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
Home shoppers may need to plan for more time than they realize when they're starting the process of obtaining a mortgage.“Today’s mortgage process is very involved, particularly with regard to the documentation required, third-party verifications, and the independent appraisal process,” says Whitney Fite, president of Angel Oak Home Loans in Atlanta. “All of these moving parts can cause a delay in processing if an issue arises.”The enti
Investors are retreating from flipping houses, showing skepticism that the practice will continue to pay off. About 43,615 single-family homes and condos were flipped in the first quarter of 2017, down 8 percent from the previous quarter and 6 percent from a year ago, according to ATTOM Data Solutions’ Q1 2017 U.S. Home Flipping Report. It represents the lowest number of flips in two years. ATTOM Data Solutions defines a flip as a home that has
Staging, curb appeal updates, and closing costs add up.Selling a home not only takes time, but also costs money. To help with budgeting, Zillow and Thumbtack identified several common — but often overlooked — seller expenses.From closing costs to home prep projects like carpet cleaning, U.S. homeowners can expect to spend more than $15,000 on these extra or hidden costs to sell the median home, according to Zillow and Thumbtack’s Hidden Co
A real estate professional is an important go-to person for mortgage information, finds a new survey by TD Bank of about 1,500 homeowners.Here are some handouts to help arm your clients with more mortgage information:Questions to Ask When Choosing a LenderChecklist: Your Mortgage ApplicationWorksheet: Tracking Closing CostsVocabulary: Loans & Lending TermsFinance a Home, CreativelyForty-six percent of homeowners say they found information on
Home buyers may want to rush to lock in: The 30-year mortgage rate hit its lowest level in nearly seven months this week, Freddie Mac reports."The 10-year Treasury yield fell 3 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the low
Home buyers were in a rush to lock in low mortgage rates last week, sending total mortgage application volume soaring 7.1 percent, the Mortgage Bankers Association reported Wednesday.“Purchase application volume increased to its highest level since May 2010,” says Joel Kan, an MBA economist. “Refinance activity bumped up as well in response to moderating rates, but remained generally subdued.”Home purchase applications skyrocketed 10 perc
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