U.S. Housing Market Continues the Move into ‘Buy Territory’!

US Housing Market Continues the Move into ‘Buy Territory’! | MyKCM

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.

The BH&J Index is a quarterly report that attempts to answer the question:

Is Your First Home Within Your Grasp?

[INFOGRAPHIC]

Is Your First Home Within Your Grasp? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • ‘Millennials’ are defined as 18-36 year olds according to the US Census Bureau.
  • According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.
    • More and more ‘Old Millennials’ (25-36 year olds) are realizing that homeownership is within their reach now!

Home Mortgages: Rates Up, Requirements Easing

The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.

Buying a Home With a “Veterans Affairs” Loan!

Veterans have a unique opportunity for home ownership. With a loan partially guaranteed by the Department of Veterans Affairs, eligible veterans can buy a home with $0 down. The VA isn’t a lender, it just promises to pay the lender up to 25% of the loan amount if the borrower defaults.