Coming up with a down payment is among the biggest challenges for prospective home buyers, especially if it's their first time. While move-up buyers can use the money made from selling their current home, first-time buyers have to save the money from scratch. The good news is, depending on the terms of your loan, you'll have options, regardless of whether it's your first or fifth time buying. For starters, you don't necessarily have to come up with a full 20-percent down payment. In fact, the average down payment … [Read more...]
Will There Be More Homes For Sale Next Year?
The housing market has been out of balance for a while now. Too many home buyers have been active in a market with too few homes for sale. That's the reason prices have been rising. It's also the reason homes have been selling so quickly. It's a problem with no quick solutions. Adding to the housing stock requires more new homes to built and more current homeowners to put their homes on the market. But while there aren't any easy answers, there are encouraging signs that next year will be a little better than this … [Read more...]
Proximity To Family Moves Up Buyers’ Wish Lists
The list of things home buyers consider important when deciding to move stays fairly consistent. Years go by without much change to buyers' wish lists. But like most everything else, the pandemic has led buyers to reconsider the things they're looking for in their next neighborhood. Not surprisingly, the quality of the neighborhood still ranks highest. Everybody wants to live in a nice area. The second slot, however, saw a change, as proximity to family and friends surpassed commute to work and affordability, which … [Read more...]
Home Buyers Active Despite Rising Rates
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. It was the third consecutive week rates have increased. But despite rising rates, home buyers remained active. In fact, the MBA's Purchase Index was up 5 percent from one week earlier. Joel Kan, MBA's associate vice president of economic and industry forecasting, … [Read more...]
Pending Home Sales Spike 7.5% In October
The National Association of Realtors' Pending Home Sales Index tracks the number of contracts to buy homes that are signed each month. Because it measures contract signings, which precede closings by a number of weeks, it can be a good indicator of future existing-home sales. In October, the index saw a significant spike, rising 7.5 percent from the month before. Lawrence Yun, NAR's chief economist, says it's a sign that buyer demand remains high. “Motivated by fast-rising rents and the anticipated increase in … [Read more...]
Bidding Wars Fall From Peak But Remain Common
In a seller's market – when there are more home buyers than there are homes for sale – competition is common. A good listing will attract multiple offers and, more often than not, the house will be sold to the highest bidder. This year's market has been particularly competitive, as the number of homes for sale has been lower than normal while buyer demand has remained elevated. Fortunately, though, the housing market has cooled somewhat after a hot spring and summer. But while it has slowed down a bit, newly … [Read more...]
Do You Want To Buy A New Or Existing Home?
Shopping for a house to buy involves many choices. One of the most obvious is whether you want to buy a new house or an existing home. But before you choose, you should know that market conditions can be very different between the two. For example, though the overall supply of homes remains low, there's actually a pretty good stock of new homes available for sale. In fact, according to recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, there was a 6.3-month … [Read more...]
Demand For Purchase Loans Continues To Climb
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes continued to climb last week, rising 5 percent from one week earlier. It was the third consecutive week of increases. Together with a slight uptick in refinance activity, the gains pushed total mortgage application demand 1.8 percent higher than the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the improvement could be a sign that borrowers are trying to lock … [Read more...]
Housing Outlook Stays Positive Despite Challenges
Each month, Fannie Mae's Economic and Strategic Research Group releases an outlook forecasting what they think is ahead for the economy and housing market. In November, their outlook is largely positive, with economic growth projected to remain fairly consistent and housing activity continuing its momentum into next year. Doug Duncan, Fannie Mae's senior vice president and chief economist, doesn't see any major changes ahead. “Economic growth continues to slow, but not precipitously; and as rates have not yet … [Read more...]
Time On Market Sees Slight Improvement
One of the big challenges for home buyers this year is how quickly homes have been selling. It hasn't been uncommon to see a good listing go up midweek and sell before the following Sunday. That doesn't leave much time for interested buyers to get out to see it, consider their options, and make a solid offer. But while new numbers from the National Association of Realtors show homes are still selling quickly, there was a slight improvement in October. In fact, the time the typical home for sale was on the market … [Read more...]
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