The housing market's gradual recovery continues to face one major obstacle in many local markets: Limited inventory.
Do you know a buyer looking to relocate? When selecting a new locale, homebuyers might consider home prices, per capita income, educational opportunities or employment rates. But if your customers are alone this Valentine’s Day, perhaps it’s time to consider the romance quotient.
Mortgages are often thought of as a two-person operation, but that trend is starting to shift in the real estate market as individuals are increasingly seeking home loans on their own. Buyers who choose to go it alone enjoy some unique freedoms – like not being tied to another person's credit or employment history. However, they also may encounter some issues that might surprise them.
Keeping things consistant throughout the closing process will help ensure you have a predictable and stress-free closing experience. Here are 5 tips from our closing experts.
Low mortgage rates and improving optimism across the country have helped entice first-time homebuyers into the market. Several recent studies have shown that in most areas, buying a home is a superior fiscal option than renting, and as a result, many lifelong renters have become homeowners. However, it's not only young people that have been tempted by the favorable market.
Although the nation's housing market is a long way from recovering fully from the recession of the late 2000s, several indicators suggest that significant progress was made during the third quarter of 2012. In addition to improving in basic measurements of health like property values, the housing market has also seen a large reduction in the number of foreclosures left over from the economic downturn.
The list of housing markets showing measurable and sustained improvement held virtually unchanged in May at 100, down from 101 in April, according to the National Association of Home Builders/First American Improving Markets Index (IMI). The number of states represented on the list also held firm from the previous month, at 35 (including the District of Columbia).
In 2008, the housing market came crashing down. Not just down, but all the way to the ground - and maybe even below that. However, economists have been resilient over the years and continue to predict a rise in sales going forward. Truthfully, the rebound has been slow. Too slow. But, in 2012, it is expected to climb out of the depths of debt and begin to resemble the market that we all were used to back in 2007.
Real estate closing is an important part of this process. Buyers need to finish deals, rather than continue to put off purchasing a home to the future. Although, that may not be financially responsible with mortgages becoming so hard to pay for. However, if Fannie Mae's 2012 predictions are correct, more people will find the funding to put down-payments on homes across the country.
In the company's most recent prediction, there is expected to be a complete turnaround in 2012. Fannie Mae is calling for housing sales to grow by 10.2 percent by the end of 2012. Buyers who are looking to purchase their first home should not hesitate, as the best deals may be the most prevalent in the upcoming months.