Ever tried to build a fire and it got a little out of hand? Sure, you have. As we exit the heat of summer and prepare for the slowly coming Fall season, you can be sure to continue the quiet nights in front of the fire as the falling leaves grace your presence with peace and the warm colors of Autumn as we see the real estate market seem to make its gradual climb into prosperity, particularly for one aspect of the mortgage loan industry of 2015 –
Fannie Mae – Looks Like Things Are Looking Up for Mortgage Rates
In particular, it’s been reported that the mortgage delinquency rate saw a decline in July from 1.66% to 1.63%. And that’s not even the most impressive metric so far for this real estate market. Fannie Mae’s feelin’ it as this is the lowest level for mortgage delinquency since – wait for it – 2008!
However, It’ll Be a While Before Fannie Mae Sees the Fire Go Out Completely
It’s still good news that Fannie Mae’s mortgage delinquency rate’s going down, but here’s the thing: the “norm” for the mortgage delinquency rate is traditionally under 1%. So Fannie Mae’s getting there, albeit a bit slower and more gradual. The statistics and predictions show that by 2017 Fannie Mae’s delinquency rate will hit the under-1% mark.
So keep fanning away, Fannie Mae. You’ll get there.
It’s hard to believe, but it’s true: millennials in our real estate demographic for home buying have already been putting their stamp in the market share, which is a good thing for the industry. We’re not going to see a real estate explosion quite yet, though, given the record low numbers of mortgage applications among millennials (and a consistent high growth for home renting) due to lack of job growth, student loan debt, and a later timeline for marriage and new families.
But It’s Coming. Some Say the Millennial Generation’s Already Here for Real Estate Home Buying
What you need to know, though, is what exactly they’ll be looking for in terms of a home…. Keep that in mind. Because of the inventory of available houses aren’t there; those millennials aching for a home to buy, well, won’t buy – which is bad for real estate business.
Here’s what millennials will want in a home (and you certainly won’t need any Gray’s Sports Almanac to figure this one out):
They’ll Want to Focus on LESS – Less, as in less ‘possessions’. What does that mean, exactly? Find out right here.
They’ll Want a “Hip” Community – But why? Why does it matter if the neighborhood’s all about fun and games for everyone? Here’s why.
We’ve Got You, However, on This Real Estate Market
Preparation. That’s what it’s all about. Whether it’s home staging or a real estate agent who can access all the available homes, RTO or not, with all the correct features millennials are going to want. Because when they buy, people sell. Home improvements, renovations, maybe even new construction – the new millennial generation may drive this focus in.