Real Estate Market Trends

Buyers Should Have an Easier Time in 2019

For the last several years, prospective home buyers in most areas of the country have had to face conditions that aren't exactly ideal. Rapid price growth, low housing inventory, and fierce competition among buyers have resulted in conditions that can only be described as a strong seller's market. However, if you have been holding out on buying a home, then there is some evidence that the winds could be shifting in your favor. Keep reading to learn why 2019 might offer some relief for home buyers.

Which State's Mortgage Borrowers Put the Most Down?

Saving for the down payment is understandably regarded as one of the most difficult aspects of buying a home. Although the exact number depends on the purchase price, buyers generally need to come up with tens of thousands of dollars up front in order to take out their mortgage. Of course, any statistic will display a wide range of averages across the nation's fifty states, and both down payment amounts and percentages follow this rule. With that in mind, LendingTree sought to determine which state's buyers were offering up the largest and smallest down payments on their mortgages in Q3. They found that New York came in near the top of the list in both down payment amount and percentage.

What's the Best Way to Determine Your Home's Value?

Many homeowners believe that they have the strongest insight into the value of their home; after all, only they understand all of the blood, sweat, and tears (and money) that have been put into countless maintenance and improvement projects over the years! Other people are certain that computer-generated automated valuation models (AVMs), with their access to millions of data points from the overall market, comparable properties, and buyer tendencies, can give estimates that no human can match. So which side is actually better at valuing a home, the owner or the AVM? As it turns out, there isn't really much of a difference between the two options, partially because neither is very good at the job!

Median Down Payment Percentage Reaches 15-Year High

The amount of money that buyers are paying up front on their mortgages is way up, but still might not be as high as you think. Although many people believe in the myth of the 20% down payment, the typical buyer actually puts down far less; in fact, even though the median down payment percentage reached a nearly 15-year high last quarter, it was still just 7.6% of the median sales price! Keep reading to learn more about the changing trends in home financing.

Home Prices Reached a New Record High in May

Have home prices have seemed particularly high to you lately? Don't worry, you aren't imagining things. In fact, existing-home prices surged to a new record high in May, hitting a median of $264,800! As always, the culprit for these rising prices is a severe lack of inventory. If you were thinking of selling, this summer is the time to do it!

Sell in May or June for the Highest Price Premiums

It's a question that's front and center in every home seller's mind: when should I sell? As I've shown before, timing market conditions is not easy and should not be your primary concern when answering this question. However, all else being equal, there are some strong indicators that certain specific times of the year are better when it comes to selling. In fact, you might want to get your home on the market as soon as possible, because a recent study showed that May was the month with the highest average premium on home sale prices!