Boomers Anxious About Housing Affordability

The road to retirement is supposed to lead toward a more relaxed, enriched phase of life. But these days, it seems to be fraught with anxiety.

According to a survey of 1,000 Americans aged 55+ from The NHP Foundation, a not-for-profit provider of affordable housing, 30 percent of Americans experience anxiety at least once a month about being able to afford where they live, with 42 percent of retirees reporting such anxiety at least once daily. The greatest anxiety comes from being able to afford “desirable retirement living.”

Sixty-four percent of boomer parents also experience anxiety over their adult children’s ability to afford their rent or mortgage, with 43 percent most concerned about the next generation’s ability to save for retirement.
 
If housing affordability is a concern for you or your loved ones, here are some tips from IMB Bank to ease the burden:

  • Consider becoming a “rentvestor”; purchase a home in a more affordable location as an investment and rent a smaller place for yourself in your ideal location.
  • Consider buying an apartment. Not only will this most likely be more affordable, it may allow you to live in the area you most desire.
  • Consider buying a home with another family member or close friend, or converting part of your existing home into rental space.
  • Consider a fixer-upper and plan to affordably space out remodeling projects over time. 

By rethinking your approach to housing, not only will you uncover ways to make your living situation more affordable, but you will also gain a much-needed level of peace of mind.
 
Contact me today for more tips to help ease the anxiety associated with housing affordability.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.

Reprinted with permission from RISMedia. ©2017. All rights reserved.


Report: Closing Window Tightens in February

The closing window for mortgage loans tightened in February, down to 46 days from 51 days in January, according to Ellie Mae's latest Origination Insight Report. The time to close a purchase loan was 45 days, while the time to close a refinance loan was 47. Closing rates ticked down roughly two points, to 70.6 percent.
 
All told, purchase loans grew to 57 percent in February—an increase from 53 percent in January—with the average FICO score at 686 for FHA purchase loans, 707 for VA purchase loans, and 752 for conventional purchase loans.
 
The average FICO score for FHA refinances, over the same period, was 649; the average score for VA refinances was 702; and the average score for conventional refinances was 728.
 
"The purchase market led the way in February, representing 57 percent of total closed loans," said Jonathan Corr, president and CEO of Ellie Mae, in a statement. "Along with the growing purchase market, we're seeing the time to close all loans decrease and FICO scores decline—trends that we will continue to watch in the coming months."
 
Source: Ellie Mae

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.

Reprinted with permission from RISMedia. ©2017. All rights reserved.