A home is one of the biggest investments you can make, and the American Dream for many. Most people spend significant time finding or designing their "dream home." The first decision is whether to buy or build. As of September 2018, the average sales price of a new home was $377,200, according to joint data collected from the U.S. Census Bureau and the Department of Housing and Urban Development. Existing homes sales price was approximately $258,100, according to the National Association of Realtors. New homes attract bigger prices than existing ones, meaning building costs are … [Read More...]
Saving up for a down payment can feel overwhelming. Most people have never saved up the kind of money it takes for a down payment. It can be done, though. The goal is to put 20% down on a house. This is what it takes if you don't want to have to pay private mortgage insurance every month. However, you don't have to absolutely put 20% down. Some mortgage programs, such as VA and FHA loans, let borrowers put down as little as zero down or about 3.5% down. There are extra requirements with any kind of mortgage you get, so be sure to discuss those with your lender. Whichever kind of mortgage you … [Read More...]
A title search is an early warning system for buyers and lenders. It reveals flaws the owner must resolve prior to a closing or refinance request. This allows the owner to clear any issues on the title so that the process can move forward. Also, it protects the buyer or lender from assuming an obligation they aren't responsible for. Title Search A chain of title exists in the public records. It shows the history of property title transfer from each previous owner to the next. Unfortunately, these searches are labor intensive and require a specialist called a title examiner. The search … [Read More...]
Last week's economic reports included National Association of Home Builders' Housing Market Index, the Federal Reserve's Beige Book report and the University of Michigan's Consumer Sentiment Index. Weekly readings on mortgage rates and first-time jobless claims were also released. Commerce Department readings on housing starts and building permits issued were delayed due to the federal government shutdown, which continued and became the longest government shutdown on record. NAHB: Builder Confidence Rises Amid Headwinds Home builder confidence rose two points in January according to the … [Read More...]
Buying your home can be nerve-racking, especially if it's the first time. The buying process is exciting and often complex. The chances of making a mistake are relatively high. In today's real estate market where demand surpasses supply, you can't afford to make mistakes. And this is just the tip of the iceberg. If you are in the market to buy a house, here are five pitfalls avoid. Not Doing Your Homework Well Fortune favors the prepared in real estate. And preparedness begins with understanding your finances. A wise buyer examines assets, analyzes debts and gets finances … [Read More...]
After two months of declining builder confidence, the National Association of Home Builders Housing Market Index gained two points in January with a reading of 58. Component readings of the HMI were also higher with builder confidence in current market conditions rose two points to an index reading of 63. Builder confidence in housing market conditions over the next six months rose three points to 64. The index for buyer traffic in new housing developments rose one point to 44. While index readings above 50 indicate positive market conditions, the index reading for buyer traffic is typically … [Read More...]
