Choosing a house to buy takes a little bit of vision. After all, it's easy to know what you want in a home today, but more difficult to know for sure what you'll want years from now. Things change and your life will undoubtedly take some unexpected twists and turns. But just how long should you expect to live in the house you buy? Well, according to ATTOM Data Solutions' Q1 2019 U.S. Home Sales Report, homeowners who sold in the first quarter of this year had lived in their home an average of 8.05 years. For … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week 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 increase continues an upward trend that has caused some hesitation among borrowers, especially those looking to refinance. Michael Fratantoni, MBA's senior vice president and chief economist, says rates have … [Read more...]

New home sales increased 4.5 percent in March, beating economists' expectations and hitting a 16-month high. The data, from the U.S. Census Bureau and the Department of Housing and Urban Development, is more evidence that home buying conditions are becoming more favorable just as buyer demand heats up for the season. The combination of a strong job market and low mortgage rates is encouraging buyers and helping steady a housing market that went through its ups-and-downs last year. And, since new-home sales gains … [Read more...]

The spring home sales season is underway and there's no better proof than new numbers from the National Association of Realtors. According to their most recent existing home sales report, 47 percent of homes sold in March were on the market for less than a month. Additionally, the average number of days properties remained on the market was 36 days, down from 44 days the month before. That's a significant drop and evidence that buyer demand is heating up and homes are selling more quickly. But, despite the fact … [Read more...]

When it comes time to decide what type of home you want to buy, there's a lot to go over. Beyond even the financial considerations, prospective home buyers have to make choices about the style of house, the size, number of rooms, the yard, storage, etc. Then they have to prioritize their wants and needs based on just how important they are and whether any of them are dealbreakers. Because there are so many factors, it's no small thing when a sizable share of home buyers express an interest in the same feature. … [Read more...]

Fannie Mae's Economic and Strategic Research Group releases a monthly forecast detailing what lies ahead for the economy and housing market. And though their most recent release says the overall economy will slow this year, their outlook for the housing market is encouraging for potential home buyers and sellers. That's because the group sees stability ahead. Doug Duncan, Fannie Mae's chief economist, says there are a number of factors that should make market conditions more favorable this year. “On housing, the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose last week but the increase didn't stop home buyers. In fact, demand for purchase loan applications rose 1 percent and reached their highest level in 9 years. Requests for loans to buy homes are now 7 percent higher than at the same time last year. Despite the improvement, however, overall mortgage application demand was down from the week before, as refinance activity was slowed by higher rates. Joel Kan, MBA's … [Read more...]

Home builders are on the frontline of the housing market. Their business depends on knowing what buyers want and when they want it. That's why the National Association of Home Builders tracks builder confidence in the market for newly built homes. When builders are optimistic about buyer demand, they build more homes, which helps balance the market and makes conditions better for all home buyers. The results of the NAHB's most recent survey shows builders are confident in the market and reporting solid demand. In … [Read more...]

In a perfect world, we'd all be able to buy a home that fulfills our wish list, is in great condition, and already has our preferred fixtures, features, and finishes. Of course, that isn't the way things work. Buying a house requires compromise and, in some cases, a good strategy for how to fix the things you don't like about a home you're otherwise crazy about. Fortunately, if recent data is any indication, today's home shoppers understand this and are realistic about their chances of finding the perfect home. For … [Read more...]

After finding a house to buy and having your offer accepted, the home buying process really kicks into gear. There are several steps that have to be cleared before a pending sale is completed and your loan has closed. For example, this is the time when the home will be inspected and appraised. It is also the period during which the financial side of the transaction will be finalized. This takes time, as anyone who's been through the process before knows. But what about first-time home buyers? How long should they … [Read more...]