In the Market: A bonus from low gas prices

Nneka Madus
Posted by Nneka Madus
Mortgage Market Analyst

This weekly feature is a real estate news and information 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, an 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.

Woman at gas station using her credit card at the pump.A spacious closet (by San Francisco standards), was one of my must-haves when I was apartment hunting. Luckily, I did find a place to accommodate all of my shoes and clothing, but I also quickly realized something my small apartment was missing — office space! On the occasional days I work from home, it’d be really nice to have some uncluttered space to get my work done, or at least be able to surf the Web in peace. If you’re like me, according to Amy Hoak’s article in MarketWatch, we’re not the only ones eager for home office space. The home office seems increasingly to be a must-have.

Have you heard of CLUE? And I’m not referring to the murder-mystery game we used to play back in the day. If you’re a homebuyer, you may want to learn about CLUE. Jennifer Waters from MarketWatch covers why you should use CLUE — a database that summarizes seven years of insurance claims on a particular property, which insurers use to set rates, and those seven years may go back before you owned your home. Buying a home may be one of the biggest purchases you’ll make, so you may want to know the insurance-related history on a home before you close the deal.

First comes love, then comes … home buying? In this LA Times article, Tim Logan explores the rise of unmarried homebuyers. Logan mentions that although singles and unmarried couples are more willing to buy a house, some still see marriage as a key driver of homeownership. The article also discusses the trend of young people waiting longer to buy their first homes.

Have you seen gas prices lately? They’re as low as when I was in high school! Granted, I sold my car and don’t have to worry about filling up anymore, but I’m sure there are other upsides to low gas prices. According to Lisa Prevost from the New York Times, the falling price of oil is playing a role in driving down mortgage rates; this may likely keep rates low well into 2015. This may be great news for homebuyers shopping for their new home or thinking about refinancing.

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