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Educated Buyers Make Happier Homeowners


The best defense against making avoidable mistakes is education. The more you know about something, the less likely you are to screw it up. So you’d think home buyers would want to learn as much as possible before heading out to find a house to purchase. After all, buying a house is major financial transaction and a serious commitment. And yet, surveys of potential home buyers consistently find that large majorities of them share in some common misconceptions about what it takes to buy a house and how the process should unfold. Recently, Fannie Mae’s Economic & Strategic Research Group interviewed real-estate agents, buyers, and loan officers in an effort to figure out why there isn’t more focus on homeownership education before buying. Not surprisingly, most of their answers boiled down to there not being enough time during the process to focus on education. But common misunderstandings about down payment requirements, financing options, and the added costs of homeownership can scare off buyers or lead them to make unwise financial decisions. That’s why it’s always important, as a buyer, to ask questions along the way. Though you may not have time for hitting the books, you can always lean on the expertise and knowledge of the professionals you hired to guide you along the way. More here.

Several open books with printed text arranged on a wooden surface.

Selling Your House Means Becoming A Buyer


It’s somewhat natural to want to break up the housing market into buyers and sellers. You’re either a homeowner looking for a home buyer or on the hunt for a new place to call your own. But though that’s the way a lot of us think about the real estate market, the fact is, if you’re in the process of selling a house, you’re likely also in the process of looking for a house to buy. And that complicates the transaction a bit more than say a renter looking to become a first-time buyer. Why? Mostly, it’s due to timing. And, according to one recent survey, that’s especially true these days. Because the number of homes for sale is lower than normal in many markets, home sellers are concerned about being able to find a house to move into once they’ve sold theirs. So much so that 65.6 percent of surveyed real estate agents said it’s the greatest challenge for sellers in their market. So what should a home seller do? Well, fortunately, there are options – whether it’s a contingency worked into the sale contract or an arrangement to stay with family in the interim. Whatever the particulars of your situation, your prospects as a buyer are something to consider when deciding when to put your home on the market. More here.

House with a For Sale sign under a partly cloudy sky.

The Truth About Affordability Conditions


If you’re like most home buyers, affordability is among your top concerns. After all, the first question you ask when deciding to buy a house is typically going to be whether or not you can afford it. So recent news reports showing mortgage rates and home prices on the rise may have you feeling like buying a house isn’t within your reach. But that’s not necessarily true, according to a new analysis from First American Financial Corp. Their Real House Price Index looks, not only at prices, but also at income and interest rate changes. In other words, it gives a fuller picture of how much buying power the average American has. The most recent results show that affordability conditions have actually improved lately. Mark Fleming, First American’s chief economist, says conditions aren’t as favorable as they were last year at this time but they’re still high when compared to historical norms. “While affordability is lower compared to a year ago, the level of affordability in most markets is still high by historical standards, which is why demand is expected to remain strong this spring,†Fleming says. In other words, affordability conditions may not be what they were last year but there are still opportunities to capitalize in today’s housing market. More here.

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Sales Numbers Show Homes Selling Quickly


Though the number of previously owned homes sold in February fell from the month before, homes sales are still up from one year ago. There’s also no shortage of interested home buyers, according to a new report from the National Association of Realtors. In fact, Lawrence Yun, NAR’s chief economist, says buyer traffic is stronger than last year and it’s leading to quick sales. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,†Yun says. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.†A closer look at the numbers shows that for-sale properties typically stayed on the market for 45 days in February – down from 59 days last year at the same time. In other words, until more homeowners decide to sell, buyers should be prepared to move quickly. Fortunately, though, the number of available homes for sale rose 4.2 percent last month and a recent survey found an increasing number of current homeowners who said they feel it’s a good time to sell. As more homeowners put their homes up for sale, the market should begin to balance and give buyers more opportunities. More here.

A bright red "For Sale" sign in front of a house.

Average Mortgage Rates Mostly Steady Last Week


Demand for home loans dropped last week, according to new figures from the Mortgage Bankers Association. The MBA’s Weekly Applications Survey – which tracks mortgage rates and application demand – showed a 2.7 percent decline in the number of Americans requesting applications for home loans. This time, however, the drop wasn’t related to a significant increase in mortgage rates. In fact, average rates were unchanged for 30-year fixed-rate loans with conforming loan balances, down for jumbo loans, and up only slightly for FHA and 15-year fixed-rate loans. In other words, mortgages rates were relatively steady from the week before. However, they are up from where they were last fall. Because of this, Mike Fratantoni, MBA’s chief economist, says home buyers are beginning to turn to adjustable rate mortgages. “Home buyers in a strong housing market are looking for ways to extend their purchasing power and ARMs are one way to do that,†Fratantoni told CNBC. Last week, adjustable rate mortgages increased to 9 percent of total application demand. But though that’s the highest it’s been in nearly three years, it’s still far below what it was before the housing crash, when it hit a peak of 35 percent. The MBA’s weekly survey covers 75 percent of all retail residential mortgage applications and has been conducted since 1990. More here.

Close-up of a loan application form showing interest rate details.

City Living May Cost More Than Move To Suburbs


Whether you prefer to live in the city or suburbs depends on a lot of factors. From the size of your family to your age and career, there are many different considerations that come into play when deciding where you might want to settle down. Of course, money is always a major one. Joyce Hodel, a data scientist at Care.com – who recently partnered with Zillow on a cost of living analysis that looked at average housing and child care costs in cities as opposed to suburbs – says choosing where to settle down is a big decision for any family. “Figuring out where your family will live and grow is arguably one of the most exciting and daunting times in a parent’s life,†Hodel says. “While moving to the suburbs often brings significant cost savings, city living can still be the right choice for some families and is less expensive in certain metro areas.†In fact, according to the research, families spend an average of just over $9,000 a year more on basic housing and child care costs when living in cities. However, in some metro areas like Philadelphia and Baltimore, living in the city can actually be the more affordable option. More here.

Low-angle view of a historic red brick building under a clear blue sky.

Financial Optimism May Boost Housing Market


The number of American households that believe the economy is improving has jumped 14 percent since last year at this time, according to the recently released results of a quarterly survey from the National Association of Realtors. That improvement could have an impact on home buyers and sellers as the spring season begins. That’s because, the more confident a person is in their personal financial situation, the more likely they are to make big life decisions, such as buying or selling a house. And, according to the survey, renewed economic optimism is already having an effect. In fact, a majority of Americans answered positively when asked whether or not it’s a good time to buy a home. Additionally, 69 percent said it’s a good time to sell. William E. Brown, NAR’s president, says if you’re someone looking to make a move this spring, it’s best to have a plan – especially if you’re a current homeowner. “Demand far outpaces supply in many parts of the country right now, which means homeowners will likely sell their home much quicker than the time it takes to buy another,†Brown said. “Before listing, it’s best to have a carefully crafted plan in place.â€

Close-up of US dollar bill and coins on a white surface.

Will This Year Be Better For Buyers Or Sellers?


If you want to know whether this year is going to be good for buyers or sellers or both, you need to watch for a couple of factors. First, take a look at the housing market. A recent uptick in mortgage rates, combined with higher prices and lower inventory, have made buying a home slightly less affordable than it was a couple of years ago. However, mortgage rates are still historically low and, though prices continue to rise, they have slowed down in many markets. That means, though affordability isn’t what it was a few years ago, buying a home remains an affordable choice. This is especially true when taken together with recent economic data. That’s because, whether or not higher rates will deter potential buyers really depends more on whether or not those buyers feel financially secure and optimistic about their prospects. In other words, if Americans continue to see better job opportunities and higher wages, they’ll be less likely to hesitate when thinking about buying a house regardless of where rates and prices go. According to the most recent outlook from Fannie Mae’s Economic & Strategic Research Group, how things play out will depend largely on young Americans. “Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers,†Doug Duncan, Fannie Mae’s chief economist, said. “However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.†More here.

A 'SOLD' sign prominently displayed outdoors with trees in the background.

Mortgage Demand And Rates Both Climb Higher


According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. But despite higher rates, demand for mortgage applications also rose from the week before. In fact, refinance activity was up 4 percent and demand for loans to buy homes moved 2 percent higher than one week earlier. One possible reason for the increase could be a wave of homeowners and prospective buyers trying to lock in rates before they move any higher. But another factor could be job growth. Michael Fratantoni, MBA’s chief economist, told CNBC they expect Americans’ improving financial health to outweigh the potential negatives of higher mortgage rates. “February’s job report showed strong job growth and faster wage growth,†Fratantoni said. “We expect that the benefits from growing household incomes will continue to outweigh the headwind of slightly higher mortgage rates.†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 Nation’s Best Cities For Selling A Home


With spring quickly approaching, now is the time of year when home buyers start getting serious about finding a house to buy. That means, it’s also the best time of year for homeowners who have been thinking about putting their home up for sale. With for-sale inventory low in many markets, it’s a good time to be a home seller. How good depends, however, on where you live. A recent analysis from SmartAsset looked at five factors important to home sellers and determined the nation’s best cities for selling a house. Using the change in median home values, average number of days a home stays on the market before selling, the percentage of homes that sold for a loss, average closing costs, and the number of real-estate offices per 1,000 residents, the analysis scored 161 cities across the country. Surprisingly, among the top 10 cities for selling a house, nine of them were in either Colorado or Texas – with Denver taking the top spot. The only city outside of Colorado and Texas to make the top 10 was Portland. However, the results do show favorable conditions across a wide geographic area. Cities from every region of the country made the list, from Boston, Mass. to Irvine, Calif., Lexington, Ky. to Charlotte, N.C. More here.

Close-up of a detailed United States road map showing highways and cities.

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