If a buyer wants to buy a home, they are going to buy a home. Rising home prices or very moderately increased mortgage rates can’t hold them back. Millennials are hitting the market and the first-time homebuyers refuse to be put out. In the face of tight inventory and an average student loan debt of $29K, the average first-time homebuyer is 32 years old with a household income of $75K, and typically putting down only 5%. Owosso, Michigan was one of the more popular metro areas millennials are purchasing homes.
- Ongoing inventory shortage.
- Home prices will grow 4.1%.
- Builders will “finally” respond to the inventory crisis by building more entry-level homes.
It’ll be interesting to see if builders build such homes for sale or for rent next year if this prediction rings true.
Calling all loan officers! The recent J.D. Power’s Primary Mortgage Origination Satisfaction Study showed top factors influencing a borrower’s trust in the lender were:
- Loan officers returning calls when promised.
- Ability to work with same loan officer throughout process.
- Lenders taking the initiative and being proactive in updating the borrower.
Good to know we’re ahead of the game here–More Personal Attention isn’t just a tagline, it’s a trend at Hall Financial.
For 11 million households in America, 50% of their income is going to rent.
Mortgage Applications for last week were up 3.1% overall with refinances posting a 6% increase. As for purchase applications, those are up 17% from a year ago.
CFPB Director Richard Cordray is leaving on his own terms, telling the bureau he plans to step down before the end of November.