Home buyers typically have a specific wish list in mind when it comes to what they want in a house. Things like the size of the kitchen or the number of bedrooms can be dealbreakers and rule out a listing before a buyer even considers whether they like the house or the surrounding neighborhood. So, when there aren’t enough homes for sale, the likelihood of finding a house that checks all your boxes gets smaller. That means more compromise. It also means more disappointment. That’s why a recent report showing new … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose last week across most 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says higher rates didn’t sway home buyers. “Mortgage rates reached their highest levels in four weeks as investors’ concerns about inflation and growing … [Read more...]

Things are expensive these days and almost everyone feels it. In fact, according to a newly released survey, 50 percent of Americans are currently living paycheck-to-paycheck and the vast majority of them expect to continue living that way. But while survey results confirm that affordability issues are a concern for many of us, they also show a disparity between homeowners and non-homeowners when it comes to money. For example, 68 percent of homeowners say they’re satisfied with their finances, compared to just 47 … [Read more...]

If you haven’t been thinking about the national home vacancy rate, you aren’t alone. But while it isn’t a hot topic, it will affect you, if you plan on shopping for a house to buy. There are only so many homes. When there are fewer on the market, prices rise. When there are many, prices moderate. That means vacancies are good for buyers. But, these days, there are few. In fact, according to ATTOM Data Solutions’ latest Vacant Property and Zombie Foreclosure Report, the vacancy rate remains low at 1.3 percent of … [Read more...]

The latest numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show the number of single-family homes that began construction in July fell 9.9 percent from the month before. Along with reports that new home sales slowed this summer, the drop paints a picture of a new-home market in retreat. The reality is more nuanced. Danushka Nanayakkara-Skillington, the National Association of Home Builders’ vice president for forecasting and analysis, says there are challenges but also bright … [Read more...]

The latest new home sales report from the U.S. Census Bureau and the Department of Housing and Urban Development found sales of newly built single-family homes down 10.5 percent in July from the month before. But while that’s bad news for builders, it may be good for home buyers. Why? Well, slow new home sales mean home builders need to do more to attract buyers. And the best way to attract buyers is reducing prices. That makes now a good time to be shopping for a new home, as builders are offering lower prices and … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week with slight increases across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. But while rates didn’t move dramatically, they did remain at an elevated level, which subdued demand for mortgage applications. Week-over-week, refinance activity was down 2 … [Read more...]

As the cost of buying a home has grown more expensive, home buyers’ home searches have grown more expansive. These days, buyers are willing to look farther from home, pushing the share of out-of-market home views of online listings higher and higher. In fact, according to a new analysis from the National Association of Realtors’ consumer website, they rose again over the past year, increasing to 60.1 percent from 59.1 percent one year earlier. For comparison, out-of-market searches were at 48.2 percent … [Read more...]

There are a lot of ways to measure the best time to buy a house. For most home buyers, life is the primary factor. Things like a growing family, marriage, or a new job make the decision for us most of the time. But if you’re a prospective home buyer who has the luxury of deciding when to start shopping, you might be approaching the right time right now. In fact, according to one recent analysis, in some markets, the best time to buy is late summer. As summer wraps up and the end of the housing market’s busiest … [Read more...]

When you own a home, you build equity with every mortgage payment. As you pay off your mortgage, you own a larger percentage of your home and the eventual profit you’d make when selling it. You also build equity through home price increases. As the value of your home goes up, whatever amount you owe becomes a smaller share of its total value. That’s the financial benefit of homeownership. It’s also the reason ATTOM Data Solutions’ U.S. Home Equity & Underwater Report tracks what share of mortgaged properties … [Read more...]