarily the best place to start upgrading. Why? Well, because they're so central to the way we live, … [Read more...]

Like anything else, residential architecture is affected by the popular trends of the day. But unlike most other things, homes last a very long time. So houses built to fit the lifestyle of people living in the 1940s and '50s are still being bought and sold in 2019. Now, in most cases, an older home's quirks are considered charming or even sought after by buyers. But what about homes whose time period is unpopular? Well, according to one recent article, this can be a problem. For example, in the early 2000s, … [Read more...]

New numbers from the National Association of Realtors prove home buyers are excited to get the spring season started. With a nearly 12 percent increase in the number of previously owned homes sold compared to the month before, February was the largest month-over-month improvement since 2015. Lawrence Yun, NAR's chief economist, says there's a combination of factors helping push home sales upward. “A powerful combination of lower mortgage rates, more inventory, rising income, and higher consumer confidence is … [Read more...]