The average purchase loan origination amount increased to an all-time high in the second quarter of 2017, coming in at $286K. Borrowers with a credit score of 720 or higher accounted for 74% of all purchase loans in the quarter.
As for millennial borrowers….they may have closed more refinance loans in July than the month prior but purchase loans made up 89% of the month’s transactions. It’s a strong purchase market.
We’ve been hearing millennials make up the largest percentage of homebuyers but the minority population is expected to be the driving force behind the housing market, with Latinos expected to make up half of all new homebuyers in the next twenty years. Why? The majority of Latinos want to be homeowners.
The CoreLogic House Price Index report for July came in strong and healthy, with Home Prices rising 0.9% in July and up 6.7% from July 2016.
Last week, Fed members highlighted their hesitations with further rate hikes this year. Fed Governor Brainard and Fed President Kashkari both commented on rate hikes potentially harming the economy. However, these two members are noted for being dovish and very off base. Still, with the natural disasters happening in the south, it’s becoming more unlikely another rate hike will occur this year…as if the Fed needs another excuse to hit pause.
Someone who has taken action: President Trump signed the authorization to extend the National Flood Insurance Program on Friday. Originally set to expire at the end of this month, it’s now extended until December 8th and allows $15 billion in emergency funding for Hurricane Harvey victims.
Staged homes sell faster but what if you can’t or don’t want to spend the money? Well here’s our top 3 cheap choices to help declutter:
- Use only one color in a room. The continuous color scheme can make it appear larger and homier.
- Let in the light—all of the light. Again, the space will appear larger. Remove the heavy curtain and replace the bulbs with the highest possible wattage.
- Lose the rugs and artwork. It adds to displacement and clutter. When space is open and continuous, it appears larger.
Obviously, it’s all about size when selling the home.