Renters Need to Brace Themselves

Rent Surge Expected into 2015: Apartment rent is expected to continue to outpace inflation next year. It’s a landlord’s market, which means strong demand continues to give landlords justification to hike rents. Rent growth will likely reach 3.9 percent in 2015, only a slight dip from 4 percent this year, according to a recent forecast released by the National Association of REALTORS®. For at least two more years, vacancy rates for rental apartments are expected to remain low. “Low housing inventory and the sizable demand for rentals will continue to spur multifamily construction as well as keep rents rising above inflation through next year,” says Lawrence Yun, NAR’s chief economist, read more.

Owners Allowed to Purchase Homes Back

Foreclosed Home Owners Allowed to Purchase Homes Back
The Federal Housing Finance Agency announced a new policy that will permit some foreclosed home owners to purchase the homes back that they once had lost at fair market value. To regain ownership, the ex-owners must be able to pay the full current value of the property, and they still must wait at least three years after their foreclosure to regain ownership, which is required to purchase any home using a Freddie Mac or Fannie Mae–guaranteed loan following a foreclosure. The new policy applies only to buyers’ former primary residence. Second homes and investor properties are not eligible. See more at U.S. Home Price Appreciation and Distressed Sales.

Loan Limits Will Rise in 2015

 Where Loan Limits Will Rise in 2015
For mortgages acquired by Fannie Mae and Freddie Mac, the conforming loan limit for a single-family home will remain at $417,000 next year for the majority of the country. In 46 counties, however, jumbo loan limits will rise, reflecting that these areas have seen home values rise by some of the largest amounts in the past year, says the Federal Housing Financing Agency. The loan limits are calculated each year under the Housing and Economic Recovery Act of 2008, which sets a maximum loan limit based on median home values. And the number of home sales to investors rose in October, but a closer look at many markets shows a different investor picture forming, Investor Profile Starting to Shift.

More Efficient Home This Thanksgiving

Happy Thanksgiving
More Efficient Home This Thanksgiving:  Want something to be thankful for? Check out these tips that’ll make your Thanksgiving kitchen clean up faster and easier — and will give you more time to enjoy family and friends. The Pilgrims were on to something when they planned a Thanksgiving potluck; here are other good ideas that’ll simplify your T-Day kitchen cleanup. And don't forget to come and Ski Utahs Greatest Snow on Earth,

Housing Cost Burdens Fell

Cost Burdens Continue to Strain Renters
Housing cost burdens fell for the third consecutive year, according to the U.S. Census' 2013 American Community Survey. Last year, 39.6 million households spent more than 30 percent of their income on housing, which is a decrease from 40.9 million in 2012 and down from the peak of 42.7 million in 2010. However, housing cost burdens are mostly dropping among home owners, while they continue to strain renters, according to a recent analysis. In 2013, 26 percent of home owners were considered burdened by household expenses (i.e.: spending more than 30 percent of their income on housing), compared to half of all renters at 49 percent. Learn the top 10 reasons renters keep renting.

Spread the Word: Mortgage Rates Below 4%

Gauge Heat of the Market and Mortgage Rates Hit 3.99
Spread the Word: Mortgage Rates Below 4%: Fixed-rate mortgages fell back near yearly lows again this week, lowering borrowing costs for home buyers and refinancers. 5 Latest Stats: “Buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory, and stabilizing price growth,” says Lawrence Yun, NAR’s chief economist. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.” “If you are planning to buy a home in the next year, it’s better to do it sooner rather than later,” Frank Nothaft, Freddie Mac’s chief economist, said in the video commentary embedded here.

November Is The Best Month To Sell Your Home

Why November Is The Best Month To Sell Your Home
Home owners may be doubtful that the months of November and December will bring about a home sale. After all, aren’t potential buyers sidetracked with the holidays and likelier to postpone their house hunt due to bad weather and shorter days? But sometimes the “off-peak” time to sell can actually be the perfect moment for sellers. On average, homes listed in November and December are more likely to sell, sell more quickly, and more closely approach the asking price.A 2011 study conducted found that real estate professionals advise their sellers to list a home during the holidays because they believe it’s an opportune time to sell. The real estate professionals surveyed said that more serious buyers emerge during the holidays, and say less competition from other properties makes it an ideal time to sell, read more.