Rising mortgage rates don't seem to be scaring off home buyers. Mortgage applications to purchase a home, viewed as a gauge of homebuying demand, increased 2% last week, the Mortgage Bankers Association reported Wednesday.Homebuilders are reporting stronger buyer traffic too after a brief lull earlier this fall, according to a recent builder sentiment report released by the National Association of Home Builders.“Purchase applications incre
A record number of home builders are reporting a shortage of workers such as carpenters, painters, and electricians, the National Association of Home Builders reports. The shortages come at a time when demand is increasing for new homes. Builders are struggling to meet demand and faced with both surging prices for materials and shortages of lots.The share of builders reporting a shortage of labor reached a record high of 76% in Oct
A greater number of homeowners are interested in entering the housing market over the next six months, and they have some big expectations. Topping the list are bidding wars and a fast-paced sale, and they also look to buyers to forgo contingencies like home inspections and appraisals, according to a new realtor.com® survey of 2,583 consumers conducted this fall.More than one-third of prospective sellers are ready to take advantage of the c
While more homeowners have been interested in gaining space during the pandemic, the market for tiny homes is still appealing to certain segments, particularly investors and first-time home buyers.The affordability of these homes is one of the biggest draws. Many tiny homes cost between $30,000 to $60,000. For comparison, the median price for a starter home is $233,400, according to the National Association of REALTORS®.IPX1031, a 1031 exchange
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Home buyers and homeowners got another chance this week to lock in historically low rates. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” says Sam Khater, Freddie Mac’s chief economist. “These low mortgage rates, combined with the tailwind of first-time home buyers entering the market
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Homeowners are striking gold in real estate. The percentage of financed homes that were equity rich in the third quarter grew to nearly 40%, up from 28.3% a year ago, ATTOM Data Solutions reports. A home is considered equity rich when the combined estimated amount of loan balances on the property is no more than 50% of the estimated market value.“Homeowners across most of the United States could sit back with a smile yet again in the third quar
Home design is getting more personal. More homeowners are using their homes to show their individuality and design freedom, according to home design experts at The Plan Collection, an online home design firm.“It makes sense as people have gone from having to be home to wanting to be at home in an environment that expresses their personalities and individual tastes,” says Laurel Vernazza, home design expert at The Plan Coll
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