Homeownership isn't a get rich quick scheme. So you shouldn't buy a house expecting its value to skyrocket and your wealth to instantly rise. The housing market will have its ups-and-downs and there are no guarantees. Which means, you probably shouldn't buy a house hoping it'll make you rich. And while that's generally good advice, it doesn't mean owning a home won't benefit your bottom line. For example, according to ATTOM Data Solutions' Q3 2018 U.S. Home Equity & Underwater Report, there are now nearly 14.5 … [Read more...]

How much money you spend is dependent on how much money you have. This is a simple equation and one that explains the current housing market. That's because, though home prices and mortgage rates have gone up recently, home buyer demand remains high. And the most likely explanation for this is that the economy is stronger and people feel more secure financially. In short, they have more money so they're able to afford more. Take Fannie Mae's most recent Home Purchase Sentiment Index. The survey asks Americans for … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up last week from one week earlier. The increase is a continuation of a recent trend upward that has been propelled by improved economic conditions. As the economy has grown stronger, interest rates have grown along with it. Joel Kan, MBA's associate vice president of economic and industry forecasts, told CNBC last week's increase was due, in part, to newly released employment numbers. “Rates increased slightly … [Read more...]

Millennials are now at, or quickly approaching, the age when the average American buys their first home. And though attitudes can shift from one generation to the next, when it comes to buying a home, millennials seem to agree with their parents and grandparents. In fact, they may be even more enthusiastic about buying a home. According to one recent survey of potential home buyers, millennials consider owning a home a top priority, second only to being able to retire. Homeownership was even named a higher priority … [Read more...]

At a glance, it might seem like home prices can only increase so much before they crash again. After all, they've largely recovered and are now at or above where they were just before they fell the last time. So doesn't that mean we're entering another housing bubble? Well, no. And the reason we aren't is fairly simple. According to Lawrence Yun, the National Association of Realtors' chief economist, the difference is what is pushing home values higher. “The current market conditions are fundamentally different … [Read more...]

Real estate, of course, is about location. From neighborhood to neighborhood, conditions may differ. Pricier neighborhoods will have different dynamics than more affordable areas. Hot spots that offer buyers features and amenities will have different conditions than less popular areas farther from the action. That's why most people work with professionals when buying or selling a home. It's good to be able to lean on the experience of someone with expertise in the specific parts of town you're interested in. But … [Read more...]

First-time home buyers are important to the health of the housing market, since they typically account for around 40 percent of the homes sold. And though that number has fallen in recent years, a stronger economy and job market has led to increasing demand among younger buyers. In fact, according to one recent survey, an overwhelming majority of Americans between the ages of 18 and 34 say they want to own a home, if they don't already. And while that's not that surprising, the fact that the youngest respondents … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. There was little change 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. However, though rates were virtually unchanged, demand for mortgage applications moved lower, with both purchase and refinance activity posting declines. Joel … [Read more...]

Typically, spring and summer are thought of as the prime times to buy or sell a home. There are a number of reasons for this, including weather and the end of the school year. But whatever the reason, there are usually more homes for sale and more active buyers during what is typically the busiest sales season. Fall and winter, on the other hand, are the time of the year when the housing market slows down. The approaching holidays and colder temperatures across much of the country mean fewer Americans are in the … [Read more...]

Generally speaking, there are two types of homes available to buyers. There are previously owned homes and there are new homes. Which one you choose comes down to a couple of factors. The first is personal preference. Some people prefer the quirks and character of an older home, while others like the comfort of knowing everything in their house is brand new. But though it'd be nice if it was, preference isn't usually the deciding factor. Ultimately, your decision will come down to budget and affordability. New … [Read more...]