Markets for First-Time Buyers What makes for a great market for first-time buyers? Areas that have strong job markets, short commute times, affordability, high inventories of homes for sale, and a population that skews younger, according to realtor.com®’s newly released Best Markets for First-Time Homebuyers Report. “Buying a first home is always a challenging undertaking, …
Category: Real Estate Tips
Jan 11
Credit Bureaus Fail to Fix Errors in Consumer Profiles
Credit Bureaus Fail to Fix Errors in Consumer Profiles The Consumer Financial Protection Bureau released a new analysis that accuses the three major credit bureaus—Equifax, Experian, and TransUnion—of routinely failing to fully respond to consumers who have found errors on their credit reports. The three credit bureaus reported fixing less than 2% of complaints in …
Jan 11
Mortgage Rates Higher Than at Any Point in 2021
Mortgage Rates Higher Than at Any Point in 2021 Mortgage rates have taken a big leap at the start of the new year. In the first week of 2022, the 30-year fixed-rate mortgage jumped nearly 60 basis points higher than a year earlier, averaging 3.22% this week, Freddie Mac reports. “Mortgage rates increased during …
Jan 10
Sellers Unprepared for Photo Shoots
Sellers Unprepared for Photo Shoots Most home buyers shop for homes online and judge properties by the photographs before deciding whether to visit the properties in person. Yet, many home sellers don’t make much effort to prepare for the photo shoot, according to a new study. More than half of 310 professional real estate …
Jan 10
FHFA Raises Fees on High-Balance Second-Home Loans
FHFA Raises Fees on High-Balance Second-Home Loans The Federal Housing Finance Agency announced it would be increasing upfront fees on second-home mortgages and on mortgages that finance homes with balances that exceed standard conforming loan limits. The fees are expected to increase the purchase cost of second homes and homes in high-cost areas. The …
Jan 05
Moving Companies Struggle to Keep Up
Moving Companies Struggle to Keep Up Seventy-one percent of moving companies reported delays in 2021, blaming high demand and a labor shortage, according to a new survey of 63 moving firms conducted by moveBuddha, a moving company resource. Buyers planning a move will want to plan ahead. Nearly half of companies are booked out at …
Jan 05
Higher Mortgage Loan Limits Take Effect
Higher Mortgage Loan Limits Take Effect Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year. The new loan limits …
Jan 04
Year-End Mortgage Rates at 3.11%
Year-End Mortgage Rates at 3.11% Mortgage rates stayed low for the final week of 2021, but housing analysts largely predict rates will be heading up in the coming weeks. “Mortgage rates have been effectively been moving sideways despite the increase in new COVID cases,” says Sam Khater, Freddie Mac’s chief economist. “This is because …
Jan 04
Where Did People Move to in 2021?
Where Did People Move to in 2021? Long-distance, state-to-state moves saw an increase this year, according to new U.S. Census Bureau data. Some states came out clear winners as they gained more new residents over the year. MoveBuddha analyzed more than 400,000 relocation queries in 2021 to compile its 2021–2022 moving migration report to …
Jan 03
Property Tax Appeals May Be Less Successful in 2022
Property Tax Appeals May Be Less Successful in 2022 Homeowners who face rising property taxes are often tempted to appeal. But in 2022, The Ascent, a Motley Fool publication, says that homeowners may not be as successful at lowering their bills as they may have in the past. To be successful in a tax appeal, …
Jan 03
Handling Low Inventories, Helping Agents Thrive
Handling Low Inventories, Helping Agents Thrive Brokers were busy helping to prepare their agents to navigate a competitive housing market in these top-read articles of 2021 at REALTOR® Magazine. Prepare buyers for steep competition and what they may need to include in their offer. As kitchens get a robust workout due to more people cooking and …
