Here's this week's roundup of news and resources, just for you.
Quick takeaways:
Interest rates are down, but so are new mortgage applications.
More Americans consider self-employment.
Eco-friendly home features rise in popularity.
Millions expected to move in 2021 as pandemic eases.
Baby boomer friend groups buying homes near each other.
Read on for our coverage.
Applications, Interest Rates Fall
Mortgage applications fell for three consecutive weeks, according to data from the Mortgage Bankers Association. Historically low housing supply and high home prices are spurring this lull in buying. Mortgage interest rates, however, unexpectedly fell this week for the first time since February. 1
Self-Employed Buyers
Some 92% of Americans polled said now is a good time to consider self-employment. About 57% would take a gig job while between jobs; 52% would like a long-term contract with flexible hours. The survey indicates more homebuyers may use self-employed income to qualify for all or part of their mortgage. Our loan officers are ready to help homebuyers get clarity about the mortgage process for their situation. 2
Eco-friendly Features Growing Popular
Thirty-two percent of realtors helped buy or sell homes with green or eco-friendly features in the past 12 months, according to the National Association of Realtors. Sixty-five percent of realtors said promoting energy efficiency in listings was valuable. More than a third of respondents - 36% - reported that their multiple listing service had green data fields. Over half said clients were interested in sustainability. 3
Millions to Enter Housing Market
Millions of Americans will look to move in 2021 as the pandemic lifts and the economy grows, according to a recent survey from Zillow. Thanks to remote work, many will move from the biggest cities to "secondary" cities, largely in the Sun Belt. About 60% of those who have already made a move report positive outcomes, including larger but less expensive homes and new experiences. 4
Boomers Buying Homes Near Friends
More baby boomers are buying retirement homes in the same housing developments as their friend group. This practice gives them a built-in social network, especially if they're moving to a new city. Increasingly, these seniors look for a place with great amenities or lower taxes and then coordinate a move with friends from all over. 5
Have any questions? Reach out to us. We are your home loan experts and are up to date with all the market industry information. kevnik@kevnikmortgage.com
Sources: 1 mba.org; 2 insurancejournal.com; 3 nar.realtor; 4 housingwire.com; 5 magazine.realtor.com
