5 pitfalls of home refinancing
With mortgage rates hovering near record lows, a growing number of homeowners are racing to refinance — only to find the process riddled with obstacles.
For one, homeowners often have to wait months before they can secure a new loan at a lower rate, the Wall Street Journal reported today. But on top of that, credit requirements remain tight, so borrowers approved for mortgages before the downturn might not pass muster now. And even those who do get approved often find their homes do not appraise above the minimum threshold. Read More.
6 rules of curb appeal
It’s that time of year again, when I take a moment to talk to all of you who are thinking of putting your home on the market this spring. If real estate’s favorite old adage is “location, location, location,” then it’s got to be followed closely by, “You get only one chance to make a first impression.”
You can’t change your home’s location, but you can certainly do everything within your power to make that first impression a strong one, so let’s go over the basics of that all-important must-have for a successful sale: curb appeal. Read More.
U.S. home prices could rise 4% a year
Average U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast.
Market watcher Fiserv sees prices stabilizing by summer’s end and then climbing, quickly in some places until gains taper off. The forecast is based on an analysis of leading home price indexes.
Investors will drive much of the momentum, as they are now in cities such as Las Vegas and Phoenix. First-time and trade-up buyers will eventually follow. Read More.
10 ways to turn off a homebuyer
What a difference a couple of years makes. Back in 2007, homebuyers would beg to purchase your house. They would even bid more than the asking price for the privilege to do so.
Today … well, not so much. Once the real estate bubble burst and foreclosures poisoned the housing pool, buyers suddenly regained the upper hand. But instead of buying, they’re waiting, convinced that housing prices will continue to drop.
A team was assembled for the article and they suggest 10 buyer turnoffs that sellers should avoid at all costs. Read More.
5 musts before you list your home
Deciding to list your home for sale is a momentous time. It means you will be moving on to a new stage of life, no matter if you’re moving up or sizing down. Take a moment to look over these tips for what every seller should do before they put their home on the market. Read More.
4 ways to capitalize on shift to seller’s market
It’s the spring selling season and good news is popping up like wildflowers in many places. The rocky bottom may be behind us with a new challenge ahead: a seller’s market with higher prices and not enough inventory.
“A seller’s market? Are you serious?” the naysayers will say. “NAR just announced that prices declined again and that the current sales pace puts us on track for doing about 4.93 million home sales in 2012. That’s less than the typical 5 million home sales that constitutes an average year.” Read More.
Survey shows more reason to buy than rent
Thirty-three percent of Americans say they expect home prices to rise in the next 12 months, the highest level in more than a year, according to Fannie Mae’s March 2012 National Housing Survey of consumer attitudes about the housing market.
The number of people who say now is a good time to buy is also on the rise, increasing to 73 percent—also the highest level in more than a year. The percentage who said it’s a good time to sell a home also increased one point to 14 percent in March.
Meanwhile, more Americans expect rental prices to rise and are projecting an increase by 4.1 percent over the next year, the highest number recorded to date. Read More.
Fannie Mae posts first profit since 2008
Fannie Mae, the government-backed mortgage lender, made a profit in the first quarter and said it didn’t need additional bailout money, the New York Times reported.
That’s the first time Fannie Mae has been in this position since fall 2008, when the federal government took it over. Read More.
Buying a home won’t get much cheaper
Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.
With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer. Read More.
Drop in homes for sale is strengthening prices in many spots
The nation has fewer homes for sale, and that’s helping prices in markets where low supplies are meeting strong demand.
The U.S. had 2.37 million existing homes for sale at the end of March. That was down 22% from a year ago and 41% from the peak in mid-2007, the National Association of Realtors reported Wednesday.
First-quarter home sales, meanwhile, were up 5.3% from a year ago.
The combination of improving sales — coming off one of the worst years ever for home sales — and declining inventories is helping prices. Read More.
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