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The Federal Reserve elected to raise rates for the first time in 2017, and the industry is already gearing up for more rate hikes to come. While some economists project as many as four rate hikes for this year, others are more conservative in their projections. …read more

From:: Real Estate Wire

By cbasile@housingwire.com For the inexperienced, the requirements can seem daunting, but here’s a rundown of what you need to know before you apply. For the inexperienced, the requirements may seem daunting, but here’s a rundown of what you need to know before you apply. …read more

From:: Real Estate Wire

By Susanne Dwyer

Economic gains have sparked confidence in home-buying and -selling, with 80 percent of those surveyed in the National Association of REALTORS® (NAR) Housing Opportunities and Market Experience (HOME) survey believing now is a good time to buy and 69 percent believing now is a good time to sell—an outlook carried over from optimism about the broader economy. A record 62 percent of those surveyed believe the economy is improving, with respondents in the Midwest exuding the most positivity.

“Confidence levels generally rise after a presidential election as the nation hopes for the best,” says Lawrence Yun, chief economist at NAR. “Even though it is a highly polarized country, consumers for the most part have upbeat feelings about the economy right now. Stronger business and consumer morale typically lead to even more hiring and spending, which in turn encourages more households to make big decisions like buying a home. These positive developments would be especially good news for prospective homebuyers in the more affordable Midwest region.”

Over 62 percent of those surveyed—also a record—believe their financial situation will improve in the next six months.

The trend, however, is being tamped down by renters. Fifty-six percent of those surveyed believe now is a good time to buy—a steadily declining share.

“Inventory conditions are even worse than a year ago, and home prices and mortgage rates are on an uphill climb,” Yun says. “These factors are giving many renter households a pause about it being a good time to buy, even as their job prospects improve and wages grow. Unless there’s a significant boost in supply levels this spring, these constraints will unfortunately slow or delay some prospective buyers’ pursuit of purchasing a home.”

“Demand far outpaces supply in many parts of the country right now, which means homeowners will likely sell their home much quicker than the time it takes to buy another,” says NAR President Bill Brown. “Before listing, it’s best to have a carefully crafted plan in place. In addition to assisting in the hunt for a new home, a REALTOR® is an invaluable negotiating partner in the common situation where a buyer’s new home purchase is contingent upon selling their property currently up for sale.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Economic Gains Spark Confidence in Buying, Selling appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Economic gains have sparked confidence in home-buying and -selling, with 80 percent of those surveyed in the National Association of REALTORS® (NAR) Housing Opportunities and Market Experience (HOME) survey believing now is a good time to buy and 69 percent believing now is a good time to sell—an outlook carried over from optimism about the broader economy. A record 62 percent of those surveyed believe the economy is improving, with respondents in the Midwest exuding the most positivity.

“Confidence levels generally rise after a presidential election as the nation hopes for the best,” says Lawrence Yun, chief economist at NAR. “Even though it is a highly polarized country, consumers for the most part have upbeat feelings about the economy right now. Stronger business and consumer morale typically lead to even more hiring and spending, which in turn encourages more households to make big decisions like buying a home. These positive developments would be especially good news for prospective homebuyers in the more affordable Midwest region.”

Over 62 percent of those surveyed—also a record—believe their financial situation will improve in the next six months.

The trend, however, is being tamped down by renters. Fifty-six percent of those surveyed believe now is a good time to buy—a steadily declining share.

“Inventory conditions are even worse than a year ago, and home prices and mortgage rates are on an uphill climb,” Yun says. “These factors are giving many renter households a pause about it being a good time to buy, even as their job prospects improve and wages grow. Unless there’s a significant boost in supply levels this spring, these constraints will unfortunately slow or delay some prospective buyers’ pursuit of purchasing a home.”

“Demand far outpaces supply in many parts of the country right now, which means homeowners will likely sell their home much quicker than the time it takes to buy another,” says NAR President Bill Brown. “Before listing, it’s best to have a carefully crafted plan in place. In addition to assisting in the hunt for a new home, a REALTOR® is an invaluable negotiating partner in the common situation where a buyer’s new home purchase is contingent upon selling their property currently up for sale.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Economic Gains Spark Confidence in Buying, Selling appeared first on RISMedia.

…read more

From:: Finance and Economy

By Suzanne De Vita

The Federal Reserve voted on Wednesday to again raise the key interest rate one-quarter percentage point, the first of three hikes anticipated for 2017. The rate was increased one-quarter percentage point just three months ago, in December 2016.

“In view of realized and expected labor market conditions and inflation, the [Federal Open Market] Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent,” according to a statement by the Fed. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.”

The probable decision, which followed encouraging employment figures in February, marks a turning point in policy. The Fed raised the rate only twice in the past decade; Wednesday’s decision quickens the pace, signaling the potential for more aggressive action as the year unfolds.

Rising rates have been top of mind for members of the housing industry, who fear diminishing affordability—a concern, still, that could be overblown. A recent survey by Zillow Group Mortgages revealed the majority of homebuyers would see their purchase plans through if rising rates resulted in a $100 increase to their mortgage payments. Many would continue with their plans even if their payment were to increase by $200.

Preliminary data from the Berkshire Hathaway HomeServices Homeowner Sentiment Survey echo those findings—though to an extent. Just 39 percent of those surveyed would feel anxious if mortgage rates rose, a 5 percent decline from the last survey; 81 percent of homebuyers, however, would feel concerned about the impact of rising rates on affordability.

According to Gary Keller, raising the key rate is necessary. At the Keller Williams Family Reunion conference last month, the company’s co-founder and chairman offered perspective by tracing the historical trajectory of the rate.

“These are good times,” Keller told attendees. “You may not feel like they’re good times. These are really good times.”

“With this increase well anticipated by most markets, Keller Williams does not expect any dramatic change in the current path of mortgage rates,” confirmed Ruben Gonzalez, staff economist at Keller Williams. “While higher mortgage rates will likely have some downward impact on demand, housing remains very affordable by historic standards, and we anticipate another year of healthy home sales.”

Mortgage rates are indirectly impacted by the movement of the key rate. The 30-year fixed mortgage rate jumped to a year-high last week.

Stay tuned to RISMedia for more developments.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Fed Quickens Pace, Raises Rate 3 Months After Last Hike appeared first on RISMedia.

…read more

From:: Finance and Economy

By Suzanne De Vita

The Federal Reserve voted on Wednesday to again raise the key interest rate one-quarter percentage point, the first of three hikes anticipated for 2017. The rate was increased one-quarter percentage point just three months ago, in December 2016.

“In view of realized and expected labor market conditions and inflation, the [Federal Open Market] Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent,” according to a statement by the Fed. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.”

The probable decision, which followed encouraging employment figures in February, marks a turning point in policy. The Fed raised the rate only twice in the past decade; Wednesday’s decision quickens the pace, signaling the potential for more aggressive action as the year unfolds.

Rising rates have been top of mind for members of the housing industry, who fear diminishing affordability—a concern, still, that could be overblown. A recent survey by Zillow Group Mortgages revealed the majority of homebuyers would see their purchase plans through if rising rates resulted in a $100 increase to their mortgage payments. Many would continue with their plans even if their payment were to increase by $200.

Preliminary data from the Berkshire Hathaway HomeServices Homeowner Sentiment Survey echo those findings—though to an extent. Just 39 percent of those surveyed would feel anxious if mortgage rates rose, a 5 percent decline from the last survey; 81 percent of homebuyers, however, would feel concerned about the impact of rising rates on affordability.

According to Gary Keller, raising the key rate is necessary. At the Keller Williams Family Reunion conference last month, the company’s co-founder and chairman offered perspective by tracing the historical trajectory of the rate.

“These are good times,” Keller told attendees. “You may not feel like they’re good times. These are really good times.”

“With this increase well anticipated by most markets, Keller Williams does not expect any dramatic change in the current path of mortgage rates,” confirmed Ruben Gonzalez, staff economist at Keller Williams. “While higher mortgage rates will likely have some downward impact on demand, housing remains very affordable by historic standards, and we anticipate another year of healthy home sales.”

Mortgage rates are indirectly impacted by the movement of the key rate. The 30-year fixed mortgage rate jumped to a year-high last week.

Stay tuned to RISMedia for more developments.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Fed Quickens Pace, Raises Rate 3 Months After Last Hike appeared first on RISMedia.

…read more

From:: Real Estate News

By jgaffney@housingwire.com While the industry is slow to adopt sexier elements, such as tech advancements and digital processing, there is one way to lure great talent — tell them how much money they can make if they work hard. Yet, it takes time before those first paychecks start to roll in. But how long? And how much money should you have in savings before becoming a mortgage broker? …read more

From:: Real Estate Wire