Inventory Shortages Make 2017 The Year of the Seller
CoreLogic reported that 2017 is having the best sales market since 2007.
One unusual metric came from CoreLogic which reported that 23% of homes’ contract price sold above their listing price and 18% of homes sold in under 30 days nationally.
Some of these reasons are easy to understand:
- Low unemployment
- Low interest rates
- A new Millennial generation coming of purchasing age
- A stable economy
But still, tight credit criteria is making home buying a very challenging process. One reason for the holdback is the high amounts of student debt being carried by the prospective first-time buyers.
Still, Trulia’s managing editor, David Weidner stated, “In every U.S. major market, it’s cheaper to buy a home than it is to rent over seven years. And it’s really not even close.”
Renting, Buying and Paying Student Debt
Learning is not translating into earning, at least for this Millennial generation.
Currently, Americans owe over $1.4 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up 6% from 2015.
It appears that our educational institutions are educating, but that education is not making this educated population any more employable. Millions of job openings are going unfilled – 5.7 million, to be exact.
Fast Stats
■ The total number of U.S. households grew by 7.6 million over the past decade
■ 36.6% of household heads rented their home in 2016
■ There are 44 million student loan borrowers
■ Americans owe over $1.4 trillion in student loan debt
■ Americans owe $620 billion more in student loans than the total U.S. credit card debt
■ The average Class of 2016 graduate has $37,172 in student loan debt, up 6% from 2015
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.