In the Market: What a millennial wants

Nneka Madus
Posted by Nneka Madus
Mortgage Market Analyst

This weekly feature is a real estate news roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure. Nneka Madus, a marketing analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.

Young woman taking cellphone picture of her male friend making spaghetti at the stove, with fancy metal cabinets on the wall.As a millennial, I’m kind of feeling the love right now — everyone and their momma are trying to figure us out. Housing experts want to know what we want in a home and what it will take to get us to start buying.

Amy Hoak from MarketWatch tackles the what-we-want question by breaking down our needs and wants in a new home. She hits the nail on the head for me with some of her suggestions. For example, I would like lots of amenities, and good cellphone coverage is an absolute must. I mean, how am I supposed to Instagram the beautiful dinner I just made if I don’t have any bars on my phone? #FirstWorldProbz

Imagine this: You’ve found your dream home, but when you go to apply for a loan you find errors on your credit report that need to be cleared up. Why could this be a problem? Frequently, buyers only have 45 days to close on a purchase, which doesn’t leave a lot of time to fix a credit report. This is just one potential trap that homebuyers may fall into if they’re not prepared. Luckily, you’re smart (I mean, you’re reading this blog, right?). So how might this situation be prevented? Matthew Frankel from Motley Fool outlines four compelling reasons why getting pre-approved for a mortgage could be a good idea.

Ahh, Sundays are the best! No work and football is on, all day #winning. You can just relax. Well, that may not be the case for everyone. If you’re shopping for a home, a lot of your Sundays may consist of visiting open houses! Don’t fret, open houses can be fun. Knowing what to expect and what is expected may make those Sunday afternoons more productive and entertaining.

In fact Debi Benoit real estate agent and author of this Boston.com article, describes open houses as “a party I throw every Sunday!” Check out these tips and let us know what works (or doesn’t work) for you. Finally, for those that made it to the house-hunting stage, congrats! I’ll be in my apartment enjoying my lazy Sunday while watching my Indianapolis Colts. #sorrynotsorry

Comparing mortgage interest rates may be a big part of the home-buying process for some people (after they’ve gotten their financial affairs in order, of course). Diana Olick from CNBC gathers some tips from mortgage professionals to help with rate shopping. Look, a lot of us are fresh out of school (or a few years out) with plenty of bills to pay. So there’s no reason to pay extra on a mortgage when you could have done a little research to help find a better rate and save money. It wouldn’t hurt to read Diana’s tips and then do some research. Happy shopping!

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