The difference between an appraiser’s value estimate and a homeowner’s expectations has narrowed as owners come to accept a slower rate of home-price growth, according to the latest Quicken Loans Home Price Perceptions Index.
"Purchase activity strengthened in May, with new home mortgage applications and our estimate of new home sales both showing increases compared to a year ago, at 20 percent and 15 percent, respectively," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting.
U.S. mortgage applications for new home purchases increased 20.1 percent compared from a year ago. Compared to April 2019, applications increased by 0.1 percent. This change does not include any adjustment for typical seasonal patterns.
"Renters with children also experience troubles, as Zillow reports they fill out 1.9 times as many applications than renters without kids at home, and it takes them a month longer to find a home." The good news is, if you are working with the right professionals they can help you through the process on a timeline that works for you.
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