It's no secret that home prices have been increasing lately, and especially in the nation's most populous metropolitan areas. So what are home buyers doing to ensure they find – not only a house they love – but one that fits well into their budget? Well one strategy is to look beyond the priciest locations for a more affordable neighborhood in the surrounding area. In other words, home buyers are getting creative in their search for a great home at a great price. And while this usually means moving to the suburbs, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average rates for 30-year fixed-rate mortgages with conforming loan balances remained unchanged last week – though rates were up for mortgages backed by the Federal Housing Administration and 15-year fixed-rate loans. Still, despite those increases, demand for loans to buy homes jumped 6 percent from one week earlier. Overall, mortgage application demand was up 2.7 percent from the previous week, as a drop in refinance activity pulled total … [Read more...]

There are a lot of different factors that play a role in determining whether or not you can buy a house and how much house you should buy. Current mortgage rates, home prices, your personal debt, income, and financial situation can all factor into your decision. That means, calculating whether or not now is the right time for you to pursue homeownership requires thinking a little bit about each. For example, home buyer demand remains elevated despite reports of affordability challenges in markets across the … [Read more...]

The number of new homes for sale is an important barometer for the housing market. That's because, new homes are the fastest way to add inventory to the market. And, because inventory shortages are currently pushing home prices upward, the number of new homes available for sale has become an important number for potential buyers and sellers to watch. According to one measure – the U.S. Census Bureau and Department of Housing and Urban Development's Monthly New Residential Sales report – the number of new homes on … [Read more...]

If you want an accurate read of how many interested home buyers are active in the housing market right now, you can't do much better than a measure of appointments to view available homes. The number of showings potential buyers set up provides a pretty good snapshot of how much demand there is from qualified buyers. And, according to ShowingTime's Showing Index – which tracks appointments to view homes – there's a lot. “Showing activity continued to increase overall as we moved into 2018, with several markets … [Read more...]

According to the National Association of Realtors, sales of existing homes fell 3.2 percent in January and are now at their slowest pace since last September. This isn't all that surprising, considering home sales tend to slow during the winter. However, there are a few things to watch in the weeks ahead. For one, the number of homes available for sale. Low inventory is often named as the main issue holding home sales back, but according to NAR's chief economist, Lawrence Yun, there's reason for optimism. “There's … [Read more...]

For many years following the financial crisis, interest rates hovered near historic lows. Partly, this was because keeping rates low was a way to encourage investment in the economy. However, as the economy grew stronger, the expectation has always been that rates would begin to rise. And, now that economic fundamentals are stronger, rates have indeed pushed upward. Some evidence of this can be seen in the most recent mortgage application survey from the Mortgage Bankers Association. According to their weekly look … [Read more...]