Knowing What to Know about Timing a Mortgage
Posted October 21, 2018 in Real Estate Trends
According to the most recent Fannie Mae Economic & Strategic Research Group report, 87% of millennials, who are the biggest group of potential home buyers; are delaying home buying. The reason for the delay is obstacles to buying. This is an important consideration for those planning to buy and possibly for those planning to sell in the future. Why?
For those looking to buy, the best thing you can do in my opinion is to begin the “start” early. Meet with your lender; and find a lender, if you don’t have one. Then, start talking. You can’t know until you get up to speed on the current mortgage rules or even prepare for the future unless you know what’s coming down the pike. Your lender can give insight and help you offset those obstacles before they happen.
For those thinking about selling in the future, you should anticipate that by the year 2026 or eight years from now, that somewhere between 13.1 and 14.6 million Americans age 65 or older are expected to exit the housing market. This is anticipated as well in Fannie Mae’s report. How will you structure a sale to entice someone in a buyer’s market to buy your home? How will you work with someone who is meeting obstacles to obtaining a mortgage?
There are some new ideas for builders too that are becoming available to market to the baby boomer population that offer a different scenario in obtaining housing that fits their active and gently aging lifestyles. Condos are now coming online outside of the United States that offer a onetime lease payment for lifetime living. These units offer fitness studios, heated indoor pools and concierge services. Non-slip floors, emergency-call buttons and optional housekeeping and laundry service are just a few of the amenities. Some of the units in cities like Singapore do not have a minimum age requirement.
Peace of mind is always great to have. Know what to know. Spend a little time talking about the future and what kind of home living is right for you.
Want to know more? Email me at MPattullo@PeakMtg.com
We lend where we live,
Mortgage Advisor • MLO# 229675 • Peakmtgnw.com