By Margaret Heidenry | REALTOR.COM
Homebuyers have a lot to be joyful for right now as mortgage rates have dipped below 7%—the first time they’ve done so since August.
For the week ending Dec. 14, rates for a 30-year fixed-rate home loan averaged 6.95%, according to Freddie Mac.
And odds are, mortgage rates will continue their long-awaited downward trend, providing some much-needed relief on the affordability front to homebuyers.
“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the target rate next year, we likely will see a gradual thawing of the housing market in the new year,” says Sam Khater, Freddie Mac’s chief economist.
In...
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By Melissa Dittman Tracey | Realtor Magazine
Home sellers reveal why they decided to bypass professional representation—and the mistakes they made without a trusted adviser.
Homeowners who decline to use a real estate agent to sell their property are twice as likely to say they weren’t satisfied with the selling experience, according to a new survey from Clever Real Estate(link is external) of 1,000 home sellers in 2022 and 2023. Survey respondents say they realize they likely made less money on their home sale and faced more stress by not having a professional representative.
Those who didn’t use a real estate agent said before their transaction that they think pros are overpaid...
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By our friends in KCM
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers...
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By Clare Trapasso | REALTOR.COM
As 2023 comes to an end, fewer homeowners are facing foreclosure than they were earlier this year.
The number of homeowners with a foreclosure filing fell 7% in November from the previous month, according to a recent report from real estate data firm ATTOM. But real estate experts warned that foreclosures will likely rise in 2024.
“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” ATTOM CEO Rob Barber said in a statement.
There were still more than 3,200 properties facing foreclosure in November, up 5% from...
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From our friends in KCM
If you’ve recently decided you’re ready to become a homeowner, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.
When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s housing market. The number of homes for sale is still low, and home prices and mortgage rates are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is...
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