Tanza Loudenback, provided by Published 3:49 pm CST, Wednesday, January 16, 2019 Justin Sullivan/Getty Images The US housing market is finally starting to cool off, but competition among buyers is still fierce in some cities. Those in the best position to buy a home typically have mortgage financing in place, a credit score above 680, and a down payment above 15%. But many markets, like San Francisco and San Jose, have an oversaturation of these buyers, leading to heightened competition. It may get easier for some Americans to buy a home this year as prices finally level off, but several markets are still competitive. In a recent report, LendingTree identified the most competitive markets for buyers right now based on 2018 mortgage loan data. LendingTree looked at 1.5 million mortgage requests for new home purchases and then ranked the 50 largest metros based on three criteria: The share of buyers who shop for a mortgage before they find the house they want. It's more … [Read more...] about The 15 American cities where competition to buy a home is fiercest right now
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By Jeff Collins | [email protected] | Orange County RegisterPUBLISHED: January 7, 2019 at 8:00 am | UPDATED: January 7, 2019 at 8:00 am 2013 was the comeback year. After six long years of sluggish sales, plummeting prices, failed tax incentives and a flood of foreclosures, the housing market at long last had rebounded. Southern California home sales trickled up. And prices jumped 23 percent. 2014 was a hangover year. But by 2015, the housing market was back for good, the Great Recession a distant, bitter memory. Bidding wars abounded. Buyers competed with investors paying cash. Purchase offers started piling up days after a home hit the market. 2018 was a transition year. It started out strong, but by year’s end, sales petered out and price appreciation had downshifted. Now it’s 2019’s turn. Will a 6 ½-year streak of year-over-year price gains continue? Or will home prices go down? Will it be a buyer’s market? Or will sellers continue to have the … [Read more...] about Housing outlook for 2019: Is it too late to buy a home?
While 89 percent of millennial renters say they plan to buy a home someday, just 4 percent expect to buy in 2019 and 30 percent say they will wait at least five years, according to a new survey by Apartment List, a rental property database. For most of the millennials in the survey, affordability is the biggest obstacle for their purchase, cited by 72 percent. While cash needs are the paramount obstacle, 38 percent of millennials say they have bad credit and 29 percent say the monthly payments for a home are an obstacle. Another 62 percent specifically mention the lack of money for a down payment. Just 11 percent have saved $10,000 or more for a home and 48 percent have zero down payment savings.Many millennials still assume they need a 20 percent down payment to buy a home, but multiple loan programs are available with as little as 3 or 3.5 percent required as a down payment. Some loan programs such as the VA loan program and the USDA Rural Development loans require zero down … [Read more...] about Survey: Millennial renters plan to wait to buy a home
By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: January 2, 2019 at 6:30 am | UPDATED: January 2, 2019 at 6:34 am The old real estate adage “location, location, location” could be replaced in California by “compromise, compromise, compromise.” Bay Area home buyers are saving longer, paying more, getting less and commuting farther than they wanted because of the region’s crippling housing shortage, according to a new survey by the California Association of Realtors. The survey highlights the extreme efforts Bay Area residents make to buy into a market where the median home sells for four times the national average. The typical Bay Area buyer spends 10 weeks searching for a home, about 25 percent longer than home buyers in other parts of the state. A home buyer trying to afford a 20 percent down payment on a $1 million property — just under the median price for a home in Santa Clara, San Mateo and … [Read more...] about Just how long does it take to buy a home in the Bay Area?
1 of 5 View 5 Items Kristin Murphy, Deseret News Scott Simpson, Summit Sotheby's realtor, shows a parcel of land to a client in Park City on Thursday, Dec. 20, 2018. SALT LAKE CITY — While home prices along the Wasatch Front have cooled off a bit in the final quarter of 2018 after a hot housing market most of the year, those willing to brave the falling temperatures can still find their piece of the American dream. "There are great opportunities for buyers in the wintertime that a lot of people don't think about," according to Salt Lake Board of Realtors President Adam Kirkham. "There are (fewer) buyers and oftentimes you have motivated sellers." He said homeowners selling in the cold weather months frequently are doing so "out of necessity." He also noted that mortgage lenders, appraisers and other industry professionals are less busy, which makes them more available to help with real estate transactions. "You can get deals done a little bit quicker in … [Read more...] about Examining the keys and advantages to buying a home during the winter