Among the costs of homeownership, property tax may be the easiest to overlook. Prospective home buyers already have to think about their down payment, closing costs, and monthly mortgage payment. So, checking into what their potential property-tax bill might be can end up an afterthought. But it shouldn't be. Mostly because it can be a fairly significant amount, depending on where you're buying. So what should you expect? Well, according to ATTOM Data Solutions' most recent analysis, the average property tax for a … [Read more...]

The number of Americans working remotely skyrocketed after the coronavirus took hold last March. And with newfound freedom to work from anywhere, how and where we live began to change. For one, home buyers began looking for properties in suburbs and exurbs, further from city centers. Another example can be found in recent data showing that the number of home buyers locking in mortgage rates for second homes has risen 128 percent since last year at the same time. That's almost four times the increase primary homes … [Read more...]

The Mortgage Bankers Association's Mortgage Credit Availability Index measures how easy or difficult it is for prospective borrowers to get approved for a mortgage. When credit availability is tight, it is harder to get a mortgage. When credit loosens, it means lending standards have eased. In March, the index rose 0.6 percent, indicating that mortgage credit has become more available. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the economy and job market are making it easier … [Read more...]

When there are more home buyers than homes for sale, that's a seller's market. Homeowners can get top dollar for their homes, since buyers have fewer options to choose from. That's the case in today's market. And, according to Fannie Mae's most recent Home Purchase Sentiment Index, Americans are noticing. In fact, the survey component measuring whether respondents think it's a good or bad time to sell a house saw a 13 percent increase in participants who said now is the right time to sell. Doug Duncan, Fannie Mae's … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from the week before. Rates were up 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 increase brought rates to their highest point since last June. Joel Kan, MBA's associate vice president of economic and industry forecasting, said rising rates led to a … [Read more...]

When shopping for a home to buy, most buyers look at multiple options before making an offer. It's not likely that the very first house you see will check every box on your wishlist. Which is why the current market's inventory problem is an issue for buyers. In addition to higher prices, bidding wars, and competition, a lower-than-normal number of homes for sale also means fewer options for home shoppers. And, according to one new report from the National Association of Realtors' consumer website, homes for sale … [Read more...]

One of the primary purposes of a house is protection from the elements. After all, we all want to feel safe at home – and shelter from harsh weather is a big part of that. But how many home buyers are thinking about extreme weather conditions when looking at listings? Well, according to one new survey, quite a few. In fact, nearly 80 percent of participants said the frequency and intensity of extreme weather in an area would make them hesitant to buy a home there. And, among respondents who said they planned to … [Read more...]

The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes that are signed each month. Because contract signings precede closings by several weeks, the index can be a good predictor of future home sales numbers. In February, the NAR found pending home sales down 10.6 percent from the month before but virtually unchanged from where they were one year earlier. Lawrence Yun, NAR's chief economist, says the month-over-month decline is mostly due to the fact that there … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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 the first after seven consecutive weeks of increases. Joel Kan, MBA's associate vice president of economic and industry forecasting, said rates are still higher than … [Read more...]

When it comes time to make a move, you first have to decide whether you'll rent or buy your next place. For most of us, this decision is primarily a financial one. Surveys consistently show a majority of Americans say they hope to own their own home one day. Which means, many renters are doing so because they aren't financially ready yet to buy a home. It also means that, among current renters, there are many who are making plans to buy someday soon. And it seems, for an increasing number of them, that day has … [Read more...]