It’s been a while since the market favored home buyers. With inventory hovering near historic lows, home sellers have reaped the benefits of bidding wars, buyer competition, and spiking prices for most of the past several years. Now things may be changing. The number of homes for sale remains low but recent improvements have conditions looking better for buyers than they’ve been in years. In fact, according to a recent analysis from the National Association of Realtors’ consumer website, price cuts on homes for … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite the declines, demand for mortgage applications was relatively flat. In fact, the MBA’s Market Composite Index – which measures both refinance and purchase loan activity – was down 0.6 percent … [Read more...]

It’s easy to only focus on the upfront costs of buying a home – especially when first considering whether or not to buy. Coming up with a down payment and money to cover closing costs is the top priority. Then buyers have to think about how their prospective mortgage payment fits into their monthly budget. What they don’t often consider, though, are the other costs of homeownership. Maintenance and improvements, utilities, property tax, and insurance all add up and, if you haven’t planned for them, may take you by … [Read more...]

There are many different factors a home buyer has to consider before shopping for a house. Things like what type of home they’d like and where they’d like to live are obviously important. But before a buyer can focus in on the number of bedrooms they’ll need or which neighborhoods they’ll target, they have to figure out whether or not they can afford to buy. Buying a home, after all, is a financial transaction. That means affordability is the first thing to consider. The good news is it’s improving. According to … [Read more...]

There is no age requirement to buy a home. If you can afford it, you can do it. But while you can buy a home at any age, factors such as cost of living, affordability, the inventory of available homes, and demographics influence at what age people actually do. That’s the basis of a new study from the National Association of Realtors. The study looked at the median age of home buyers in different parts of the country to determine which had the oldest and youngest home buyers. The youngest buyers were found in the … [Read more...]

After a contract to buy a home is signed, the sale is considered pending until it closes several weeks later. That’s why pending home sales are considered a good indicator of future home sales. It’s also why the National Association of Realtors tracks them from month to month. Since the vast majority of signed contracts lead to final sales, measuring pending sales offers a peek at where home sales are heading. According to the NAR’s most recent Pending Home Sales Index, the market is heading upward. In fact, … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved lower last week from the week before. Rates were down for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. But while rates dipped, the improvement wasn’t enough to boost demand for mortgage applications, which were mostly flat from one week earlier. Joel Kan, MBA’s vice president and deputy chief economist, says the … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases an outlook covering what they see ahead for the housing market and overall economy. In March, the group says they expect the housing market will continue to thaw after a slow 2023. Home sales will trend higher and so will the number of available listings. The group sees affordability constraints continuing, though, with mortgage rates remaining elevated due to inflation and a strong job market. “Hotter-than-expected inflation data and strong … [Read more...]

New home sales typically account for just 10 percent of total home sales. But with the inventory of available older homes still lower than normal, the new home market has become more active. In fact, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single-family homes are now 5.9 percent higher than they were at the same time last year. The improvement comes at a time when home builders are expressing rising confidence in the market and … [Read more...]

Spring has arrived and so has home selling season, which means now’s the time to start getting your house ready if you’re hoping to get it on the market at the hottest time of the year. According to a new analysis from the National Association of Realtors’ consumer website, mid-April is the time of year when sellers see the most buyers and the fastest sales. The same analysis found most homeowners need at least a month to get their house ready to show. That makes now the perfect time to get started. Danielle Hale, … [Read more...]