By CHUCK GREEN
They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership.
According to a recent survey by JW Surety Bonds, nearly 15% of Americans have co-purchased a home with a person other than their romantic partner and another 48% would consider it.
Just over a quarter (26%) of the individuals who co-purchased a home with a non-romantic partner said they bought it with a friend.
Not surprisingly, young people are the most likely to consider this option. Gen Z would be the most willing to co-buy with a friend at 70%, with one in four Zoomers saying they believe co-buying a home can strengthen relationships.…
By KIMBERLEY HAAS
The CEO of Rocket Companies says they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.
Varun Krishna spoke during an earnings call Thursday after leaders at Rocket reported that their total net revenue for 2023 was $3.8 billion. In comparison, total net revenue was reported at $5.8 billion for 2022.
Krishna started his comments by saying they delivered strong fourth-quarter and full-year results despite market challenges as the industry faced persistent strains in affordability and inventory.
He pointed out that their purchase market share grew by 14% and their refinance market share grew by 10%.
Krishna said by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With…
Having a team of motivated mortgage professionals has helped Agave Home Loans grow since it was founded at the beginning of 2020.
Co-owners Marshall Gottlieb and Douglas Wang conducted business that year from two bedrooms at Wang’s house during a time when the Covid pandemic disrupted the traditional work from an office model. They had a list for cold calls and if they connected with a potential client on the phone, they would have to sprint to a quiet place to talk to them.
Today, Agave has 70 team members and was listed as a 2023 top performing partner for wholesale and correspondent lending by Rocket Pro TPO.
Gottlieb recently sat down with Editor Kimberley Haas to talk about their…
By ERIN FLYNN JAY
Compared to homeowners, renters feel bad about their finances, but in most of the country renting is the more affordable option right now.
A recent Axios Vibes survey by The Harris Poll shows that homeowners are nearly twice as likely to say they are getting ahead financially when compared to renters. 57% of renters and 29% of homeowners described their financial situation as “poor.”
According to Emily Peck, a markets correspondent at Axios, part of the problem is that the median asking rent in the U.S. is up 40% from the first quarter of 2020. With average hourly earnings rising only 20% during the same time period, wages did not keep up with costs.
Homeowners were…
Older Americans are choosing to age in their current homes, driving average tenure up to more than a decade and keeping inventory tight for buyers.
The typical homeowner spent 11.9 years in their current home, nearly double the 6.5-year average of two decades ago, according to a new report from Redfin.
This isn’t the longest on record – tenure peaked at 13.4 years in 2020 and declined during the pandemic buying boom. But it remains high, especially at a moment when inventory is difficult to come by.
The report attributes the data to Baby Boomers remaining in their homes late in life. Nearly 40% of this demographic have lived in their home for at least 20 years. An additional 16%…
By ERIN FLYNN JAY
Gross profits and profit margins remained near record levels for sellers last year but they decreased for the first time since 2011 in what could be seen as a sign of a cooling housing market.
ATTOM released its Year-End 2023 U.S. Home Sales Report on Jan. 24, which shows that home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5% return on investment.
Compare that to 2022, when the gross profit on median-priced single-family homes was $122,600 and the profit margin was 59.8%.
This drop in profits happened as the median nationwide home price rose at the smallest annual pace in more than a decade, according to ATTOM.
So is this…
The senior vice president and chief marketing officer at Guild Mortgage has a message for loan officers: You are your brand.
Adam O’Daniel joined Guild Mortgage at the end of last year and has 15 years of experience in the mortgage and financial services industries. He has served in leadership roles at Open Mortgage and Movement Mortgage, where his high-performing marketing teams focused on brand storytelling, borrower education, social media, and innovation, according to a press release.
Terry Schmidt, CEO of Guild Mortgage, said in a statement that they are growing and are ready to connect with clients in new and innovative ways. Headquartered in San Diego, the company has more than 4,000 employees and over 250 retail branches in…
By KIMBERLEY HAAS
Home affordability continues to be problematic for American families. High prices, elevated mortgage rates, and a low supply of inventory have kept adults in their 20s and 30s off the housing ladder.
At the same time, homeowners with growing families are unable to move up that ladder into properties that would better accommodate their needs for the same reasons.
It’s an issue that touches all generations because older adults are worried about their children and grandchildren. They’re also aging but if their house is paid off, it often does not make financial sense to move, even if they no longer need three bedrooms on a regular basis.
But will the affordability of homes push people to vote…
By KIMBERLEY HAAS
This Valentine’s Day, if you are ready to get off the sidelines and into the housing market, you are likely not alone in your quest to find a place you love.
Potential buyers are coming out of the woodwork and touring homes, according to Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services from Redfin agents. And although that hasn’t translated into home sales yet, they expect this increase in tours to convert into an improvement in pending sales over the next few months.
Dana Anderson, a data journalist at Redfin, explained that more buyers are touring homes now because mortgage rates are holding steady at below 7% and some of these people…
Mortgage applications shot up last week, reversing a slip, as rates remain stable into February.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, countering the week prior’s 7.2% dip.
Adjusted purchase applications slipped by 1%, while the unadjusted index increased by 6% and was 19% lower YOY.
Rates actually rose slightly, clocking in at 6.8%, but have stayed in the mid-6% range since the beginning of 2024.
“Mortgage rates have stayed close to where they started the year, despite swings in Treasury yields because of slowing inflation offset by stronger than expected readings on the job market,” said Joel Kan, MBA’s Vice President and…
