Closing Costs Increased 6% Last Year

You Can’t Avoid Closing Costs—But You Can Reduce Them:
It takes a long time to save for a down payment on a house. The rest of us sacrifice our gourmet coffee for the lukewarm in-office drip in the hope that setting aside a few dollars a day will magically compound into enough to buy our piece of the American Dream. And just when we think we have the necessary funds to make even the minimum 3% down payment, we’re slapped with another round of expenses: closing costs. In every real estate transaction, there are closing costs. Closing costs typically amount to 3% to 6% of the purchase price. Why the broad range?

Housing Markets Are Getting Back On Track,

Housing Markets Are Stabilizing
Nearly 80% of Thirty-eight of the 50 states, plus the District of Columbia, are now showing an improving three-month trend in housing activity, according to latest Multi-Indicator Market Index. What’s more, 40 of the 50 major metros tracks are also showing a three-month improving trend. Overall, "housing markets are getting back on track,” says Len Kiefer, deputy chief economist. “The national MiMi improved for the fourth consecutive month. MiMi tracks are improving or in their stable range of activity. See most improving states …

High Land Rents Strains in U.S. Farmers

High Land Rents Strains in U.S. Farmers
The farming sector has enjoyed an agricultural boom for the past decade, but that is showing signs of coming to an end. A plunge in grain prices across the Midwest is pitting landowners and their farmer tenants against one another, Reuters reports. Landowners are trying to sustain rental incomes against farmer tenants, despite a drop in revenues, and the farmers are now worried about being able to make those rental payments. Some farmers are choosing to breach lease contracts or even reduce how much land they can afford to sow this spring. If the farm economy continues to show weakness, a growing number, read more.

Financing Condos Remains a Big Hurdle For Home Buyers

 Financing Condos Remains a Big Hurdle For Home Buyers
Strong Townhouses and Condos Market: Townhouse construction was back on the rise in 2014, as home buyers show an increasing appetite for this type of housing once again. Single-family attached starts totaled 19,000 in the fourth quarter of 2014 – 12 percent higher than a year prior, according to Census data. For all of 2014, townhouse construction starts totaled 72,000, up from 68,000 starts in 2013. Home Sales Off to a Bumpy Start in 2015: Existing-home sales dropped in January to the lowest rate in nine months, latest housing report, read more.

Buyers May Find Mortgages Easier to Get

Buyers May Find Mortgages Easier to Get

Good news for potential home shoppers: A Mortgage Bankers Association index shows lender requirements regarding credit scores, down payments, and other key terms are finally loosening up. Some lenders are even expanding the types of mortgages they offer. These moves come after years of lenders tightening loan requirements in the aftermath of the housing crisis. The newly-released MBA index shows that recent improvements in lending are mostly tied to the government’s efforts to ease regulations and improve affordability in the housing market. For example, mortgage financing giant Fannie Mae is now allowing purchases of conventional mortgages that have down payments as low as 3 percent; Freddie Mac is planning to do the same for mortgages closed on or after March 23, read more.

‘Patience’ Is the Watchword for Home Buyers and Sellers

‘Patience’ Is the Watchword for Home Buyers and Sellers
Now that we’re solidly settled into 2015, we are starting to get the first reading on how the year is shaping up for home buyers and sellers. One thing is clear: “Patience” may be the year’s most important word. Last year ended with much momentum, as the economy improved dramatically and more than 1 million jobs were created from November through January. This all fuels the demand for more housing. So it makes sense that house hunters were flocking to real estate sites in January. Real estate is very seasonal. In most markets, both search activity and inventory peak in the spring or summer—although there are notable exceptions. According to data from comScore, unique visitors to real estate websites increased 24% over January 2014, read more.

Lack of Housing Inventory is Restraining

Home Prices Are Up, Supply Is Down: 
Tight inventory levels continue to restrain the housing market across the country, according to the Monthly Data Report released today by realtor.com®.
“All four of these markets have very positive economic momentum—strong job recovery, growth in new construction, healthy growth in home prices, and growth in sales and positive demographic trends,” said Jonathan Smoke, chief economist.
The Monthly Data Report compares housing market statistics in January 2015 to those of January 2014. It tracks list price and inventory fluctuations for properties listed on realtor.com in 200 markets. Prices will therefore continue to rise in markets where demand outstrips supply. Expect Bidding Wars, read more.

Are You Ready To Sell Or Buy?

Are You Ready To Sell Or Buy?
Bet on These Home Improvements: If you're considering giving your home an upgrade this year, it can be overwhelming to choose what home features need an overhaul. Trends seem to change all the time, and the last thing you want is to spend money on costly improvements that will soon be out of date. Then they searched for those design keywords and took note of what trends experienced the most growth in popularity in the last five years.And lastly, one trend that is seemingly on its way out? So what seven home improvements made their list of the safest bets?