The National Association of Home Builders surveys builders each month to gauge their confidence in the market for newly built single-family homes. Their responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In July, the index fell one point to 80. The decline was due to the continuing supply challenges facing home builders. Robert Dietz, NAHB's chief economist, says conditions are putting upward pressure on prices. “Builders are contending with … [Read more...]

Many surveys have shown an all-cash offer is the surest way to win a bidding war. The problem, of course, is most buyers – and especially first-time and entry-level buyers – don't have the savings necessary to make an all-cash offer. Despite this, they're becoming more common in today's market. In fact, according to one recent analysis, all-cash purchases have accounted for 30 percent of homes sold so far this year. That's the highest number since 2014. So what's behind the trend? Well, a few things. Recent stock … [Read more...]

Among home-improvement projects, painting is a lot easier than having to remodel a kitchen or redo an entire bathroom. That's why it's smart for home buyers to look beyond the color of a home's walls when deciding whether or not the house is a good fit for their needs. After all, if you hate the color of the living room but love everything else about the house, it's a fairly simple problem to solve. But while that's true, it doesn't mean the color of a home's walls don't influence buyers' perceptions of the homes … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates are now at their lowest level since February. Last week, rates fell 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 drop helped push mortgage application demand 16 percent higher than one week earlier, with refinance demand surging 20 percent week-over-week. Joel Kan, MBA's … [Read more...]

Because the pandemic interrupted last year's spring sales season, this year's was hotly anticipated. It didn't disappoint. Buyers returned to the market in droves. But while home buyers were out in force, home sellers didn't return quite as quickly. The result was a market flooded with shoppers but low on homes for sale. Naturally, that led to spiking prices and intense competition for the homes that were available. It got so bad that, according to one analysis, 74 percent of the homes sold in April faced a bidding … [Read more...]

In today's market, first-time home buyers face challenges repeat buyers don't. Among them, saving for a down payment tops the list. Home prices are rising and, while current homeowners who are ready to move can use their increasing equity to cover some of the upfront costs of buying a home, first-time buyers have to save a down payment from scratch. That can be a challenge in a market where prices continue to climb. In fact, according to one recent analysis, to cover a 20 percent down payment on the typical starter … [Read more...]

Walkable neighborhoods with easy access to public transit have traditionally been attractive to home buyers. After all, who doesn't like the convenience of having the things you need close by? But while convenience is appealing, it's not the only thing home buyers weigh when deciding where to look for a new house. And after the pandemic upended our daily routines and changed where and how we work, access to transit began to fall from the top of buyers' wish lists. In short, the pandemic changed home buyers' … [Read more...]

With fewer homes available for sale and prices on the rise, it's a great time to sell a house. And, according to Fannie Mae's most recent Home Purchase Sentiment Index, more Americans are noticing. In fact, their survey – which tracks Americans' perceptions of the housing market, buying and selling a home, prices, mortgage rates, and their personal financial situation – found that 77 percent of respondents said they feel like it's a good time to sell. That's up 10 percent from last month. Doug Duncan, Fannie Mae's … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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. Rates are now lower than where they were at the same time last year. Joel Kan, MBA's associate vice president of economic and industry forecasting, says, current conditions are … [Read more...]

In this market, homes for sale don't last very long. Good homes are listed and purchased in a matter of days. In fact, according to new numbers from the National Association of Realtors' consumer website, properties in June sold 35 days faster than last year and 21 days faster than the average June between 2017 and 2019. Nationally, the typical home was on the market just 37 days – and, in cities like Rochester, Denver, and Nashville, homes sold in two weeks or less. Fortunately, George Ratiu, the website's senior … [Read more...]