Why It’s So Hard for Millennials to Find a Place to Live and Work
Source: The Atlantic
Young people looking to launch their careers often are forced to choose between a place with affordable housing but little upward mobility versus a region with strong upward mobility and scarce affordable housing. The Atlantic notes that “When good jobs for the middle class and affordable homes are living in different cities, it represents a slow-motion splintering of the American Dream.” It presents a problem for the livelihood of Americans that affordable homes cluster in the cities with lower wages and less upwardly mobile families.
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Silicon Valley Real Estate Median Price Continues to Rise
In all reported counties – Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz – we are seeing the story play out in the prices.
Year-over-year sales of single family homes show some of the highest median prices of the year. San Mateo leads the climb with a 16% increase over last year, followed closely by Santa Clara up 13%, Monterey up 12%, Santa Cruz up 11% and San Benito up 5%.
Total dollars sold for single family homes are also up. With the sale of a $31M+ home in Monterey, the county saw an increase in total dollars of more than 75% over October 2013. Santa Cruz has the next highest jump at a 16%, followed by Santa Clara up 9%, San Benito up 7% and San Mateo up only 2%.
To view all the latest market info for your area please click on the link below.
Help for Homebuyers who don’t conform to the current lending climate.
Due to the impact of federal rule changes, it can be difficult for potential homeowners to qualify for a
mortgage if they don’t conform to all the underwriting mandates on credit, income, debt-to-income ratio
and other criteria. To service these buyers, a new segment of the mortgage market has begun taking
shape: “non-Qualified Mortgage” or non-QM lending. Interest rates are typically higher.
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6 things home buyers should avoid doing once they are preapproved for a mortgage
Source: Inman News
In order to keep your loan closing as smooth and hassle-free as possible, there are some simple steps to follow so there are no surprises while waiting for final approval. It’s important to remember that obtaining a home loan is a very interactive process, so avoid common pitfalls, like changing bank accounts or applying for new credit.
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