Tag Archives: Homebuyers

Student loans are a heavy burden on young adults, and some may find it hard to buy a home with that weight hanging over them. A report from Lendedu attempted to ease this burden with a ranking of U.S. cities where student loan repayment is easiest. The New York Fed noted that student loan debt has begun to level off, though still remain at a high level. These new homeowners may find it easiest to buy a home in Mount Sterling, Illinois, which sits at the top of Lendedu’s list

According to new data, millennials are entering the housing market in droves. In February, the demo accounted for 86 percent of all closed loans, with most of those being conventional loans. Millennials also saw their time-to-close shorten for the month, reaching its fastest turnaround since March of last year.

According to a newly released working paper released by the Federal Housing Finance Agency, first-time buyers, as a whole, overpay on housing purchases—, particularly when compared with repeat buyers. Despite buying cheaper, smaller homes, they out-pay repeat buyers by more than 1 percent—and about $3,000—on the same properties. This is likely due to a higher willingness to pay, the paper stated.

The flipside of the sellers-market economy of 2017 is that sellers looking to buy a new home are running into the same problems as all other buyers. A new study by Redfin shows that two-thirds of sellers are worried about finding a new property once they sell. And low inventories are reeling from the increasing speed of sales.

As most Realtors know, helping a homeowner get their home in tip top condition before listing can significantly speed up a sale. In addition, consulting with buyers about their expectations and getting them pre-qualified for a loan will also expedite the process of house hunting.

Number of starts and completions increased in February, monthly and compared to last year. But permits dropped for the month.

Millennials and first-time home buyers are expected to continue buying homes regardless of a mortgage rate increase, according to real estate and title professionals.

The rising rent costs could mean now is a good time to buy a home in the U.S., especially in high-rent financial centers like New York and San Francisco, as high rents in these areas may cause some consumers to switch from renting to homeownership.

A recent borrower insight survey reveals that referrals remain the predominant method consumers use to select a mortgage lender and the different preferences in lenders among millennials, Gen Xers, and Baby Boomers.

Data from the Home Mortgage Disclosure Act shows that local lenders are the preferred lender in 60 percent of cases.