A key factor that often drives the sale of new homes versus existing ones tends to be cultural. Rather than being financially-driven or associated with location factors, many homebuyers will steer clear of existing homes where someone has passed away. The primary fear tends to be concerns about a leftover spiritual residual in the home that could affect the new homeowners. Despite the abundance of TV shows about ghost-chasers and similar, the stigma of a dead person’s home has been around for centuries and is still alive and well today.
Selecting the right home to purchase for a family is a monumental task, and this process can seem even more challenging for those with a large or growing family.
If you’re buying a home, you’ll want to try to get your mortgage processed as quickly as possible. Improperly filed mortgage applications are one of the biggest reasons why home sales get delayed, and if you have a hard move-out date already set, it’s critical that your mortgage process goes smoothly.
Last week’s economic reporting included readings from the National Association of Home Builders, data on sales of existing homes, and reports on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
A home mortgage payment can be a large or even the largest expense in a person’s budget, and not having this payment any longer can be a life changing experience.