Last year changed a lot of things in this country, including what people needed from their homes. But that wasn’t the only thing that changed. Last year also changed how people bought their homes. Namely, a large portion of homebuyers made an offer on a home without seeing it in person.
Despite the fact that home prices are rising faster than they have in 15 years, buying a home is more affordable than renting in a large portion of the country.
Mortgage rates fell to record lows 16 different times in 2020, hitting a new record low as recently as the week of December 24. And now, with the calendar flipped to 2021, it's much of the same: another new record low.
One of the common themes in housing over the last several months has been how quickly homes are selling as buyers rush (and in some cases fight) to secure a new home. As for why competition has been so fierce, there simply have not been enough homes on the market to keep up with the demand. And that problem is getting worse.
Closing costs are the final fees homebuyers pay before completing the purchase of their home. They are usually 2%-5% of the home's overall purchase price.
Over the last few weeks, various reports showed that home sales are slowing down as the weather gets colder, but the news isn’t all bad. Far from it, in fact. Let's dive into the latest data.
Despite a pandemic raging for much of 2020, mortgage rates set continual record lows and homes flew off the shelves quicker than they have in a long time. As it turns out, there were some housing markets where homes sold much faster and for more money than the rest. Here's a look at the top 10 most competitive markets.
Do you currently have an FHA-insured loan? If you've thought about refinancing recently given how low mortgage rates have been this year, it may be in your best interest to see if switching to a conventional loan could save you money by eliminating your monthly mortgage insurance payments.
Real estate observers already know that home prices are rising all over the country, but new data from the federal government shows that home prices haven't risen by this much in 15 years.
Before this year, the prevailing market interest rate for a 30-year, fixed-rate mortgage had never been lower than 3.3%. That record fell back in March. Since then, the prevailing market rate has set new record lows...sixteen different times.