As the largest generation in the country, Millennials are taking the homeownership world by storm. According to RentCafe, the number of Millennials who own a home has significantly increased within the last five years. With 52% of Millennials owning a home, the generation is no longer a renter-majority demographic. Millennial homeownership reached 18.2 million in 2022, making Gen Y the second fastest-growing[...]
Following a year of rising costs and interest rates, the housing market is starting to make an upward turn. With housing prices stabilizing and average wages slowly rising, homeownership is slightly more affordable than renting in some of the largest cities in the United States. According to the first-quarter 2023 U.S. Home Affordability Report released by ATTOM, a leading curator of land,[...]
When it comes to renting and buying in today’s market, the average three-bedroom home can be monetarily draining for families across the nation. With home prices rising faster than wages and wages rising faster than rent prices within the greater Atlanta region, renting is the more financially beneficial choice when searching for a home this year. Rick Sharga, executive vice president[...]
In today’s rising rate environment, adjustable-rate mortgages (ARMs) are coming back. But these aren’t the ARMs your parents used in the early 2000s. Today’s offerings provide some added protection due to the lessons learned in the 2008 crash. Back then, about 30% of mortgages were made with adjustable rates. This means the loan started with an interest rate lower than the[...]
Over the years, politicians and housing activists have debated the merits of the mortgage interest deduction (MID), in terms of how it affects homeowners and the real estate market. As we approach tax day, now is a great time to review just what the MID is and how it impacts current and future Atlanta real estate residents. The MID provides for[...]
A new year means new homebuying opportunities, but with mortgage rates rising, what does this mean for 2022 homebuyers? According to Redfin, there will be a significant drop in affordable housing in the cities of Atlanta, Austin and Phoenix. The housing boom created in the wake of Coronavirus caused home prices to skyrocket and housing inventories to dramatically decrease. The Federal Reserve[...]
The housing market continues to show improvement not only in Atlanta but across the country. While record-low national housing inventory remains, the number of foreclosures reported across continues to decrease. ATTOM recently released the 2021 Year-End U.S. Foreclosure Market Report, detailing scheduled actions, default notices and bank repossessions recorded in the past year. Licensor of the nation’s top comprehensive data and[...]
It’s almost the start of a new year – the perfect time to make new resolutions or goals for your future! The new year is the best opportunity to get a fresh start by finding a brand-new home. It may seem like a big change, but it’s a great step toward achieving the lifestyle you’ve dreamt about. Not sure how to[...]
FHA Multifamiliy Housing Loan Limits FHA loan limits for multifamily housing in 2022 have increased. The Federal Housing Administration announced that the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $78 billion for each -- a combined total of $156 billion to support the multifamily market. The 2022 caps, which increased from $70 billion for each[...]
At MarketNsight's December 9, 2021 MarketWatch, David Godwin, Senior Vice President of Business Development for Bank South Mortgage was asked, "What is going to happen to interest rates in 2022?" His response was, Fannie Mae, Freddie Mac, the National Association of Realtors and the Georgia Bankers Association are all showing a slight uptick in mortgage rates for 2022. Godwin makes[...]