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Owners Become More Realistic About Home Values

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When something is yours, it can be easy to overestimate its value. Your personal attachment and nostalgia for something can make it seem as though its worth far more than it actually is. This is true whether you’re having a garage sale or you’re selling a house. Therefore, it’s important to try and remain detached and realistic when setting prices …

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Will More Homeowners Sell Houses Next Year?

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In any market, supply and demand determines whether it’s a good time to buy or a good time to sell. This, of course, is also true for real estate. Following the housing crash, there were far fewer buyers than available homes and prices fell dramatically. This presented an opportunity for buyers. In the ensuing years, lower-than-normal prices brought prospective home …

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Americans Optimistic About Buying A Home

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An increasing number of Americans say they feel now is a good time to buy a house, according to the most recent Home Purchase Sentiment Index from Fannie Mae. The index – a monthly measure of how consumers feel about real estate, home prices, mortgage rates, job security, and their financial situation – is now nearing its all-time high, reached …

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Lower Mortgage Rates Cause Spike In Demand

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates dropped last week. The decline moved rates lower than they were at the same time last year. It also led to an increase in demand for mortgage loan applications. In fact, refinance activity was up 9 percent and purchase activity was up 2 percent. Mike Fratantoni, MBA’s chief …

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Are Home Price Increases Beginning To Slow?

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Home prices have been increasing for some time now. Largely this is because, in many markets, there are more interested buyers than there are homes available for sale. Inventory shortages can cause more competition for the homes that are for sale, which leads to spiking prices and decreasing affordability conditions. This, of course, has been a concern for potential home …

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Mortgage Misconceptions May Keep Buyers Away

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Potential home buyers often describe the home buying process as being complicated. And, most likely, a lot of their confusion stems from the financing side of the transaction. A lack of knowledge about what is required and how to proceed can cause otherwise qualified borrowers to become intimidated and even delay their dreams of homeownership. For example, prospective buyers often …

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New Analysis Finds Growing Millennial Demand

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There’s been a perception, since the financial crisis and housing crash, that younger Americans had turned off to homeownership and were not buying houses at the same rate as previous generations. And, in fact, the share of first-time home buyers has been lower than historically normal for the past several years. Of course, there are many reasons this could be …

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Contract Signings Improve In October

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Among the many indicators used to track the health of the housing market, the National Association of Realtors’ Pending Home Sales Index is unique. That’s because, rather than count the number of homes that sold in any given month, it counts the number of signed contracts to buy homes. So what’s the difference? Well, contracts are typically signed about a …

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Steady Rates Push Purchase Demand Higher

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were virtually unchanged last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Mortgage rates are now just above where they were last year at this time. Joel Kan, an MBA …

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Affordability A Concern Amid Excellent Conditions

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Most of the economic indicators that were a concern just a few years ago have since turned positive. Fewer Americans are unemployed and an increasing number say they feel confident in their job and about their financial situation. In other words, following years of uncertainty, Americans are beginning to feel more economically comfortable. This should be good news for the …