From all accounts, this spring's housing market is going to be a busy one. High buyer demand has carried over from last year and so have inventory concerns in many markets. In other words, anyone hoping to find and buy a house this spring should be prepared for competition from other interested buyers. What does that mean? Well, in short, it means moving quickly and saving up some extra money to sweeten the pot, if necessary. In fact, according to a recent survey, home buyers say they are checking online listings … [Read more...]

Sales of previously owned homes declined in both December and January. But that isn't all that surprising. Cold weather in much of the country, combined with the end of the year and the holidays often causes home sales to slow down. This year, however, with current inventory levels and affordability conditions, some worried that the slow sales pace may mean something more significant and could even lead to a disappointing spring season. But new numbers from the National Association of Realtors provide some relief, … [Read more...]

So far this year, average mortgage rates have been more up than down. But, according to the Mortgage Bankers Association's Weekly Applications Survey, rates took a break last week, with slight declines in the contract interest rate for 30-year fixed-rate mortgages with conforming loan balances and loans backed by the Federal Housing Administration. Joel Kan, an MBA economist, told CNBC the rate decline was due to several factors. “Treasury rates declined slightly on average last week, as a mixed bag of economic … [Read more...]

These days, there are a lot of people interested in buying a house. A stronger economy, more jobs, and years of pent-up demand have led to a rising number of Americans who are eager to make a move. But while that's positive, more buyers active in the market also means homes sell faster. In fact, according to Nationwide's recent Health of Housing Markets Report, the average home was on the market for just 67 days in 2017 – with houses in some market going in half that time. That means, buyers need to do their … [Read more...]

As a potential home buyer or seller, you may not think you have much interest in the economy, consumer confidence, or even the details of the housing market's monthly ups-and-downs. However, all the moving parts of the economy affect one another and, in order to stay savvy about your next move, it's good to keep an eye on where things are. Fannie Mae's Economic & Strategic Research Group makes it easy by providing a monthly update on where things are and where they may be headed. According to their most recent … [Read more...]

Generally speaking, there are fewer homes available to buy right now than is considered normal. And though conditions will differ from one market to the next, when inventory is an issue, it leads to competition and higher prices. That's because, there are too many buyers vying for the number of homes currently available. But when there are more buyers than there are homes for sale, conditions are also ripe for builders. And typically, they'll take notice and build more homes to accommodate those buyers. Based on … [Read more...]

The factors that influence a home buyer's decision to buy a particular house in a particular neighborhood are very similar across demographic groups. After all, our lives are more similar than they are different. We all want to live in a safe neighborhood with access to things we want and need, like recreation and health care providers. However, depending on the age of the buyer, there are some are other neighborhood features, like schools, that may appeal more to a younger home buyer than an older one. For that … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up and down last week, with rates rising for FHA and 30-year fixed-rate loans with conforming loan balances but down for jumbo loans and 15-year fixed-rate mortgages. But despite the movement, mortgage rates didn't deter potential home buyers. In fact, purchase application demand was up 3 percent from one week earlier and also up 3 percent from last year. Joel Kan, an MBA economist, told CNBC that, though … [Read more...]

When you buy a house, you're not just purchasing a place to live. You're also making an investment in the real estate market. Which means, as your home's value grows, so does your equity. Equity, of course, refers to the amount a property is worth minus the amount still owed on the mortgage. Put simply, if your equity is growing, that's good news. Which is why new numbers from the Board of Governors of the Federal Reserve System are encouraging. That's because they show homeowner equity on the rise. In fact, the … [Read more...]