Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday.The lack of supply and rising home prices also may be pressing on home buyers. The weekly headlines of mortgage rates hitting new lows also may be causing some buy
As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly
The family room has long been the favorite room in the house—it’s where homeowners get to spend quality time with other family members. However, as the significant increase in time spent at home during the pandemic has changed preferences, homeowners now favor quieter and more private areas in the home.In a survey of more than 2,000 Americans, the new favorite room in the home: the master bedroom. In the survey, conducted by Ally Home, some r
The “modern farmhouse” home style is the clear winner when it comes to American's favorite architectural home designs across the country, according to a new survey conducted by Homes.com. Respondents from 42 states voted it as their top housing style choice, with the highest appreciation shown in the Northwest, East, and Southeast parts of the country.Survey respondents said they like the modern farmhouse style because it looks “simple
Housing markets in the U.S. remain resilient against a pandemic, recession, and high unemployment. Cooped-up buyers have flooded markets this summer, and median list prices have jumped more than 9% over last year’s levels, according to realtor.com® data.“Right now we’re seeing markets recover faster where they’re able to contain the virus better,” says Javier Vivas, realtor.com®’s director of economic research. “Markets with stron
Social media can be a treasure trove for real estate pros looking to expand their business, connect with clients, and build strong brand recognition.“We don’t believe social media is the silver bullet, but it can be a great help in your business,” says Katie Lance, CEO and co-founder of Katie Lance Consulting. She spoke recently to hundreds of virtual viewers during the REvive! From Crisis Coast 2 Coast conference last week.The first step,
The Federal Reserve voted Wednesday to keep its benchmark interest rate near zero. This will keep the cost of loans down until the economy starts to recover from the COVID-19 pandemic. The Fed also announced Wednesday it would be extending its lending and credit initiatives until the end of the year to help make it easier for Americans to get a loan.The Fed’s key benchmark rate is not directly tied to mortgage rates, but it often indirectly inf
Landlords, brace yourselves: Your tenants are likely going to ignore some of your rules. Luckily, the most common offenses center around decorating and aren't too serious.The top offense? One in four tenants make holes in walls (often from nails). That offense is most common among renters aged between 25 to 34, according to a new survey of U.S. tenants conducted by iProperty Management.Also, 19% of renters surveyed say they’ve completely redeco
Young professionals in the early stages of their careers are facing a lot of uncertainties today, including where to live and put down roots.SmartAsset, a financial resource website, recently analyzed 150 cities to pinpoint the best places for young professionals. Researchers considered metrics like the percentage of the population between 25 and 34; county-level unemployment rates from May 2020; labor force participation for young professionals;
The toughest part of the homeselling process: trying to simultaneously sell a current home while buying the next one, according to a new survey from LendingTree of 964 consumers about their top sources of stress in the homeselling transaction. The transactions must be coordinated perfectly to go forward at both ends without a hitch.But preparing the home to sell and getting it ready for showings bring another common stressor. It can be pricey; th
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