The mortgage process is really just about verifying and documenting the various aspects of the home's sale. Whether it's verifying the buyer's income and debts or that the house doesn't have a major problem with its foundation, there are a number of items that are typically among the checklist of things that need to be done before the deal is closed. The appraisal is one of them. In short, an appraisal provides a professional evaluation of the home's worth. Based on the size of the home and lot, as well as the … [Read more...]

Before anything else, the decision to buy or sell a house starts with a feeling. Maybe it's feeling too cramped in your current house or feeling financially secure enough to trade up, but, whatever the case, you have to feel something. Maybe most importantly, you have to feel confident that it's the right time for you and that you're in a good position to move. That's why Fannie Mae takes a monthly measure of Americans' confidence in the housing market and their personal financial situation. And, according to their … [Read more...]

When searching online listings for homes to buy, it is sometimes difficult not to wander outside of your price range for a look at houses you'd love but can't afford. This is true no matter what your particular price range might be. There will always be a house just out of your reach that'll catch your curiosity. And the internet has made it easier than ever to get a glance of the high-end homes you'd previously only be able to see from the road. Proof of this can be found in a recent analysis of the country's most … [Read more...]

If you've ever sold a house or are currently thinking of selling, you know there are a lot of factors that play a role in deciding when it's the right time to list your home. Most of the decision-making process will rightly focus on your personal goals, finances, and plans for the future. But there is also the question of what time of year is the best for selling a house. Well, according to an analysis of nearly 15 million home sales that occurred between 2011 and 2017, ATTOM Data Solutions has narrowed the best … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, the number of Americans requesting loans to buy homes last week was 5 percent higher than the same week one year ago – indicating that there is a high level of buyer demand around the country. But though buyers are active in the market, they are also keeping a close eye on affordability. And last week, mortgage rates were also up. In fact, rates rose across all loan categories, including 30-year fixed-rate loans with both conforming and … [Read more...]

With buyer demand high and the number of houses for sale low, today's market is favorable for homeowners who want to sell. But though they're likely to find interested buyers, homeowners shouldn't expect that everything will always go their way. In fact, a home's sale almost always involves a negotiation and home sellers, just like buyers, should expect to have to compromise here and there. For example, 76 percent of sellers said they had to make at least one concession when selling their home, according to one … [Read more...]

When a homeowner accepts an offer to buy their home, that home's sale is considered pending until the deal has closed. Because there are usually a few weeks between the contract signing and closing, tracking pending sales can be a good way of forecasting future home sales activity. For that reason, the National Association of Realtors' Pending Home Sales Index tracks contract signings each month. In March, the index was up slightly from the month before but fell short of last year's level. Lawrence Yun, NAR's chief … [Read more...]

If you spend any time following the real estate market or economy, you know there's no shortage of data. Nearly every day there's a new report detailing some corner of our economic lives, whether it's consumer spending, mortgage rates, jobs, or home sales. But reading the day-to-day news reports can sometimes give you a distorted view of what's really happening. That's because monthly updates on the housing market's ups-and-downs can be more volatile than a look at annual results. And so it's important to take a … [Read more...]

New numbers from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development show sales of new homes rose 4 percent in March and were 8.8 percent above year-before levels. The improvement is a good sign for the spring market and evidence that recent gains in building permits and housing starts are beginning to show results – as those homes are now being finished and put up for sale. It's also good news for inventory, as growing demand for new homes will help relieve pressure on prices as … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased across all loan categories last week. In fact, rates were up for 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, according to MBA economist, Joel Kan, was due to positive economic news. “Treasury rates increased significantly last week, partly driven by the market's reaction to more hawkish … [Read more...]