Mortgage rates climbed again this week, and economists say the trend may well continue as the economy sees some improvement. The 30-year fixed-rate mortgage averaged 3.75% this week, Freddie Mac reports.
“The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy,” says Sam Khater, Freddie Mac’s chief economist. “Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.”
Continue… https://magazine.realtor/daily-news/2019/11/15/mortgage-rates-rise-again-as-recession-fears-recede
Mortgage Meltdown Unlikely Despite Hike in Risky Loans
Housing analysts are hoping it’s not a case of déjà vu. Unconventional mortgage lending is on the rise, in 2018 reaching its highest level since the financial crisis of 2008. These mortgages include subprime loans, financing offered to borrowers with blemished credits.
While these more risky loans are on the rise, some economists shrug off the notion that the economy is headed for another mortgage meltdown.
Despite the uptick in these types of loans, the number of unconventional mortgages is still less than 3% of loans made in 2018. In 2006, for comparison, unconventional mortgages made up 39% of the market. Negative amortization lending, in which the balances on the loan grow, have generally vanished from the market.
Steps to buying a home
Tips for Selling Your Home in the Winter: check out this site:
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FRIENDSGIVING!!!
Photo by Element5 Digital on Unsplash
How to throw the perfect friendsgiving:
By Melissa Mistretta • Oklahoma Contributor • Friendship 40 minutes agoTwitterFacebookPinterestEmail
Photo by Element5 Digital on Unsplash
Now that it’s November, it’s time to start planning Friendsgiving!!! Friendsgiving is a great way to get all your closest gals together to celebrate your friendship and be thankful for each other! Here are some simple tips to make your Friendsgiving picture perfect.
Tip #1: Throw a potluck!
Ask your guests to either bring an appetizer, side dish or dessert. This way it relieves stress on the host and gets everyone engaged! However, if someone forgets their dish it’s not a problem because the host is in charge of the main dishes!
Tip #2: Cheap Decor
A simple way to spice up your dining room is to add some Friendsgiving balloons and tassels along the wall behind your drinks and appetizers. This can also serve as a cute backdrop!
Image via Pinterest
Tip 3: Mocktails!
A way to take your friendsgiving to the next level is with mocktails! Pinterest has an assortment of fall drinks such as homemade cider, cranberry punches, and of course, pumpkin spice options!
Tip 4: Non Traditional Foods!
Instead of using traditional Thanksgiving foods like turkey try a honey mustard glazed ham! This is one of my favorite holiday foods and definitely a crowd pleaser! In addition, try to focus on different fall themed foods. One of my favorite recipes I have come across is bacon wrapped sweet potatoes! This fun twist on sweet potatoes is sure to have your guests wanting more! Other great appetizers are butternut squash soup or apple and brie crostinis!
Tip 5: Pie Bar
If you choose to have your guests each bring one food item, you can opt for everyone to bring a different type of pie! This way you can have a fun pie bar and all it requires is a quick trip to the store!
Image via PinterestTagged: FOODTHANKSGIVINGFRIENDSGIVING
Melissa Mistretta (Oklahoma ‘22)
Mortgage Rates Reverse Course After Recent Increases
Following three consecutive weeks of increases, the 30-year fixed-rate mortgage posted a drop this week. The average rate was 3.69%, Freddie Mac reports.
“After a yearlong slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade-related optimism,” says Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”
Freddie Mac reports the following nationwide averages with mortgage rates for the week ending Nov. 7:
Continue… https://magazine.realtor/daily-news/2019/11/08/mortgage-rates-reverse-course-after-recent-increases
WINTER HOME PURCHASES ARE THE BEST!!!
Why Winter Might Be Best Time to Buy a House in MN
Posted by Twin Cities Habitat for Humanity on 11:56 AM on January 3, 2019
Bare trees, fallen snow, and cold temperatures don’t usually make you think of house hunting, but maybe it should. While spring and summer remain the busiest, most popular times to buy a home, there are several benefits to buying a house in winter here in Minnesota.
Less Competition
If you’ve grown frustrated over being in price wars with several other buyers, or felt like you just can’t get out to see a home fast enough before it’s sold—you’re not alone. Looking for a home during the winter months (November – February) can help alleviate these headaches caused by high demand. Having fewer buyers competing for homes can help your odds of finding (and eventually purchasing!) your perfect home.
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You can attribute this short reprieve from competition to several season factors:
- Kids in school – Families with school-aged children tend to wait until after the school year to look for a new home because they don’t want their children to transition to a new school mid-year.
- Focused on holidays – While this might not be the case after January, many families are too focused on holidays in November and December to house hunt. Instead, they wait until spring to start the search.
- Labor of moving – Not many people like the idea of moving their belongings from one residence to another in the snow when spring and summer offer warm, sunny weather.
Remember, the fewer people that are out looking to buy a house, the fewer offers you need to compete with for the house you really like.
READ: What the experts are saying about the MN Housing Market
Lower Prices (Generally speaking)
Historically, once the first snow falls, house prices typically decrease. This is due to the anticipation of a “quieter” market during the winter. So, unlike the people who are buying their house in spring or summer and paying over the asking price to beat out the competition, you are more likely to pay the actual asking price (or below!).
While this seasonal shift is still true, realtors are seeing a change in the winter housing market. According to Adade Amenounve, licensed Realtor and Homeowner Development Coordinator at Twin Cities Habitat for Humanity, the winter housing market is getting busier and becoming more of a seller’s market versus a buyer’s market. He says it’s been this way for the past three years, but there’s no way to know if it will continue.
Considerations When House Hunting in the Winter
House hunting in the winter can be very beneficial, but it can also provide challenges. If you plan to continue your home search in the winter, here are some things to consider:Keep the holidays in mind – It’s true that there are fewer people looking to buy houses in the winter, especially around the holidays, but there are also fewer people working or in town. If you’re looking to buy a home near the holidays, make sure your realtor, the seller, and the seller’s realtor are available. You also need to consider your pre-closing to-do list. Once your offer is accepted, you have 45-60 days to complete the necessary tasks before closing on the house. If part of those 45-60 days includes holidays, you may have a hard time getting an inspection, insurance, cashier’s check, etc.
Ask for summer photos – Buying a home in the winter will help you determine if the furnace works, if the roof has ice dams, if the house is well-insulated, and if there are moisture issues. But often times it can be difficult to see certain elements of a home in the winter due to snow or ice coverage (i.e. condition of the house’s foundation, roof, lawn, trees, shrubs, exterior HVAC unit). Ask for photos of the house in the summer so you have a better picture of what you’re buying.
So, what are you waiting for? The odds are in your favor! Lace up those winter boots and let your hunt for your perfect home begin!
Tags: Homeownership Program, 2018
Savings From Solar Largely Depend on Where You Live
Nationally, the average savings for homeowners with solar panels providing power is $1,075 annually. That can offset 67% of the homes’ electric bills, according to a new analysis of solar-powered home data from 1,800 homes nationwide conducted by Sense, a home energy firm.
But how much homeowners actually see in savings largely depends on where they live.
Sunny areas of the U.S. stand to benefit, as expected. For example, homeowners in Utah and California tend to gain the most from their solar investment, the study finds. Utah residents are able to offset 84% of their utility bill with solar power, while California residents offset nearly 75% of their bill.
Continue… https://magazine.realtor/daily-news/2019/11/06/savings-from-solar-largely-depend-on-where-you-live
Study: High-End Showers Are Key in Home Remodels
In master bathroom remodels, showers are taking the primary focus, finds a new survey from Houzz, a home remodeling website. Homeowners are making extra space for fancier showers. Eighty-three percent of homeowners recently surveyed say they updated their shower during a master bathroom renovation, and 54% increased the shower size, according to the Houzz 2019 Bathroom Trends Study, released on Tuesday.
Roomier showers remove some common pet peeves homeowners have with their master bathrooms: The showers can be too small and outdated.
Continue…https://magazine.realtor/daily-news/2019/11/05/study-high-end-showers-are-key-in-home-remodels
