Homeowners who sold their homes during the first quarter of 2020 saw a 33.7 percent return on investment compared to the original purchase price, according to new numbers from ATTOM Data Solutions. The typical home sale resulted in a $67,100 price gain – which is an increase over the fourth quarter of 2019 and up from $59,000 one year earlier. The numbers are evidence that the housing market was strengthening at the start of the year. Todd Teta, ATTOM's chief product officer, says, though its clear the market had … [Read more...]

There is growing evidence that home buyer demand is beginning to bounce back. After plunging in March, as coronavirus-related stay-at-home orders were put in place, buyers are coming back to the market and expressing interest in available homes for sale. But they may have some surprises in store. That's because, while the coronavirus has shocked the economy and disrupted the beginning of the spring sales season, it hasn't led to a decline in home prices. In fact, it's caused the already low inventory of homes for … [Read more...]

According to Freddie Mac's newest quarterly forecast, most of the economic damage from the coronavirus will be felt in the first half of the year. This is in line with other recent economic outlooks. But while Freddie Mac's Economic & Housing Research Group sees a recovery beginning during the third quarter of this year, they expect the economy to take a while to get fully back on its feet. So what should we expect from home prices and mortgage rates in the meantime? Well, surprisingly, not that much. For … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates remained at all-time survey lows last week, with rates virtually unchanged for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The MBA's survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. But despite historically low mortgage rates, demand continues to be … [Read more...]

Naturally, the coronavirus has made buying and selling a home more complicated this spring. Social distancing and other mitigation efforts have changed the way we think about nearly everything, including the buying process. But according to a new survey from the National Association of Realtors' consumer website, Americans are adapting, embracing technology, and not changing their plans. In fact, the survey found that 68 percent of respondents said their plans to move, or not, haven't changed. Just 9 percent said … [Read more...]

New home construction plays an important role in the overall economy. That's why the National Association of Home Builders' Housing Market Index is a closely watched barometer for the health of the housing market. The index asks home builders how confident they are in the market, how much buyer traffic they're seeing, and what their expectations are for the next six months. According to the most recent results, confidence plunged in April to its lowest level since 2012. Robert Dietz, NAHB's chief economist, says … [Read more...]

First-time home buyers are an important demographic for the housing market. Historically speaking, they represent about 40 percent of buyers in any given year. Naturally, that means their wants and needs are important to anyone selling a home, including builders. So what type of home are first-time buyers looking for? Well, according to a recent presentation at the 2020 International Builders' Show, there are some features and amenities large majorities of first-time home shoppers say they'd like in a house. For … [Read more...]

When thinking about the costs of homeownership, there are some big-ticket items that get most of the attention. But while prospective buyers focus on their potential mortgage payment, the price of the home, and possible renovations and maintenance projects, they're less likely to think about property taxes. That's a mistake, especially since taxes aren't fixed and can vary depending on where you buy. In other words, it's a good idea to investigate what the taxes will be on the home you're thinking about purchasing. … [Read more...]

Fannie Mae's monthly Home Purchase Sentiment Index measures Americans' perceptions of the housing market, buying and selling a home, prices, mortgage rates, and their personal financial situation. According to the March survey – conducted during the first three weeks of the month – Americans have become more cautious about their prospects. In fact, the impact of the coronavirus has caused housing-market sentiment to decline significantly from where it was in February, when it was near an all time high. “In March, … [Read more...]

The number of homes for sale has been lower than normal for some time now. A combination of homeowners staying in one place longer, fewer new homes being built, and increasing demand among buyers has caused for-sale inventory to lag and prices to climb higher. There was hope that those conditions would change this year. New residential construction was poised to make gains, add supply, and help moderate price increases. Then the coronavirus hit. Naturally, efforts to contain the virus will affect the housing … [Read more...]