Part of the home buying process is deciding whether you want to buy a new home or an existing home. They both have advantages. Previously owned homes, for example, are generally more affordable and typically located in more established neighborhoods. New homes, on the other hand, have the benefit of being brand new. And, these days, they're increasingly being offered with added incentives to encourage potential buyers. In fact, according to a recently released survey from the National Association of Home Builders, … [Read more...]
Getting A Mortgage Got Easier In November
The Mortgage Bankers Association's monthly Mortgage Credit Availability Index offers prospective home buyers a gauge of how easy or difficult it currently is to get approved for a loan. The index measures whether lending standards are tightening or loosening. When standards tighten, it means borrowers need to have a more secure financial situation than when standards loosen. In November, the index found mortgage credit was more available than it was the month before. That means borrowers should have an easier time … [Read more...]
Where Do You Plan To Live In Retirement?
You may be someone who envisions moving somewhere beautiful when you retire. After all, spending your retirement soaking up the sun somewhere near the water doesn't sound too bad. But while many of us may fantasize about moving away in retirement, the reality is the majority of us are happy where we are. According to one newly released survey, 70 percent of Gen X and Baby Boomers say they plan to retire in the home they currently own. The reasons are varied, including everything from having a low mortgage payment … [Read more...]
Americans Are Feeling Better About Buying
The number of Americans who say it's a good time to buy a home increased in November, according to Fannie Mae's Home Purchase Sentiment Index. The index – which is based on a monthly survey that asks Americans for their feelings about the housing market, economy, mortgage rates, home prices, and whether or not it's a good time to buy or sell a home – found a 1 percent increase in the number of respondents who say now's a good time to buy. The improvement came as the overall index saw its first gains in eight … [Read more...]
Mortgage Rates Fall Further In Latest Survey
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. Rates were down from the week before for 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 favorable rates, home buyer demand for loans to buy homes fell 3 percent from the week before. Joel Kan, MBA's vice president and deputy chief economist, says demand slowed, even as rates and prices … [Read more...]
Is Home Buyer Demand Beginning To Rebound?
Home buyers have been feeling cautious lately. Mortgage rates spiked earlier this year and, with home prices already high, many buyers took a wait-and-see approach through the spring and summer. Now, in late fall, it looks like they may be getting interested again. Why? Well, market conditions have improved somewhat and, though it's still early, the changes may have grabbed buyers' attention. Among the good news for buyers, an increasing number of homes for sale has slowed home price increases and provided more … [Read more...]
Number Of Homes For Sale To Increase In 2023
It isn't always easy to find what you're looking for when shopping for a house. That's especially true when there are fewer homes for sale. Low inventory leads to competition, quick sales, bidding wars, and frustration. On the other hand, when there are more options to choose from, there are more opportunities to find a house that checks off the items on your wishlist. Which is why a recent end-of-the-year forecast has encouraging news for prospective home shoppers. The forecast, from the National Association of … [Read more...]
Does Today’s Market Favor Buyers Or Sellers?
Sometimes you have no choice but to move. Maybe you need to relocate for a better job or have to get a bigger space to accommodate a growing family. Whatever the circumstances, life may force you to find a new place to live. In those cases, you don't have the luxury to consider market conditions or whether now is the best time financially to make a move. But, if you have a move in mind and you're not on a specific timeline, you may be wondering whether now's the best time and if today's market is better for buyers … [Read more...]
Number Of Contracts To Buy Down In October
When a seller accepts an offer to buy, their home's sale is considered pending until it closes weeks later. Because of this, pending sales are a reliable indicator of future home sales numbers. That's why The National Association of Realtors tracks them each month with its Pending Home Sales Index. According to the most recent data, contract signings were down in October, falling 4.6 percent from the previous month. Lawrence Yun, NAR's chief economist, says October was hard for buyers but things may soon ease up. … [Read more...]
Mortgage Rates Continue To Fall
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. It was the third consecutive week of declines and saw rates down across most loan categories, including 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Only jumbo loans increased from the week before. Joel Kan, MBA's vice president and deputy chief economist, says economic conditions may keep rates … [Read more...]
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