WRKO>Audio & Video on Demand>>Jessica Lautz (Natl Association of Realtors, Home Buyer Profile)

Jessica Lautz (Natl Association of Realtors, Home Buyer Profile)

Jan 10, 2018|

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This segment of the financial exchanges brought two in part by the US Virgin Islands economic development authority. Hurricanes for a and Maria were devastating but the islands are already well on their way to recovery. If you're looking to start relocate or expand your business the US Virgin Islands is one of the most competitive business locations in the Caribbean. Take advantage of incredible tax incentives that are fully sanctioned by the US government for more information visit. US. EI EDA. Dot org that's US and the IE DA dot war. Joining us now on the line is Jessica lots from the National Association of Realtors and Jessica thank you coming along with us again. Just door talking about the other trends that we saw on 2017 as far as who was buying homes. How much they were spending and then really what they were what they were buying and how they how they came up to with the the money for those homes. What do we see as far as the median purchase price how much people spend on properties. Now that the bunny and white crypt art and knee and might be is it that the Indian market great but 230 I've outlined. That's not going to be your it buck says that many of the coastal markets. But is Betty and Mike here. Do you come out with regional data later on in the year. And meet cute on eight and mobile over ample actually. That the back is they're eaten a Colby. And we Expedia Ambac on watch that about what they're on our relief later on at. So looking at the people who bought the property last year the price was 235. How many people needed a mortgage in order to buy a property. But the vast majority of buyers in the market 80%. On the addict trailed off with eight L. And perhaps in Europe nearing your thinking about down by a thing I'm looking at your camera property only XE or her that's happened or and mortgage and app. And of the people who did have to take out a mortgage how much money are they typically putting down last year. Dole among all homebuyers they're typically putting down ten or I'm. But it is significantly different between outburst came home buyers and I repeat buyers. Our first time home buyers typically. Just had a median down even a 5% Ian candidate programs are out there. I want a repeat fired me up equity in their past having a document. Archer about it or eat. How do these numbers on financing compared to previous years are people borrowing more than borrowing more frequently what what's what what what what is the data show. Don't let that what do they entered in finding that I out of here is pat for first time home buyers. Eat down key men on. Last year. Back could actually mean the team not a money that because we use eat at home prices are increasing so rapidly. I'm for our beat keep buyers but actually Eddie working at a lot beer not a lot commitment fair comment has remained at did he and I would if not decade. Where people will get the the money for down payment typically do you have any data on that. We do that we actually have this huge laundry list of eight bit wary that perhaps get money for a down payment app about that league you eat pork. First time home buyer meetings but all that happy the bank and on the baton. I air the most common way it on the weak UERB. Keep iron at common to have a equity for the pact compact that also eating it while. And it and working acts. And you know people who needed a little bit of help to get those down payments that are people turning to friends and fairway often. They are and we cute Iannetta bird expert and homebuyers RED Eric at our loan from predator relative else. I'll mom and dad helping out but it that there. But also whether it went into it while. Ends and as far as the the financing process what do people have to say about that I noted gotten very difficult. Back in year 2010 to 2012 just in the immediate aftermath of the financial crisis what are people saying about it today. We have not number eat are a little bit on there's fewer people think that that the most difficult cop and a prospect. I am and many are actually thinking that mallet actually easier than any expected going and not prop that. I'm all when he first banner saying man out but many of them are saying it does not a typical or not more than expected elegant. Very good we'll just do we appreciate the time and thank you very much for joining us today. Just thought from the National Association of Realtors talking about the trends in home buying in 27 team. You know with dirty old hole you don't really worry about the market being to copy but if you're buying a house. You know it's funny here that the market's done nothing this housing markets that nothing but go straight up since 2011. Hasn't had a down year pricing. No since 2011. And yet if you had an open house in your town this Sunday even though the weather is terrible right. You'd apple line up of people looking to buy that house I mean that to me and it is just something. Check I don't remember that demanded being this high back in 2005 no maybe it's a function of supply. But boy it sure seems like there's a lot of people chasing very little inventory be it. It seems like a mean we're down below five months of inventory now and see if we continue to see inventory being very tight. Be in most markets here. It's be it it just continues to be a good time to be a seller right now and I think it's it's hard to believe the new or two or three months away from the spring season kicking off. I mean and it doesn't even wait I tell you what it'll be the sought Saturday after Sunday after the Super Bowl that is when it really started February the FB disparity. You get you know properties is coming on every week then pretty much the room while late may. And lest the weather's really bad. You know if you get up miserable February even that somebody might wait a week or two to lose their property. But you know a lot of times in February can be mild you know that that's what the hockey rinks are tough to maintain you talked anybody's got a hockey rink in the backyard. You get to February 15 pretty tough to keep the ice and yup yup so that's what I figured that real estate market starts to heat up.