In some markets, home buyers are bringing down payments to the closing table that are larger than the 20 percent industry benchmark. For example, in San Jose, Calif., buyers are putting down an average 23.9 percent of the sale price of a home.Realtor.com® analyzed mortgage data to identify the average down payment in each of the 50 largest U.S. metros. The markets with the highest down payments tended to be in the areas where homes also cost the
Though consumers are optimistic about the economy and their own personal financial situations, more are expressing anxiety about their ability to buy a home, save for a down payment, and qualify for a mortgage, according to the National Association of REALTORS®’ Housing Opportunities and Market Experience (HOME) survey for the first quarter of 2018.The share of consumers who are confident about buying a home edged down to 68 percent in the l
iPro currently deals throughout the states of California, Texas, Florida and New York. We continue to strive and broaden opportunities for real estate professionals and consumers. Visit www.iprore.com for the latest information and links.Click here for information on becoming a salesperson.
Home buyers and sellers are making it to settlement at a faster rate. The average time to close on all loans dropped by two days in February to 42 days, according to Ellie Mae’s Origination Insight Report. Ellie Mae economists are calling the drop “significant.”For just purchase loans, the time to close dropped from 47 days to 45 days last month, according to the report.The drop in average closing times is mostly due to a decrease in the o
After last week’s first rate drop of the year, mortgage rates showed little change this week—a welcome sign for the week’s kickoff to the spring home shopping season.But home buyers and borrowers should expect several rate increases over the next few months, economists caution.“The Federal Reserve raised interest rates [this week]—a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen,”
More millennials are bypassing high-priced coastal markets in favor of the Rust Belt and Midwest, shows a new analysis by LendingTree, an online loan marketplace.The report shows that millennials in Pittsburgh, Des Moines, Iowa, and Buffalo, N.Y., are pursuing homeownership more than their counterparts in any of the nation’s 100 largest cities. LendingTree analyzed mortgage requests and offers of borrowers ages 35 years old and under between Fe
The Thomas Fires, the largest wildfire in California’s modern history, ignited late last year and blazed throughout Southern California for more than a month, leaving hundreds of homes and buildings in ash. Real estate professionals who lived near the affected areas have been quick to respond to families who are still struggling to rebuild.The magazine for the Ventura County Coastal Association of REALTORS® recently featured several stories of
Many homeowners and buyers in flood-prone areas will see higher flood insurance premiums starting April 1. The premium hikes, which are required by law, will be as little as 2 percent for some properties and as high as 24 percent for others. On average, the increase will be about 8 percent.“The National Flood Insurance Program requires premiums to rise on certain classes of properties over a period of years until they’re paying the full actua
iPro currently deals throughout the states of California, Texas, Florida and New York. We continue to strive and broaden opportunities for real estate professionals and consumers. Visit www.iprore.com for the latest information and links.Click here for information on becoming a salesperson.
Generation Z—the post-millennial generation—is already making a move into homeownership. This generation—which tops out at age 23—consists of those born in 1995 or later. Nearly 100,000 members of Gen Z have a mortgage, according to data from TransUnion, a credit agency. Their average loan balance is $140,000.Certainly, Gen Z’s homeownership presence is much smaller compared to older generations. In comparison, 12 million millennia
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