Millennials Drive Condo Market, Home for Mom, Rates Improve.

Happy Mother’s Day to all the wonderful Mom’s out there. If you are still searching for the perfect gift Russell Wilson (Seahawks QB) has you covered.

House For Mom

The good news is you don’t need a $140M salary to buy mom a home. There is a loan program that allows you to purchase a home for Mom or Dad as a Primary Residence which means you can make a low down payment and receive a more favorable interest rate than you would on an investment property.

Rates – improved slightly as the 10 Year Us Treasury Note flirts with a previous low it hit in March. If it breaks below 2.35 we would be in a rate environment that we haven’t seen since 2017.

Millenials – currently 43% of condo purchase are first time homebuyers and Millenials ages 28-32 make up the biggest chunk of that market. The largest cohort of the US population is aged 25-27 and over the next 4 years will continue to drive demand for affordable condos.

Confident Builders

New Construction – The Housing Market Index-put out by the National Association of Home Builders – shows that builders are very confident. This is the highest level recorded in the previous 7 months. All regions experienced a month-over-month increase in builder confidence.

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