Considering the popularity of home renovation shows, it's easy to see why home buyers might be tempted to buy a fixer upper. After all, on TV, renovating a house can be budget-friendly, quick, and even fun. But prospective home buyers, who think they may want to look for a house that needs some work, need to first be realistic. Not everyone has the skills or time to take on a renovation themselves and hiring a contractor can get expensive. Not to mention, all the little details reality TV shows edit out that can … [Read more...]
What Buyers Should Know About Appraisals
Typically, if you're buying a house, you'll be required to have it appraised before your loan closes. Part of the reason for this is to ensure you're paying a fair price for the property. Another is to protect your lender's investment – since they're going to be assuming most of the risk. Either way, it's a good idea to have a third-party, unbiased, professional assessment of the property. Appraisal Institute president, Stephen S. Wagner MAI, SRA, AI-GRS, certainly thinks so. He says it's important that anyone … [Read more...]
New Home Prices Fall To Lowest Level Since 2017
There are several reasons new homes tend to be more expensive than previously owned homes. One is that they're new. You're going to pay more for any house that has updated fixtures and features, let alone one where everything in it is brand new. But though new homes generally go for a higher price, new data from the U.S. Census Bureau and the Department of Housing and Urban Development shows they're currently more affordable than they've been in years. In fact, the median price of new homes sold in September was … [Read more...]
Rate Spike Drives Mortgage Demand Down
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates spiked last week from the week before. And though they remain low, rates increased 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. Naturally, the increase led to a drop in refinance activity, with week-over-week numbers showing a 17 percent decline. Purchase demand was also down, … [Read more...]
Time On Market Increases In September
The supply of available homes for sale is limited. So, when you find one that fits your needs and budget, you generally want to move quickly. After all, there could be other buyers, with similar taste, who get an offer accepted before yours is even on the table. These days, that's especially true. In many markets, there are fewer homes available for sale than is typical. That means, more competition and less time to deliberate before making a decision to buy. But while that's true, new numbers from the National … [Read more...]
Low Mortgage Rates Fuel Refinance Boom
When a homeowner refinances their mortgage, they're replacing their original mortgage with a new one. The reason to do this is to secure better terms on their home loan. So naturally, the right time to refinance a loan is when mortgage rates are lower than they were when the house was purchased. That's why it's no surprise that a recent report from Ellie Mae shows that, in September, refinances made up a larger share of total mortgage loan activity than they had in any previous month dating back more than four … [Read more...]
What Does A Stronger Housing Market Mean For Buyers?
The most recent forecast from Fannie Mae's Economic and Strategic Research Group says the housing market may be an economic bright spot going into 2020. While other economic indicators are pointing to uncertainty and downside risk, real estate looks strong and may help contribute to economic growth after nearly two years of being a drag on the economy. But while a strong housing market is a positive for the economy, what does it mean for the average home buyer? Well, Doug Duncan, Fannie Mae's senior vice president … [Read more...]
Confidence In New Home Market Grows
Supply and demand have a lot to do with how much it costs to buy a house. When there are more homes than buyers, prices fall and buying becomes more affordable. When there are more buyers than homes, it gets more expensive. That's why the new home market is so important. After all, new home construction is a big part of the supply side of that basic equation. That's why a new survey from the National Association of Home Builders is encouraging. Their Housing Market Index asks builders for their opinion of the new … [Read more...]
Loans To Buy Homes Up 12% Over Last Year
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose slightly last week, with increases for 30-year fixed-rate loans with conforming loan balances and loans backed by the Federal Housing Administration. Jumbo loans were unchanged from the week before. But, despite the week-over-week rate increase, demand for loans to buy homes remains higher than last year at the same time. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the … [Read more...]
Is Student Loan Debt Holding Buyers Back?
Young Americans' financial health is an important factor in the housing market. After all, first-time home buyers historically have accounted for almost half of all home sales. So whether or not younger Americans are ready to buy has an impact on home sales, inventory, prices, etc. That's why new data from the National Association of Realtors' consumer website is illuminating. The research shows that the average student loan borrower owes $34,500, which is $8,500 more than the typical down payment of $26,000. In … [Read more...]
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