3 Next-Gen House Hunting Tips for Singles

The American household has changed – big time. More and more, people get married later in life, if at all. Many even go from married to single and back multiple times throughout their lives. This all means that more and more people are buying homes while single. Many unmarried folks are buying homes to live in on their own, while others are looking for homes to live in with their children, parents or other partners – past, present and future.
If you’re embarking upon the process of buying a home on your own, here are a few things to factor into your thought process and your action plan:

1. Solo doesn’t necessarily mean condo. A decade or two ago, many single house hunters were automatically directed toward low-maintenance condos and townhomes. And truthfully, some singles still enjoy the tax and financial advantages of ownership without the responsibilities of caring for lawns, roofs and other so-called “single family home” features they have no use for.

That said, the descriptor of a detached, standalone property as a “single family home” is woefully out of date. Many single people are electing to purchase detached homes for a number of reasons. Chief among them include:

• Needing the square footage to allow their household to expand to include future partners, future children, adult children, or even elderly parents
• Needing extra rooms (or even extra apartments!) to rent out, do hobbies in or run a home business from, and
• Having the outdoor space for dogs, cats, horses and vegetable gardens, oh my!

con't.... http://www.forbes.com/sites/trulia/2014/03/14/3-next-gen-house-hunting-tips-for-singles/

First-Time Buyers Face Rosier Prospects in 2015

Real Estate News

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Jan 9, 2015 January 15th, 2015Jonathan Smoke

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By: Jonathan SmokeJanuary 15th, 2015 

  

Creatas/Thinkstock

It’s official: 2014 was the best year for total job growth since 2000. The housing market now has a confluence of several important demand-boosting factors that should make 2015 a big year for growth in home sales.
First, mortgage rates remain—at least for the time being—at near historic lows. The latest reprieve from higher rates is thanks to the bond market’s reaction to global economic concerns. Yet, as the jobs data indicate, the U.S. economy is on much better footing than the rest of the world.

Key factors for first-time buyers

But the key issue for first-time buyers has not been rates, which have been historically low for several years. Their employment situation, overall level of confidence, ability to qualify for credit and ability to afford the down payment have been the larger issues.
December data show that employment for younger households, in particular, has improved dramatically in the past year. For example, more civilian jobs for 25- to 34-year-olds were created in 2014 than in any other year since 1987.
Mortgage backers Fannie Mae and Freddie Mac clarified their credit qualification standards in the fall, which had been murky since 2009 legislation enacted in reaction to the housing bust. This should make it easier for many would-be home buyers to get a loan with slightly lower FICO scores and slightly higher loan-to-income and debt-to-income ratios.
The new low-down-payment programs announced in December from Fannie Mae and Freddie Mac will make conventional mortgages more accessible to first-time buyers.

con't.... http://www.realtor.com/news/first-time-buyers-face-rosier-prospects-in-2015

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