8 Real Estate Documents to Keep—and What Happens If You Don't
Which real estate documents should you keep after buying a home? After all, you don't want to have to file all of it if you don't have to; but you also don't want to chuck something crucial. Your closing company is required by law to keep a record of your closing documents, so that's a good fallback in case you misplace yours. Still, it's smart for you to keep important documents on hand—particularly if, later on, you need to file a claim against the seller or your profession
Appreciation Today Is Mirroring the Pre-Recession Sprint
Appreciation currently is at its fastest since June 2006, just ahead of the downturn, according to the April Zillow® Real Estate Market Report. Nationally, the median price is $215,600, growing at an 8.7 percent rate year-over-year, according to the Zillow Home Value Index (ZHVI), a gauge of median prices. Before the bubble burst, prices were rising 9 percent year-over-year. In a separate survey by Zillow, experts in housing predicted a recession will start in 2020. “Home val
For Buyers, Credit Matters—but How Much?
Borrowers not as creditworthy as others often have higher mortgage payments; in fact, according to an analysis recently released by Zillow, the average borrower categorized with credit as “fair” can be on the hook for $21,000 more than a borrower with an “excellent” score. Here’s how: Borrower A has a credit score that’s stellar (“excellent”), and obtains a 4.50 percent rate. Borrower B has a credit score that’s less than stellar (“fair”), and obtains a 5.10 percent rate. If
Owning Is the New Renting: Homeownership Trends Upward as U.S. Loses Renter Households
Rising wages, loosening credit standards and demographic shifts are all creating momentum for owning rather than renting. The homeownership rate rose from the prior year for the fifth consecutive quarter in 2018, according to U.S. Census data released Thursday. It held steady at 64.2%, unchanged from the prior quarter and its highest level since 2014. The share of Americans who own a home rose from the prior year, from 63.6% in the first quarter of 2017. The homeownership ra
Appraisers and Homeowners Sync Up on Value
Appraisers and homeowners are syncing up on value, with appraisals in April just 0.33 percent below what homeowners predicted, according to the Quicken Loans National Home Price Perception Index (HPPI). The Quicken Loans National Home Value Index (HVI) shows appraised values rose 6.47 percent year-over-year. The findings indicate homeowners are less likely to get a rude awakening when going through mortgage process; it is the closest the national appraiser and owner opinions
Homebuilder sentiment rises in May thanks to strong demand and tight housing supply
Strong demand and a slim supply of affordable, existing homes for sale has the nation's homebuilders feeling better about their business. A monthly index of builder sentiment rose 2 points in May, 1 point higher than analysts expected. The National Association of Home Builders sentiment index now stands at 70. Anything above 50 is considered positive. April's reading was revised down 1 point to 68. The index stood at 69 in May 2017. "The solid May report shows that builders a
Report: Wednesday and Thursday are the best days to list your home
The particular day of the week homeowners choose to list their home may increase the chances of it selling faster for a couple of reasons. Using Sunday as a baseline, Wednesday and Thursday appear to have the best relative advantage for listings, according to an analysis by Redfin, a real estate brokerage. Homeowners seeking to increase their payout should put homes on the market on Wednesday, whereas those seeking to sell faster should list on Thursday, the analysis showed.
5 Ways Tax Reform Has Impacted the 2018 Housing Market
Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of the potential for double-digit price depreciation and suggested that buyer demand could drop like a rock. There was even sentiment that homeownership could lose its coveted status as a major component of the American Dream. Now that the first quarter numbers are in, we can begin to decipher the actual that impact tax reform has had on the real estate market.
What If I Wait Until Next Year to Buy a Home?
We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained
Confidence in Housing at New Peak
Confidence in housing is at a new peak, with enthusiasm among sellers soaring, according to the April Fannie Mae Home Purchase Sentiment Index® (HPSI). At 91.7, the Index plowed through its previous record, climbing 3.4 percentage points month-over-month and five points year-over-year. “The latest HPSI reading edged up to a new survey high, showing that consumer attitudes remain resilient going into the spring/summer home-buying season,” says Doug Duncan, chief economist and
