Wednesday, May 01, 2019 / by Amy McLeod
Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!
These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact,
“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.
However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”
Mortgage interest rates had been on the rise for most of 2018 before reaching their peak in November at 4.94%. According to Freddie Mac ...
Wednesday, March 20, 2019 / by Amy McLeod
Welcome to the best—and worst—time to buy a home: spring! Yes, it's peak home-buying season. However, it’s no bed of roses.
Knowing what to expect is half the battle, and can help you use these highs and lows to your advantage!
So consider this an essential prep course. Ready to dive into the best of times and the worst of times for home buying?
You’ll love: All the inventory
One of the best things about buying a house during the spring is that you have a lot more options to choose from.
“New listings tend to flood the market in April and May,” says Kimberly Sands, a real estate broker in Carolina Beach, NC. Just keep in mind that with so much inventory out there, you’ll want to make sure to stick to your search and price parameters to avoid getting overwhelmed.
You’ll hate: All the competition
Busier times mean more buyers and, thus, more competition—which explains why bidding w ...
Monday, March 18, 2019 / by Amy McLeod
For many home sellers, there’s no better time to list than the spring, and for good reason: This is peak home-buying season, folks! Buyers turn out in droves once warmer weather finally arrives, bringing people out of hibernation mode, and bidding wars abound as buyers look for ways to one-up their competition.
The bad news? Selling a home during the spring isn’t free of pitfalls.
Indeed, “Spring home sellers still face challenges that they need to prepare for,” says Chris Dossman, a real estate agent with Century 21 Scheetz in Indianapolis.
Since knowing what to expect can help you nab a great offer, here are six things you’ll love—and hate—about selling a home this spring.
You’ll love: All the demand
While home sales decline in the winter (chalk it up to bad weather and holiday obligations), many home buyers blitz the housing market in spring, says Dossman. To meet that pent-up demand, many sellers list their homes at t ...
Monday, February 25, 2019 / by Amy McLeod
The home appraisal process is just a formality when buying real estate, right? You've found the house you love and put in a good offer, and it was accepted! It's time to break out the Dom Pérignon White Gold? Sorry, not yet.
If you've applied for a mortgage, your home-to-be still has to undergo a comprehensive appraisal of its worth—and an unfavorable home appraisal can kill a real estate deal. Yikes! It can be a nerve-racking ordeal, but it's actually good for you. Allow us to demystify the process.
Appraisals estimate a home's value with fresh eyes
Just because you and the sellers have agreed on a price doesn't mean it's a done deal—your lender needs to be on board, too. After all, it's the lender's real estate investment as well. To get a mortgage, you'll need a home appraisal because the home serves as collateral for your lender. If for some reason you end up unable to make your mortgage payments, the lender will have ...
Wednesday, January 30, 2019 / by Amy McLeod
There's one thing more scary than buying a house, and that's selling a house.
There is so much pressure to list your house and sell it quickly—and for a great price—that you probably find yourself turning to those who've been there before for advice.
But here's the problem: The housing market changes on a dime, meaning whatever worked for them might not necessarily work for you. In fact, it may backfire, big-time! Here are some of the most outdated words of wisdom you might hear that you may be better off ignoring.
Wait for spring to sell your home
Odds are you've heard that the best time to sell your house is in the spring, because that's when the buyers are out and about. But it also means you'll be competing against a slew of sellers.
"Listing in the spring means you are positioning yourself to compete with several other homes. So as a seller in the spring, you have to price and market your home flawlessly to show buyers that your home is more desirable ...