Available homes continue to sell quickly with the typical property going under contract in less than a month, according to new numbers from the National Association of Realtors. The newly released data shows the average property sold in 26 days, which was unchanged from the month before. Lawrence Yun, NAR's chief economist, says there are not enough homes to meet buyer demand and it's causing available homes to sell quickly. “Inventory coming onto the market during this year's spring buying season – as evidenced … [Read more...]

A quiet week for interest rates led to a boost in mortgage demand, according to the most recent results of the Mortgage Bankers Association's Weekly Applications Survey. Overall demand was up 5.1 percent from the previous week, which helped push the MBA's purchase index 3 percent higher than the same week one year ago. The week's results also showed a spike in refinance activity, reversing recent declines. Joel Kan, an MBA economist, told CNBC that there were offsetting concerns last week that led to the lack of … [Read more...]

One of the main arguments in favor of buying a home is equity. When you rent, you're sending your monthly payment to a landlord. As a buyer, your monthly mortgage payment is helping to build equity. Of course, many homeowners wait and then, following the sale of their house, use their accumulated equity to help buy their next home. But you can also use a home equity loan to access the value your home has accrued. So what do homeowners who take home equity loans do with the money? Well, a recent survey asked … [Read more...]

These days, the health of the housing market is a matter of inventory. Right now, there are fewer houses available for sale than is typical and, because of it, prices are rising and sales aren't as high as they might be otherwise. However, as more new homes are built, buyers will have begin to see more choices and prices will start to moderate. In short, whether or not you find a great house in your price range may have something to do with how many new homes are being built. Because of this, the National … [Read more...]

Home prices have been on the rise for a while now. But, in most cases, the jump in values was really just prices recovering the losses suffered following the financial crisis. After the housing crash, prices plummeted and, in the years following, they have rebounded. Now some markets have fully recovered and some are even surpassing previous peaks. But despite this climb in prices, and recent mortgage rate increases, home buyers have not been deterred. In fact, a recent outlook from Freddie Mac says that sales … [Read more...]

When shopping for a house to buy, it's hard not to fantasize about homes that are out of your price range. Regardless of what you plan to spend, it's fun to imagine buying a house even bigger, nicer, and more feature filled than the ones within your reach. And, with the Internet, it's easier than ever to steal a glance inside the nicest homes in the area. In fact, you can shop real estate in any area. But, while we're all familiar with famous luxury markets such as Beverly Hills or Aspen, Colo., what are the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up last week 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 comes after a brief period of decreases driven by concerns about the global economy. Joel Kan, an MBA economist, told CNBC those concerns remain. “Despite lingering uncertainty over a potential trade war, … [Read more...]

There are many factors that play a role in determining whether you're able to qualify for a mortgage. Credit standards are one of them. But unlike your income or debts, they aren't as easy to keep up with. They are important, though, so here's what you need to know. Credit standards refer to the requirements lenders use to determine whether or not you qualify for a loan. When credit standards are tight – as they were following the financial crisis and housing crash – potential buyers have to reach a higher … [Read more...]

Affordability is the top concern for potential home buyers entering the summer season. That's not a surprise. With prices and mortgage rates up, it's natural that Americans who are hoping to buy might be leery when seeing news of rising housing costs. But, though affordability conditions are challenging in some markets, buyers may have some misconceptions that are adding unnecessary stress and anxiety. For example, according to the results of one recent survey, potential home buyers see saving for a down payment as … [Read more...]

There are a lot of things you need to set money aside for when you're getting ready to buy a house. You have to have money for a down payment, closing costs, and moving expenses but you also need to consider how much you'll need for any future home maintenance. Buying a home means you're on the hook for any repairs and renovations you need along the way – and you will inevitably run into issues at some point, whether it's a clogged toilet or a leaky faucet. When it happens, you can pay someone else to fix it or try … [Read more...]