There's a reason it's called a seller's market. When there are too few homes for sale and plenty of buyers, home seller's set the terms. Take last year, for example. In the frenzy of last year's housing market, home buyers were waiving inspections and even buying homes sight unseen. Home sellers didn't have to negotiate to get a buyer to sign a contract, they could simply wait for a better offer. This year, though, things may be changing. According to the National Association of Realtors' consumer website, recent … [Read more...]

Your mortgage payment is bound to be among your biggest monthly bills. So it's natural to want it to be as affordable as possible. Which is why the Mortgage Bankers Association's most recent Purchase Applications Payment Index is encouraging news for prospective home buyers. The index – which tracks the typical monthly mortgage payment based on recent home purchase loan applications – found the national median payment applied for by applicants fell in July, dropping to $1,844 from $1,893 the month before. Edward … [Read more...]

Measuring the number of contracts to buy homes signed in a given month will give you a good idea of what the following month's home sales numbers will look like. After all, signing a contract to buy is the first step in a closing process that usually lasts a few weeks. Which means a signed contract today will be a closed home sale in about a month. It also means The National Association of Realtors' Pending Home Sales Index can give us an early insight into what's happening in the housing market now. The NAR's most … [Read more...]

Fannie Mae's Economic and Strategic Research Group releases a forecast each month detailing their outlook for the economy and housing market in the months ahead. The group looks at things like consumer spending, GDP growth, home sales, and mortgage originations and predicts where they're headed through the end of this year. Their August release contains few surprises for anyone thinking about buying or selling a house. In short, it says the housing market has been softening due to rapid home price increases and the … [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. As a result, home purchase activity slowed, dropping 1 percent from the week before. Demand for home purchase loans is now 21 percent lower than last year at the same time. Joel Kan, MBA's associate vice president … [Read more...]

The housing market has gotten a little easier for buyers lately. Listings are lasting longer and home-price increases have slowed. It's definitely still a seller's market, but buyers have it easier than they did last year at this time. Of course, how much easier depends on where and what you're looking to buy. Conditions can vary from one neighborhood to the next. They can also vary depending on price range. In fact, according to one recent report, if you're shopping for something smaller and more affordable, … [Read more...]

Home values have been rising steadily for years now. The pandemic caused them to accelerate, but it's not as though they just start increasing two years ago. In fact, according to one monthly measure, there hasn't been a month when they haven't increased since 2012. There were times, of course, when the increases would slow, but no month in the past 10 years saw the typical home value decline month over month. It did in July, though, falling 0.1 percent from the month before. The typical home, according to the … [Read more...]

Sales of previously owned homes fell 5.9 percent in July, according to new numbers from the National Association of Realtors. The decline continues a downward trend that began earlier this year, when mortgage rates increased after years of hovering just above, or at, record lows. Lawrence Yun, NAR's chief economist, says sales have fallen but that doesn't necessarily mean prices have. “We're witnessing a housing recession in terms of declining home sales and home building,” Yun said. “However, it's not a recession … [Read more...]

Buying a house means setting priorities. More than likely, you won't find one that checks off every single item on your wish list. So you're going to have to prioritize and choose which features are most important to you and which you can live without. You're also going to have to compromise. According to one recent survey, most home buyers do. In fact, the survey found 80 percent of recent home buyers said they had to compromise on their priorities. That means giving up something that made their wish list and … [Read more...]