A first-time home buyer’s priorities aren’t much different than any other buyer. After all, what home buyer isn’t looking for a good house in an affordable area that will see a great return on investment? That could describe just about everyone looking for a home to buy. But while we’re all mostly searching for the same things, first-time buyers do face some unique challenges, especially when home prices and mortgage rates are high. That’s why the National Association of Realtors’ consumer website compiled a list … [Read more...]

On TV, renovations are quick, easy, and always end in a job done perfectly. You don’t see the dust or endure weeks without access to your kitchen or bathrooms. You certainly don’t ever see a contractor who cuts corners, doesn’t finish the work, or does a poor job. In other words, renovations can be challenging. Maybe that’s why a recent survey of prospective home buyers found that 56.1 percent of them say the most important factor when searching for a home to buy is finding one that is move-in ready and needs no … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances and 15-year fixed-rate loans. Jumbo loans, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight declines. Still, rates remain elevated and that brought demand for mortgage applications down 3.7 percent last week from the week before. Joel Kan, MBA’s vice president and deputy chief economist, says demand for … [Read more...]

Each month, Fannie Mae surveys Americans and asks for their opinions on the housing market and economy. Participants weigh in on everything from mortgage rates and home prices to whether it’s a good time to buy or sell a home and how they feel about their job and financial situation. The resulting Home Purchase Sentiment Index then distills that information into a single number that reflects how Americans view housing market conditions. In December, the index fell 1.9 points to 73.1, which is lower than the … [Read more...]

Generally speaking, people want to live close to family, friends, and work, which is why most buyers choose a home relatively close to where they currently live. But there are many reasons somebody might have to move and sometimes they require traveling a greater distance – including to another state altogether. A recent analysis looked at people who left their home state to find out which states are most popular with long-distance movers. It found some established trends. For one, Americans are moving south. The … [Read more...]

The internet is likely the first place you’ll go when you decide to buy a home. It’s the quickest way to get a feel for your local housing market. It’s also a great way to find out your priorities. After all, the first terms you enter when you search for homes to buy are likely the ones that are most important to you. So, what are some common home shopper search queries? Well, according to a new analysis of search-term trends, last year’s most searched-for attributes were a combination of function and fantasy. … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, demand for mortgage loan applications fell more than 20 percent last week from two weeks earlier. The decline, however, was no surprise. The end of the year is always slow. Mike Fratantoni, MBA’s senior vice president and chief economist, says this year’s holiday slowdown was aided by higher mortgage rates. “Mortgage rates moved higher through the last full week of 2024 …” Fratantoni said. “Not surprisingly, this increase in rates – at a … [Read more...]

Home prices have been fairly consistent lately. Though still increasing in most markets, prices have been climbing at an ever-slowing rate as the supply of homes for sale has grown. That continues to be the case, according to the latest results from the S&P Case-Shiller Home Price Indices. Considered to be among the leading measures of U.S. home prices, S&P’s index has been tracking home values for more than 30 years. Their latest release shows prices up 3.6 percent nationally from last year at the same … [Read more...]

The National Association of Realtors’ Pending Home Sales Index measures the number of contracts to buy homes signed each month. The index is considered a good indicator of future home sales, since contract signings typically precede closings by several weeks. According to the most recent release, the index found contract signings up 2.2 percent month-over-month in November, pushing pending sales activity nearly 7 percent higher than it was last year at the same time. The gains were widespread and included all … [Read more...]

The past two years have been hard for home buyers. A combination of volatile mortgage rates, high home prices, competition and bidding wars, made finding an affordable home a challenge. Fortunately, though, the new year looks like it will bring brighter days for buyers. The National Association of Realtors certainly thinks so. Lawrence Yun, NAR’s chief economist, says the worst is over. “Home buyers will have more success next year,” Yun said. “The worst of the affordability challenges are over as more inventory, … [Read more...]