The U.S. housing market has made some great strides in 2013, but it’s facing a slowdown at the end of the year due to government dysfunction, a sputtering economy and imminent volatility over the next debt-ceiling debate, according to Freddie Mac’s latest U.S. Economic and Housing Market Outlook.
Although, getting a mortgage shouldn’t be affected by any potential market decline, the report stated.
If you’re looking to buy a home, now may be the best time in terms of mortgage rates. Freddie Mac estimates that 30-year-fixed loans will “hover around 4.3 percent” through the end of the year, and then begin heading higher in early 2014. Full Article
Between staging your home and having to leave every weekend for several hours for open houses, it’s no surprise that people dread selling their homes – even when the market is strong and homes are selling relatively quickly. If you’re looking to sell your house and want some quick moves to improve it that won’t ruin your budget, start with these six easy things you can do to freshen up the sight, smell and overall feeling of your home. For example: it’s crucial to deep clean your carpets. The smells you are used to, especially if you have pets, will be very obvious to visitors and are potential turnoffs. And we all have little things around the house that we’ve been meaning to fix, like a leaking faucet or some cracked grout. When buyers see something small that’s broken, they immediately start to think about other things they can’t see that might be broken as well. If you can’t be troubled to fix a leaky faucet, will you have fixed a leaky roof? Full Article
Home prices in most metropolitan areas grew significantly in the third quarter, with the national median price rising at its fastest annual clip in nearly eight years, according to the National Association of Realtors (NAR).
During the same period, existing homes sold at the fastest annual rate recorded in more than six years, according to NAR’s latest quarterly report on metro area median prices and affordability.
Despite the robust price growth, NAR estimated that potential buyers still had adequate income in most areas to purchase a home in the third quarter. Nonetheless, market momentum is changing, according to Lawrence Yun, chief economist at NAR.
“Rising prices and higher interest rates have taken a bite out of housing affordability,” Yun said. “However, we have the ongoing situation of more buyers than sellers in the market, so lower sales will help to take the pressure off home price growth and allow them to rise slowly at a single-digit growth rate in 2014.”
The national median existing single-family home price increased by 12.5 percent year over year to $207,300 in the third quarter, the strongest year-over-year gain since the fourth quarter of 2005 when it shot up 13.6 percent, according to the trade group.
In the second quarter, the median price reportedly rose 12.2 percent year over year. Read Full Article
Homebuyers shook off their fears and returned to the market in force following the re-opening of the government in October, according to data presented by Redfin’s Research Center.
The Seattle-based online brokerage reported a 58 percent annual increase in the number of interested buyers reaching out to its agents in the week immediately following the resolution of the partial federal government shutdown, up from a 41 percent year-over-year increase recorded the prior week.
“In the aftermath of the shutdown and debt ceiling debacle, a storm of news media and economists tallied the damage done to consumer confidence and predicted that anxious Americans would spend less through the New Year. In the housing market, however, these predictions aren’t panning out,” said Redfin analyst Ellen Haberle.
Meanwhile, year-over-year growth in the number of clients touring homes increased from an average of 21 percent to 33 percent, with growth in clients making offers increasing from 15 percent to 24 percent.
Despite reports of consumer confidence waning, Redfin customers seemed relatively unfazed by Washington’s affairs.
“My clients think the ugly showdown we saw in October is unlikely to happen again,” reported Philip Gvinter, a Redfin agent based in Washington, D.C. “After putting their home search on hold during the shutdown, they are ready to get back out there.”
Of course, with the government funded only through mid-January and the debt ceiling lifted until the first week of February, it remains to be seen whether the nation will have to sit through a rerun of October’s political drama. Full Article
Are you looking to add curb appeal to your outdoor home? If you were asked to describe curb appeal, what would your answer be? Wouldn’t you be lost for words? No doubt about it, curb appeal can be hard to describe. However, it is an easy thing to spot when a home has it. Houses with curb appeal have a nice finished look and an engaging personality. If you’re looking to sell, curb appeal can help you to make a great first impression. There are lots of inexpensive ways to add curb appeal to your home. Full Article
1. Update Your Front Door: The focal point of your home’s curb appeal is the front door. Make a style statement by installing a custom wood door or painting your current door a bright color. When choosing paint, get one that contrasts with your home’s façade. Use metal polish on the door’s fixtures and remove any dirty spots around the knob. Your entry should coordinate with the rest of your home so choose a wreath or swag that reflects your personal style.
2. Replace Old Items: If you have an old wall-mounted mailbox, entry door lockset, house number, or overhead light fixture, it might be reflecting negatively on your curb appeal. When correctly used, these elements can add interest and style to your home’s exterior. Instead of choosing mix-and-match pieces, go for those that function collectively and give your home unmatched style. If you have a traditional home, choose oil bronzed finishes but go for brushed nickel suits if you have a modern home.
3. Install Exterior Lights: With just a few lights, you can create a big impact. Low-voltage landscape lights can perform two key functions: provide security and enhance your home’s curb appeal. Lights can illuminate a walking path or add accent lighting to trees updating the style of your entire exterior.
Average rates on fixed mortgages declined this week amid signs the economic recovery is slowing.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.5% from 4.57% last week.
The average on the 15-year fixed mortgage dipped to 3.54% from 3.59% last week.
The retreat in the average rate of a 30-year mortgage comes just a couple of weeks after the rate reached a two-year high of 4.58% on Aug. 22. The average rate on a 15-year mortgage also hit a two-year high — 3.6% — that day. Overall, mortgage rates remain low by historical standards. Full Article
Sales of existing homes declined in May, according to a new report from the National Association of Realtors, not just because the overall housing market is struggling, but because there are simply not enough homes to buy.
There are currently 2.49 million for sale, a drop of 20 percent from a year ago. To make matters worse, supply is lowest on the low end, where so much of the investor activity has been over the past several years.
This lack of supply has seriously skewed the readings on home prices for the second straight month.
The median price of an existing home, as reported by the Realtors, rose 7.9 percent in May annually, but NAR chief economist Lawrence Yun was quick to point out that this does not mean the average home owner gained that much equity; it is simply a big shift in the type of home that is selling. Sales of homes priced under $100,000 dropped two percent from a year ago, while sales of homes priced between $250,000 and $500,000 shot up nearly 29 percent (though still at low volumes historically). Again, this is due to lack of supply on the low end, specifically distressed homes. Full Article
