May 2022
What To Know About Home Insurance Rates
Home insurance isn’t required by law but, most likely, your lender’s going to require it to get a mortgage. Even if they didn’t, it’d probably be in your best interest to have some coverage. After all, the most common home insurance claims are damage from wind, hail, water, fire, and lightning. In other words, wherever …
Home Buying Conditions Could Soon Stabilize
The National Association of Realtors’ Pending Home Sales Index is considered a good indicator of future home sales because it measures contract signings rather than closings. Generally speaking, contracts to buy are signed weeks before a sale is closed, which means a drop in the number of signed contracts will most likely show up as …
Which Areas Are Most Popular With Buyers?
Home buyer preferences are usually pretty consistent. What home shoppers are looking for in a house or neighborhood doesn’t change all that much from year to year. But, while that’s typically true, the pandemic caused a shift in what buyers are looking for and, two years after its initial onset, the effects are becoming more …
Outlook Sees Home Price Growth Slowing
Affordability is a hot topic these days. After two years of rapid home price growth and the recent spike in mortgage rates, prospective home buyers are increasingly wondering about the cost. That’s natural. When affordability conditions change quickly, it can lead to uncertainty. So what should home buyers expect in the coming months? Fannie Mae’s …
Homes For Sale Still Selling Quickly
Homes for sale continue to sell quickly, according to new numbers from the National Association of Realtors. Data from April shows 88 percent of homes sold during the month were on the market for less than 30 days and the typical property was on the market for just 17 days. Lawrence Yun, NAR’s chief economist, …
Mortgage Credit Tightens For Gov’t Loans
The standards lenders use to determine whether or not a borrower is approved for a loan aren’t fixed. That means there are times when it’s easier to get a mortgage and times when it’s more difficult. Because of this, the Mortgage Bankers Association tracks mortgage credit availability from month to month. An increase in the …
Affordability Improves Due To Income Gains
Whether or not buying a home is considered affordable depends on a number of factors. Home prices, mortgage rates, and income all play a role. That’s why, despite mortgage rate increases during the first quarter of the year, the share of homes considered affordable actually rose from the previous quarter. How’s that possible? Well, a …
Share Of Equity Rich Homes Continues To Climb
One of the primary benefits of owning a home is equity. Put simply, equity is the difference between what you owe on your mortgage and what your home is worth. Which means you build it as you pay down your loan each month. It also grows when your home’s value increases. It’s homeownership’s main financial …