Number Of Equity Rich Properties Hits New High

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Homeownership isn’t a get rich quick scheme. So you shouldn’t buy a house expecting its value to skyrocket and your wealth to instantly rise. The housing market will have its ups-and-downs and there are no guarantees. Which means, you probably shouldn’t buy a house hoping it’ll make you rich. And while that’s generally good advice, it doesn’t mean owning a …

Financial Confidence Fuels Home Buying Interest

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How much money you spend is dependent on how much money you have. This is a simple equation and one that explains the current housing market. That’s because, though home prices and mortgage rates have gone up recently, home buyer demand remains high. And the most likely explanation for this is that the economy is stronger and people feel more …

Good News On Jobs Leads To Rate Increase

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up last week from one week earlier. The increase is a continuation of a recent trend upward that has been propelled by improved economic conditions. As the economy has grown stronger, interest rates have grown along with it. Joel Kan, MBA’s associate vice president of economic and …

Millennials Say Homeownership Is A Top Priority

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Millennials are now at, or quickly approaching, the age when the average American buys their first home. And though attitudes can shift from one generation to the next, when it comes to buying a home, millennials seem to agree with their parents and grandparents. In fact, they may be even more enthusiastic about buying a home. According to one recent …

The Simple Reason Housing Isn’t Headed For A Crash

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At a glance, it might seem like home prices can only increase so much before they crash again. After all, they’ve largely recovered and are now at or above where they were just before they fell the last time. So doesn’t that mean we’re entering another housing bubble? Well, no. And the reason we aren’t is fairly simple. According to …

Housing Outlook Sees Similar Conditions Next Year

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Real estate, of course, is about location. From neighborhood to neighborhood, conditions may differ. Pricier neighborhoods will have different dynamics than more affordable areas. Hot spots that offer buyers features and amenities will have different conditions than less popular areas farther from the action. That’s why most people work with professionals when buying or selling a home. It’s good to …

Young Adults Saving Early For Homeownership

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First-time home buyers are important to the health of the housing market, since they typically account for around 40 percent of the homes sold. And though that number has fallen in recent years, a stronger economy and job market has led to increasing demand among younger buyers. In fact, according to one recent survey, an overwhelming majority of Americans between …

Mortgage Rates Mostly Steady Last Week

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. There was little change across all loan categories, 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. However, though rates were virtually unchanged, demand for mortgage applications …

The Winter Market May Be Good For Buyers

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Typically, spring and summer are thought of as the prime times to buy or sell a home. There are a number of reasons for this, including weather and the end of the school year. But whatever the reason, there are usually more homes for sale and more active buyers during what is typically the busiest sales season. Fall and winter, …

How Affordable Is The Typical New Home?

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Generally speaking, there are two types of homes available to buyers. There are previously owned homes and there are new homes. Which one you choose comes down to a couple of factors. The first is personal preference. Some people prefer the quirks and character of an older home, while others like the comfort of knowing everything in their house is …