Saturday, December 8, 2018 / by Kelli Seaberry
Changes in mortgage rates may cause homebuyers and sellers to hesitate about jumping into the market, while renters benefit from higher homeownership rates. Whether you're looking to buy or sell a home in 2019 – or find the perfect rental – it helps to know what you're up against. In many markets, the trend of a low volume of homes on the market compared to the number of buyers that has been fueling bidding wars and rapid increases in home prices may losing steam, but rising interest rates may also cause more buyers and sellers to hold off on making a new deal.
Here’s what to expect from the housing market in 2019.
The most common topic of conversation for potential homebuyers and sellers going into the new year is about rising interest rates. Mortgage rates are at their highest mark since 2011, and while higher interest rates are a sign of a good economy. ...
Monday, November 12, 2018 / by Kelli Seaberry
By Jon Coile
November 12 at 8:00 AM
If you’re hoping to buy a home this fall, you may need to get a little creative — particularly if you’re on a tight budget.
The shortage of homes to buy continues this fall, with the most recent Bright MLS data showing that active listings — which include all homes on the market in the Washington area — were down 3.3 percent in September 2018, compared with September 2017.
Two more MLS indicators show that buyers are likely to face competition for homes. First, the average number of days a home stays on the market declined again in September to 17 days, lower than September 2017′s 20 days. Second, homes are selling on average for 97.7 percent of the seller’s asking price.
[10 things to do when you move into a new home]
For first-time buyers at lower price points, the competition can be even more fierce. While waiting to save more is one strategy some buyers adopt, home prices are antici. ...
Wednesday, November 7, 2018 / by Kelli Seaberry
Priced out of the market? Cities where the middle class can no longer afford a home
Samuel Stebbins, 24/7 Wall StreetPublished 6:00 a.m. ET Aug. 15, 2018 | Updated 12:03 p.m. ET Sept. 24, 2018
Cities where the middle class can no longer afford a home
According to the U.S. Department of Housing and Urban Development, families that pay more than 30% of their incomes on housing are considered cost burdened and may have difficulty affording rent as well as other necessities such as food, clothing, transportation, and medical care. While the poorest families are the most likely to be housing-cost burdened, skyrocketing home prices in U.S. metropolitan areas have caused the nation’s housing affordability crisis to spread to a large number of middle class Americans. While the housing cost burden for low-income households is often offset through housing subsidies, there are few forces protecting middle-income ...