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...
You Need to Know that: It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home. When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save. If you want to learn more about...
Buying a home is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you. While mortgage rates are higher than they were at the start of the year and home prices are rising, you shouldn’t put your plans on hold...
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...
As a renter, you’re expected by abide by your landlord’s rules and regulations. If you don’t, your belongings may end up unceremoniously dumped on the curb. What can we say? Some things in life are black and white; your lease is undoubtedly one of them. To eliminate any confusion, we spoke with rental experts and compiled a list of the things that are sure to get you kicked out of your rental....