What is a Contingent Offer? What it Means When Buying a Home
A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. These criteria, or types of contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.
Such contingencies are mainly put in place so that buyers can back out of a real estate sale sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.
Home inspection contingent offer
One of the most common contingencies for home buyers is the home inspection contingency....
FSBOs Usually Soar in a Hot Market. Not This Time
8 Things Every Home Inspection Checklist Should Include
Buying a new home can be a thrilling and terrifying adventure. During the process, you’ll need to address dozens of details regarding your new abode, including potential problems with the foundation, structure appliances, fixtures, electricity, plumbing, and more. But, thankfully, there’s a simple and effective solution to ensure your new dwelling doesn’t turn out to be a nightmare: getting a home inspection.
A critical component of the buying process, a home inspection is like a test drive for a new house. First, the potential owner should hire an experienced and qualified professional for the job; a smart place to search is the American Society of Home Inspectors, a not-for-profit association that establishes standards for property inspectors, identifying problems that the buyer may want to negotiate with...
Economists Have a Strange New Buzzword for the Housing Market That Will Shock Buyers and Sellers
The housing market has been called plenty of things this summer: red-hot, insane, brutal. But the latest word to describe the state of real estate today is almost shocking in its tepidness: balanced.
But what does a balanced housing market actually look like—and mean—for buyers and sellers?
In a nutshell, “balance” means that the raging seller’s market that’s dominated since the COVID-19 pandemic is slowly shifting—not into full ...
Home Prices Just Dipped - Does That Mean They're Poised to Plummet This Fall?
America’s Housing Market Just Hit a Speed Bump That Could Completely Change the Homebuying Game
How much of a difference does five days make? In today's fast-paced housing market where real estate listings get snapped up almost overnight, a whole lot.
Homes typically linger on the market just 34 days, so a five-day upswing is huge. Here's what this and other recent fluctuatuions mean, so that both homebuyers and sellers can stay on top of the dynamic world of real estate today.
Homes are sitting on the market
Last year's compressed home sale timelines are lengthening. For a third week in a row, homes are sitting on the market for a longer time than last year, and the gap has increased each week.
Indeed, previois weeks show time on the market inching up by one day for the week ending July 30, and by three days for the week ending August 6.
This new breather not only offers homebuyers...
What the Inflation Reduction Act Means for Homeowners - Big Takeaways That Could Affect Your Budget
One-third of homeowners are concerned about their homes are concerned about their homes being damaged by climate threats, yet many are still putting off critical home projects. More recently, this happens to be a result of high inflation rates that have driven up prices for residential home materials. These tax incentives help homeowners understand the types of home improvement tasks that support energy savings and environmentally sustainable homeownership.
Let’s dive deeper into the Inflation Reduction Act and see how homeowners can benefit from the rebates and tax credits that are included.
What the Inflation Reduction Act promises for homeowners
The act delivers savings on both large and small-ticket green home improvements.
The act is set to provide $1.6...
Mortgage Rates Rocket Back Above 5%, But Market Stabilizing
Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the average for the 30-year fixed-rate mortgage was 4.99%. However, rates may not go much higher.
Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.
The National Association of REALTORS®...
Mortgage Rates Dip Below 5%; Buyer Get 'A Second-Chance Opportunity'
After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. The 30-year fixed-rate mortgage fell to an average just below 5% for the week ending August 4th, Freddie Mac reports.
With rates dipping in recent days, mortgage applications are increasing for the first time in five weeks, the Mortgage Bankers Association reported this week. Applications for a home purchase increased 1% last week following weeks of declines as home buyers and refinancers got spooled by higher mortgage rates.
Mortgage rates have remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to naviagate the current economic...