Whether you're buying a new home or not, the pace of new home sales matters to you and your home search. That's because, how quickly new homes are selling affects how quickly more new homes are built. And, at a time when housing supply lags behind buyer demand, more new homes is the best way to balance the market and keep prices from spiking higher. The U.S. Census Bureau and the Department of Housing and Urban Development releases a monthly report that tracks how many new homes were sold in the previous month. … [Read more...]
How To Buy In A Competitive Housing Market
These days, there are plenty of interested home buyers but fewer homes for sale. That means, home sellers have options and buyers have to be prepared. So what are some things buyers can do to ensure their success? Well, they should start by making sure their finances are in order. According to one recent survey, more than one-in-five home sellers who've had an offer fall through said it was because of issues with financing. So, if you're thinking about buying soon, getting pre-approved for a mortgage should be at … [Read more...]
Homes For Sale Go Quickly In September
New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their September existing-home sales report found that, not only were sales of previously owned homes up 20.9 percent over last year's pace, but 71 percent of homes sold during the month were on the market for less than a month. In fact, the typical property was on the market just 21 days. That's an all-time low. Lawrence Yun, NAR's chief economist, says the usual seasonal sales patterns may not apply this year. … [Read more...]
Mortgage Rates Climb But Demand Remains Strong
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose slightly last week from one week earlier. Rates increased for 30-year fixed-rate loans with both conforming and jumbo balances as well as 15-year fixed-rate loans. Rates for mortgages backed by the Federal Housing Administration were unchanged from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the increases slowed demand week-over-week, though it remains … [Read more...]
Share Of Buyers Facing Bidding Wars Falls
In a hot housing market, where there are more buyers than there are homes for sale, competition rises. A good house will attract multiple buyers and give the home's seller the benefit of choosing whose offer is best. This, of course, can be stressful for home buyers, as it most often means paying more than expected or losing the house to another buyer. This year, with for-sale inventory down and buyer interest surging, the market has seen plenty of competition. Home shoppers have had to act quickly and decisively … [Read more...]
Builder Confidence Sets Another All-Time High
Builders don't build homes, if they don't feel there's a market for them. That's why, the National Association of Home Builders' Housing Market Index – which measures builder confidence in the market for newly built single-family homes – is considered an important indicator. After all, if builders are feeling good about selling new homes, they will build more, which is good for the market and overall economy. The index, which the NAHB has conducted for 35 years, is measured on a scale where any number above 50 … [Read more...]
Buyers Push Housing Market Past 2019 Levels
It's not surprising that the coronavirus had many economists, analysts, and experts expecting the housing market to suffer in 2020. Social distancing, stay-at-home orders, and fear were all expected to slow sales and put the brakes on what was originally forecast to be a hot spring/summer market. But since buyers bounced back faster than predicted, the housing market's outlook has gotten much brighter. For example, Fannie Mae's Economic and Strategic Research Group's most recent outlook calls for annual home sales, … [Read more...]
Home Sales Outpace New Home Construction
If you made a chart comparing the number of home sales to the number of new homes being built they'd follow a similar path. After all, when homes are selling, builders build more. So when buyer demand rises, so does new home construction. However, there are times when the two become disconnected. For example, during the housing boom of the early 2000s, home construction outpaced sales and caused an inventory overage that became a factor during the housing crisis. These days, however, we have the opposite problem. … [Read more...]
Record Low Rates Keep Mortgage Demand Strong
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates set another record low last week. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, though 15-year fixed-rate loans and those backed by the Federal Housing Administration remained unchanged from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, says record low rates have kept mortgage demand running high. “Refinance and purchase activity … [Read more...]
Mortgage Credit Availability Tightens In September
Lending standards aren't fixed. There are times when it's easier to get a mortgage and times when getting approved to borrow requires you to be in better financial standing. For prospective home buyers, that means having a higher credit score, more money in the bank, a bigger down payment, etc. The Mortgage Bankers Association tracks how available mortgage credit is with their monthly Mortgage Credit Availability index. The index measures whether standards are becoming tighter or loosening. In short, it gauges how … [Read more...]
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