If you've been at all interested in shopping for a home, you've likely heard news about rising home prices. Since the housing crash, home values have rebounded and, in some areas, the climb has been quick. However, news about increasing prices should be measured against how far they fell. In other words, though prices have rebounded, they are still below their previous peaks in many markets. In fact, according to recent numbers from ATTOM Data Solutions, median home prices are still below their pre-recession peaks … [Read more...]

Conventional wisdom has it that if you find a home equipped with the latest eco-friendly features it's going to cost you significantly more than one without. After all, energy-efficiency and green-home technologies have become more popular with prospective home buyers in recent years. But though that's commonly thought, new research says it's not necessarily true. In fact, in some markets, homes with eco-friendly features such as solar panels, smart thermostats or bamboo floors don't sell for much more than the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes spiked 6 percent last week and is now 10 percent higher than at the same time last year. The increase was part of an overall gain in mortgage demand that may be a signal that the spring home buying season is ramping up. The improvement may have also been due to relatively flat mortgage rates from the previous week. In fact, average rates were virtually unmoved for 30-year fixed-rate loans with both conforming … [Read more...]

Making big decisions quickly is not usually a recipe for success. However, in today's housing market, that's exactly what home buyers have to do. That's because homes are selling faster than ever these days. In fact, according to a recent analysis, the average home took 81 days to sell last year. And that includes closing, which usually takes four to six additional weeks. In other words, since many markets have more buyers than they do available homes, houses for sale are selling fast. So what should buyers do to … [Read more...]

Home builders are a good gauge of what is going on in the housing market. After all, their business depends on knowing whether or not Americans are interested in buying a house. And so, the National Association of Home Builders tracks builder confidence as a way of measuring how much demand there is for new homes today and over the next six months. In April, builder confidence dropped a point from the month before but remains high, due to expectations for the spring and summer season. “Ongoing employment gains, … [Read more...]

Money is the top factor when it comes time to decide whether to rent or buy. After all, buying a home comes with several upfront costs that can make it a challenge if you don't already have some money set aside. So with recent gains in the economy and job market, it'd be natural to expect that Americans are feeling more financially secure and, therefore, also more ready to buy a house. But while buyer demand has been high recently, new research from Freddie Mac shows an increasing number of renters who say they'd … [Read more...]

Pretty much anywhere you go there are parts of town that are more affordable than others. There are areas known for starter homes that attract young families and other parts where the homes come with higher price tags and significantly more square footage. Which part of town you end up buying a house in will be determined, in part, by what works for your lifestyle. But your budget and bottom line will ultimately have final say. Currently, with home prices and mortgage rates both trending upward, it may seem like … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell across all loan categories last week, 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. But despite the decline in rates, demand for mortgage applications was down from the previous week and is now about even with where it was last year at this time. There are a number of reasons why this might be. First, a … [Read more...]

After finding a house to buy and making an offer, one of the next steps in the process is to get the home professionally inspected. This is done for a couple of reasons. One, it provides the home's buyer with necessary information about the health and upkeep of the home's various systems. But, additionally, it can be used to negotiate a fair price for the home. For example, if you made an offer on a house, then discovered during the inspection there were issues that might mean costly repairs, your offer could then … [Read more...]

Every month, Fannie Mae surveys Americans to better understand how they view the housing market, their personal finances, and the overall economy. Their Home Purchase Sentiment Index is a measure of how people around the country feel about buying or selling a home. And, according to the most recent results, they currently feel like it's time to buy. In fact, there was a 10 percent increase in the number of respondents who said they felt like it was the right time compared to February's survey. Doug Duncan, Fannie … [Read more...]