Buyers remorse is common when making large purchases. After all, if you've spent a significant amount on something, you want to be sure you got your money's worth. And, since buying a home is among the largest purchases you'll ever make, the risk of remorse runs high. According to a recent survey conducted by the National Association of Realtors' consumer website, young home buyers are particularly vulnerable. In fact, millennial homeowners expressed the most regret of any generation, with 63% saying there were … [Read more...]

Every year, Americans are surveyed about the things they most want in their next home. And while some things change, like the preferred type of kitchen cabinetry or paint colors, there are other things that remain the same year after year. For example, the National Association of Home Builders recently surveyed nearly 4,000 home buyers who have either just purchased a house or plan to in the near future. They then ranked 175 features based on how important they are to buyers. Not surprisingly, the most popular … [Read more...]

When a contract is signed to buy a house, that home's sale is considered pending. It isn't final until closing, which typically happens a few weeks later. However, since contract signings usually lead to final sales, they're a good way of measuring current buyer interest and an indicator of what home purchase activity will look like a month or so down the road. That's why January's Pending Home Sales Index from the National Association of Realtors is encouraging. The report shows a 4.6 percent increase in the … [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 mortgages. The drop coincided with a surge in home buyers applying for loans to buy homes. In fact, the purchase index was up 6 percent from the week before and is now 3 percent higher than last year at the same time. Michael Fratantoni, … [Read more...]

During times when the housing market has more buyers than homes for sale, the quickest remedy is to build more new homes. Adding inventory to the market gives buyers more options, helps balance supply and demand, and keeps home prices in check. In short, new home construction plays a vital role in housing market health and affordability conditions. That's why it's good news that recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show a 3.6 percent increase in … [Read more...]

To understand housing demand, it helps to break it down generationally. For example, baby boomers – because they are older and more likely to be settled somewhere – are the least active in the market. Generation X, on the other hand, are in the prime of their professional life and, since they are making more money and have growing families, they account for a large share of buyers looking to upgrade from their first home into something more spacious. Finally, there are millennials. Born between 1982 and 2000, … [Read more...]

Fannie Mae's Economic and Strategic Research Group puts out a monthly outlook covering economic and housing conditions and their expectations for the coming months. According to their February forecast, home buyers may have something to look forward to as spring approaches. That's because, this year's real estate market looks to be more favorable than it has been in the recent past. Doug Duncan, Fannie Mae's chief economist, says many indicators are pointing toward a good spring for buyers. “On housing, a reduction … [Read more...]

New numbers from the National Association of Realtors show sales of previously owned homes fell 1.2 percent in January from the month before. It was the third consecutive monthly decline and, among the country's four major regions, only the Northeast saw an increase in sales activity. But, though that sounds like the housing market may be headed in the wrong direction, it doesn't tell the whole story. Why? Well, market fundamentals are actually improving for anyone who may be considering a move this year. In … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, mortgage demand increased 3.6 percent last week from the week before. And, though the majority of the improvement was refinance activity, purchase demand also rose. The news is encouraging, as it points to gaining interest as spring approaches. Joel Kan, MBA's associate vice president of industry surveys and forecasts, says the numbers show promise. “After four consecutive declines, purchase applications increased almost 2 percent over the … [Read more...]

The real estate market tends to slow down in the fall and winter. Spring and summer are far more popular with home shoppers. But last fall, in addition to the normal seasonal slowdown, mortgage rate increases caused many potential home buyers to put a hold on any plans to purchase a house. In short, affordability conditions, the holidays, and harsher weather dampened demand for homes. Since then, however, mortgage rates have decreased and for-sale inventory has shown signs of recovery. This combined with a healthy … [Read more...]