Morning Briefing: Millennials buy bigger in the ‘burbs

by Steve Randall02 Mar 2017
Millennials buy bigger in the ‘burbs
Almost half of young American home buyers are opting to live in suburbs compared to 33 per cent choosing an urban lifestyle and 20 per cent living in rural areas.

Research from Zillow shows that millennials made up 42 per cent of homebuyers in 2016, making them the single largest generational group, and most of them were first time buyers.

They are also loyal to their city with 64 per cent remaining in the same city when they move; just 7 per cent moved state in 2016.

Starter homes are less attractive for today’s young buyers; they want similar homes to those that older generations buy and will pay a median $217,000 for a 1,800 square foot house.

"Millennials have delayed home buying more than earlier generations, but don't underestimate their impact on the housing market now that they're buying," said Jeremy Wacksman, Zillow Group chief marketing officer. "As members of this huge generation start moving into the next stage of life, expect the homeownership rate to tick up and suburbs to change to suit their urban tastes.”

Property auction expansion for MSI
National property management firm Mortgage Specialists International Inc. (MSI) has acquired a majority stake in property auction business Williams, Williams & McKissick.

The deal includes Williams & Williams Auctioneers and AuctionNetwork.com and expands the range of real estate services offered to MSI clients which already includes property inspection and REO asset management.

"We've expanded our services now to include auction sales for all types of real estate – commercial, residential, luxury, farms & ranches, specialty government and bank-owned," said Jim Shivers, CEO of Mortgage Specialists International.

Property tax estimation just got easier
Data firm CoreLogic has launched a new tool to estimate property taxes across the US, to improve the accuracy of loan estimates.

“The tax estimating process is critical to several stages of the mortgage cycle: disclosures, underwriting and servicing. Accurate tax estimates help deliver the right blend of quality, performance and efficiency required for optimizing the borrower experience while minimizing compliance risk,” said Kirk Randlett, vice president, Tax Service Operations at CoreLogic.

The new tool Property Tax Estimator is an automated solution which the firm says is particularly effective in estimating taxes for new construction loans and in areas of the country that have caps on annual increases for existing homeowners.

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?