Rates dip and quickly rebound!

Mortgage rates this week edged up slightly as Federal Reserve officials charted a course for 2018 that will likely lead to still higher rates. The average for the benchmark 30-year fixed-rate mortgage rate rose 1 basis point, or 0.01 percent, from the previous week in Bankrate’s weekly survey of lenders.The rate, at 4.09 percent, is still below the 52-week high of 4.44 percent, so it’s worth looking into a mortgage or refinance before rates are expected to rise on the heels of the Federal Reserve’s latest action.

- Bankrate.com

How are Americans feeling about the real estate market this summer?

Well, as good as ever.

Consumers' attitudes about home prices, buying and selling, mortgage rates, etc. - in June, was at an all-time high. 

Americans are feeling optimistic overall but particularly about selling a house. 

Consumers are also growing more optimistic about their ability to get a mortgage.

Lenders expect credit standards to ease further going forward.

Fewer home are for sale this season, and easing credit standards could have the unintended consequence of pushing home prices higher. 

Still, even with the challenges today's market presents, buyers remain eager. 

In fact, the number of respondents who said now was a good time to buy a house was up 3 percent in June. How are Americans feeling about the real estate market this summer? 

Well, as good as ever.

Consumers' attitudes about home prices, buying and selling, mortgage rates, etc. - in June, was at an all-time high. 

Americans are feeling optimistic overall but particularly about selling a house. 

Consumers are also growing more optimistic about their ability to get a mortgage.

Lenders expect credit standards to ease further going forward.

Fewer home are for sale this season, and easing credit standards could have the unintended consequence of pushing home prices higher. 

Still, even with the challenges today's market presents, buyers remain eager. 

In fact, the number of respondents who said now was a good time to buy a house was up 3 percent in June. 

The vast majority of surveyed Americans say they believe owning a house is a solid investment.

83% of renters agreed with current homeowners who said that buying a house was a good investment. 

The fact that the American dream of owning a home is once again considered a smart investmentsuggests the housing market has years of strong performance ahead of it.

But though overwhelming numbers say they think buying a house is a good financial move, renters also face some challenges when making the jump. 

Among them, insufficient income and not being able to save enough for a down payment rank high. 

Still, the fact that homeownership has regained it's reputation as an essential part of the American Dream and a good way to build wealth is a good indication that, despite those challenges, Americans will continue to aspire to homeownership. 

Buying a home is no small transaction and the potential for stress is high

Buying a home is no small transaction and the potential for stress is high,  here are purchaser's top three concerns:

1.  They will lose their earnest money deposit.   One way to avoid problems with this is to make your offers subject to earnest money being deposited after inspection issues have been resolved.

2.  Becoming house poor or financially burdened by the costs of homeownership.  Fortunately, this is a risk that can be easily avoided by having a firm budget beforehand and sticking to it. 

3,  Getting into a bidding war that drives up the price of their desired home.     Explain to your clients in detail your techniques and strategies for avoiding this issue.

Demand is up!

Demand for loans to buy homes is now 8% higher than it was at the same time last year.

Last week, for example, average mortgage rates fell again and are now at seven-month lows. 

From a borrower's perspective, rates held steady at seven-month lows last week providing some borrowers an opportunity to refinance.

Over the last two weeks applications have increased 13 percent and the average loan size increased to its largest since September 2016, reflecting the tendency for jumbo borrowers to be more sensitive to rates.

Size of American Home grows...

American homes are generally getting bigger and adding more rooms. 

A look at the numbers shows our living spaces have changed over the years. 

For example, numbers from the U.S. Census Bureau's 2016 Characteristics of New Housing show that the number of homes under 1,400 square feet has fallen 9 percent just since 2000. 

At the same time, the percentage of homes over 4,000-square feet has doubled. 

Sure, the majority of homes still fall somewhere between 1,800 and 2,400 square feet, but there is clearly a trend toward larger houses. 

Another way to look at it is the number of rooms. For example, 59 percent of homes now have three or more bathrooms. In 2000, it was closer to 20 percent. 

During the same time, most homes also upgraded from three bedrooms to four. 

Of course, along with the extra space, bedrooms, and bathrooms, the median sales price has also risen.

 Americans clearly think the extra expense is worth the luxury of not having to schedule who gets the first shower in the morning.

Buyers can benefit when Sellers leave thier belongs

This one doesn't so much help you get to know your home, but it might result in a few nice bonuses. Got your eye on that deer head mounted on the den wall? Or those gorgeous ferns by the window? It's worth a shot to see if the seller is willing to part with large items he or she might not want to bother moving.
“Most things that are being left, such as appliances, are dealt with in the original contract,” Golden says. “But, as it gets closer to closing, sellers are often wanting to unload some other things, too. You might get lucky and wind up with something great."

From realtor.com