Last week's economic reports suggested that demand for homes is rising despite a jump in mortgage rates and rising home prices fueled by low inventories of homes for sale. Demand for homes rose by 1.40 percent as interest rates jumped after the 10-year Treasury rate rose by 10 basis points. Construction spending was unchanged in May as compared to a -0.70 percent reading in April. Although builders express high confidence in housing market conditions, construction spending continued to lag behind spending levels based on builder confidence readings. Home buyers received good news as major … [Read More...]
The terminology involved in the real estate market can be vexing for the newcomer, but if you're getting prepared to buy a home, there are a few choice words you should take some time to learn. While it's hard to learn the ins and outs in one article, here's a place to begin with five terms you may be hearing a lot of in the future. Amortization Period It may sound like a very fancy term, but the amortization period or mortgage term is simply the length of time it will take you to pay off your mortgage loan by monthly mortgage payments. While 25 years is the standard amortization period, it … [Read More...]
An open house is a good opportunity to get out and about to see what kind of home you're looking for and if it will work for you. Fortunately, they can also be a good opportunity to find out some things about the house you're looking at that might not be listed on the website and may be less than flattering. If you're wondering what red flags to watch out for, pay attention to the following things the next time you're at a showing. Strong Odors Many home sellers try to engage the senses in order to entice buyers by baking cookies or spraying air freshener. However, a lot of air freshener or … [Read More...]
From a sophisticated couch to a stunning art print, there are plenty of ways that you can dress up your living room and instantly change its vibe. You may not realize it, but wallpaper is back in fashion and becoming another popular way to instantly revamp a room. If you're contemplating ways that wallpaper can benefit your space, here are some options you may want to try out. Add An Accent A brightly colored accent wall may have been a popular trend a few years ago, but a way to bring your wall into current fashion can be to add wallpaper. In addition to a fun print, wallpaper can instantly … [Read More...]
Last week's economic news included Case-Shiller Home Price Indices, pending home sales and inflation. Weekly readings on mortgage rates and new jobless claims were released along with a reading on consumer sentiment. Case-Shiller and pending home sales readings suggested that recent rapid growth in home prices and home sales may be easing. High demand for homes coupled with low inventories of homes for sale has created an artificially high rate of home price growth and competition among buyers for a limited number of homes. Home Price Growth Rate, Pending Home Sales Slow Case-Shiller Home … [Read More...]
When it comes to the real estate market, nothing is better than putting your home up for sale and finding a potential homebuyer who offers you the price you're looking for. However, while the right offer is ideal, there are a lot of things that may come along with a high offer that may be less than perfect. If you're wondering what kinds of things can hamper a good offer, you may want to watch out for the following. What's The Timeline? If you're almost packed and you're prepared to go, there won't necessarily be any inconvenience in dealing with a 30-day closing period. However, if you're not … [Read More...]
