Category Archives: Buyers

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What Are Americans’ Top Housing Concerns?

Planning

It might not be all low inventory and high prices. It seems Americans have a confidence problem when it comes to the housing market. They’re increasingly apprehensive to move forward, citing concerns over the economy and job security, according to the latest ValueInsured Modern Homebuyer Survey, a measure of confidence in the health of the housing market among more than 1,000 home owners and buyers.

Americans also still express lingering concerns from the housing crisis of 2008, particularly millennials. Sixty-three percent of Americans and 72 percent of millennials say the crash worried them and impacted their decision to either purchase their first home or upgrade to a new one, according to the survey.

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Baby Boomers Chart New Direction in Housing

Purple Door

Economists are having a tough time figuring out what housing market moves baby boomers will make next. Americans over the age of 55 are veering from previous generations, opting not to retire but instead launching second or even third careers. They are shunning the traditional patterns of retirement and that could have a big impact on their housing choices, according to Freddie Mac’s latest Insight report focusing on the baby boomer generation.

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Popular Low Down Payment Options

Many first-time buyers shy away because they think they need a bigger down payment than they really do. Contrary to popular belief, there are alternatives to putting less than 20% down on a home. This infographic highlights a few key pieces of information to consider when considering loan options with a low down payment.

Popular Low Down Payment Options

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Americans Will Pay More to Live Near Transit

Planning

Fifty-five percent of Americans say they are willing to pay more for their mortgage or rent in order to get to work and recreational activities without having to use a car, a new study of transit-oriented developments by the HNTB Corp revealed.

Millennials, in particular, show much more willingness to pay more each month than older Americans – 70 percent versus 49 percent.

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4 Things Only a Realtor (and Not the Internet) Knows About Real Estate

According to the National Association of Realtors, 42 percent of homebuyers start their home search online, and 92 percent use the Web during the home search process.

Only a Realtor

While the Internet can be a good place to start looking, there are things real estate agents know about the process of buying and selling a home that can’t be found in any Web browser. Here are a few:

1. How to price a home

When setting a listing price, agents consider scores of factors, from local and national market trends and neighborhood development activity to the latest buyer preferences for kitchen appliances and landscaping. Every home is unique, and an agent with a track record of success knows how to price it attractively in the market.

The Internet isn’t always much help when it comes to comparison shopping, either. Many of the same factors that help an agent set an appropriate listing price aren’t available in an algorithm, so online estimators aren’t always accurate – and could be costly if you purchase without consulting a real, live professional.

2. Marketing offline

While online marketing can certainly be valuable, agents have networks of contacts and years of experience to round out their marketing plans.

And, for buyers, agents often can tap into their network to learn about great properties before they hit the real estate websites or even the MLS.

3. Key points in the process

If you find a home you love online, the website won’t be there to guide you through a mortgage application, find a home inspector or advise you what to do if an inspection reveals issues.

4. How to negotiate

Having an experienced, professional negotiator drive your transaction can be vital to reaching a fair price for the property you’re buying or selling. A website can give you an estimate of how much a property should cost, but it can’t evaluate whether that’s a great price or not.

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4 Ways to Prepare for the Final Walk-through

Home

When you are buying a home, the final walk-through is very important to ensure that any requested repairs have been taken care of by the seller and that everything in the home is in good working condition. In most cases, the final walk-through takes place a few days before closing.

Follow these four tips to make sure that you do not miss out on any details during the final walk-through of your new home.

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5 Tips to Help Buyers Save for a Down Payment

Calculator

Saving for a down payment can pose one of the biggest challenges for potential home buyers.

Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey Carlisle, executive director of the American Bankers Association Foundation. “However, with a few changes, consumers can put themselves on track to make their home ownership dream a reality.”

In honor of American Housing Month, the American Bankers Association Foundation recently featured several tips to help consumers cut their household costs and start saving for a down payment.

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Mortgage Rates Hover Near All-Time Low

Graph - down

Fixed-rate mortgages recently dropped to their lowest averages of the year, which analysts attribute to the fallout from the recent “Brexit” vote. The 30-year fixed-rate mortgage averaged 3.48 percent, only 17 basis points from its all-time record low of 3.31 percent in November 2012, Freddie Mac reports.

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Beware of These Home Inspection Red Flags

Checklist

A home inspection not only allows buyers to learn more about their home, it also helps them uncover any potential problems.

Curbed.com recently featured a 14-point checklist to help home buyers during a home inspection. Here are a few items they suggest to investigate further during a home inspection that will give buyers more confidence in moving forward.

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The Top 20 Markets for June 2016

Top 20 Markets for June

The overall residential housing market is heating up this summer, but a markets in a few cities across the country are in a league of their own, notes Jonathan Smoke, realtor.com®’s chief economist.

Realtor.com®’s research team identified the hottest markets by factoring in which ones had the most views per listing on its website and saw the quickest inventory movement. In these markets, homes are selling 20 to 38 days faster than the rest of the U.S.

Once again, California dominates this month’s list, but eight other states are also represented (Texas, Colorado, Indiana, Ohio, Michigan, Washington, Massachusetts, and New Hampshire). Seasonality is a big factor in this month’s rankings, Smoke notes.