Buying your first home is different than buying your second. For one, first-time buyers have never been through the process before and face a lot of unknowns. They also have to build a down payment from scratch, since they don't have a house to sell. And without the benefit of home equity to help fund a home purchase, buying prospects can look a little different. In short, first-time buyers face some challenges other home buyers may not. So what can they expect from today's market? Well, according to Fannie Mae's … [Read more...]

During the spring and summer, homes for sale were selling fast. So fast that the typical home was on the market less than a month. And while home buyers should still expect desirable homes to go quickly, there may be some relief in sight. That's because, new numbers from the National Association of Realtors show that the majority of homes are now on the market more than a month. In fact, properties typically sold in 32 days in September, an improvement over August when homes moved in just 29 days. Lawrence Yun, … [Read more...]

There are a lot of things you can tell about living in a particular a house from a quick visit or two. There are even some things you can tell just from driving through the surrounding neighborhood. But, while you can know how much available storage a house has or how new the windows are, you won't have as easy a time knowing what your prospective neighbors are like and what it'll be like living next to them. Fortunately, though, most Americans say they have good neighbors. In fact, according to the results of a … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week across most loan categories, including 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase follows a general upward trend driven primarily by economic improvement and a stronger job market. Joel Kan, an MBA economist, told CNBC higher rates are also the result of actions taken by the Federal … [Read more...]

When builders feel confident that there are a lot of buyers looking for new homes, they build more homes. It's simple, really. It's also good for the housing market, as more new homes help provide choices and keep prices from spiking. That's why the National Association of Home Builders tracks builder confidence each month. In October, their survey found builders optimistic about the market for newly-built homes and confident that buyer demand will remain high. “Builders are motivated by solid housing demand, … [Read more...]

No one wants to make big decisions hastily. It's a great way to make mistakes and end up with regrets. Which is why, in an ideal situation, home buyers would have time to consider the pros and cons of multiple houses and choose the one that best fits their needs and wishlist. Unfortunately, in a competitive market, that's not always possible. And so, buyers have to be prepared and ready to make an offer when they see a house they like. The good news is, now that inventory is beginning to rise and houses are staying … [Read more...]

Sometimes picking a house to buy can cause anxiety. After all, what if you choose the wrong one and aren't happy living there? What if there are structural or mechanical issues that go undetected and will end up meaning costly renovations? It's hard to imagine that you could possibly cover all the potential issues in just a few walkthroughs. And so, it's natural to worry about buyer's remorse. But, according to a new survey, you might be worrying yourself unnecessarily. That's because, the results show an … [Read more...]

Home prices have been increasing for awhile. But their consistent upward climb is starting to slow, according to new data. In fact, a recent analysis has found the number of home sellers who have reduced their listing price is up from where it was last year. The research shows 17.2 percent of homes for sale reduced their price in August, up from 16.7 percent last year at the same time. That's encouraging news for hopeful home buyers who have been keeping an eye on affordability conditions. But, though price … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up across all loan categories last week, including 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 increase follows an upward trend that has been driven by economic improvement and a stronger job market. “Rates moved higher last week, driven by strong data on the job market, indicating that the Fed will … [Read more...]

Deciding to buy a house is mainly a money decision. You either feel secure enough financially to make a move or you don't. This helps explain the current real estate market. After all, survey after survey shows Americans think home prices and mortgage rates are moving higher and making it less affordable to buy. And yet, home buying demand remains high. Why? Well, mostly because, at the same time, people also feel more secure in their jobs and money due to a stronger economy and job market. Take Fannie Mae's most … [Read more...]