If you’re trying to calculate how much house you can afford, the most commonly cited rule is that your mortgage payment should be no more than 28 percent of your monthly wages. And while everyone’s situation and finances are different, it’s a pretty good gauge. That’s why ATTOM Data Solutions uses it when putting together …
When there are more buyers than homes for sale, it can be difficult to find a home without compromising on your wish list. Maybe, for example, you wanted an extra fourth bedroom but have to settle for three. Or you can’t find a home with as much outdoor living space as you hoped. Or you’re …
The lack of available homes for sale has been getting a lot of attention lately. That’s no surprise. When there aren’t enough homes to accommodate interested buyers, prices rise and competition heats up. So, naturally, housing market observers have been watching to see if home builders can build new homes quickly enough to even out …
Sales of previously owned homes continue to improve, according to new numbers from the National Association of Realtors. Their existing-home sales report shows sales rose another 2.4 percent in August and are now up 10.5 percent over last year at the same time. Lawrence Yun, NAR’s chief economist, says home buyers are back. “Home sales …
In early spring, when coronavirus shutdowns began, few would’ve predicted that the summer housing market would be as hot as it turned out to be. Buyer demand rebounded quickly and home sales numbers surpassed year-before levels sooner than anyone could’ve expected. However, though the housing market’s rebound is undoubtedly good news, there is another side …
New residential construction is vital to keeping the housing market balanced. After all, there’s no easier way to increase the number of homes for sale than to build more homes. And, in today’s market, where inventory is low and demand is high, new home construction is more important than ever. If home builders build enough …
Lending standards change. That’s why the Mortgage Bankers Association’s monthly Mortgage Credit Availability Index tracks how easy or difficult it currently is for borrowers to secure financing. Any increase in the index indicates that credit has become more available, while decreases mean standards have tightened. In August, the index fell 4.7 percent. Joel Kan, MBA’s …
Spring and summer are the busiest seasons for the housing market. Home buyer demand ramps up in March and doesn’t typically start falling until after Labor Day. But this year is far from typical. And with buyer demand running well above last year’s pace, it’s natural to wonder what the fall housing market will look …
