Buying a home sight unseen might seem like a massive gamble. But if we’ve learned anything over the pandemic, people are willing to roll the dice to become homeowners. Here are some tips if you’re ready to buy and don’t need—or can’t have—that in-person experience.
In a vote of confidence in the nation’s strengthening economy, the majority of the Federal Reserve members now anticipate raising the interest rates twice in 2023. And while this wonky monetary projection may sound like a long way off, it could have a real impact on today’s overheated housing market.
In response to the news, mortgage interest rates could tick up a little in response. This could result in the scorching-hot and ultracompetitive real estate market softening just a touch.
whole lot of people have moved in the past year—you probably know a few who have recently purchased a new home or are settling in to a new apartment. And if they plan on hosting a housewarming party to celebrate their new pad, it’s only natural for guests to want to bring a gift.
But before you bust out that baking sheet to make a batch of your famous welcome-to-the-neighborhood cookies, think twice. In this not-quite-post-pandemic period, housewarming gifts that were once considered appropriate may no longer be a good idea. Instead, think of gifts that pose no risk of spreading germs or promote sanitary practices in the home.
There’s a host of reasons for downsizing to a smaller home. You might want to pocket the savings and build upon your nest egg. Maybe you’re ready for a new adventure and eager to move to a high-rise condo in the city. Or finally—the kids have flown the coop, and you don’t need the extra bed
Whatever your motive is for downsizing, an honest evaluation of your expectations is essential to make an informed decision. That’s why real estate agents say it’s wise to ask yourself these questions before you even start looking for smaller homes.
Millennials—people between the ages of 25 and 40—are a force in the overall housing market, but may be even more so among veterans. Millennials accounted for 50% of all Veterans Affairs–backed purchase loans in 2020, according to data from Veterans United.
VA loans require no down payment. As home prices rise, that frees up buyers to save enough to cover 1% to 5% in closing costs.
Also, millennial vets may be purchasing in higher-priced areas as they take advantage of historically low interest rates.
Few steps in buying a home are as stressful as the closing process. While some jurisdictions refer to the closing process as “settlement” or “escrow,” it’s essentially the same wherever you go: that pivotal moment when all parties meet and the closing agent transfers ownership of a home from seller to buyer, and all the money required to make that happen changes hands.
Lenders, like to see clients lay down a sizable chunk of change before they fork over a mortgage loan, because this shows you have skin in the game and lowers the odds that you’ll default on your loan. So how large a down payment do you really need in relation to the purchase price of your home?
First off, you need to gather a mess of paperwork from bank statements to pay stubs to tax returns and W-2s. But in addition to paperwork, you need a few other items to get a mortgage loan. Here are the essentials.
Just about everyone knows it’s not a great time to be a home buyer right now. Thanks to the extreme inventory shortage, competition is fierce—and home prices have shot up by double digits since the beginning of the COVID-19 pandemic. It’s crazy. Could anything be harder to buy these days?
Well, yes, actually. Those who think the housing market is tough these days should try getting a puppy.
The run-up in home prices inspired Realtor.com® to look at how much prices on a variety of everyday things have changed since the world first went under lockdown. And we quickly confirmed that it wasn’t just home prices that shot up wildly over the past year.