Buyers got on a roller coaster in January 2022 and stayed strapped in for the real estate market loops throughout the year. Mortgage rates were low, then soared to a 20-year high of 7.08% before dipping again. Median national list prices rose to a historic $450,000, and then they, too, began to fall. Homes in July were snatched up in 34 days—and come November, they lingered on the market for 56...
Every house hunt starts with a dream, one that can easily escalate into pure fantasy. Homebuyers, particularly first-timers, often harbor visions of purchasing the perfect house, in a great neighborhood, for a bargain price. All that might have been achievable—with some luck—in the past. But in today’s hot seller’s market, once buyers move beyond mooning over listings to making an actual offer,...
Do you need a mortgage pre-approval letter to make an offer on a house? You know you need to get your financial ducks in a row before looking at homes, but does that include securing a pre-approval letter from the bank?The truth is, in today’s super competitive housing market, getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it...
Owning a home is the American dream, but at the moment it’s more like home buying cancel culture.According to a 2022 survey by home warranty site Cinch Home Services of 1,000 Americans who have tried to buy or sell a home in the past year, more than half of buyers (51%) say they had a home purchase contract fall through in that time period.Why is this happening—and what can you do to make sure that...
Mortgage rates shot above 6 percent this week for the first time in 14 years as inflation has remained resistant to the Federal Reserve’s efforts to tamp it down. The dramatically swift escalation has chilled what had been a hot U.S. housing market, increasing pressure on an economy plagued by unremitting inflation. The 30-year fixed-rate mortgage — the most popular home loan product — soared to...
Are you a prospective homebuyer who started saving for a home last year—only to find that with this year’s financial instability, a home seems impossible to afford?We hear you.“Buyers have reached the limit of their financial ability to handle the impact of high inflation, house prices, and interest rates,” says George Ratiu, manager of economic research at Realtor.com®.But while it’s true that...
The Mid-Autumn Festival has a history of more than 3,000 years. It was derived from the custom of Chinese emperors worshipping the moon during the Zhou Dynasty. The Mid-autumn Festival first appeared as a festival during the Song dynasty. Nowadays, it has become a Chinese public holiday and has been China's second-most-important festival. Originated in the Zhou Dynasty (1045 – 221 BC) moon...
Mooncake is the indispensable Chinese dessert served during the mid-autumn festival which falls on the 15th of August of the Chinese lunar calendar. This is the perfect time for me to share with you the mooncake recipe that I have just made. The style and purpose of this festive dessert have evolved considerably in the modern day. Various cake shops and restaurants produce mooncakes with different...
The pace of new housing construction has slowed considerably this summer, with builders pulling back on new housing starts in response to ongoing weakening of buyer demand. According to data released by the U.S. Census Bureau, new housing starts were at a seasonally adjusted annual rate of 1,446,000. This is down 9.6% compared to June and is the third month in a row of falling housing starts. The number of...
Taking on a new job can be exciting. But if getting a new gig happens to coincide with your plans to buy a home, it can affect your ability to get a mortgage—even if you make more money in your new job. When you apply for a home loan, lenders take a deep dive into your financial history, including your current employment, to see if you can handle monthly mortgage payments. “Any change to your income...