Likely to be a hallmark of this year’s spring homeselling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets like the San Francisco Bay area, Denver, and Boston.“Home buyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limi
Whether your clients are first-time buyers or homeowners listing their property in a red-hot market, are you able to articulate how you can help them save money on their real estate transaction?When you ask agents how they keep more money in their clients’ pocketbooks, some say they’re good negotiators. Others provide coupons to save money on moving, home improvement or perhaps a list of where to get rebates on energy-saving appliances.What e
The Department of Housing and Urban Development would see its funding drop by 13 percent under President Donald Trump's fiscal 2018 budget proposal. The cuts, combined with others elsewhere in the federal government's discretionary budget, would offset proposed increases in defense and homeland security funding, including an increase of $54 billion for Department of Defense programs. The proposal, Trump said, "follows through on my promise to foc
For the second consecutive week, mortgage rates were on the rise. "As expected, the [Federal Reserve's Federal Open Market Committee] announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year," says Sean Becketti, Freddie Mac's chief economist. "Although our survey was conducted prior to the Fed's decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 3
The Federal Reserve is picking up the pace, voting on Wednesday to raise its key interest rate just three months after its last rate hike. The Fed announced that short-term interest rates will increase by one-quarter of a percentage point and suggested that two similar increases likely will occur later this year. Mortgage rates aren’t directly tied to the Fed’s short-term interest rates but tend to follow them.“If you think it’s been hard
Don’t assume your clients need a high income to avoid a mortgage. The Pennsylvania Association of REALTORS®' Welcome Home Survey for the first quarter of 2017 shows older people with lower incomes are paying in cash in higher numbers than most would assume.“While is seems counterintuitive that one in three buyers with incomes under $50,000 reported buying homes in cash, age may be driving a higher share of lower-income respondents reportin
Mortgage interest rates climbed to their highest level since 2014 last week, and consumers are rushing to lock in rates before any further increases, the Mortgage Bankers Association reported Wednesday. The average on a 30-year fixed-rate mortgage rose to 4.46 percent, from 4.36 percent the week prior, the MBA reports.Total mortgage application volume, including both home purchases and refinancings, increased 3.1 percent last week from the previo
Equifax, Experian, and TransUnion announced they will soon remove tax lien and civil judgment data from some consumer credit records. The reason for this change is that many liens and most judgments fail to include vital pieces of information. Beginning on July 1, the public records data the firms use must include these data points: the consumer’s name, address, and either a social security number or a date of birth. Existing reports that fail
The gap continues to widen between what homeowners say their home is worth and appraisers' valuations. Homeowners’ estimates of values were, on average, 1.69 percent higher than appraisers’ home value opinions in February, according to Quicken Loans’ National Home Price Perception Index. The gap has been detected every month since February 2015.A few metros are running counter to national trends with appraiser opinions actually higher than
Rising home prices are boosting homeowners’ equity across the country. Nationwide, owners saw home equity rise, on average, by $13,700 during 2016, according to CoreLogic’s latest “Homeowner Equity Report.” States like Washington and Oregon saw some of the largest home-price appreciation last year, up $31,000 and $27,000, respectively.Take a look at this map to see the average equity per owner in your state.Of the largest metros by popula
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