Three documents, crucial to the homebuying transaction, give both the seller and the buyer a better fix on virtually all costs they can expect to face during the ordeal.
Including everything from the appraisal fee to the underwriter’s portion of the title insurance — as well as a sort of manual to understand how it all works — the documents make it easier to calculate, compare and question all the costs associated with the home buying ordeal.
By Les Christie
NEW YORK (CNNMoney.com) — Home prices rose slightly in May compared with a month earlier, appearing to have stablized at the lower levels that followed the end of the residential real estate bubble, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets released Tuesday.
Prices were up 1.3% from April, and 4.6% from 12 months earlier.
The price rise might have reflected one of the last gasps of the government’s incentive program, which paid tax refunds of as much as $8,000 to homebuyers if they signed a sales contract before May 1.
The latest NAR Profile of Home Buyers and Sellers showed a growing trend among 
recent buyers.
The latest figures show that 89 percent of buyers purchased their home with the help of a real estate agent or broker. This is a sharp increase from a decade ago in 2001, when only 69 percent of buyers enlisted the help of an agent or broker.
Why do today’s buyers buyers choose to work with an agent? Let’s look at just a few of the many reasons an agent can be your biggest ally.
There are so many different homes to choose from during the buying process. How can you be sure to make the right choice?
From condos, downtown neighborhoods, suburbs, and country homes, there’s a perfect fit for every buyer.
To make the best decision you need to be sure to really give time to your decision making process. Yes, your gut can take you in the right direction, but don’t be one of the many buyers that falls prey to listening only to their hearts, ending up biting off more than they can chew.
The latest study from the Mortgage Bankers Association (MBA), entitled, “The Great Recession and Attitudes Toward Homebuying,” revealed some key findings about today’s buyers.
The study found that almost 80 percent of homebuyers still think that now is a good time to buy. Additionally it found that over the next five quarters this positive sentiment should remain near current high levels.
These results are a departure from home buying and seller sentiment trends over the last two decades. Previously, seller sentiment has been stronger than buyer.
According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.
Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960′s. It’s no wonder why most Americans seek out a home of their own.
Homeownership has both financial and social benefits. According to the most recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s.
As the financial crisis hit a high in Europe last week, here in the U.S. mortgage rates headed lower making another all time record. The potential of a Greek default held everyone’s attention even as some positive data was being released for the U.S. economy. By Friday, the results of this turmoil caused low mortgage rates to decrease even further. Freerateupdate.com’s survey of wholesale and direct lenders show that some mortgage rates declined from .125% to .500% bringing most of them once again to historical lows.
As markets changed directions this past week with stocks moving higher, pressure was put on mortgage rates as MBS prices suffered. In the end, Freerateupdate.com’s survey of wholesale and direct lenders show that mortgage rates remained the same regardless of market volatility. Low mortgage rates that have remained steady have actually been successful in attracting consumers according to the Mortgage Banker’s Association who reported that mortgage applications for both refinance and purchase applications increased for the week ending October 7th.
Builder confidence is up for the month of October thanks to renewed buyer interest in select markets. This is the largest one-month gain since April 2010 when renewed confidence from the home buyer tax credit was in full swing.
“This latest boost in builder confidence is a good sign that some pockets of recovery are starting to emerge across the country as extremely favorable interest rates and prices catch consumers’ attention,” said NAHB Chief Economist David Crowe. “However, it’s worth noting that while some builders have shifted their assessment of market conditions from ‘poor’ to ‘fair,’ relatively few have shifted their assessments from ‘fair’ to ‘good.’ One reason is that builders are facing downward pricing pressures from foreclosed homes at the same time that building materials costs are rising, and this is further squeezing already tight margins.”
Are you letting global uncertainty extinguish your real estate dreams without full consideration because money is an issue? Sometimes balancing livable compromises against researched options can help you achieve more than you may have believed possible.
For the past week, mixed economic news that continues to lead the headlines has helped to keep low mortgage rates stable. Financial troubles in Europe has left investors busy each day waiting to see if Greece will default or a rescue plan will be implemented. Here in the U.S., even a negative report that is not considered terribly bad is spreading optimism to the markets making any predictions unreliable.
WASHINGTON — Mortgage rates have reached their lowest levels in six decades, making this the best time in most Americans’ lives to buy or refinance a home. For people who qualify, today’s rates could save thousands of dollars a year.
Yet most people can’t take advantage. Half of would-be buyers say they’ll never save enough for the 20 percent down payment now usually required. And shrunken home values have erased much of the equity people need to refinance.
“Low rates are great, but the real issue is that the pool of people who can get a loan or refinance is small,” said Greg McBride, Bankrate.com’s senior financial analyst.
