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What Buyers Should Know About Home Inspections


After finding a house to buy and making an offer, one of the next steps in the process is to get the home professionally inspected. This is done for a couple of reasons. One, it provides the home’s buyer with necessary information about the health and upkeep of the home’s various systems. But, additionally, it can be used to negotiate a fair price for the home. For example, if you made an offer on a house, then discovered during the inspection there were issues that might mean costly repairs, your offer could then be renegotiated to account for the previously unknown problem. In short, getting the house inspected is an important protection for buyers, who likely don’t have the expertise to thoroughly evaluate things like the home’s plumbing and electrical systems. But more than just a checklist, the inspection is also a good opportunity for buyers to get to know the house they’re buying and learn more about the condition of the home and the steps they’ll need to take to maintain it. For that reason, it’s a good idea, if possible, for buyers to be present during the inspection, so they can ask questions and get tips on properly caring for their new home. More here.

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Americans Say Now Is The Time To Buy


Every month, Fannie Mae surveys Americans to better understand how they view the housing market, their personal finances, and the overall economy. Their Home Purchase Sentiment Index is a measure of how people around the country feel about buying or selling a home. And, according to the most recent results, they currently feel like it’s time to buy. In fact, there was a 10 percent increase in the number of respondents who said they felt like it was the right time compared to February’s survey. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says sentiment has been volatile lately. “The HPSI’s recent run of volatility continued in March, as it recovered last month’s loss and remained within the five-point range of the past twelve months,†Duncan said. “The primary driver of this month’s increase was the sizable rise in the net share of consumers who think it’s a good time to buy a home, which returned the indicator to its year-ago level.†Boosted optimism about buying a house may be due to the spring buying season or perhaps a feeling among potential buyers that affordability conditions may worsen if they wait. More here.

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Stock Market Volatility Slows Mortgage Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were virtually unchanged last week, remaining at two-month lows. But despite favorable rates, demand for mortgage applications fell. Mike Fratantoni, MBA’s chief economist, told CNBC buyers may have been leery due to recent fluctuations in the stock market. “Potential home buyers may be a little rattled by the swings in the stock market the past few weeks, but the job market continues to strengthen, which should power demand through the spring season,” Fratantoni said. In other words, the temporary ups-and-downs of the stock market may have shaken up last week’s results but there is still a high level of buyer demand this spring. In fact, despite falling two percent from the week before, requests for loans to buy homes were still five percent higher than at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Market Trend Means Gains For Homeowners


It’s said that there are two sides to every story. Well, there are also two sides to the housing market. For example, since the end of the recession in 2009, home prices have risen 37 percent, according to Freddie Mac’s most recent monthly outlook. But while those price gains mean there aren’t as many bargains on the market as there were eight years ago, it also means current homeowners have enjoyed a record rebound in home equity. Len Kiefer, Freddie Mac’s deputy chief economist, says the housing market is on the upswing. “Overall, U.S. housing markets have been on the upswing,†Kiefer said. “While housing market trends have been generally favorable, not everyone has shared equally in the gains. Existing homeowners have largely seen their properties increase in value, helping to build equity. In many parts of the country, home values have more than recovered from the Great Recession, reaching new peaks, and the share of underwater homeowners has dropped significantly.†More here.

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How Photography Can Help Sell Your House


Increasingly, people rely on technology to simplify tasks that were once difficult or time consuming. These days, everything from grocery shopping to running a business can be done with an assist from a smartphone app. So it’s no surprise that home shoppers would also go to the internet to gather information on how, what, and where to buy a house. And it’s for that reason that photography has become an important tool for homeowners who are looking to sell a house. For example, a recent National Association of Realtors’ study found 89 percent of buyers who searched listings on the internet said photos were the most useful feature. That makes sense. After all, the photos that accompany online listings can offer home shoppers an idea of what the home looks like inside and out. And while it’s always best to see the house in person – as photography can sometimes give an inaccurate impression of what shape a house is in – good photos are clearly a must if you’re selling a home today. More here.

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More Home Buyers Sign Contracts In February

If you want to get a feel for how many home buyers there are currently active in the housing market, the National Association of Realtors’ Pending Home Sales Index is a good place to start. It tracks the number of contracts to buy homes signed during the month and, because it measures contract signings and not closings, it’s a good future indicator of where home sales will be a month or so down the road. In short, if there are a lot of pending sales, there will likely be a lot of final sales. Which is why, February’s results are a pretty good indication that the spring season is ramping up. Contract signings were up 3.1 percent in February and rebounded in all four regions of the country. The largest increase was in the Northeast, though pending sales also saw significant improvement in the South. Still, despite the gains, NAR chief economist Lawrence Yun says the pace falls short of last year’s level. “Contract signings rebounded in most areas in February but the gains were not enough to keep up with last February’s level, which was the second highest in over a decade,” Yun said. More here.

Homeowners Say They’re Optimistic About Buying


Asking Americans whether or not they think this is a good time to buy a house can be an imprecise way of measuring interest in the housing market. That’s because there are a number of personal factors that are weighed when deciding whether or not it’s time to make a move. Which is why survey results can sometimes show one group of people who are pessimistic about their options, while another group expresses optimism. For example, a recent survey from the National Association of Realtors found optimism about buying a house is running high among current homeowners but not as much with renters. That’s due to recent equity gains. In short, as home prices have increased, homeowners have benefited and now see an opportunity to turn their gains into a new house. Lawrence Yun, NAR’s chief economist, says this may be good for the overall market. “There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn,†Yun said. “Supply conditions would improve measurably, and ultimately lead to more sales, if a growing number of homeowners finally decide that this spring is the time to list their home for sale.†More here.

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Incomes Have Risen But Will It Lead To Home Sales?


A rising number of Americans surveyed for Fannie Mae’s monthly Home Purchase Sentiment Index say their income is higher than it was last year at this time. But has more money made them more likely to buy or sell a house? Well, according to February’s survey results, it’s hard to say. That’s because, after an increase in January, housing sentiment fell in February – with respondents expressing less confidence in a number of categories. In fact, the number of participants who said it’s a good time to buy a house was down, as was the percentage of participants who said it was a good time to sell. But if January saw increases in housing confidence, why the drop in February? Doug Duncan, Fannie Mae’s senior vice president and chief economist, says some of the uncertainty has to do with changing economic headlines. “Volatility in consumer housing sentiment continued in February, with the new tax law beginning to impact respondents’ take-home pay and the stock market creating negative headlines due to early-month turbulence,†Duncan said. In short, people have more money but they’re still a bit unsure of what lies ahead for the market. More here.

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Mortgage Rates See Little Movement Last Week


According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week. In fact, the average contract interest rate for 30-year fixed-rate loans with both conforming and jumbo balances, as well as loans backed by the Federal Housing Administration, was largely unchanged from the week before. Only rates for 15-year fixed-rate mortgages saw any significant movement. Still steady rates didn’t lead to much change in overall demand, as a lack of affordable homes to buy means there are fewer Americans requesting mortgage applications. Joel Kan, an MBA economist, told CNBC fewer entry-level homes has also pushed up the average loan amount. “The average loan amount on purchase applications, at $320,100, was the highest since November 2017, as supply constraints likely continued to weigh down lower dollar purchase transactions,†Kan said. In other words, mortgage application amounts have drifted higher because inventory is tighter on the lower end of the market, which means demand is skewed toward higher-priced homes. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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The Top Sacrifices Millennial Buyers Say They’ll Make


Buying a house is a major financial transaction and, for most Americans, the largest one they’ll ever undertake. So pulling the necessary resources together to be able to afford the upfront costs, in addition to the ongoing obligations, maintenance, and upkeep can be difficult. Especially for first-time home buyers who don’t have the benefit of being able to sell a home to help fund their down payment. For this reason, many millennials who aspire to homeownership have decided it’s worth making a few sacrifices in order to help save money to buy a house. In fact, according to a recent survey from ValueInsured, there are some common sacrifices young Americans say they are willing to make in order to buy their first home. For example, nearly 60 percent of respondents said they would cut down or give up eating out – which made giving up restaurants the most popular sacrifice among survey participants. Other common sacrifices included taking a second job, not going on vacations, moving back in with their parents, and giving up shopping for clothes. More here.

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