The spring home sales season is underway and there's no better proof than new numbers from the National Association of Realtors. According to their most recent existing home sales report, 47 percent of homes sold in March were on the market for less than a month. Additionally, the average number of days properties remained on the market was 36 days, down from 44 days the month before. That's a significant drop and evidence that buyer demand is heating up and homes are selling more quickly. But, despite the fact … [Read more...]
Realtors Say Buyers Want Green Homes
When it comes time to decide what type of home you want to buy, there's a lot to go over. Beyond even the financial considerations, prospective home buyers have to make choices about the style of house, the size, number of rooms, the yard, storage, etc. Then they have to prioritize their wants and needs based on just how important they are and whether any of them are dealbreakers. Because there are so many factors, it's no small thing when a sizable share of home buyers express an interest in the same feature. … [Read more...]
Market Outlook Sees Stability Ahead For Housing
Fannie Mae's Economic and Strategic Research Group releases a monthly forecast detailing what lies ahead for the economy and housing market. And though their most recent release says the overall economy will slow this year, their outlook for the housing market is encouraging for potential home buyers and sellers. That's because the group sees stability ahead. Doug Duncan, Fannie Mae's chief economist, says there are a number of factors that should make market conditions more favorable this year. “On housing, the … [Read more...]
Mortgage Rate Increase Doesn’t Deter Home Buyers
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose last week but the increase didn't stop home buyers. In fact, demand for purchase loan applications rose 1 percent and reached their highest level in 9 years. Requests for loans to buy homes are now 7 percent higher than at the same time last year. Despite the improvement, however, overall mortgage application demand was down from the week before, as refinance activity was slowed by higher rates. Joel Kan, MBA's … [Read more...]
Builders Say Demand Is High But Costs Are Rising
Home builders are on the frontline of the housing market. Their business depends on knowing what buyers want and when they want it. That's why the National Association of Home Builders tracks builder confidence in the market for newly built homes. When builders are optimistic about buyer demand, they build more homes, which helps balance the market and makes conditions better for all home buyers. The results of the NAHB's most recent survey shows builders are confident in the market and reporting solid demand. In … [Read more...]
Home Shoppers Ready To Take On Renovations
In a perfect world, we'd all be able to buy a home that fulfills our wish list, is in great condition, and already has our preferred fixtures, features, and finishes. Of course, that isn't the way things work. Buying a house requires compromise and, in some cases, a good strategy for how to fix the things you don't like about a home you're otherwise crazy about. Fortunately, if recent data is any indication, today's home shoppers understand this and are realistic about their chances of finding the perfect home. For … [Read more...]
Millennial Borrowers Close Loans In 44 Days
After finding a house to buy and having your offer accepted, the home buying process really kicks into gear. There are several steps that have to be cleared before a pending sale is completed and your loan has closed. For example, this is the time when the home will be inspected and appraised. It is also the period during which the financial side of the transaction will be finalized. This takes time, as anyone who's been through the process before knows. But what about first-time home buyers? How long should they … [Read more...]
Number Of Homes For Sale Shows Improvement
There are many ways to gauge the housing market. You can follow home prices and mortgage rates, buyer traffic and sales, new home construction, or access to credit. But, if you're a potential home buyer or seller, there may be no better indicator than inventory. That's because, it's an easy way to determine whether or not the market favors buyer or sellers. When there are too few homes for sale, buyers have to compete for available homes, which leads to higher home prices. When there are too many homes for sale, … [Read more...]
Loans To Buy Homes Up 13 Percent Over Last Year
According to the Mortgage Bankers Association's Weekly Applications Survey, the number of Americans requesting applications for loans to buy homes is now 13 percent higher than it was at the same time last year. The improvement comes during a week when average mortgage rates increased. In fact, 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. Mike Fratantoni, MBA's … [Read more...]
How Much Do Sellers Spend On Home Improvement?
The typical home seller lives in their house for more than a decade before they put it up for sale. And during that 10 years, there are probably a few things they let go. So it's no surprise that the vast majority of them feel the need to fix their place up before putting in on the market. In fact, according to one recent analysis, nearly 80 percent of home sellers complete one home improvement project before they invite potential buyers to have a look. This can include anything from a fresh coat of paint to a … [Read more...]
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