Home builders are lowering their prices to appeal to a growing number of home shoppers. In January, 66 percent of new single-family homes were priced between $200,000 and $400,000, compared with 22 percent of homes that were in the $400,000 to $750,000 range, according to U.S. Commerce Department data. A year ago, 51 percent of homes sold in the $200,000 to $400,000 range, while 29 percent sold in the $400,000 to $750,000 price points.â
Americans who are self-employed and freelance or contract workers have long had to struggle to qualify for a mortgage compared with those with W-2 forms or pay stubs that lenders can use to verify their incomes. For the self-employed, the mortgage process can be time-consuming and cumbersome. Lenders often require extra paperwork, such as full documentation of tax returns from the last couple of years (not just the electronic copy submitted to th
Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past?Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago).Nevertheless, Lawrence Yun, chief
Home shoppers are finding some of the lowest mortgage rates in more than a year.“Mortgage rates declined decisively this week amid various market reports, a strong bond auction, and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,†says Sam Khater, Freddie Mac’s chief economist. “At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these
A pool could potentially boost a home’s sales price by nearly six figures in some locales, according to a new analysis by the real estate brokerage Redfin. In Los Angeles, for example, homes with pools sell for nearly $100,000 more than comparable homes without one.Swimming pools were found to be most valuable at resale in Los Angeles; Austin, Texas; and Orange County, Calif. All three of these metro areas saw pools add a premium of more than $
Some consumers may be holding back from homeownership due to a lack of financial knowledge. Sixteen percent of non-homeowners say they feel they would have difficulty qualifying for a mortgage due to a lack of financial knowledge. Thirteen percent say they do not know the first step in the process, according to the first quarter 2018 HOME report, produced by the National Association of REALTORS®.Embarking on a homeowning journey takes plenty of
Slower home price growth, deflated sales, and lower mortgage rates could create abundant opportunities for potential home buyers this spring.Though home prices are still up year over year in all 50 states, the overall affordability outlook is improving, according to Black Knight’s latest Mortgage Monitor Report. The decline in mortgage rates has helped increase consumers’ buying power by more than 6 percent and reduced mortgage payments on an
Townhome construction outperformed other building sectors in 2018, bringing more entry-level housing to the market. But while townhouse construction, along with other submarkets, softened during the fourth quarter, it is still poised for further expansion as more renters enter the sale market, the National Association of Home Builders reports. Townhouse construction—or single-family attached housing—also helps builders grapple with land short
After weeks of declines, mortgage rates reversed course, but are still lower than a year ago.“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,†says Sam Khater, Freddie Mac’s chief economist. “In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early
Smaller cities with lower home prices were once again among the top-performing housing markets this month, a trend that started emerging in January this year, according to the latest report from realtor.com®.“We’re seeing more interest in secondary markets,†says Danielle Hale, realtor.com®’s chief economist. “Homes are a little bit more affordable, and buyers are looking for that affordability.â€Midland, Texas, once again toppe
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