Home buyers have been feeling discouraged over the past few years. Higher home prices, rising mortgage rates, and a lack of available homes for sale took some of the excitement out of buying a house. Shopping for a house became stressful and buyers grew hesitant. Last summer, for example, Fannie Mae’s Home Purchase Sentiment Index – which measures how Americans feel about buying and selling a home, mortgage rates, home prices, and the economy – found just 17 percent of survey respondents thought it was a good time … [Read more...]

There are plenty of exciting things about buying a house. Packing up and moving everything you own isn’t one of them. In fact, according to a new survey, it’s something more than two-thirds of Americans say they dread – so much so, they’d prefer getting a root canal or serving on a jury over having to do it. That’s pretty bad. The survey – conducted by Duck, a brand of moving supplies – found that, despite how much movers dislike the packing process, 32 percent of them are still planning to do the work themselves … [Read more...]

During the pandemic, a combination of too few homes available for sale and a growing number of interested home buyers caused both home prices and competition between buyers to increase. The market was out of balance and buyers were frustrated. Fortunately, since then, things have changed – price increases have slowed, listings are lasting longer on the market, and there are fewer bidding wars between buyers. It’s due to the rebounding number of homes for sale. In a growing number of housing markets, inventory has … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week. Rates were down from the week before 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at an almost three-month low. “Mortgage rates were lower across all loan types last week, with the … [Read more...]

Typically, prospective home buyers are advised that no more than 28 percent of their income should go toward their mortgage. That’s been the established standard. A house that consumes 28 percent or less of your household income is considered comfortably affordable, meaning you’d likely have no trouble handling its costs and expenses as well as your other financial obligations. These days, though, can a home buyer expect to find a home that meets that standard of affordability? Well, according to ATTOM Data … [Read more...]

When a contract to buy a home is signed that home’s sale is considered pending until it closes weeks later. The National Association of Realtors tracks pending home sales because they are considered an early indicator of where future sales data is headed. In May, the NAR’s Pending Home Sales Index saw a 1.8 percent month-over-month increase, with gains seen in all four regions of the country. Lawrence Yun, NAR’s chief economist, says mortgage rates remain home buyers’ top consideration. “Consistent job gains and … [Read more...]

Home prices continue to increase, according to the latest data from the S&P Case-Shiller Home Price Index. The index – considered among the leading measures of U.S. home prices – found prices climbing again to start the spring season. But while prices continue to increase, the pace has slowed. In fact, Nicholas Godec, head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices, says gains have decelerated to their slowest pace in years. “The housing market continued its gradual deceleration in … [Read more...]

Sales of newly built single-family homes slowed in May, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The data shows sales down 13.7 percent from the month before and 6.3 percent lower than last year at the same time. The decline was larger than expected and didn’t meet economists’ expectations for the month. Regionally, results varied. For example, the South saw sales fall 21 percent while in the Northeast they actually increased, soaring 32.1 percent … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved slightly higher last week. Rates were up from one week earlier across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Only 15-year fixed-rate loans saw a week-over-week decline. But while rates increased, they remain within the same narrow range they’ve been in for months. Joel Kan, MBA’s vice … [Read more...]

Homeowners tend to get attached to their homes. That’s natural, especially if you’ve lived somewhere for a while. Feelings of comfort, safety, and familiarity grow over the years and, in time, the house you bought becomes a home. But while you may love it, that doesn’t mean you’ll get top dollar for it when it comes time to sell – especially in a housing market that’s slowed considerably over the past few years. Simply put, today’s home sellers may be overconfident. The results of a recent survey seem to confirm … [Read more...]