Michael Klacik's blog

Ohio Home Sales Are Steady

The Ohio Association of REALTORS® reports that Ohio home sales are steadily improving year-over-year, with ups and downs on a month-to-month basis.  When the warmer weather comes (please come soon!) we're hoping more sellers will put their homes on the market.  We've been dealing with low inventory for quite sometime now, and there are lots of would-be buyers just waiting for the right house for them.  

Read all about the annual stats on OAR's blog post.  A report that provides more local real estate statistics can be found here.  Note that our local area is included within the NEOHREX (Northeast Ohio Real Estate Exchange) area.

Good News! More Buyers Can Qualify To Buy A Home

A few months ago Fannie Mae, Freddie Mac and FHA made some changes to allow more people to qualify for home mortgages.  Fannie and Freddie approved 3% down-payment loans and eased up on credit requirements, and FHA reduced the private mortgage insurance premiums on it's low down-payment loans. 

Now some of the lenders are offering new loan programs based on these changes and are easing up on their own stringent credit score requirements.  This is good news, as it always takes some time for changes to get implemented and actually benefit the public.

Read more about these changes by reading the post from NAR's Daily News Magazine, or please call us anytime for guidance.  We're here to help.  Why Buyers May Find Mortgages Easier to GetGood news for potential home shoppers: Lender requirements regarding credit scores, down payments, and other key terms are finally loosening up.... [NAR Daily News]

What Comes First . . . The Wedding Or The House?

Home ownership may be worth putting off the wedding . . . at least for millennials.  

According to a survey of more than 2,000 adults conducted by Harris Poll, on behalf of Redfin, 38% of Americans aged 18-34 say they would, or have, delayed their wedding or honeymoon so they could afford to buy a home.  

With the average wedding cost hitting an all-time high of $29,858 last year, according to TheKnot.com, saving for a down payment may take precedence over saving for a wedding.

Read more about the survey at First Comes Love, Then Comes Mortgage.