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Younger homebuyers work harder than most to find the right home

Posted by Mehran Aram on Tue, Apr 9, 2019 @ 06:04 AM

When it comes to searching for the right place to live, millennials are willing to put in the leg-work. According to a Zillow Group Consumer Housing Trends Report, millennial home buyers are extremely motivated – going on more tours, doing more research and more willing to make repairs than older generations.

The average millennial goes on 4.4 home tours, more than their older counterparts. 42.7 percent of millennials go to at least two open houses, far higher than Gen X’ers (30.4 percent) and baby boomers (24.9 percent).

Millennials also do more research including reading online reviews of agents, visiting their broker’s website and studying the market.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Millennials, Zillow, Mortgage rates, open house, Millennial Homeowners, Consumer Housing Trends

Smile at your next open house, you could be on camera

Posted by Mehran Aram on Thu, Nov 15, 2018 @ 15:11 PM

It’s called the “Internet of Things” or IoT. It’s the concept that the physical world around us – devices, objects, vehicles and even houses – are connected to the world wide web. As smart-homes have grown in popularity, home camera systems have grown more affordable and common in households. As a result, a growing number of realtors and house-hunters are reporting that these cameras scattered throughout some homes, make them uneasy.

When touring a home, buyers want to speak freely with each other and their agent, but an extra set of eyes or ears in a discreetly placed camera can keep them from doing so. Knowing your thoughts on a home can give sellers the upper hand in a deal or have personal information incidentally shared strangers.

The National Association of Realtors suggests brokers hang a sign in the home alerting visitors that they may be recorded while on the property.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.875 percent, 15-year rates are near 4.325 percent and the 5-year ARM is averaging 4.325 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: National Association of Realtors, Mortgage rates, Internet of Things, open house, Realtors