Home prices are surging in most of the country, but in a few select cities home shoppers may find affordability headed slightly in their favor. GOBankingRates analyzed the 250 largest U.S. cities by population to determine where home prices are dropping the most. Nine major cities saw prices drop by $5,000 or more year over year.1. Sugar Land, Texas April 2016 median list price: $415,495 April 2017 median list price: $399,500 Year-over-year chan
Fannie Mae, the largest source of mortgage funds in the U.S., made changes last month to its underwriting requirements that aim to make it easier for home buyers with college debt to qualify for financing.The company is no longer factoring in debt that’s being paid by someone else when calculating a loan applicant’s debt-to-income (DTI) ratio. If loan applicants are getting their car payments or student debts taken care of by someone else, f
Four economists outlined what they think the housing market will do in 2017Key Takeaways Homes are getting snapped up almost as quickly as they're being put on the market. Mortgage rates are expected to continue to rise, which could "lock in" some sellers and incentivize them to stay put. Equity is rising, but inventory remains a problem in many markets.DENVER — Lawrence Yun, the chief economist at the National Association of Realtors (NAR), ha
Buyers are absorbing the increased costs of new construction lotsDENVER — The home price surge happening across markets right now feels uncomfortably familiar. 2006, anyone?Indeed, prices are back to levels that they hit at the peak of the bubble.But this time different forces are at play, said HomeAdvisor Chief Economist Brad Hunter in a presentation this morning at the National Association of Real Estate Editors conference. Rising home prices
Your buyers may soon be able to bring less to closing. They were blamed for precipitating the housing crisis years ago, but major lenders are giving no- and low-down payment loans another shot.Several major lenders are reportedly offering loans with just 1 percent down. Navy Federal, the nation’s largest credit union, offers its members zero-down mortgages in amounts up to $1 million. NASA Federal Credit Union markets zero-down mortgages as wel
Homeowners feel like their homes are worth more than what appraisers say they are, and the gap between the two estimated values has grown for the sixth consecutive month, according to Quicken Loans’ National Home Price Perception Index.Appraised values were, on average, 1.93 percent lower than what homeowners expected, according to the index. Appraisals are drifting farther from owner estimates, even though their assessments continue to rise
A home's price is based on many factors that can’t be changed, such as location, square footage, and age. While these fixed factors may seem like an end-all-be-all, you can present your client’s home in other ways that may add perceived value for buyers. A full overhaul or shiny new kitchen are not the only options — choosing the right home decor can go a long way in bringing buyers.Here's a look at some top accessories and decor choices
Home shoppers may need to plan for more time than they realize when they're starting the process of obtaining a mortgage.“Today’s mortgage process is very involved, particularly with regard to the documentation required, third-party verifications, and the independent appraisal process,” says Whitney Fite, president of Angel Oak Home Loans in Atlanta. “All of these moving parts can cause a delay in processing if an issue arises.”The enti
Investors are retreating from flipping houses, showing skepticism that the practice will continue to pay off. About 43,615 single-family homes and condos were flipped in the first quarter of 2017, down 8 percent from the previous quarter and 6 percent from a year ago, according to ATTOM Data Solutions’ Q1 2017 U.S. Home Flipping Report. It represents the lowest number of flips in two years. ATTOM Data Solutions defines a flip as a home that has
Staging, curb appeal updates, and closing costs add up.Selling a home not only takes time, but also costs money. To help with budgeting, Zillow and Thumbtack identified several common — but often overlooked — seller expenses.From closing costs to home prep projects like carpet cleaning, U.S. homeowners can expect to spend more than $15,000 on these extra or hidden costs to sell the median home, according to Zillow and Thumbtack’s Hidden Co
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