Odd things in Our Mortgage-Real Estate World
According to Zillow, the average bachelor party costs each attendee $1,532, and the average bachelorette party has each attendee spending $1,106. These numbers seem somewhat high and somewhat unrealistic. Do this several times while trying to save the down payment for a house and it makes sense that Millennials are entering the market at a later age.
Also from Zillow, social media has an impact. Listings that are saved by 30 or more people within the first week of posting sell in less than two weeks. About 40% of those sell for more than the list price. Data like this is a good indication of hot neighborhood markets. Knowing the number of people saving a listing could be useful in putting together that offer that keeps your buyer out of a bidding war.
Turning anyone into a cash buyer
It seems like there are a fortunate few first-time homebuyers, who can convince Mom and Dad to mortgage the homestead and let them use the proceeds to make cash offers on homes for themselves. It would be hard to imagine that even the best of Moms and Dads out there aren’t on title for the new home but it is still a really nice gesture. This isn’t a totally new concept, but its use to address the competitiveness in some markets and be able to make a cash offer is pretty creative.
Something not so odd was the success of Embrace’s recent efforts to help hurricane victims in Puerto Rico. Over the past few days efforts were made to collect needed items to help families rebuild and put their lives back together. At company headquarters and at branches down the east coast employees and our business partners made efforts that are nothing short of remarkable. Contributions are on the way to the people in places on the island that need it the most. To all that contributed to the effort our sincere thanks.