You can't always pick and choose when it's time to move. Maybe you found a job in another city or you have a growing family and need more space. Whatever the case, buying a home isn't something you necessarily do only when the deals are too good to pass up. Sometimes you just have to pack it up and find a new place regardless of what's happening in the market. But, if you're someone who has to make a move in the near future, you'll be happy to hear that buying conditions are improving. In fact, home buyers' … [Read more...]
Housing Index Finds Americans Confident But Cautious
There are so many individual factors that can sway someone's decision to buy or sell a house that it can be difficult to assess perceptions of the real estate market. But Fannie Mae's monthly Home Purchase Sentiment Index aims to do just that. By asking Americans about their confidence in the economy, their personal finances, home prices, mortgage rates, etc., the index hopes to give an overview of peoples' feelings about buying or selling a house. According to the results of their February survey, Americans are … [Read more...]
Mortgage Rates Hold Steady In Latest Survey
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were fairly steady last week from the week before. Rates saw slight increases 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. Mike Fratantoni, MBA's senior vice president and chief economist, says conditions are stabilizing and conventional purchase loans are up. “Slightly higher … [Read more...]
New Home Sales Surprise With December Gains
New home sales data from the end of last year was delayed because of the government shutdown. But, the now released numbers contain an unexpected surprise. That's because sales of newly built single-family homes rose nearly 4 percent in December from the month before. The gains put 2018 totals 1.5 percent above the year before. It was also a seven-month high. Economists polled before the release predicted a sharp drop in sales, which makes the improvement even more surprising. However, though rising sales are an … [Read more...]
What Do Young Home Buyers Regret Most?
Buyers remorse is common when making large purchases. After all, if you've spent a significant amount on something, you want to be sure you got your money's worth. And, since buying a home is among the largest purchases you'll ever make, the risk of remorse runs high. According to a recent survey conducted by the National Association of Realtors' consumer website, young home buyers are particularly vulnerable. In fact, millennial homeowners expressed the most regret of any generation, with 63% saying there were … [Read more...]
Suburbs And Storage Most Popular With Buyers
Every year, Americans are surveyed about the things they most want in their next home. And while some things change, like the preferred type of kitchen cabinetry or paint colors, there are other things that remain the same year after year. For example, the National Association of Home Builders recently surveyed nearly 4,000 home buyers who have either just purchased a house or plan to in the near future. They then ranked 175 features based on how important they are to buyers. Not surprisingly, the most popular … [Read more...]
Contracts To Buy Homes Spike 4.6% In January
When a contract is signed to buy a house, that home's sale is considered pending. It isn't final until closing, which typically happens a few weeks later. However, since contract signings usually lead to final sales, they're a good way of measuring current buyer interest and an indicator of what home purchase activity will look like a month or so down the road. That's why January's Pending Home Sales Index from the National Association of Realtors is encouraging. The report shows a 4.6 percent increase in the … [Read more...]
Mortgage Rates Fall As Buyers Hit The Market
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell 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 mortgages. The drop coincided with a surge in home buyers applying for loans to buy homes. In fact, the purchase index was up 6 percent from the week before and is now 3 percent higher than last year at the same time. Michael Fratantoni, … [Read more...]
Number Of New Homes Built Increased in 2018
During times when the housing market has more buyers than homes for sale, the quickest remedy is to build more new homes. Adding inventory to the market gives buyers more options, helps balance supply and demand, and keeps home prices in check. In short, new home construction plays a vital role in housing market health and affordability conditions. That's why it's good news that recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show a 3.6 percent increase in … [Read more...]
Millennials Responsible For 45% Of New Mortgages
To understand housing demand, it helps to break it down generationally. For example, baby boomers – because they are older and more likely to be settled somewhere – are the least active in the market. Generation X, on the other hand, are in the prime of their professional life and, since they are making more money and have growing families, they account for a large share of buyers looking to upgrade from their first home into something more spacious. Finally, there are millennials. Born between 1982 and 2000, … [Read more...]
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