More than a third of home buyers say they did not shop around before selecting their mortgage lender, according to new findings from Fannie Mae’s National Housing Survey. That may mean they’re missing out in thousands of dollars in savings.Real estate professionals, with family and friends, may be among the most influential sources of advice regarding lender selection, notes Doug Duncan, Fannie Mae’s chief economist, in a new column at Fann
Stock market chaos ensued on Monday, with the Dow Jones Industrial Average plunging more than 700 points as trade disputes with China intensified. The turmoil in the markets will likely lead to new lows for mortgage rates this week, but it could come at a cost and eventually lead to an economic recession if tensions continue, warned the National Association of REALTORS®’ Chief Economist Lawrence Yun.“The prospect of a major trade war be
Rising costs for construction materials and labor are making home improvement projects more expensive, yet too many homeowners are setting unrealistic budgets, according to the 2019 Kitchen and Bath Market Index report, which reflects second-quarter figures. The report, conducted jointly by the National Kitchen & Bath Association and John Burns Real Estate Consulting, is based on responses from 457 NKBA members.Estimated Cost of Common Interi
Consumers and mortgage lenders may not have the best relationship. In fact, mortgage servicers have some of the lowest customer satisfaction scores compared to other industry groups recently studied by J.D. Power, a consumer data and analytics firm.In its 2019 U.S. Primary Mortgage Servicer Satisfaction Study, J.D. Power found that overall satisfaction with mortgage servicers is 777 (on a 1,000 point scale), which falls just below life insurance
The 30-year fixed-rate mortgage barely budged this week, remaining low at a 3.75% average, Freddie Mac reports.“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the combination of low mortgage rates, tight labor market, and high consumer confidence should set
College graduates are searching for a place to live, whether it’s a home of their own, a place to rent, or moving back with their parents. But $7,481 is their magic number—that’s what they see they need, on average, to move out of their parents’ house, according to a new survey from Apartment Guide.Forty-six percent of Generation Z college students say they plan to rent or buy a home after graduation. However, 63% don’t know their curre
Big metro cities like San Francisco, New York, and Los Angeles are notably absent from realtor.com®’s latest list of the top-performing housing markets in the country. Instead, more suburban areas—like Grand Rapids, Mich., and Omaha, Neb.--are topping the list.Housing affordability has been fueling demand in smaller, more suburban housing markets, realtor.com®’s 2019 hottest ZIP codes report notes. The average home price of $272,000 in th
Some of the most popular renovations, such as a kitchen remodel or landscape upgrade, are likely to cost your sellers more than they’ll get back at resale. And a major mistake sellers make when undertaking home improvement is tailoring the project to their own personal tastes without considering potential resale value, Alex Lavrenov, a broker with Warburg Realty in New York, told Forbes.com. Some costly renovations may even hurt your sellers’
Twelve percent of Americans say they felt pressured to spend more than they were comfortable with on a home in order to appear successful in the eyes of others, according to a new Bankrate.com survey of more than 2,700 adults.Parents with children under the age 18 (at 21%) were most likely to have felt pressured to overspend on a house, according to the survey. Buyers between the ages of 23 and 38 were twice as likely as those older than 38 to sp
Lakefront homes may offer buyers a chance to get a waterfront property at a more affordable price than a vacation home on the ocean. “Lake towns often offer people an affordable destination with water sports, amenities, natural beauty, and an array of often top-quality dining options,” says Clare Trapasso, senior news editor at realtor.com®. “Some of these lake towns also double as ski resorts in the winter. Those who enjoy cold-weather sp
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