The housing sector is still moving at an incredible pace, and very few homes stay listed for long before a new buyer swoops in.
The strong sellers' market has some people looking for interesting ways to close a deal, and that may lead to some desperate measures. A look at mortgage records has some concerned as rates continue to fluctuate.
A recent Trulia survey, conducted jointly with Harris Interactive, reported on just how far some potential home buyers were willing to go in order to buy a house.
More than 2,000 adults were questioned, and 66 percent said that aggressive real estate tactics were acceptable - methods that included bidding above asking, personal communications with the seller and getting rid of contingencies, among others, according to Trulia.
Financial strategies appeared to become less important, and the report stated that one in four were willing to even pay the seller's closing costs in addition to their own. The most popular tactic among those surveyed was a bid above the asking price, and 33 percent of the respondents felt that this was a realistic choice to close on a home. Only 5 percent would borrow money from family or friends to make a cash offer, Trulia noted.
Tactic choices were divided based on average income, though. Different salaries made certain aggressive tactics more desirable, and the younger the person surveyed the more likely they were to do whatever it takes to buy a home, according to Trulia.
Mortgage rates easing down after brief rise
Data released from Freddie Mac showed that financial regulators are concerned about a possible plateau in the housing market. To counter any concerns, rates have dipped following a slight increase over the past several weeks.
Currently, a 30-year fixed-rate mortgage averaged 4.31 percent, down slightly from the previous week's rate. In addition, a 15-year fixed-rate mortgage averaged 3.39 percent, while adjustable rate mortgages also declined on a weekly basis, according to Freddie Mac.
"Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008."
The Trulia survey found that these rates concerned potential home buyers the most. Despite currently trending down, the numbers are higher on a year-to-year basis. In total, 41 percent responded that mortgage rates was a problem, followed by rising prices at 37 percent, Trulia noted.