Another sign the housing market may be cooling: Loan applications for home purchases—a gauge of housing demand—are now 18% lower than a year ago, the Mortgage Bankers Association reported Wednesday.More listings are coming on the market, offering home buyers more choices. But some potential buyers are still getting priced out. Home prices are nearly 18% higher than a year ago, according to the National Association of REALTORS®. Contract
Home prices have been rapidly rising, but not everywhere. The housing market is showing some signs of cooling somewhat, which could open the door to potential buyers who the market has shut out. Also, with the growth of remote work—largely expected to remain in some form post-pandemic—house hunters may be able to expand their options and seek out markets offering greater housing affordability.“If you’re working for a company in
Three out of four homeowners would rather fix or replace appliances than accept a lower offer when selling their home, according to a new survey of about 1,000 consumers from Cinch Home Services, a home warranty company. They believe upgrading the appliances can add more value to their home, too.On average, homeowners believe upgrading their home’s appliances will increase their home’s value by $13,668.About half of homeowners surveyed say th
The Biden administration announced on Wednesday a goal to increase the nation’s affordable housing supply with 100,000 new units available for homeowners and renters over the next three years. To do that, the administration called for a number of new policies and efforts, such as greater financing for manufactured homes and two-to-four unit properties as well as called for state and local governments to reform zoning restrictions that are limit
Most renters aspire to be homeowners. But down payment barriers have many concerned if they’ll ever be able to own one day, according to a survey of 2,500 consumers from LendingTree.Eighty-eight percent of respondents said they’d rather own a home than rent. Yet, 48% of renters say they worry about whether they’ll ever be able to buy, the survey shows.Down payment barriers, home prices being too high, and difficulty qualifying for a mo
Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%.“The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to be low, with a window of opportunity for those who did not refinance under 3%. From a homebuyer perspective,
Neat Loans announced that clients who get a COVID-19 vaccine will receive a $500 discount on home financing through the company. The discount applies to $500 on closing costs for residential purchases or when refinancing a mortgage loan.More companies are requiring their employees to get vaccinated prior to returning to the office. But now some firms are extending that to clients with enticing offers to motivate more people to get vaccinated agai
Skyrocketing home prices over the last year may soon hit current homeowners in the form of property taxes. Housing experts are predicting property taxes to climb higher in 2021 than the 4% uptick in 2020.Many city governments lost revenue during the COVID-19 pandemic and, as reassessments kick in, homeowners may be faced with a soaring bill. Property taxes are expected to increase by about 6.5% in 2021, according to realAppeal, a company tha
As the housing market booms, lenders have faced a significant uptick in mortgage demand. Low-interest rates are fueling a frenzy. Mortgage applications for home purchases jumped 22% in the second quarter compared to the first quarter and are up 52% compared to a year ago, according to ATTOM Data Solutions’ Q2 2021 U.S. Residential Property Mortgage Origination Report.The largest quarterly increases in residential purchase mortgage originations
Home buyers should expect to bid way over the asking price in Austin, Texas. The city has homes fetching the highest amounts over asking price in the country—$100,000 or more.Nearly 2,700 homes in Austin have sold this year for $100,000 or more above the initial listing price, according to an analysis from Redfin, which examined sales records through Aug. 11. Researchers note that some U.S. cities have seen more properties sell at a premium, bu
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