With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3, according to Redfin. That marks a jump from 9% a year ago.“Price drop
Home buyers this spring are facing a double whammy of rising home prices and mortgage rates. The 30-year fixed-rate mortgage rose to 4.72% this week, from 3.13% when compared to a year ago, Freddie Mac reports.Over the last three months, mortgage rates have risen by 1.5 percentage points, the fastest three-month rise since May 1994. Also, during the first two months of 2022, home prices have climbed by more than 15% compared to a year ago, Nadia
The income required required to meet a common standard for home affordability are growing at the fastest pace in more than 15 years, according to ATTOM Data Solution’s first quarter 2022 U.S. Home Affordability Report. Housing affordability has fallen in nearly 80% of the markets tracked as median home prices continue to increase—and now mortgage rates are too.Home prices continue to rise faster than wages in most of the country. Researchers
Refinishing hardwood floors is the remodeling project that pays back the most, recovering the highest percentage of its cost—147%—at resale, according to the 2022 Remodeling Impact Report, a joint study from the National Association of REALTORS® and the National Association of the Remodeling Industry.Home remodeling projects aren’t only offering a potential boost at resale; they’re also making homeowners happier. Painting a hom
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Adjustable-rate mortgages can carry some risks, but as rates rise, more home buyers may consider them. ARMs typically have a lower initial interest rate than 30-year fixed-rate mortgages, but the rate will change after a defined duration. Borrowers then must pay the rate set when their lock period expires, which can be risky if rates are moving up at the time.Even though interest rates currently remain at historical lows, recent increases have be
Some unusual or uncommon home features are not only attracting buyers but also encouraging them to pay more for those features. In a study for Angi, formerly Angie’s List, researchers combed through sold listings to identify common or trending home features and determine whether a price premium could be attached to some amenities.In the kitchen, buyers may appreciate a pot filler faucet over the cooktop. Angi researchers said that feature alone
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A premier suburb often comes with city-like amenities, but those can come at a hefty price tag, too. About 76% of the 100 top-ranked suburbs in the country are actually more expensive than the principal city in the same metro area, according to a new analysis from StorageCafe.Premier suburbs offer quality housing, top-notch schools, vibrant shopping and dining scenes, and plenty of outdoor recreation activities. But can affordability still b
Mortgage rates may be moving higher but eager buyers continue to drive loan applications to purchase a home higher as well. Mortgage applications to purchase a home rose 1% last week, the Mortgage Bankers Association reported Wednesday. Home shoppers may be rushing to lock in rates ahead of any further increases.But higher mortgage rates are taking a toll on homeowners looking to refinance. Mortgage demand for refinance applications fell 15%
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