Have we shifted to a seller’s housing market?

Housing market | Mortgage rate news

What kind of housing market are we in?

A recent report from real estate broker Redfin stated that the housing market is slowly becoming more balanced. Higher mortgage rates, rapid increases in the prices of homes, and an increase in home supply were cited as reasons that home buyers more leverage in the current market.

A true buyer’s market would have more homes for sale than buyers. The current market isn’t at that point, but conditions for sellers have improved since last spring. The report also stated that 34% of homes sold during a four-week period ending on September 11th were sold above asking price. While that may sound high, that number was at 48% a year ago.

Could the housing market head for a crash?

A crash of the housing market was reported as ‘very unlikely’ by investment strategist Louis Navellier. While mortgage rates have gone up recently, levels of home equity are still near all-time highs and Navellier believes that will limit any potential for a sudden crash or severe market downturn.

Given how much equity Americans have in their homes and the lack of listings, a housing market collapse is not anything to fear.

First-time homebuyers guide: part 15

Say you’ve found the perfect home and you can’t wait to move. You get caught up in what color to paint the living room. Who’s getting which bedroom. And that bathroom floor tile has got to go. Hang on a second. Remember to have a home inspection done so your dream home doesn’t turn out to be a nightmare.

Taking the time for a licensed professional to conduct a thorough inspection is an imperative part of the home-buying process. It gives you an opportunity to identify any serious issues with the property which could lead to a renegotiation of the price, or in extreme cases, walking away from the home. Plus, it provides an intimate education of your new home and helps you plan for future maintenance and improvements.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

* National average rates as of 9/1 are not advertised rates from Guaranteed Rate and are used for informational purposes only.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

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