Bronx Property Management Archives

Mortgage Rate Increase Hits Demand

According to the Mortgage Bankers Associationâ€™s Weekly Applications Survey, average mortgage rates moved up last week causing a decline in demand for mortgage applications. In fact, total mortgage application volume â€“ which includes purchase and refinance applications â€“ fell 4.6 percent, though the number of home buyers requesting applications for loans to buy homes remains 10 percent higher than last year at the same time. According to Joel Kan, an MBA economist, rates were responding to news about upcoming fiscal policy. â€œRates increased late last week as the market responded to news of a Senate budget plan which may positively impact tax reform progress and more speculation around the future leadership of the Federal Reserve,â€ Kan told CNBC. Whatever the reason behind the increase, mortgage rates are now at their highest level since July â€“ though they still remain well below what is considered historically normal. The MBAâ€™s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Home Buyer Preferences In The Digital Age

There isnâ€™t much we donâ€™t do online these days. From buying groceries to sharing family photos, we increasingly rely on smartphones and the Internet to streamline our day-to-day lives. But though we like the convenience of online services and applications, there are some things that we still want to do face-to-face. According to a recent survey, buying a house is one of them. Americans say they like having mobile apps, websites, and social media available as additional sources of home buying information but put the most faith in their lender and real estate agent when it comes to trusting the information theyâ€™re receiving. In short, buying a house is a huge financial transaction and, while online resources can help make the process more efficient, they canâ€™t replace the added confidence consumers feel when dealing with a professional who has years of experience and expertise in the local market. Many Americans say they find the mortgage and home buying process complicated, which is why a combination of online resources and professional guidance is usually a winning mix for successfully finding and buying a home. More here.

Number Of Showings Rises Year-Over-Year

The number of times a particular property is scheduled for a showing is a good indication of how much interest buyers have in that listing. Similarly, tracking showings on a nationwide basis can offer a big-picture look at home buyer trends and the level of overall interest in buying a house. According to recent numbers collected as part of the ShowingTime Showing Index, home showings increased 7.3 percent year-over year in September, with big increases seen in the Northeast and Midwest. In fact, the Northeast saw the biggest annual increase, rising 11.5 percent over the same time last year. The Midwest rose 8.3 percent and the West was up 7 percent. The South was relatively flat from last September, though that is likely due to the impact of recent hurricanes rather than any regional lag in buyer demand. Taken as a whole, the data suggests that there is growing interest in homeownership among Americans, with significant increases in the number of home showings across nearly every region. However, since home sales arenâ€™t showing equally large gains, it could be an indication that there are a lot of interested buyers but not as many homes available for them to buy. More here.

Which U.S. Metros Have Changed Most Over 10 Years?

Choosing a place to live involves many different factors. From the type of kitchen you want to the school district and the commute to work, there are a lot things to take into consideration. But there are also things that you canâ€™t possibly know, like what your prospective neighborhood will look like in 10 years. A lot can change in a decade. For that reason, LendingTree recently analyzed a number of metropolitan areas in an effort to narrow down which are changing fastest in terms of home prices, crime rates, building permits, commute times, income, rent, etc. On a scale from 1 to 100, cities were ranked in terms of how much change they underwent in particular categories between 2006 and 2016. According to the results, the most rapidly changing U.S. cities are in Texas, with Austin, Dallas, and Houston filling the top three positions on the list. Home prices were the big mover in all three cases, with each city ranking in the top five among 50 cities. The least changed cities overall included Birmingham, Ala., Milwaukee, and New Orleans. Also among the results, the top five cities for percent of residents who moved into their homes since 2010 were Las Vegas, Phoenix, Austin, Orlando, and Denver. More here.

Mortgage Demand Rises As Rates Stay Flat

Average mortgage rates were a mixed bag last week, according to the Mortgage Bankers Associationâ€™s Weekly Applications Survey. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped slightly, while jumbo loans and 15-year fixed-rate mortgages saw interest rates rise. The average rate for loans backed by the Federal Housing Administration, on the other hand, was unchanged from one week earlier. Joel Kan, an MBA economist, told CNBC rates were up earlier in the week only to fall by Friday. â€œTreasury yields were relatively flat last week,â€ Kan said. â€œWhile the FOMC minutes showed an increased likelihood of one more rate increase in 2017, nudging rates slightly higher, the weekâ€™s gains were offset by a downturn on Friday due to weaker than expected inflation data.â€ Whatever the case, relatively steady rates led to an increase in both refinance and purchase application demand. In fact, total mortgage demand was up 3.6 percent as hopeful home buyers and homeowners looking to refinance aimed to take advantage of still-low mortgage rates. The MBAâ€™s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

How To Make Buying A House Less Complicated

When asked, Americans overwhelmingly say they value homeownership and believe it increases financial stability. In fact, one recent survey found 93 percent of respondents said they felt that homeownership was an important part of the American dream. Still, despite their desire to buy and own a home, many Americans hesitate before pursuing their dream of becoming homeowners. And while there are many reasons for this, one of them is misconceptions about the home buying process. NeighborWorks Americaâ€™s fifth annual national housing survey, for example, found a growing number of respondents who say the home buying process is confusing. According to the results, 74 percent of adults said they strongly or somewhat agree that â€œthe home buying process is complicated.â€ Thatâ€™s up from 67 percent last year. What accounts for the increase is anybodyâ€™s guess but it reinforces the fact that prospective buyers should make choosing a reputable lender and real estate agent among the first steps they take after deciding to buy a home. Working with experienced professionals will demystify the buying process and help you navigate the ins-and-outs of purchasing a house. More here.

City Life May Be Healthier Than In The Suburbs

Some people are drawn to urban locations and all of the perks of city life. Others, value the extra space and privacy that the suburbs provide. Whichever side of the debate youâ€™re on, you may not have considered the benefits of one over the other from a health perspective. Fortunately, researchers from Oxford University and the University of Hong Kong have. Their findings may surprise you. Thatâ€™s because, after looking at health outcomes of people who lived in cities compared to those who live in less densely populated areas, the research found city dwellers were healthier than their suburban counterparts. The reason is simple. People who live in the suburbs are more likely to need a car to get from place to place, while in urban areas residents tend to be able to walk to their destination. Chinmoy Sarkar, a co-author of the study, thinks thereâ€™s a way to have the best of both worlds. He told the Thomson Reuters Foundation that, with the help of policy makers, â€œwe can plan multifunctional, attractive neighborhoods that promote physical activity, promote social interaction, and shield from negatives such as pollution and feeling unsafe.â€ More here.

List Ranks Top Cities For Trick-Or-Treating

If you have kids â€“ or have ever been one yourself â€“ you know that Halloween is an important time of year. The opportunity to amass large quantities of free candy is irresistible to most kids. Combine that with the chance to dress up in costume and parade through the streets and Halloween becomes one of the yearâ€™s most anticipated days. Because of this, Zillow ranks the best cities for trick-or-treating each year. Their rankings are based on home values, the share of population under 10 years old, and single-family home density. This year, five of the top 10 cities are in California, with San Francisco topping the list. Of course, much of that has to do with higher home values in the West, but kids in Los Angeles, Sacramento, San Jose, and Long Beach can look forward to a happy Halloween this year. Other cities that made the top 10 included Philadelphia, Baltimore, Washington D.C., Milwaukee, and Seattle. But regardless of where you are, Dr. Svenja Gudell, Zillowâ€™s chief economist, says thereâ€™s a surefire way to tell the best local neighborhoods for trick-or-treating. â€œThese are places we think will have plenty of candy and lots of young kids running around from door to door,â€ Gudell says. â€œIf you donâ€™t live in one of these cities, look for areas that are getting into the Halloween spirit with decorations and lots of costumed kids.â€ More here.

Potential Home Buyers Feel More Optimistic

Each month, Fannie Mae surveys Americans to get a feel for how people view the housing market, home prices, mortgage rates, and whether or not itâ€™s a good time to buy or sell a home. According to the most recent results of their Home Purchase Sentiment Index, the end of summer coincided with a boost in optimism among potential home buyers, especially current renters. In fact, the increase in respondents who said they felt now was a good time to buy a house helped push the overall index to an all-time high. Doug Duncan, Fannie Maeâ€™s chief economist, says the rise in optimism mirrors the decline in participants who feel home prices will continue to climb. â€œDetails in the survey showed a meaningful pickup in the good time to buy component, especially from renter respondents,â€ Duncan said. â€œAdditionally, perceptions of easing inventory helped boost the net share saying that now is a good time to buy, which is consistent with less bullish home price appreciation sentiment during the month.â€ In short, Americans feel like home price increases are beginning to slow, which makes this fall a good time to buy a home. More here.

Vast Majority Of Renters Say They Want To Buy

Recent data from Fannie Mae shows a large majority of current renters intend to one day buy a house. In fact, just 18 percent of surveyed renters said they plan to remain renters forever. So what are some of the obstacles renters face when thinking about whether or not they should begin taking steps toward homeownership? Well, the upfront costs of buying a home were the top answer, with 45 percent of respondents citing coming up with money for a down payment and closing costs as the obstacle that keeps them from buying. However, an almost equal amount said they were most concerned about their credit. Other answers included insufficient income, too much debt, confusion about the buying process, and job security. In short, current renters want to buy but are worried they arenâ€™t financially secure enough to become homeowners. And, though that is a legitimate concern, Fannie Mae also points out that their pervious research has shown many potential home buyers overestimate the size of the down payment theyâ€™ll need and are unaware of many of the programs available to help first-time home buyers reach their goal of becoming homeowners. More here.