Inventory is doing best in cities with fewer mortgages and older homeowners, reinforcing the impact of high interest rates on the market.
That’s according to a new report from Zillow, which found that metros where more homes are owned outright are seeing the fastest growth in new listings.
Pittsburgh, Buffalo, and Cleveland have the highest share of homeowners free from rate lock-in.
Generationally, Baby Boomers are the most likely not to be impacted by mortgage rates when deciding to purchase a home. That’s compared to just 6% of Millennial homeowners.
More than 10 million homeowners are mortgage-free and could afford monthly payments if they decided to move today. This demographic skews older and tends to live in more affordable markets,…
The choice between renting and buying isn’t obvious in some American cities.
While most cities have clear-cut price advantages to either, some are in a sticky in-between where the benefits of renting or buying may come down to personal circumstances, according to a new study from Home Bay.
Home Bay analyzed the 50 most-populous metros based on their price-to-rent ratios. A ratio of 15 or lower means it’s better to buy, while 21 or higher means it’s better to rent. The national average is 18.
Pittsburgh, PA; New Orleans, LA; Chicago, IL; and Cleveland, OH, are the most affordable cities to buy a home in compared to their average rents, all with a ratio of 12.
For example, residents can…
The Chief Operating Officer at SingleSource Property Solutions said in a recent interview with The Mortgage Note that their mission is to protect neighborhoods. Ed Austin has been working in the mortgage industry for 25 years on the vendor management side. He has been COO of SingleSource in Pennsylvania for seven years. In August, the company celebrated its 20-year anniversary of the launch of home equity service offerings. The company’s second mortgage services are available in economical bundles and include valuations, title products, and online closings, according to a press release. Austin said in a statement that with their specialized home equity bundles, lenders are significantly reducing the amount of time and expenses associated with closing a second lien transaction.…
