After home buyers get preapproved for a loan, they aren’t guaranteed a swift ride to closing. If they make a financial misstep, they could face a change to their mortgage terms and interest rate or even have their mortgage denied.Here are some tips with their finances they’ll want to avoid on their road to closing:Don’t move your money around.Your buyers may have been storing their cash reserves. Warn them not to move that money out of savi
Entering real estate’s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor.com®’s chief economist.Some buyers are in more of a hurry this season too. In the last two
Just how large a house really is may depend on whom you ask, The Wall Street Journal reports. That’s because appraisers, developers, builders, real estate professionals, tax assessors, and architects all measure spaces differently. No universal standard exists for calculating a home’s square footage. Further, it can also vary regionally.For example, some calculate space on only the interior dimensions of finished living spaces. Some industry
Do your agents know how to answer the buy-versus-rent question from clients? Essentially, what people are asking is what’s the best way to accumulate wealth, says Ken Johnson, a real estate economist, associate dean of graduate programs, and professor at Florida Atlantic University College of Business. “Historically, housing has won,” he says.Of course, that changed with the onset of the housing bubble in the early 2000s. But brokers can br
The voice-control market is seeing explosive growth in the smart home-arena. From Amazon’s Echo to Google’s Home, more homeowners are taking control over their homes, using their voice to speak commands to their home’s appliances.But some manufacturers are starting to question whether the appeal in the smart-home arena is really voice-controlled or possibly text-controlled.Facebook founder Mark Zuckerburg has been working on Jarvis, his own
The practice of sellers renting back their home after the sale is increasing in a number of high-end markets, The Wall Street Journal reports. As housing supplies remain tight, some sellers are finding they may need some extra time to relocate. For home buyers, the deal may be appealing because the seller can help to defray maintenance costs until they are ready to move in.But, real estate agents warn, going from owner to tenant can cause some tr
The number of riskier mortgages is growing, which is increasing delinquencies—albeit slightly—and raising concerns about defaults, USA Today reports. Federal Housing Administration loans, which typically require down payments of 3 percent to 5 percent, are at the center of most of the concern.FHA-backed loans are becoming more available through non-banker lenders, who have in some cases eased credit standards compared to banks.While still far
The flippers are back. The number of single-family homes and condos flipped in 2016 zoomed to a 10-year high, a new report from ATTOM Data Solutions shows.The report shows that 193,009 single-family and condos were flipped in 2016, up 3.1 percent from 2015 and the highest level since 2006. ATTOM Data Solutions defines a flip as a home that was sold twice within a 12-month period.Home flips comprised 5.7 percent of all single-family and condo sale
Colorado and Texas claimed nine out of the top 10 best places to sell a house, according to a new study by SmartAsset.Researchers evaluated 161 cities with populations greater than 150,000 across five factors, including the change in median home value, the percent of homes in the area sold at a loss, the average number of days a home sits on the market, the closing costs, and the number of real estate offices per 1,000 residents.The following mar
One million U.S. borrowers regained equity in 2016, according to CoreLogic’s newly released housing report. Further, about 63 percent of all homeowners saw their equity increase last year.Now, 93.8 percent of all mortgaged properties—or about 48 million homes—are in positive equity territory, according to the report.“Average home equity rose by $13,700 for U.S. homeowners during 2016,” says Frank Nothaft, chief economist for CoreLogic.
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