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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase continues a trend upward led, in part, by a stronger economy and job market. Joel Kan, an MBA economist, told CNBC that many of the underlying factors showed improvement. [ 116 more words ] https://citadelnyc.com//mortgage-rate-increase-doesnt-slo/

After the market crashed, there was a period of time when foreclosed properties were plentiful and savvy buyers and real estate investors seized on the opportunity to get a good house at a bargain price. Naturally, as time went on, the economy improved, foreclosed properties were purchased, and the ability to find a significantly discounted house became more difficult. But that doesn’t mean there aren’t still foreclosures available for the buyer or investor that wants to seek them out. [ 118 more words ] https://citadelnyc.com//foreclosures-offer-savvy-buyers-a/

When it comes to real estate, most people know that location is key. Market conditions can differ from one neighborhood to the next. But location isn’t the only thing affecting the conditions you’ll encounter when shopping for a house to buy. Your price range will also have something to do with it. For example, the National Association of Realtors’ consumer website recently released its 2018 Luxury Home Index and the results show luxury home buyers face a far different market than buyers who are looking for a more affordable home. [ 101 more words ] https://citadelnyc.com//luxury-home-market-continues-to-h/

Naturally, potential home buyers become more concerned about affordability conditions as prices and mortgage rates rise. And since the past few years have seen both things happen, there’s been increasing concern about whether or not now is a good time to buy a house. That’s not to say there hasn’t been demand for homes. In fact, there are plenty of interested buyers and not enough homes to accommodate them, which is why prices have been rising in the first place. [ 112 more words ] https://citadelnyc.com//number-of-price-reductions-is-ris/

Sales of previously owned homes were unchanged from the month before in August, according to new data from the National Association of Realtors. The number of available homes for sale was also flat, with unsold inventory at a 4.3-month supply at the current sales pace. But, though there was little change in the numbers, Lawrence Yun, NAR’s chief economist, says buyers may be getting ready to move. [ 160 more words ] https://citadelnyc.com//inventory-and-home-sales-flat-in-/

The new home market is an important indicator for anyone interested in making a move in the near future. Mostly, this is because the number of new homes being built and put on the market has an affect on home prices across the board. And so, keeping an eye on how confident builders feel can be a good way of gauging upcoming affordability conditions. [ 126 more words ] https://citadelnyc.com//lumber-prices-and-demand-keep-bui/

Choosing a house to buy is an important decision. After all, you’re committing a lot of money and several years of your life to a particular property. And so, home buyers tend to know what they want, whether it be a large kitchen, an appealing outdoor space, or an ample amount of storage. But surprisingly, large majorities of home buyers spend too little time paying attention to the neighborhood surrounding the home they’re considering. [ 168 more words ] https://citadelnyc.com//few-buyers-research-their-prospec/

When choosing where you’d like to live, there are a number of factors that you have to weigh. For example, some people may value privacy over convenience while others may prefer proximity to family and friends over entertainment and recreation options. In short, it’s a personal choice. And a lot of times it comes down to whether you’d like to live in a city setting or the suburbs. [ 125 more words ] https://citadelnyc.com//young-americans-choose-the-city-o/

These days, just about everyone has some debt. It’s almost more remarkable not to carry a balance of one type or another. In fact, a report last year found that 73 percent of consumers died with unpaid debts and, among them, the average owed was $62,000. That’s a lot. But accruing debt over a lifetime is different than starting one already in the hole. [ 167 more words ] https://citadelnyc.com//is-debt-holding-millennial-buyers/

It’s said that there are two sides to every story. But there are also two sides to the calculations potential home buyers undergo when deciding whether or not it’s a good time for them to look for a new house. After all, buyers have to take into consideration the cost of homes in the areas they’re looking to live but also their own financial security. [ 137 more words ] https://citadelnyc.com//americans-financial-security-boos/

In large part, home prices are a simple calculation of supply and demand. When there are more homes than interested buyers, home prices fall. When the opposite is true, home prices rise. In recent years, demand from potential home buyers has risen and the number of available homes for sale has not, which is why prices have gone up. To some extent, that’s because builders have been building fewer new homes. [ 137 more words ] https://citadelnyc.com//housing-forecast-has-good-news-fo/

When calculating how much house you can comfortably afford, there are a few commonly cited rules that can be used. Among them, the one that says your home’s price shouldn’t be more than three times your annual income is popular. Of course, there are many other factors that play a role, including the amount of debt you have, your retirement goals, other expenses, etc. [ 158 more words ] https://citadelnyc.com//where-buyers-are-stretching-their/

Mortgage rates, to some extent, are reactionary. And so, as the economy grows stronger, rates increase. That’s been the story so far this year and, according to the latest results from the Mortgage Bankers Association’s Weekly Applications Survey, last week was no exception. That’s because, rates were up across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. [ 136 more words ] https://citadelnyc.com//stronger-economy-continues-to-dri/

This year, home buyers hoping to find smaller, more affordable homes have had a harder time than those shopping at the high end of the market. Partly, this is because there are fewer entry-level homes available for sale than is typical. But, according to the Mortgage Bankers Association’s Weekly Applications Survey, there may be evidence that first-time buyers are beginning to find their way into the market. [ 106 more words ] https://citadelnyc.com//average-loan-size-drops-to-low-fo/

There are many different factors that play a role in the housing market’s health. When home buyers and sellers decide that its time for them to make a move everything from their job security to the global economy has an effect. For example, economic instability half way around the world can move mortgage rates, which will affect how much house you can afford. [ 194 more words ] https://citadelnyc.com//fall-forecast-sees-improvement-on/

If you’re in the market to buy a home, you’ll be choosing a house from those listed for sale in your area, unless you hire a builder and architect to construct a home to your exact specifications. That means, to some extent, your choices are limited. In today’s market, that’s especially true, since there are a lower-than-normal number of homes available for sale. [ 146 more words ] https://citadelnyc.com//increase-in-active-listings-may-b/

Following the housing crash and financial crisis, there was talk that Americans may stop aspiring to homeownership and would no longer see the housing market as a sound investment and reliable creator of wealth. After all, homeowners who saw the values of their homes plummet might become leery and those who hadn’t yet bought a home may’ve considered themselves lucky. And yet, a decade down the road, the market has largely recovered and demand from buyers is running high. [ 141 more words ] https://citadelnyc.com//housing-health-a-decade-after-the/

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates for 30-year fixed-rate mortgages with conforming loan balances fell to their lowest level since July 20 last week. Rates for loans backed by the Federal Housing Administration and 15-year fixed-rate loans also fell, while jumbo loans saw no change from one week earlier. Joel Kan, an MBA economist, told CNBC that the rate drop was due to the fact that the Fed has signaled that they may be more cautious when considering further rate hikes this year. [ 106 more words ] https://citadelnyc.com//mortgage-rates-fall-to-lowest-lev/

Housing market conditions are always in flux. One year, there will be more homes for sale than there are interested buyers. And the next, there will be more buyers than available homes. If you’re thinking about entering the market, it’s good to know where things currently stand and what’s likely to happen in the coming months. That’s because it’ll determine what price you pay and for what. [ 149 more words ] https://citadelnyc.com//when-will-the-buyers-market-return/

Over the past few years, rising buyer demand combined with a lower-than-normal number of homes for sale has led to higher home prices in markets across the country. And, though the rate at which prices have increased may differ from one market to the next, affordability conditions aren’t what they were just a few years ago. However, new data may indicate that change is on the way. [ 114 more words ] https://citadelnyc.com//more-evidence-that-home-price-gro/

New numbers from the National Association of Realtors show sales of existing homes were virtually unchanged from the month before. Down 0.7 percent from June, sales were up in the West but a drop in the Northeast negated the gains. Lawrence Yun, NAR’s chief economist, says a lack of available homes continues to hold sales back. Listings continue to go under contract in under a month, which highlights the feedback from Realtors that buyers are swiftly snatching up moderately-priced properties, Yun said. [ 115 more words ] https://citadelnyc.com//flat-home-sales-a-sign-of-market-/

The National Association of Home Builders’ Housing Market Index measures how optimistic builders are about the new home market. Scored on a scale where any number above 50 indicates more builders view conditions as good than poor, the survey has been conducted for 30 years and is a good indicator of where the current new home market is and where it may be headed. [ 137 more words ] https://citadelnyc.com//builders-remain-confident-in-new-/

If you’re shopping for a house to buy, you’re probably concerned about affordability. After all, even in a buyer’s market, house hunters have an interest in getting the best deal. Which means, most prospective home buyers have an eye on home prices and where they’re headed. In today’s market, the best way to get a feel for what’s happening with home values is to look at inventory. [ 118 more words ] https://citadelnyc.com//building-permit-increase-a-good-s/

Buying a newly constructed house from a builder is a little different than buying an older home from its owner. To start with, you aren’t able to choose from a list of upgrades and customizations when buying an existing home. You’re also entering a transaction with someone who has an attachment to the home they’re selling and probably a different set of motivations than a builder whose livelihood depends on making a profit. [ 140 more words ] https://citadelnyc.com//do-you-need-an-agent-to-buy-new-c/

As everyone knows, real estate is mostly about location. What $500,000 buys you in one neighborhood will be far different than what it affords you in another. Put another way, your money will go a lot farther in the Midwest than it will on the West Coast. Which is why a recent analysis showing a growing number of cities where the median home value is $1 million or more isn’t quite what it initially seems. [ 125 more words ] https://citadelnyc.com//number-of-million-dollar-metros-o/

It wasn’t long ago that the housing market suffered a foreclosure crisis. Homeowners saw their home values drop and were in the unfortunate position of owing more on their mortgage than their home was worth. Today, however, home prices have rebounded and, in some markets, surpassed previous highs. One sign of that recovery can be found in ATTOM Data Solutions’ Q2 2018 U.S. [ 108 more words ] https://citadelnyc.com//equity-rich-homeowners-double-tho/

You can tell a lot about the way an area grew by the age of its homes. The pace of suburban sprawl, for example, can be mapped just by observing the way homes get newer as you get further from the city’s center. Houses built in the 1920s give way to homes from the ’50s and ’60s and so on. But that’s not all you can learn from paying attention to the collective age of the country’s housing stock. [ 141 more words ] https://citadelnyc.com///americas-homes-are-growing-older/

The current real-estate market suffers from a lack of inventory. Fewer available houses for sale has led to higher prices and more competition for the homes that are on the market. Part of the reason for this is fewer new homes were being built in the years following the housing crash. But what about current homeowners? Why haven’t more Americans been selling their homes and trading up in recent years? [ 153 more words ] https://citadelnyc.com//trade-up-buyers-may-be-waiting-to/

The value of a particular house has to do with many different factors. The condition of the house, the location, the school district, supply, demand, and the surrounding neighborhood’s amenities are among some of the most well known. But a recent analysis has pinpointed another, less well known, factor that may help push prices upward. According to the study, areas that have stricter land-use regulations such as density laws and permit review times have seen much larger increases in home values compared to areas with less restrictive regulations. [ 123 more words ] https://citadelnyc.com//how-land-use-regulations-affect-a/

Naturally, home builders need to keep up with what buyers want. If they’re building homes without incorporating the features home buyers desire, they won’t be in business very long. And that’s why it’s good to check in with builders if you’re curious about the latest home design trends. For example, according to one recent survey conducted by home builder Ashton Woods, buyers no longer prefer an all-white kitchen. [ 146 more words ] https://citadelnyc.com///what-todays-new-home-buyer-wants/

Your financial health isn’t really about how much money you make. It’s more about how much you have left over once you’ve paid all your bills. After all, if you make $1 million a month but also spend $1 million, you’re still struggling financially. And no one likes worrying about money. For that reason, a recent analysis took a look at the 50 biggest cities in the country and based on household income, home prices, and cost of living tried to determine where homeowners were able to live most comfortably. [ 116 more words ] https://citadelnyc.com//where-homeowners-have-the-most-ex/

Home buyers this year have faced higher prices, more competition, and rising mortgage rates. In short, it’s been a challenging year. But that’s not to say it isn’t a good time to buy a house. There are many reasons to be optimistic about homeownership, in fact and a few that put current conditions in perspective. Take mortgage rates, for example. [ 124 more words ] https://citadelnyc.com//why-you-should-be-optimistic-abou/

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased for 30-year fixed-rate mortgages with both conforming and jumbo balances last week. Loans backed by the Federal Housing Administration were virtually unchanged. Nevertheless, the increases led to a decline in mortgage activity, with both refinance and purchase demand lower than one week earlier. Joel Kan, the MBA’s vice president of economic and industry forecasting, told CNBC slowing mortgage demand is in line with the overall housing market trend. [ 105 more words ] https://citadelnyc.com//mortgage-activity-slows-as-rates-/

When the economy was struggling following the financial crisis and housing crash, interest rates were kept low to encourage economic activity. However, as the economy and job market have improved, the Fed has gradually begun to raise rates. This is part of the reason mortgage rates are higher than they were last year at this time. But, though there has been a slight upward trend, more recently, rates have been somewhat flat. [ 130 more words ] https://citadelnyc.com//mortgage-activity-mostly-flat-las/

New numbers from the National Association of Realtors show sales of existing homes were basically flat in June and are now 2.2 percent lower than they were at the same time last year. And yet, buyer demand has been high all year. So why aren’t more homes selling? Well, according to Lawrence Yun, NAR’s chief economist, it’s because there are too few homes for sale. [ 118 more words ] https://citadelnyc.com//inventory-climbs-but-not-enough-t/

Maintenance is a big part of being a homeowner. Put simply, owning a home means having a never-ending to-do list and, depending on your level of know-how, some of it will require the help of a professional. These jobs can range from major renovations such as putting an addition on your house to basic upkeep and repairs like having ducts cleaned and fixing leaks. [ 158 more words ] https://citadelnyc.com//remodeling-index-finds-home-repai/

Income inequality is a hot topic these days. But what about housing market inequality? Well, a recent analysis looked at 50 of the largest metropolitan areas with an eye for which had the biggest city-wide disparity between high-end homes and the lowest-priced available homes. The results may surprise you. That’s because, the housing markets with the widest range between the high and low end of the market aren’t necessarily the markets that would immediately come to mind. [ 117 more words ] https://citadelnyc.com//are-unequal-housing-markets-good-/

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications was down 2.5 percent last week. But, though there was a decline in the overall number of home buyers looking to secure financing, there was an increase in buyers seeking loans backed by the Federal Housing Administration. And, since FHA loans typically have lower down payment requirements, this could be a indication that, despite the market’s current challenges, first-time home buyers are returning. [ 104 more words ] https://citadelnyc.com//govt-loan-bump-may-mean-more-1st-/

This summer, home buyer demand has been high while the supply of homes for sale has remained lower than normal. But, if you’re a builder, those are perfect conditions. After all, when there are more buyers than homes, building more homes is the quickest way to balance the market. Because of that, the National Association of Home Builders’ Housing Market Index which measures builder confidence on a scale where any score above 50 indicates more builders view conditions as good than poor has seen an uptick in optimism this year. [ 128 more words ] https://citadelnyc.com//builder-confidence-still-high-in-/

With rental costs and home prices both increasing, it’s become more challenging for renters to save for a down payment. How much so? Well, according to one recent analysis, the typical renter will have to save for nearly six and a half years to come up with a 20 percent down payment on a median-priced home. And, since the median home value is currently $216,000, depending on your prospective neighborhood, it could take even longer to save up for a house. [ 89 more words ] https://citadelnyc.com//how-long-does-it-take-renters-to-/

The vast majority of surveyed Americans say that homeownership is among their retirement goals, according to a recent survey. In fact, 85 percent of non-retiree respondents said they want to own their own home in retirement and believe they can pay off their mortgage before they retire. But, though non-retiree participants feel like they’ll have their mortgage paid off in time, more than 25 percent of retired respondents said they’re still paying off a mortgage and over half of those had a balance of more than $50,000. [ 106 more words ] https://citadelnyc.com//americans-say-they-want-to-own-a-/

The challenge of finding an affordable entry-level home in today’s housing market gets a lot of coverage. First-time buyers facing higher rent, difficulty saving for a down payment, and low inventory are an important demographic and their habits have implications for the overall health of the market. But, at the same time as the starter-home market has been hot, demand for luxury homes has also ramped up. [ 106 more words ] https://citadelnyc.com//this-summers-luxury-home-market-i/

If you’ve been paying attention to this year’s housing market, you already know that there’s been a high level of demand and a lower-than-normal number of homes for sale. That lack of balance has led to rising prices and more competition. But, despite the challenging conditions in many markets across the country, home buyer demand has not let up. Mostly, that’s due to an improved economy and job market. [ 114 more words ] https://citadelnyc.com//home-buyer-demand-shows-no-signs-/

There are two reasons home buyers typically have to pay more for a house on the water. The first is that people want to live on the water. It’s a desirable location. Secondly, there are a limited number of houses with water access. And when you combine high demand and low supply, you usually have a recipe for higher prices. But new research shows that waterfront property isn’t selling at as high a premium this year. [ 110 more words ] https://citadelnyc.com//are-waterfront-homes-selling-for-/

When it comes to deciding whether or not it’s a good time for you to buy a house, your personal finances are a big factor. After all, feeling secure in your job, income, and debts can make taking on a large financial transaction far less stressful. For that reason, Fannie Mae’s most recent Home Purchase Sentiment Index may be encouraging news for the housing market. [ 112 more words ] https://citadelnyc.com//americans-are-feeling-more-confid/

Perception doesn’t always match reality but, when it comes to financial markets, that doesn’t necessarily matter. For example, if you’ve ever invested in the stock market, you know that a company’s stock can rise or fall based on the day’s news, even if the company’s fundamentals and outlook remain the same as the day before. In short, perception matters. And, in today’s housing market, there’s a perception that there are few affordable homes available to prospective buyers. [ 102 more words ] https://citadelnyc.com//affordability-perceptions-may-be-/

Suburbs sprouted out of a desire to have the conveniences of urban life but also the space and privacy of living outside the city. In other words, the best of both worlds. And for decades, suburban areas, based on that promise, grew at a faster rate than the nation’s cities. Americans spread out from city centers and moved further and further away. [ 121 more words ] https://citadelnyc.com//are-cities-becoming-more-popular-/

In recent years, there’s been a lot of discussion about millennial home buying preferences. Mostly, this is due to the fact that first-time home buyers have historically made up about 40 percent of the home sales in any given year. And, because they account for a large number of the homes sold each year, any fluctuation in those numbers is notable. [ 151 more words ] https://citadelnyc.com//why-are-younger-americans-buying-/

When debating whether to rent or buy your next place, the argument in favor of renting usually includes the fact that it’ll be cheaper especially since you don’t have to pay for closing costs or save for a down payment. However, renting a place isn’t all that cheap these days and, depending on what you’re looking for, prices may be rising even faster than expected. [ 108 more words ] https://citadelnyc.com//07/the-rising-cost-of-renting-a-h/

The National Association Of Realtors’ most recent Pending Home Sales Index shows that the hot summer housing market has not deterred hopeful home buyers from looking for a house to buy. But though there is a high level of demand from buyers, supply issues continue to hold back sales numbers. In fact, the index found that the number of contracts to buy homes signed in May was essentially flat from the month before. [ 124 more words ] https://citadelnyc.com//sales-trail-hot-summer-housing-ma/

According to the Mortgage Bankers Association’s Weekly Applications survey, average mortgage rates were up-and-down last week, with rates for 30-year fixed-rate mortgages with conforming loan balances relatively flat and mortgage rates for jumbo loans and those backed by the Federal Housing Administration down from the previous week. Joel Kan, an MBA economist, told CNBC rates are reacting to concerns over trade policy. [ 123 more words ] https://citadelnyc.com//mortgage-rates-show-little-moveme/

Home prices have been climbing for the past few years. And while that has presented affordability challenges for buyers in some markets, it’s also produced big gains for homeowners who’ve sold a home recently. Take, for example, new estimates showing that, nationally, the typical home seller, after living somewhere for eight years, made nearly $40,000 on their home sale. That’s good news for homeowners. [ 103 more words ] https://citadelnyc.com//homeowners-see-big-gains-on-home-/

The housing market is about supply and demand. When there are a lot of buyers and too few homes, prices and competition rise, making it a good time for homeowners who want to sell. When there are more homes than buyers, prices fall and bargains abound. In short, the market will usually favor either buyers or sellers. But, naturally, conditions that are good for buyers will lead to more buyers and vice versa. [ 105 more words ] https://citadelnyc.com//how-a-sellers-market-could-be-goo/

Available homes continue to sell quickly with the typical property going under contract in less than a month, according to new numbers from the National Association of Realtors. The newly released data shows the average property sold in 26 days, which was unchanged from the month before. Lawrence Yun, NAR’s chief economist, says there are not enough homes to meet buyer demand and it’s causing available homes to sell quickly. [ 117 more words ] https://citadelnyc.com//typical-property-took-26-days-to-/

A quiet week for interest rates led to a boost in mortgage demand, according to the most recent results of the Mortgage Bankers Association’s Weekly Applications Survey. Overall demand was up 5.1 percent from the previous week, which helped push the MBA’s purchase index 3 percent higher than the same week one year ago. The week’s results also showed a spike in refinance activity, reversing recent declines. [ 84 more words ] https://citadelnyc.com//steady-rates-lead-to-boosted-mort/

One of the main arguments in favor of buying a home is equity. When you rent, you’re sending your monthly payment to a landlord. As a buyer, your monthly mortgage payment is helping to build equity. Of course, many homeowners wait and then, following the sale of their house, use their accumulated equity to help buy their next home. But you can also use a home equity loan to access the value your home has accrued. [ 93 more words ] https://citadelnyc.com//what-do-homeowners-do-with-their-/

These days, the health of the housing market is a matter of inventory. Right now, there are fewer houses available for sale than is typical and, because of it, prices are rising and sales aren’t as high as they might be otherwise. However, as more new homes are built, buyers will have begin to see more choices and prices will start to moderate. [ 144 more words ] https://citadelnyc.com//builders-confident-but-concerned-/

Home prices have been on the rise for a while now. But, in most cases, the jump in values was really just prices recovering the losses suffered following the financial crisis. After the housing crash, prices plummeted and, in the years following, they have rebounded. Now some markets have fully recovered and some are even surpassing previous peaks. But despite this climb in prices, and recent mortgage rate increases, home buyers have not been deterred. [ 81 more words ] https://citadelnyc.com//buyer-demand-high-despite-rising-/

When shopping for a house to buy, it’s hard not to fantasize about homes that are out of your price range. Regardless of what you plan to spend, it’s fun to imagine buying a house even bigger, nicer, and more feature filled than the ones within your reach. And, with the Internet, it’s easier than ever to steal a glance inside the nicest homes in the area. [ 141 more words ] https://citadelnyc.com//where-are-the-nations-fastest-gro/

There are many factors that play a role in determining whether you’re able to qualify for a mortgage. Credit standards are one of them. But unlike your income or debts, they aren’t as easy to keep up with. They are important, though, so here’s what you need to know. Credit standards refer to the requirements lenders use to determine whether or not you qualify for a loan. [ 111 more words ] https://citadelnyc.com//credit-standards-and-what-they-me/

Affordability is the top concern for potential home buyers entering the summer season. That’s not a surprise. With prices and mortgage rates up, it’s natural that Americans who are hoping to buy might be leery when seeing news of rising housing costs. But, though affordability conditions are challenging in some markets, buyers may have some misconceptions that are adding unnecessary stress and anxiety. [ 142 more words ] https://citadelnyc.com//cautious-buyers-may-be-overestima/