From our friends at the kcm blog
When you’re thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:
“Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage.”
The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of...
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From our friends at the kcm blog
In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.
Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:
“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to...
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From our friends at the kcm blog
Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”
Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages.
1. Mortgage Rates
Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there’s some...
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From our friends at the kcm blog
One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year.
Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of negotiation power. So, if you’re someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome news.
As Lawrence...
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From our friends at the kcm blog
Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.
Mortgage Rates Trend Down in Recent Weeks
There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February. To help show the downward trend,...
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By Kristine Gill | Better Homes & Gardens
In your search for a home, you might have considered whether you want to live in a community with a homeowners association (HOA). Making that decision comes down to fully understanding what an HOA is, what it does, and what kinds of rules an HOA can make and enforce.
“HOAs serve an excellent purpose in helping all homeowners have a fair understanding of what they need to do to protect property values for the good of all members,” says Murray Davis, a realtor with Better Homes and Gardens Real Estate Kansas City Homes. “They will vary to some extent by HOA or subdivision, but...
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From our friends at the kcm blog
Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.
If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to buy a home.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a...
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From our friends at the kcm blog
Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.
Here’s what Danielle Hale, Chief Economist at Realtor.com, says:
“In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.”
In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means...
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By Realtor.com Creative Studio
As any homebuyer quickly learns, priorities matter when navigating the market. You may decide that you simply won’t go without 4 bedrooms, or that an attached garage is an absolute must. Perhaps you’re willing to give up that renovated kitchen to snag a place in the neighborhood of your dreams. The bottom line: every home search is as unique as the individuals taking part in it.
The importance of personalization extends beyond the homebuying journey itself: When it comes to finding the right insurance coverage for your new home, it’s wise to take the rest of your lifestyle into account too. Will it be hard to resist...
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From our friends at the kcm blog
As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what’s ahead.
One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.
The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal Funds Rate. Whenever they do, that’ll put downward pressure on mortgage rates. The Fed meets next week, and three of the most important...
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