Real Estatin' The Facts Market News - 10/15/2021
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. Enjoy!
More than half of Americans don’t mind commute
Source: Compare.com
Slightly more than half of American workers recently surveyed said they enjoy their commute to work, according to a survey of about 1,000 people conducted by Compare.com, an auto insurance website. Only 21% of those surveyed consider their commute a negative part of their day. What’s more, 91% of consumers who favored commutes said it is at “least slightly important” to have a commute for a good workday, the survey says. Most workers said it gave them time to prepare for the day, they appreciated the alone time, and it allowed them time for reflection. Also, 41% said they used that time to unwind before arriving home. Read more...
Co-buying skyrockets in past 7 years
Source: REALTOR® Magazine
Millennials are pooling their finances with roommates, friends, and significant others to buy a home together are pushing home and condo sales higher, especially during the pandemic. The number of co-buyers with different last names surged by a whopping 771% between 2014 and 2021, according to ATTOM Data Solutions. And data from the National Association of REALTORS® shows from April to June 2020, 11% of buyers purchased as an unmarried couple and 3% as “other” (e.g., roommates), up from 9% and 2% from 2019, respectively. Read more...
Fannie Mae changes homeowner education requirements
Source: Housing Wire
Fannie Mae will begin allowing third parties to fulfill the homeownership education requirement on some affordable mortgages starting in 2022. Third-party homeownership education providers will still have to be aligned with the National Industry Standards for Homeownership Education and Counseling or with the Department of Housing and Urban Development Housing Counseling Program, if it is not a HUD-approved counseling agency. Read more...
Low appraisals stall nearly 1 in 4 home sales
Source: REALTOR® Magazine
Home buyers are bidding up home prices and stretching their budgets to win a bidding war as they compete for homes. But mortgage lenders will usually only offer a loan amount for the appraised value of a home. When a home appraises too low, parties must come back to the negotiation table. Sellers may need to agree to lower the price or buyers may have to come up with more money on their own. If all else fails, the deal may fall through.Twenty-three percent of contracts were delayed due to appraisal issues, according to the latest REALTORS® Confidence Index Survey, based on a survey of real estate professionals’ transactions. About 12% of transactions were then terminated due to appraisal issues. Read more...
Weekly mortgage demand stalls as rates rise to highest level since June
Source: CNBC
Mortgage rates continued their trudge higher last week, leaving most homeowners with little to no incentive to refinance. Homebuyers, already battling a pricey market, lost more purchasing power due to those higher rates.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.18% from 3.14%, with points rising to 0.37 from 0.35 (including the origination fee) for loans with a 20% down payment. That is the highest rate since June of this year. Rates are up 15 basis points in the past month. Read more...
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