Dec 14

Younger Buyers Move Closer to Middle America

Younger Buyers Move Closer to Middle America

 

Younger Buyers Move Closer to Middle America

Younger Buyers Move Closer to Middle America

Millennials in search of affordable housing are moving inland to find it, with Minneapolis drawing the nation’s highest home buying activity for this age group in the fall, according to Ellie Mae’s latest Millennial Tracker. Other cities in the top five for millennial home buyers are Philadelphia, St. Louis, Chicago, and Detroit.

“As housing prices continue to rebound, millennials are increasingly representing a higher percentage of homeowners in the middle of the country,” says Joe Tyrrell, executive vice president of Corporate Strategy at Ellie Mae. Meanwhile, cities in California and Florida saw the least millennial home buying activity this fall, including Los Angeles, Miami, San Diego, San Francisco, and Tampa-St. Petersburg.

Here’s a profile of the millennial home buyer based on the latest readings from the index:

  • About half of millennial borrowers are nearly 29 years old.
  • About half were single and half were married (which reflects a growth in single home ownership).
  • Their FICO credit scores averaged 722.
  • They are able to afford a pricier home than they were six months ago. The average appraised value of a home bought by millennial buyers has jumped from $212,939 in June to $223,153.
  • More than three quarters of closed loans for millennials were purchases, and 22 percent were refinances. The average loan amount was $184,733.
  • Average days to close for millennials held steady at 47, with 46 days for conventional loans and 47 for FHA loans.

Source: Ellie Mae

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.