Archive for the 'Home Buying Tips' Category

Millennials More Likely than Gen Xers to Be Saving, But Not For Down Payments

The country’s youngest adult generation, those aged 18 to 34, otherwise known as Millennials are more likely than both Generation Xers and Baby Boomers to be saving for short and long term financial goals, but saving a for a house is low on the priority list. The latest quarterly renters survey from mortgage giant Freddie Mac found that 92 percent of Millennials are saving for a major purchase (not necessarily a house though) and 94 percent are saving for a vacation. Those rates among Boomers Read more [...]

July Existing Home Sales Rise, But First-time Buyers Drop Out

Even as total U.S. existing-home sales rose for third straight month, fewer first-time home buyers were able to jump into the market, according to the latest report from the National Association of Realtors. Existing-home sales increased 2.0 percent in July to a seasonally adjusted annual rate of 5.59 million, up from a downwardly revised 5.48 million in June. Compared with last year, sales are up 10.3 percent and are now at an eight-and-a-half year high. Sales have risen on a year-over-year Read more [...]

Stock Market, Low Inventory Stymied November Home Sales

Sales of existing U.S. homes slumped in November, according to the National Association of Realtors, pulling down the median price as the supply of homes contracted and stock market worries held buyers back. Total existing-home sales sank 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November, down from 5.25 million in October, the highest level of the year. Compared with a year ago, sales are still up 2.1 percent however. The median home price fell to $205,300, down from Read more [...]

Existing Home Sales Rise for Third Straight Month

Sales of existing U.S. homes rose for the third month in a row in June, accompanied by increases in both price and inventory, according to the National Association of Realtors, as low interest rates continued to boost affordability. Total existing-home sales grew 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million, up from 4.91 million in May, but the new pace is down 2.3 percent from the previous year. Inventory climbed 2.2 percent in June to a total of 2.30 million existing Read more [...]

Existing Home Sales Dip for Sixth Time in Seven Months

Sales of existing U.S. homes fell slightly again in February, while the median home price edged up, according to the National Association of Realtors. Total existing home sales slipped 0.4 percent last month to a seasonally adjusted annual pace of 4.60 million homes compared with a 4.62 million pace in January. Sales are also down 7.1 percent from February 2013. “We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained Read more [...]

2014 May Be a Less Competitive Year for Homebuyers

Real estate investors, who have dominated segments of the housing market since the Great Recession began, may start to pull out this year, leaving the playing field a little more open for traditional home buyers, according to a new survey from housing data firm Zillow.com. In the Zillow Home Price Expectations Survey, 110 economists and real estate experts predicted that investors are likely to make fewer purchases in 2014 as a result of rising prices. "Buyers entering the market in the next Read more [...]

So You Bought a Foreclosure…Now What?

You have taken the leap by buying a foreclosure. Your plan is to get in, make repairs and upgrades, and flip it for a profit. It's a brave undertaking but one that net the average flipper $30,000 per house in 2012. While no one formula fits every situation, there are a number of points that most experts agree can help you net the greatest reward. Read more [...]

Home Sales Drop in November

Market conditions are combining to make homebuying less attractive, according to new data from the National Association of Realtors, as existing U.S.home sales made a significant drop in November. “Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” said NAR chief economist Lawrence Yun in a statement. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck Read more [...]

The Advantages of Mortgage Pre-Approval

The pre-approval process is not required to obtain a mortgage, but many borrowers like knowing ahead of time what to expect. Read more [...]

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on October 16th 2013 in Home Buying Tips

Is Mortgage Prequalification the Way to Go?

Buyers interested in purchasing a home will often choose to go through the mortgage prequalification process to determine if they will qualify for a loan or to find out what roadblocks could prevent them from qualifying. Read more [...]