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Archive for April, 2008
WASHINGTON, D.C. - As they begin to enter the housing market, many consumers in their 20s are more likely to buy a home at a younger age than their older brothers and sisters as well as their baby boomer parents, and are not necessarily waiting for marriage or even a long-term relationship before becoming homeowners.“The next generation of homeowners is beginning to exert its influence on the housing market,” said Thomas M. Stevens, National Association of Realtors president from Vienna, Va., and senior vice president of NRT Inc. “Many younger buyers have seen the wealth-building effects of homeownership in their parents and understand the value of housing as a good long-term investment.”The motivations, interests, and home buying approach of some younger buyers are chronicled in “Tomorrow’s Buyers: Who They Are and What They Want” in the September 2006 issue of REALTOR Magazine. The report integrates NAR research with the experiences and attitudes of real-life buyers who represent different demographic populations, putting a human face on statistical trends.
The percentage of first-time homebuyers under age 25 has been increasing in response to historically low interest rates and continued confidence in the long-term housing market, from 11 percent in 2001 to 14 percent in 2005, according to the 2005 NAR Profile of Home Buyers and Sellers. “Owning a home is no more burdensome than renting, and in the long term, it’s the better investment,” said Kristen Carreira, a 26-year-old homeowner in Pittsburgh.
Carreira is also part of a trend in single female home buyers. While married couples are still the norm, they represent a smaller share of the home buying public than they did just 10 years ago, from 70 percent of home buyers in 1995 to 61 percent today, says NAR. During that same time, the proportion of single women buying homes has increased, from 14 percent in 1995 to 21 percent today.
Younger buyers are also likely to use technology and the Internet in their home buying search. In 2005, according to NAR research, the median age of buyers who used the Internet to search for homes was 11 years younger than those who did not, at 38 and 49, respectively.
“Realtors have adapted to meet the needs of this growing population of young home buyers,” said Stevens. “More than one-third of NAR’s 1.3 million Realtor members have had special training and lots of experience in buyer representation and technology. That expertise is reflected in special designations and certifications, such as the Accredited Buyer Representative (ABR) designation and e-PRO certification. A commitment to understanding the demands of this changing marketplace is just one more way Realtors add value to the real estate transaction.”
MTV Reality Show, The Paper, was pre-released in a sneak peak premiere on March 26th at Muvico Paradise 24 Theatre in 
Davie, FL. MTV spent over 5 months filming at Cypress Bay High School in Weston, Florida to create these 8 episodes. The show follows editors of The Circuit, the high school paper of Cypress Bay High School in Weston, Florida, as they produce a 32-page color issue every month, while balancing school work, family, and the typical drama of teenage life. It is continuously FCAT rated as an “A+” school. The Race Distribution is Asian: 4%, Black: 5%, Hispanic: 41%, Native American: 0%, and White/Other: 49%. Cypress Bay High School is located at 18600 Vista Park Blvd, Weston, FL 33332.
Here are a few advantages of the FHA Program:
1. FHA goes up to a 97.75% Loan To Value (LTV) with no Credit Score requirement.
2. FHA carries no pre-payment penalty.
3. FHA allows a true non occupant co-Borrower.
4. Mortgage Insurance rates are better with FHA than conventional, Fannie or Freddie rates.
5. FHA has lower Mortgage Insurance Premiums (MIP) than a conventional loan. MIP is like PMI - Private Mortgage in a conventional loan.
6. All Borrowers funds may be from a gift.
7. FHA allows up to a 6% Seller Concession at the highest Loan To Value (LTV).
8. There is no reserve requirements (a normal reserve is at least 2 months of PITI (Principal, Interest, Tax, and Insurance).
9. Borrower does not have to have a credit history.
10. Debt Ratios up to 45% are allowed. Compensating factors may be considered for a higher debt ratio.
11. FHA will allow you to do a 95% Loan To Value (LTV) cash out refinance.
If you’d like more information on financing options, please call Courtney Silverman 954-292-0743 or click here to get started on speaking with our Mortgage Consultant, Ana Wilbanks.