Housing shortages propelled the median sales price to a new high in May, the National Association of REALTORS® reported Wednesday. But that did not appear to spook home buyers as demand remained high. The median days on the market dropped to a record low in May as homes sold faster, NAR reports.Overall, existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.1 percent month over
Mortgage applications for refinancings and home purchases remained elevated last week as mortgage rates continued to give consumers incentive to make a move."Both the 10-year Treasury yield and the 30-year conventional mortgage fixed rate held steady last week, keeping rates well below the recent highs," says Lynn Fisher, the Mortgage Bankers Association's vice president of research and economics. "The recent pause in the upward movement of inter
The majority of Americans and Canadians say their nations are not doing enough to address and solve affordable housing needs, according to the Habitat for Humanity’s Affordable Housing Survey. Escalating costs remain a top barrier preventing families from accessing decent homes with affordable mortgages, the survey says.“In many ways, housing is an invisible crisis,” says Jonathan Reckford, CEO of Habitat for Humanity International. “T
Home prices are surging in most of the country, but in a few select cities home shoppers may find affordability headed slightly in their favor. GOBankingRates analyzed the 250 largest U.S. cities by population to determine where home prices are dropping the most. Nine major cities saw prices drop by $5,000 or more year over year.1. Sugar Land, Texas April 2016 median list price: $415,495 April 2017 median list price: $399,500 Year-over-year chan
Fannie Mae, the largest source of mortgage funds in the U.S., made changes last month to its underwriting requirements that aim to make it easier for home buyers with college debt to qualify for financing.The company is no longer factoring in debt that’s being paid by someone else when calculating a loan applicant’s debt-to-income (DTI) ratio. If loan applicants are getting their car payments or student debts taken care of by someone else, f
Four economists outlined what they think the housing market will do in 2017Key Takeaways Homes are getting snapped up almost as quickly as they're being put on the market. Mortgage rates are expected to continue to rise, which could "lock in" some sellers and incentivize them to stay put. Equity is rising, but inventory remains a problem in many markets.DENVER — Lawrence Yun, the chief economist at the National Association of Realtors (NAR), ha
Buyers are absorbing the increased costs of new construction lotsDENVER — The home price surge happening across markets right now feels uncomfortably familiar. 2006, anyone?Indeed, prices are back to levels that they hit at the peak of the bubble.But this time different forces are at play, said HomeAdvisor Chief Economist Brad Hunter in a presentation this morning at the National Association of Real Estate Editors conference. Rising home prices
Your buyers may soon be able to bring less to closing. They were blamed for precipitating the housing crisis years ago, but major lenders are giving no- and low-down payment loans another shot.Several major lenders are reportedly offering loans with just 1 percent down. Navy Federal, the nation’s largest credit union, offers its members zero-down mortgages in amounts up to $1 million. NASA Federal Credit Union markets zero-down mortgages as wel
Homeowners feel like their homes are worth more than what appraisers say they are, and the gap between the two estimated values has grown for the sixth consecutive month, according to Quicken Loans’ National Home Price Perception Index.Appraised values were, on average, 1.93 percent lower than what homeowners expected, according to the index. Appraisals are drifting farther from owner estimates, even though their assessments continue to rise
A home's price is based on many factors that can’t be changed, such as location, square footage, and age. While these fixed factors may seem like an end-all-be-all, you can present your client’s home in other ways that may add perceived value for buyers. A full overhaul or shiny new kitchen are not the only options — choosing the right home decor can go a long way in bringing buyers.Here's a look at some top accessories and decor choices
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