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…
By CHUCK GREEN
While many Millennials and some Gen Zers have flown the coop, a number of them don’t have to save up their frequent flyer miles to get back home.
As it turns out, a hefty portion of both groups aren’t straying far.
In a survey of nearly 2,000 U.S. Millennials and Gen Zers to determine how close they live to their parents and why, LendingTree found that the majority of them are choosing to lay down a welcome mat of their own in their hometown.
57% of Millennials and Gen Zers have settled in their hometowns. 42% of those who never uprooted felt it was incumbent upon them to remain close to family, while convenience compelled 36% to…
By PATRICK LAVERY
Saying the economy has surprised even the experts since the start of the COVID-19 pandemic nearly four years ago, Federal Reserve Board Chairman Jerome Powell on Wednesday announced that the Fed would hold its ground for now and keep its policy interest rate unchanged at its current range of 5.25% to 5.5%.
“We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell said in prepared remarks following the first two-day Federal Open Market Committee meeting of 2024.
The decision by the FOMC was not unexpected, and…
By ERIN FLYNN JAY and KIMBERLEY HAAS
A recent report from Redfin shows that Baby Boomers with empty nests own double the amount of large homes compared to Millennials with kids. So what if Grandma and Grandpa moved into an accessory dwelling unit and the three generations lived together so everyone could have some space?
According to the report, Millennials with kids own 14% of the nation’s large homes, which are defined as having three or more bedrooms. Baby Boomers living by themselves or with one other person own 28% of these properties.
Partially to blame is affordability. 2023 was the least affordable year for homebuying on record, with median-priced homes costing about $410,000, according to Redfin. Additionally, 54% of…
United Wholesale Mortgage is suing Atlantic Trust Mortgage Corporation for submitting loans to Rocket Mortgage or Fairway Independent Mortgage, an alleged breach of its “All In” ultimatum.
Lawyers for UWM claim that Atlantic Trust submitted at least 71 mortgages to rivals Rocket or Fairway, causing about $355,000 in damages. If the company wanted to work with other lenders, they argue, it needed to submit written notice that it was terminating its business with UWM.
This is the second legal action by UWM regarding their ultimatum since December. A similar case was filed against Madison Atrina LLC, which operates as District Lending.
The ultimatum has been controversial since it was introduced by UWM CEO Mat Ishbia in March 2021.
“If you…
