In the last quarter of 2016, the median cost of a single-family home in the region rose to $348,800, up nearly 8% from the previous year and a greater increase than any other region, according to the National Association of Realtors . “Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” said Lawrence Yun , NAR chief economist.
Category: Home Buying
10 Best States to Get a Mortgage
It’s a good time to buy a home. Accordingto the Mortgage Bankers Association, getting approved for a home loan is easier than it has been at any time in this past decade — in fact, mortgages are almost twice as available as they were five years ago, and lenders have recently been approving 77% of loans, up from 71% in mid-2015.
3 Tips for Landing the Lowest Mortgage Rate
A year ago, the benchmark interest rate for 30-year fixed-rate mortgages was 3.78%. In the second week of February, it was4.27%.
30-Year vs. 15-Year Mortgage: Which Should I Pick?
The industry standard mortgage product in the United States is the 30-year fixed-rate mortgage, which is used by more than 85% of homebuyers. However, the 15-year fixed-rate mortgage has been gaining traction, as it can be a smart way to save thousands in interest charges over the term of your loan.
3 Tax Breaks Homeowners Shouldn’t Forget
There are plenty of good reasons to own a home. Maybe you’re tired of paying rent every month and having no equity to show for it.
3 Dumb Mortgage Moves
Interest rates have been inching up, with the 30-year fixed mortgage rate recently approaching4%. According to the Federal Reserve and general expectations, they’ll continue rising in the coming years.
How to Prep (or Not) for Trump’s Proposed Tax Changes
Now that Donald Trump has been sworn in as president, changes might be on the way for the tax code. But it’s unclear what will change and how much.
6 Tax Deductions Homeowners Won’t Want to Miss
Though there are plenty of good reasons to buy a home, owning property can be a costly prospect. From maintenance to insurance to real estate taxes, there are numerous costs that come with buying a home.
New FHA Loan Limits May Help You Buy a Home
Just before Thanksgiving, the Federal Housing Finance Agency released the conforming loan limits change for 2017. This change resulted in higher loan limits beginning in January for many counties across the country.
Buying a Home in 2017? Here’s What You Need to Know
Buying a home is a lifelong dream for many Americans, and it takes commitment and dedication to make it happen. With conditions in the housing market always changing, would-be homebuyers need to stay up to date on the key aspects involved in buying a home.