The number of homes available for sale hit a historic low a few years ago. Inventory was already lower than normal when the pandemic-era buying boom drove it even lower. That resulted in rising prices and growing home buyer frustration. Fortunately, though, things have improved since then. New home construction ramped up and – particularly in the South and West – has helped home buyers, providing more homes to choose from and smaller price increases. But according to one new analysis, the market still has a long … [Read more...]

Everyone with a home to sell hopes to get the most money they can for it. That’s why sellers usually make repairs, remove clutter, clean, and get the house ready before listing it. But while prepping the house is important, so is choosing the best time to put it on the market. And, according to one new analysis from the National Association of Realtors’ consumer website, that time is approaching. In fact, based on last year’s trends, homeowners who list their homes between April 13 and April 19 could potentially … [Read more...]

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, 15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, said it was the sixth straight week rates declined. “Mortgage rates declined for the sixth consecutive week, … [Read more...]

There are a nearly limitless number of reasons you might be thinking about making a move this year. Among that long list, though, age is probably the biggest factor motivating your move. After all, the younger you are, the more likely you are to be changing jobs, getting married, and starting a family – all things that rank high on the list of reasons someone would be looking to buy a home. When you’re older, you’re more likely to have already settled in somewhere and less likely to have a reason to move. Perhaps … [Read more...]

While you’ve undoubtedly heard talk about “hot” real-estate markets, you may not know what that exactly means. After all, is a market hot because it’s in a desirable location, because its conditions are ripe for buyers, or because competition is high and it’s good for sellers? Well, according to Danielle Hale, chief economist for the National Association of Realtors’ consumer website, hotness is a measure of supply versus demand. “Looking at markets by hotness tells us the strength of demand versus supply in each … [Read more...]

For most of last year, there was an assumption that mortgage rates were about to fall. And they did, briefly. In late summer, average rates started to decrease and ended their slide in mid-September about a point lower than they were. But unfortunately for prospective home buyers and refi-ready homeowners, lower rates only lasted a week or two before they began climbing back up. Now, according to the latest results from Fannie Mae’s Home Purchase Sentiment Index, Americans have begun to look past an expected rate … [Read more...]

The typical monthly mortgage payment applied for by borrowers spiked in January. In fact, according to the Mortgage Bankers Association’s Purchase Applications Payment Index – which tracks payment amounts – the median payment rose to $2,205 from $2,127 the month before. But even after the month-over-month jump, the MBA’s index shows payments just $71 higher than last year at the same time. Edward Seiler, MBA’s associate vice president, housing economics, and executive director, Research Institute for Housing … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week to the lowest level so far this year. Rates were down from one week earlier for 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. The improvement helped push demand for home purchase loans 9 percent higher week-over-week. It also drove up refinance activity, which spiked 37 percent higher than the … [Read more...]

Housing market conditions are largely determined by the balance of homes for sale and interested home buyers. When demand for homes outpaces the supply of homes, prices and competition increase. That’s been the story in recent years, as inventory hit historic lows while buyer demand soared. But, according to a new analysis from the National Association of Realtors’ consumer website, the dynamic may be changing, and it could benefit buyers. Danielle Hale, the website’s chief economist, says a combination of newly … [Read more...]

The housing market has been through some changes over the past five years. For one, home values have risen 45.3 percent since February 2020. That’s more than 10 years of typical price growth in half the time. Naturally, that’s had big impact on how much house you can buy for your money. Even $1 million doesn’t go as far as it did only a few years ago. So what can you buy for $1 million today? Well, one new analysis looked at the data. It found the typical million-dollar home is about 70 square feet smaller than it … [Read more...]