RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Millennials Maintain Homeownership Goals

September 25, 2014 1:31 am

A recent survey of younger Americans illustrates that the goal of homeownership remains an important part of the American Dream.

The economic future of Millennials is key to the future of housing demand. A record number of individuals aged 18 to 34 years are delaying household formation as a consequence of the Great Recession. We referred to this situation as the ‘Great Delay,’ as slow wage growth and rising student loan burdens have reduced attainment of traditional goals associated with the American Dream, including marriage and homeownership.

An important research question is whether these delays represent deferrals due to economic conditions or true changes in preferences and goals.

A recent survey from the Demand Institute provides new evidence. The study surveyed 1,000 18 to 29 year olds about current conditions and market preferences. The findings indicate that homeownership remains an important long-term goal.

Among the findings for Millennials:
  • Over the next 5 years, 8.3 million new Millennial households will form.
  • Seventy-four percent plan to move over the next five years, with the top reason being need for better housing.
  • Sixty-four percent expect to be married in five years and 55 percent expect to have kids.
  • Seventy-five percent believe homeownership is an important long-term goal and 73 percent believe ownership is an excellent investment.
  • Twenty-four percent currently own a home and another sixty percent plan to purchase.
  • Thirty-six percent expect their next home to be a multifamily rental, while another 36 percent expect it to be a single-family owner-occupied residence.
  • Forty-eight percent prefer their next home to be in the suburbs, while 38 percent want urban locations.
  • Eighty-eight percent own a car.
  • Student loans do delay homeownership (but college raises lifetime incomes).
  • Forty-four percent think it will be difficult to qualify for a mortgage.
Source: NAHB

Published with permission from RISMedia.


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Protect Your Mortgage Data from Hackers

September 25, 2014 1:31 am

Because they’re part of the financial industry, mortgage lending sites have the benefit of regulation that extends to online cyber security. Though mortgage websites are more secure than others, homeowners must still take steps to ensure their mortgage documents remain inaccessible to hackers. Research a lender thoroughly before handing over any personal information, and confirm that their website is secure by considering these qualifications.
1. Is the site securely connected? The best indicator of a secure connection is the ‘https’ URL and lock symbol beside it. If a pop-up warning arises, don’t ignore it.

2. Does the site require a password? Make sure the password prompt requires a strong code with combinations of upper and lowercase letters, numbers and symbols.

3. Does the site offer an alternative message form? Seek out another form of communicating with your lender other than email.

4. Has the lender informed you of their security measures? If not, ask. You will be able to gauge whether or not security is a priority for them by their response.
Once you’ve evaluated a website for security clearance, continue to view credit reports throughout the year to find evidence of identity theft, especially if you have a new mortgage. Be aware that while some information will be public record (address, purchase price, etc.), sensitive data such as a Social Security number and tax returns should always remain between you and the lender.

Source: Bankrate

Published with permission from RISMedia.


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