07-19-2019

MARKET MOOD

It’s still a seller’s market according to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae. Fannie’s June data release showed that 67% of Americans think it’s a good time to sell a home, while 56% say it’s a good time to buy one. Still, 63% of respondents said they would buy a home instead of renting one if they were going to move. The overall HPSI dropped one-half percent between May and June, but still hovers near the survey’s all-time high.

PURCHASE PREPARATION

Renters planning to purchase a home are doing more looking than saving. In its latest Profile of Today’s Renter & Homeowner, Freddie Mac asked 403 renters, “Which of the following activities, if any, have you done in preparation for purchasing your next home?” The top three responses were “Looked at homes in person” at 30%, “Decided what neighborhood I want to live in,” also at 30% and “Saving/Saved for a down payment,” at 29%.

FAVORABLE FED?

Rates for a 30-year fixed rate mortgage stayed stable according to Freddie Mac’s Primary Mortgage Market Survey for the week ending July 11. Freddie analysts attribute last week’s lack of rate movement to “modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve.”

INSPECTION INTEL

Most homes need repairs according to a survey conducted by online consumer and contractor networking site porch.com. A whopping 86% of one thousand adults said their home inspection uncovered issues. The top three areas requiring repair were roofs at 20%, electrical at 18.7%, followed closely by windows at 18.4%. Ninety percent of Porch’s survey respondents said the home inspection led to an average savings of $14,000 off the seller’s listing price.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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