The 2024 National Association of Realtors Settlement: What You Need to Know In 2024, the National Association of Realtors (NAR) reached a significant settlement that is set to change the real estate industry. This settlement addresses concerns about unfair practices and aims to make home buying and selling more transparent and competitive. Key Changes Transparent…

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US Housing Market Hit by “Mortgage Lock-In Gap” The US housing market is experiencing a “mortgage rate lock-in effect,” where homeowners are reluctant to sell due to high interest rates and soaring mortgage prices. This lock-in effect varies across states and is determined by the “lock-in gap,” which is the difference between current mortgage rates…

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Gen Zers Regret Buying Fixer-Uppers, New Report Finds About 22% of Gen Zers see the lack of affordable starter homes as a barrier to homeownership, leading some to consider fixer-uppers. A fixer-upper is a house needing various maintenance work, typically offered at a lower price. According to a Clever Real Estate report, 57% of Gen…

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Fannie’s Consumer Sentiment Index Rebounds in June Fannie Mae’s Home Purchase Sentiment Index (HPSI) rose by 3.2 points in June, recovering from the previous month’s dip and nearing its high for the year at 72.6. The increase reflects improved consumer confidence in the housing market, with notable rebounds in perceptions of buying and selling conditions.…

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Purchasing a home is one of the most significant investments you’ll ever make, and choosing the right neighborhood is crucial to ensure long-term happiness and financial stability. Here are some key factors to consider when evaluating a neighborhood for your future home: 1. Safety and Crime Rates Safety is a top priority for any homebuyer.…

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Mortgage Application Costs Dip in May Homebuyer affordability improved in May due to slightly lower mortgage rates and increased housing inventory, according to the Mortgage Bankers Association (MBA). The national median payment for purchase applicants dropped to $2,219, reducing costs by $37 month over month. The MBA’s Purchase Applications Payment Index (PAPI) fell 1.6%, indicating…

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Next Steps After Your Offer is Accepted and You’re in Escrow Congratulations! Your offer has been accepted, and now you’re in escrow. This exciting milestone brings you one step closer to owning your new home. However, the journey isn’t over yet. Here are the next crucial steps you need to take: 1. Secure Financing Even…

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New Listings Rise as Buyer Activity Stays Tepid According to a recent Zillow report, home sellers are returning to the market, but affordability issues still constrain it. New listings increased 8% from April to May, surpassing last year’s historically low levels by 13%. Year over year, new listings rose 12.6% in May, contrasting sharply with…

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Freddie Mac: Mortgage Rates Decline, Applications Rise According to Freddie Mac, mortgage rates have dropped for the second consecutive week, with the average 30-year fixed-rate mortgage falling to 6.95%, down from 6.99% the previous week. This decline follows positive economic data indicating a slight softening in consumer prices, with annual price growth at 3.3% in…

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When purchasing a home, understanding the financial obligations beyond the purchase price is crucial. Two significant components in this process are the down payment and closing costs. Although both are essential, they serve different purposes and are required at different stages of the home-buying process. Here’s a breakdown of what they are and how they…

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