Because building more homes is the easiest way to solve the problem of too few homes for sale, new residential construction gets a lot of attention. But the number of homeowners listing their homes for sale also plays a role in determining current inventory. And, if new numbers from the National Association of Realtors' consumer website are any indication, there are fewer homeowners selling houses this year than there were last year at the same time. According to the numbers, new listings have fallen 3.4 percent … [Read more...]

Naturally, home prices are among the first things potential home buyers look at when deciding whether or not it's time for them to make a move. After all, they are the easiest housing-market barometer to read. It requires no expertise, for example, to look up homes for sale in any area and get a feel for how expensive or affordable they are. So where are home prices today and where might they be headed? Well, according to the S&P CoreLogic Case-Shiller Indices – which is considered a leading measure of U.S. … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 10 percent higher than at the same time last year. That demand remains above year-before levels despite low inventory and rising prices is further evidence that low interest rates continue to help home buyers handle today's market challenges. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the trend should continue. “Mortgage applications were mostly unchanged, with … [Read more...]

Pending home sales increased for the second consecutive month, according to new numbers from the National Association of Realtors. Their Pending Home Sales Index – which measures the number of contracts to buy homes signed each month – saw a 1.5 percent improvement over the month before. Signed contracts are now 3.9 percent higher than last year at the same time. Lawrence Yun, NAR's chief economist, says historically low mortgage rates are the main factor driving sales right now. “Even though home prices are rising … [Read more...]

Considering the popularity of home renovation shows, it's easy to see why home buyers might be tempted to buy a fixer upper. After all, on TV, renovating a house can be budget-friendly, quick, and even fun. But prospective home buyers, who think they may want to look for a house that needs some work, need to first be realistic. Not everyone has the skills or time to take on a renovation themselves and hiring a contractor can get expensive. Not to mention, all the little details reality TV shows edit out that can … [Read more...]

Typically, if you're buying a house, you'll be required to have it appraised before your loan closes. Part of the reason for this is to ensure you're paying a fair price for the property. Another is to protect your lender's investment – since they're going to be assuming most of the risk. Either way, it's a good idea to have a third-party, unbiased, professional assessment of the property. Appraisal Institute president, Stephen S. Wagner MAI, SRA, AI-GRS, certainly thinks so. He says it's important that anyone … [Read more...]

There are several reasons new homes tend to be more expensive than previously owned homes. One is that they're new. You're going to pay more for any house that has updated fixtures and features, let alone one where everything in it is brand new. But though new homes generally go for a higher price, new data from the U.S. Census Bureau and the Department of Housing and Urban Development shows they're currently more affordable than they've been in years. In fact, the median price of new homes sold in September was … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates spiked last week from the week before. And though they remain low, rates increased 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. Naturally, the increase led to a drop in refinance activity, with week-over-week numbers showing a 17 percent decline. Purchase demand was also down, … [Read more...]

The supply of available homes for sale is limited. So, when you find one that fits your needs and budget, you generally want to move quickly. After all, there could be other buyers, with similar taste, who get an offer accepted before yours is even on the table. These days, that's especially true. In many markets, there are fewer homes available for sale than is typical. That means, more competition and less time to deliberate before making a decision to buy. But while that's true, new numbers from the National … [Read more...]

When a homeowner refinances their mortgage, they're replacing their original mortgage with a new one. The reason to do this is to secure better terms on their home loan. So naturally, the right time to refinance a loan is when mortgage rates are lower than they were when the house was purchased. That's why it's no surprise that a recent report from Ellie Mae shows that, in September, refinances made up a larger share of total mortgage loan activity than they had in any previous month dating back more than four … [Read more...]