Found 3 blog entries tagged as closing costs.

Realtor.com explains, "Depositing earnest money is an important part of the home-buying process. It tells the real estate seller you’re in earnest as a buyer, and it helps fund your down payment.

However, the earnest money check is different than the downpayment. It is typically cashed and held in a title company trust account, or in the broker’s escrow company account. You get a receipt from your brokerage when you hand in the earnest money.

Without the requirement of earnest money, a real estate buyer could make offers on many homes, essentially taking them off the market until they decided which one they liked best. Sellers rarely accept offers without the buyers putting down earnest money to show that they are serious and are making the…

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Realtor.com reports, "New-home sales surged last month, as buyers increasingly turned to fresh construction in a housing market plagued by few homes for sale.

Sales of new single-family houses jumped 8.8% in March from the prior month, to a seasonally adjusted annual rate of 693,000, the U.S. Census Bureau and Department of Housing and Urban Development jointly reported on Tuesday. March sales were up 8.3% from one year ago and were at their highest levels since last September.

The median sales price of new homes was $430,700 in March. That was good news for buyers as the price was down 1.8% from one year ago. This is a result of homebuilders increasingly pivoting to smaller and more affordable homes to appeal to buyers pinched by high mortgage…

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In August, 31% of the nation's homes available for sale were new construction. That's more than twice the historical average, which falls in the 12% to 14% range, according to the National Association of Home Builders, underscoring how little inventory is on the market. BYRON E. SMALL

Austin Business Journal writes, "homebuilders continue to see sales momentum — despite surging mortgage rates and persistent affordability challenges — in part because they're pulling out the stops to lure buyers and ensure deals cross the finish line.

While a growing share of buyers have been locked out of the housing market because of rising mortgage rates, persistent home-price appreciation and a lack of existing-home inventory, the current environment also is creating some tailwinds for builders that can offer more competitive financing.

Housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to the Department of Housing and Urban Development and U.S. Census Bureau data.

In fact, 31%…

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