According to the latest Housing Opportunities and Market Experience Survey conducted by the National Association of Realtors (NAR), homeowners agree that it’s a great time to sell a house. More specifically, 71 percent of respondents agree that it’s a good time to sell, which is a significant increase from last quarter’s 69 percent and last year’s 61 percent.
As a borrower, there are several important steps to be aware of when it comes to the home buying process. First and foremost, you should know that the process does not solely consist of finding the house of your dreams, making an offer, and moving in shortly after. Sure, you can find a home and make an offer, but that bid is actually only the first step of the closing process. There are several additional steps to take before that offer becomes an official sale. Throughout this time period, the house sale is known as “pending” or “under contract”.
Throughout the past couple of years, real estate scams have steadily risen throughout the country. With such extensive practice targeting real estate professionals, cybercriminals have perfected their phishing strategies within the industry. Their tactics now range from successfully impersonating real estate agents and title companies to hacking consumer email accounts and inquiring about future real estate transactions.
According to a recent survey conducted by the National Association of Realtors (NAR), over 75 percent of respondents believe homeownership is a significant part of their American dream. The survey also highlighted that one of the most common inhibitors to making this dream a reality was affordability, as many don’t think their incomes will cover their mortgage payments—but you don’t actually need to be making the big bucks to buy a home these days!
Since election week in November, increasing mortgage rates have dominated news headlines throughout the country. Of course, many potential homebuyers associate higher rates with more money owed and simply press the pause button on their home buying process—but they shouldn’t! In fact, there are several reasons why you should not wait for rates to come back down before completing the buying process. Let’s take a closer look.
The holidays are a stressful and busy time for everyone. From decorating the house to baking holiday meals for the family, everyone is scrambling to finish their holiday to-do list. What this means is that it’s the perfect opportunity for homebuyers to sneak in and snatch up a home, while everyone else is distracted with the bright lights and gift shopping.
Buying a house is no instantaneous process. It takes time to find a house, make an offer, close, and finally move. Once you get to making that offer and getting that offer approved, there’s two things you should do before closing. Namely get an inspection and get homeowners insurance. Both will ensure that your new home is safe and will stay this way for as long as you live there.
This year, pending home sales have reached their highest level in over a decade. With this increase, however, the housing market has expanded from solely a buyers’ market to include a large number of cash investors. In fact, according to RealtyTrac, about 1 in 3 homes purchased in the US today is an all-cash purchase—meaning investors have become big competitors! Luckily, we have six great strategies for today’s homebuyers to overcome their competition.
Buying a foreclosed property is a little different from a typical home sale; the bank requires a pre-approval letter from your lender before they will accept your offer. In addition, there is little or no opportunity to negotiate price— meaning the buyer must pay for all necessary repairs out of pocket. This does not, however, mean the property will cost you more money in the long run. In fact, many people prefer to buy a foreclosed home because they can get a low price and are able to move in quickly (typically the property is vacant). Here are four tips to help you purchase a foreclosed home.
Buying your first home can be (but shouldn’t be) an intimidating process. Many buyers make mistakes when purchasing their first home because they don’t know enough about the mortgage market or what to expect when applying for a loan; however, there are many resources for first time homebuyers that make the buying process much easier and more affordable. Below we will explain 5 common mistakes made by first time homebuyers as well as how to avoid them.