Within the past year, buying and renovating fixer-uppers has become fairly popular throughout the country. For many, purchasing the property is the most (and sometimes only) exciting step of the process, as renovations can get a bit pricey. Rather than overwhelming yourself with the costs of repairing the property’s plumbing system or updating the home’s framework, consider saving with an FHA 203k loan.
Since the beginning of this year, increasing mortgage rates and rising listing prices have dominated news headlines throughout the country. As a result, many potential homebuyers have gravitated towards signing another rental lease instead of jumping into the housing market and applying for a mortgage—but this may not be the best financial decision. Overall, rent rates are fluctuating as well.
This Wednesday, the Federal Open Market Committee met to discuss the nation’s current economic conditions. After reviewing the state of the market, the committee voted on whether or not they would continue interest rate hikes in July. The first hike of this year occurred in March, which was raised again when they voted in June—and yesterday, the fed ruled to delay the nation’s next interest rate hike.
Buying a home is one of the greatest investments you’ll likely make in your life, so it’s important to be prepared prior to jumping into the housing market. In fact, according to various industry experts, understanding even the most basic mortgage terms can save you tons of time in the long-run as you move through the stages of the home buying process.
Last month, housing starts dramatically rebounded from perpetually lower rates. In fact, according to the latest housing report from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, housing starts in June were recorded at 1.22 million. That’s an 8.3 percent increase since May and 1.2 percent increase since June of last year. As a result of this significant jump, industry experts have introduced the idea that this will be the biggest year for homebuilders in 10 years.
Every day, over 3.5 billion Google searches are processed—and last week, an in-depth Google study determined the most common mortgage-related searches. The report was based solely on Google search data from the past few years and focuses on what today’s buyers are looking for online.
Earlier this month, we reported the top five reasons why your home could be spending too much time on the market. The first and most common reason was listing a home price significantly more expensive than its worth. Now, with homeowners better than ever at predicting home prices, it’s even more important to list an accurate home price to make a speedy sale.