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Real Estate Investing Update
Mike about Money | Make Money with Real Estate
May 22 - Orlando, FL - The spring housing market is in full-swing, and REALTOR ®Dana Bull, an expert in Millennial and first-time buyers, who serves the Boston Real Estate market, provided some insight into the current Real Estate market nationwide and where the market is headed.
Single Female Buyers on the Rise
A recent study by the National Association of Realtors demonstrated that single women are buying 2x as many homes as single men--outpaced only by married couples. Single women made up 18% of all buyers and they tend to buy more expensive homes than their male counterparts.
College Graduates Having Trouble Getting Out of the House
Zillow recently released statistics showing that even though college grads are earning more than ever, they are still living at home. About 28% of 20-something college grads have parents who are also roommates.
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The First-Time Buyer Market Remains Competitive
According to data from Genworth Mortgage Institute, first-time buyers bought 40% of all single family homes in Q3 of 2017. While the repeat buyer market remains stagnant, the first-time buyer market continues to grow despite insufficient supply and accelerating home prices.
We reported last week that the average Mortgage loan interest rate for a single family home had risen to 4.66%, the highest in five years and an indicator that the cost of financing home purchases is expected to continue to increase. The average price of a home in the U.S., according to U.S. Bureau of the Census and U.S. Department of Housing and Urban Development, and reported by the Federal Reserve, is at a fifty year high of $374,700.
Meanwhile, Attom Data Solutions reported U.S. Foreclosure Activity Decreased 19 Percent in Q1 2018 to stay below Pre-Recession levels for sixth consecutive quarter.