When an offer on a home has been accepted, that home's sale is considered pending. It isn't final until closing, which typically takes place a few weeks later. But, because most accepted offers result in completed sales, the National Association of Realtors tracks contract signings as an indicator of what sales should look like in the near future. In September, the NAR's Pending Home Sales Index showed a slight increase from the month before, though it's still below where it was at the same time last year. Lawrence … [Read more...]

Among all the factors that can help prospective home buyers get an idea of what a particular property will cost them, price is perhaps the easiest to gauge. Things like mortgage rates, potential maintenance and upkeep, property taxes, and insurance are all part of the equation but not as simple to measure as a home's listed price. So it's no shock that Americans who are thinking about buying a house in the near future are also thinking about where home prices are headed. That's why new numbers from ATTOM Data … [Read more...]

According to the Mortgage Bankers Association's Weekly Application Survey, demand for mortgage loans rose 4.9 percent last week from one week earlier. Refinance activity led the way, increasing 10 percent from the previous week. Demand for loans to buy homes was also higher, however, posting a 2 percent increase. But though demand was up, the rebound follows a holiday week that saw sharp declines. “Mortgage application activity rebounded the week following the Columbus Day holiday, but both purchase and refinance … [Read more...]

When asked, most Americans who don't own a home say they'd like to become homeowners someday. Regardless of current market conditions or the state of the economy, the desire to own a home endures. Part of this is because it helps to build wealth. The other part is homeownership's long-cemented status as a key element of the American dream. So what's keeping aspiring homeowners from pursuing their dream? Well, one main factor is coming up with a down payment. The down payment is among the biggest obstacles that keep … [Read more...]

Buying your first home is different than buying your second. For one, first-time buyers have never been through the process before and face a lot of unknowns. They also have to build a down payment from scratch, since they don't have a house to sell. And without the benefit of home equity to help fund a home purchase, buying prospects can look a little different. In short, first-time buyers face some challenges other home buyers may not. So what can they expect from today's market? Well, according to Fannie Mae's … [Read more...]

During the spring and summer, homes for sale were selling fast. So fast that the typical home was on the market less than a month. And while home buyers should still expect desirable homes to go quickly, there may be some relief in sight. That's because, new numbers from the National Association of Realtors show that the majority of homes are now on the market more than a month. In fact, properties typically sold in 32 days in September, an improvement over August when homes moved in just 29 days. Lawrence Yun, … [Read more...]

There are a lot of things you can tell about living in a particular a house from a quick visit or two. There are even some things you can tell just from driving through the surrounding neighborhood. But, while you can know how much available storage a house has or how new the windows are, you won't have as easy a time knowing what your prospective neighbors are like and what it'll be like living next to them. Fortunately, though, most Americans say they have good neighbors. In fact, according to the results of a … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week across most loan categories, including 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase follows a general upward trend driven primarily by economic improvement and a stronger job market. Joel Kan, an MBA economist, told CNBC higher rates are also the result of actions taken by the Federal … [Read more...]

When builders feel confident that there are a lot of buyers looking for new homes, they build more homes. It's simple, really. It's also good for the housing market, as more new homes help provide choices and keep prices from spiking. That's why the National Association of Home Builders tracks builder confidence each month. In October, their survey found builders optimistic about the market for newly-built homes and confident that buyer demand will remain high. “Builders are motivated by solid housing demand, … [Read more...]

No one wants to make big decisions hastily. It's a great way to make mistakes and end up with regrets. Which is why, in an ideal situation, home buyers would have time to consider the pros and cons of multiple houses and choose the one that best fits their needs and wishlist. Unfortunately, in a competitive market, that's not always possible. And so, buyers have to be prepared and ready to make an offer when they see a house they like. The good news is, now that inventory is beginning to rise and houses are staying … [Read more...]