In today's market, first-time home buyers face challenges repeat buyers don't. Among them, saving for a down payment tops the list. Home prices are rising and, while current homeowners who are ready to move can use their increasing equity to cover some of the upfront costs of buying a home, first-time buyers have to save a down payment from scratch. That can be a challenge in a market where prices continue to climb. In fact, according to one recent analysis, to cover a 20 percent down payment on the typical starter … [Read more...]
Car Dependent Areas See Bigger Price Spikes
Walkable neighborhoods with easy access to public transit have traditionally been attractive to home buyers. After all, who doesn't like the convenience of having the things you need close by? But while convenience is appealing, it's not the only thing home buyers weigh when deciding where to look for a new house. And after the pandemic upended our daily routines and changed where and how we work, access to transit began to fall from the top of buyers' wish lists. In short, the pandemic changed home buyers' … [Read more...]
More Americans Say It’s A Good Time To Sell
With fewer homes available for sale and prices on the rise, it's a great time to sell a house. And, according to Fannie Mae's most recent Home Purchase Sentiment Index, more Americans are noticing. In fact, their survey – which tracks Americans' perceptions of the housing market, buying and selling a home, prices, mortgage rates, and their personal financial situation – found that 77 percent of respondents said they feel like it's a good time to sell. That's up 10 percent from last month. Doug Duncan, Fannie Mae's … [Read more...]
Mortgage Rates Fall Below Year-Before Levels
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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. Rates are now lower than where they were at the same time last year. Joel Kan, MBA's associate vice president of economic and industry forecasting, says, current conditions are … [Read more...]
Typical Home Sells Faster Than Last Year
In this market, homes for sale don't last very long. Good homes are listed and purchased in a matter of days. In fact, according to new numbers from the National Association of Realtors' consumer website, properties in June sold 35 days faster than last year and 21 days faster than the average June between 2017 and 2019. Nationally, the typical home was on the market just 37 days – and, in cities like Rochester, Denver, and Nashville, homes sold in two weeks or less. Fortunately, George Ratiu, the website's senior … [Read more...]
Is Buying A Home Still Affordable?
Homeownership is a major financial commitment. Not only does it mean a monthly mortgage payment but it also comes with other expenses like property tax and homeowners insurance that add to the cost. So with home-price increases in the news, it's natural to wonder whether buying a home is still affordable. ATTOM Data Solutions' second-quarter 2021 U.S. Home Affordability Report has some answers. The report takes homeownership costs on a median-priced home and wage data from the Bureau of Labor Statistics and … [Read more...]
Contracts To Buy Homes Soar In May
The National Association of Realtors' Pending Home Sales Index tracks the number of contracts to buy homes that are signed each month. The index is considered a good indicator of future home sales, since contract signings typically precede closings by several weeks. In May, pending home sales bounced back after declining in April. In fact, the number of contracts to buy rose 8 percent from the previous month and are now 13.1 percent higher than last year at the same time. The results marked the strongest reading … [Read more...]
Weekly Survey Finds Average Rates Up-And-Down
According to the Mortgage Bankers Association's Weekly Applications Survey, mortgage rates were volatile last week, with rates up for 30-year fixed-rate loans with conforming balances but down for jumbo loans, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The volatility contributed to decreasing refinance and purchase activity, which both fell from one week earlier. Inventory was also a factor and likely played a role in pushing demand for loans to buy homes lower. Joel Kan, … [Read more...]
Buyer Demand Keeps Home Prices Climbing
There are a lot of Americans looking to buy a home this year. In fact, there are far more home buyers active in the market than there are available homes for sale. That, of course, puts upward pressure on home prices. The latest S&P Case-Shiller Home Price Indices shows just how much. According to the data, which covers the 12 months through the end of April, home prices are up 14.6 percent from last year at the same time. Craig J. Lazzara, managing director and global head of index investment strategy at … [Read more...]
Hot Summer Market Sees A Needed Improvement
When people talk about the housing market being hot, they're generally talking about the competition for available homes. A “hot” market, in other words, is one where homes sell quickly and bidding wars are common. That's where we are today. Hopeful home buyers have to be quick, decisive, and prepared if they want to buy a home in this market. But while there's definitely an imbalance between supply and demand these days, there are signs that things may be improving. For example, according to one recent analysis, … [Read more...]
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