Homeowner Headquarters

How to's and money-saving tips from resident homeowner and mortgage professional, Cathy West

Home markets across the country show varying prices for summer

,  Posted in - ( Purchasing a Home )

The summer home market has differing results for the entire country.
Recent reports have shown the assorted levels of housing availability and price throughout the U.S. as of this summer. One report from Ten-X listed some of the best cities for housing sales at this time, showing the "performance potential" of several different metropolitan areas. The highest-ranking areas displayed a certain geographical trend which may or may not correlate with findings from other sources.Where the summer market thrivesAll of the top five cities in this list were in Southern states, with three in Texas and the top two in Florida and Tennessee, respectively. The highest-ranking city to not be in one o...

U.S. market benefits from international buyers

,  Posted in - ( Purchasing a Home )

Canada and China were among the countries to spend the most in U.S. real estate during a 12 month period, according to one recent report.
A National Association of Realtors report recently revealed information about the amount of foreign buyers who have purchased U.S. property. The majority of buyers who weren't domestic residents paid for their homes with just cash, and the average price of a U.S. home was $287,500.The report covered the months between April 2016 and March 2017, with details about the residents from different countries overall responsible for 10 percent of existing-home purchases during this time. Information in the report stretching back to 2010 showed a change in buyer dominance: while Canada was responsible for the highest amount in dollar value fr...

Builders fill more job openings but have work ahead

,  Posted in - ( Purchasing a Home )

The number of open positions in the construction arena has flagged in recent months.
Over the past year, developers across the country have struggled to staff worksites despite the growing demand for housing. However, this troubling state of affairs could soon change. The number of open positions in the construction arena has flagged in recent months, according to data from the Bureau of Labor Statistics. This suggests that builders are finally filling the roles left vacant in the aftermath of the housing crisis and Great Recession.That said, hiring in the construction industry continues to move at a historically slow pace, The Wall Street Journal reported. Builders and their allies have significant work ahead of them as they...

U.S. housing market faces low inventory, rising rents

,  Posted in - ( The Mortgage Process )

Rents, home prices and availability seem to be possible challenges for those looking to buy new property.
A new report outlined the possible future of the housing market and some of the trends we may be able to expect. For many, the executive summary for the 2017 State of the Nation's Housing report, from Harvard University's Joint Center for Housing Studies, may simply confirm some of the assumptions about the challenges of purchasing housing in the face of low inventory and higher pricing. All the same, it's important to review the developments, including the possible advantages.Low construction levelsThe growth figures in certain neighborhoods seem to reflect common anxieties about the relationship between low income and availabili...

Rent versus buy: The conflict continues

,  Posted in - ( Helpful Homeowner Hints )

Rent or buy? Young Americans have grappled with this eternal question since the immediate aftermath of the Great Recession.
Rent or buy? Young Americans have grappled with this eternal question since the immediate aftermath of the Great Recession. Most have opted for the former option in recent years. Only 34 percent of individuals under the age of 35 own homes, according to data from Federal Reserve Bank of St. Louis. Additionally, many older millennials swapped mortgages for lease agreements following the 2008 economic collapse according to Trulia, pushing national rental rates even higher. As it stands, Americans in this generational group are buying far fewer properties than their predecessors. However, this state of affairs may soon change.Millennials, embold...

MBA: Mortgage applications on the rise

,  Posted in - ( Purchasing a Home )

Mortgage application volumes increased for the week ending June 30.
Mortgage application volumes increased for the week ending June 30, according to recent research from the Mortgage Bankers Association. The organization's Market Composite Index, which measures home loan acquisition rates, moved upward 1.4 percent on a seasonally adjusted basis during the seven-day span.The Purchase Index also increased, going up 3 percent on the week. This momentum stunned real estate analysts, many of whom believed mortgage application rates had stalled following the conclusion of the spring selling season. The previous report from the MBA showed a drop of more than 6 percent.This latest rise in application volumes...

Mortgages becoming more affordable initially?

,  Posted in - ( Purchasing a Home )

Mortgages becoming more affordable initially?
The issue of home affordability is a sizable one these days, and for good reason. Home prices have been on the rise for years, and now stand at some of the highest levels ever observed. At the same time, mortgage rates are up from where they were at this time last year. That may have many would-be buyers on edge about their chances for success in the housing market overall, but experts say there are plenty of reasons for optimism here, even if conditions aren't absolutely ideal.One of the biggest hurdles for some would-be homebuyers in the past few years has been putting together the tens of thousands of dollars required to make a down pa...

Mortgage affordability remains a big problem for some

,  Posted in - ( Purchasing a Home )

Mortgage affordability remains a big problem for some
Home affordability has been perhaps the biggest issue in the housing market over the past few months, thanks to mortgage rates that remain higher than they were a year ago, and home prices that continue to rise. Because conditions in the housing inventory are so tight - and not likely to loosen up any time in the near future - it has become difficult for many people who want to buy, but for whom increased competition and falling affordability may create a big barrier to homeownership.These days, there are very few people willing to actually sell their homes, and that - along with a few other factors - is leading to much higher prices in the n...

Available inventory now concerning some experts

,  Posted in - ( Purchasing a Home )

Available inventory now concerning some experts
The lack of housing inventory in many markets across the country is creating something of a crunch for would-be buyers. While interest in buying homes is at the highest level seen in recent years across the U.S., the number of homes that are actually up for sale in most cities is extremely limited. Now, some people within in the housing industry think the issue is becoming so widespread, and competition so heated, that it's creating a massive hurdle to homeownership.There's plenty of data to suggest that the inventory shortage in most of the country's major markets is likely getting worse, especially as more buyers enter the marke...

Homeownership remains a difficult goal to achieve for many

,  Posted in - ( Helpful Homeowner Hints )

Homeownership remains a difficult goal to achieve for many
There are many reasons why consumers may not be able to buy a home these days, with issues like inventory constraints and rising prices posing a major hurdle for many. Others face personal financial obstacles that keep them out of the market even though they want to buy in the near future. With all this in mind, it's important for consumers to keep a few facts about today's market conditions in mind to avoid becoming discouraged by hot competition and ever-growing price tags.Right now, problems related to higher prices and the lack of available homes for sale are first and foremost in the mind of many shoppers, but there are other imp...