5 Home-Buying Pitfalls To Avoid

Buying your home can be nerve-racking, especially if it’s the first time. The buying process is exciting and often complex. The chances of making a mistake are relatively high.  In today’s real estate market where demand surpasses supply, you can’t afford to make mistakes. And this is just the tip of the iceberg. If you are in the market to buy a house, here are five pitfalls avoid.  Not Doing Your Homework Well  Fortune favors the prepared in real estate. And preparedness begins with understanding your finances. A wise buyer examines assets, analyzes debts and gets finances pre-approved before jumping into the house hunt.  Know the neighborhood well, since you’re also buying a location. It’s paramount to research about the quality of schools, upcoming zoning...

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NAHB: Home Builder Confidence Grows After Lowest Level in 3 Years

After two months of declining builder confidence, the National Association of Home Builders Housing Market Index gained two points in January with a reading of 58. Component readings of the HMI were also higher with builder confidence in current market conditions rose two points to an index reading of 63. Builder confidence in housing market conditions over the next six months rose three points to 64. The index for buyer traffic in new housing developments rose one point to 44. While index readings above 50 indicate positive market conditions, the index reading for buyer traffic is typically lower than 50. Lower Mortgage Rates Compel Home Buyers to Act Falling mortgage rates contributed to the uptick in home builder confidence, but affordability continued to impact first-time...

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What Happens After Your Offer Is Accepted?

When you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even weeks. But once you get that good news that your offer has been accepted, what happens next? It’s a common question, and one that your real estate agent can help you with. In general though, here’s what you can expect. There’s A Home Inspection A home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where some issues might come up that require negotiation. If serious problems are reported on the home inspection report, you could try to...

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Big Cities vs. Secondary Markets: Where to Buy?

Atlanta, Charlotte, New York and Los Angeles are always on the real estate radar because of big ticket sales and good media coverage. The secondary markets – those markets without the celebrity undertones – may actually be better deals. With the price of borrowing money rising and occupation rates dropping in primary markets, places like Nashville and Birmingham are looking better to investors. Where Are the Secondary Markets? A secondary market is generally defined as a mid size or large city that has recorded an uptick in growth in the immediate past. They do not have quite the economic clout or media presence of a primary market, although they may rival each other in terms of population. Generally, the influx of new attention for a...

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What’s Ahead For Mortgage Rates This Week – January 14th, 2019

Last week’s economic reports included remarks by Federal Reserve Chair Jerome Powell, readings on inflation and core inflation. Weekly readings on mortgage rates and first-tome jobless claims were also released. If the government shutdown continues, it is expected to impact release dates for readings from federal government agencies. Federal Reserve Watches and Waits on Interest Rates as Inflation Slows Fed Chair Jerome Powell said that the Federal Open Market Committee of the Federal Reserve will “wait and see” about raising the target federal funds rate this year. Chairman Powell spoke at a discussion hosed by the Economic Club of Washington, D.C. Mr. Powell clarified the Fed’s estimate of two rate hikes during 2019 and said that the predicted two rate hikes would occur based on...

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