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…
By ERIN FLYNN JAY
Though it has existed since the early 1900s, the rent-to-own concept has gained popularity again and for people who want to buy a home but lack the funds, it can be an alternative route to homeownership despite the costs and risks.
Ritika Asrani, founder and head broker at St Maarten Real Estate, said with tightening lending standards many potential homebuyers are turning to rent-to-own as a way to overcome credit hurdles. She said it offers them a pathway to homeownership without the immediate need for perfect credit.
And while traditional renters typically do not build equity, rent-to-own tenants often accumulate a portion of their monthly payments as equity, which can be used toward the purchase.
What…
By ERIN FLYNN JAY
Buyers who are sensitive to high mortgage rates have developed an interest in assumable mortgages, betting they are the ticket to avoiding excessive costs, but are they worth the hype?
An assumable mortgage lets a homebuyer take over the seller’s existing mortgage, including its terms and interest rate. It’s like adopting a well-behaved financial pet instead of getting a new, potentially unruly one, said Ritika Asrani, founder and head broker at St Maarten Real Estate.
“While you can’t literally time travel to snag a rate from a decade ago, assumable mortgages allow you to benefit from historically low rates,” said Asrani. “If the seller locked in a killer rate back then, and rates have risen since,…
