Wednesday, November 29, 2017
Wednesday, November 22, 2017
The struggle is real for millennial home buyers
Source: CNN Money
After years of many experts lamenting how millennials weren't interested in becoming homeowners, it turns out many are actually diving in. But they're facing a lot of competition. Millennials are the largest group of homebuyers, according to Ellie Mae, a software company that analyzes mortgage data. In January, millennials represented around 45 percent of all purchase loans, up from 42 percent the same month in 2016. And many expect more millennial house hunters to jump into the market this spring buying season. But their path to homeownership won't be easy. New buyers this spring will also be up against buyers who started looking last year, but still haven't bought a home. A shortage of available homes has driven up prices -- particularly among starter homes that tend to fall within first-time buyers' budgets. There were 3 percent fewer homes on the market in February compared to a year ago, according to a recent report from Zillow, and home values are up nearly 7 percent.
After years of many experts lamenting how millennials weren't interested in becoming homeowners, it turns out many are actually diving in. But they're facing a lot of competition. Millennials are the largest group of homebuyers, according to Ellie Mae, a software company that analyzes mortgage data. In January, millennials represented around 45 percent of all purchase loans, up from 42 percent the same month in 2016. And many expect more millennial house hunters to jump into the market this spring buying season. But their path to homeownership won't be easy. New buyers this spring will also be up against buyers who started looking last year, but still haven't bought a home. A shortage of available homes has driven up prices -- particularly among starter homes that tend to fall within first-time buyers' budgets. There were 3 percent fewer homes on the market in February compared to a year ago, according to a recent report from Zillow, and home values are up nearly 7 percent.
Wednesday, November 15, 2017
Hispanic homeownership rate rises for second straight year
Source: RIS Media
Hispanics are an overriding force in homeownership, flouting national figures as they establish owner households at a rising rate for the second straight year. According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, leading an against-the-trend charge in spite of a decreasing national rate. The Hispanic homeownership rate was 45.6 percent in 2015 and 45.4 percent in 2014. In addition, more than 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added—38 percent of all households formed. What drivers are compelling Hispanics toward homeownership? Owning a home, for one, remains a hallmark of their American Dream. The majority of Hispanics view homeownership as a viable investment vehicle for wealth-building, as well as ideal for child-rearing.
Hispanics are an overriding force in homeownership, flouting national figures as they establish owner households at a rising rate for the second straight year. According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, leading an against-the-trend charge in spite of a decreasing national rate. The Hispanic homeownership rate was 45.6 percent in 2015 and 45.4 percent in 2014. In addition, more than 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added—38 percent of all households formed. What drivers are compelling Hispanics toward homeownership? Owning a home, for one, remains a hallmark of their American Dream. The majority of Hispanics view homeownership as a viable investment vehicle for wealth-building, as well as ideal for child-rearing.
Wednesday, November 8, 2017
8 Questions to ask yourself when deciding to rent or buy
Source: Credit.com
If you're at the age when your peers are making major life moves — getting married, having kids and buying homes – you might be feeling it's time to join them. Or you may simply just be at that stage all on your own. Either way, plenty of young adults are starting to get the home-buying itch. While there are a lot of appealing benefits to homeownership, taking on that kind of debt is not without risk. The decision to rent vs. buy is one you should make carefully. If you're trying to figure out your next move, consider asking yourself such questions as, "What is my top financial priority?" "Do I have enough for down payment and closing costs?" "And, how long do I plan to live here?"
If you're at the age when your peers are making major life moves — getting married, having kids and buying homes – you might be feeling it's time to join them. Or you may simply just be at that stage all on your own. Either way, plenty of young adults are starting to get the home-buying itch. While there are a lot of appealing benefits to homeownership, taking on that kind of debt is not without risk. The decision to rent vs. buy is one you should make carefully. If you're trying to figure out your next move, consider asking yourself such questions as, "What is my top financial priority?" "Do I have enough for down payment and closing costs?" "And, how long do I plan to live here?"
Wednesday, November 1, 2017
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