In the Market: We’re not gonna take it

Nneka Madus
Posted by Nneka Madus
Mortgage Market Analyst

This 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.

Couple standing on opposite ends of a large moving box, bent over with their heads in the box.Closing on a new home is super exciting! Some homebuyers can hardly contain their excitement and rush to move into their new home — before they sign on the dotted line! I mean, you love the home and you’ve agreed on price with the seller; so, there’s no harm in moving in before signing the dotted line, right? Wrong. According to Gina Roberts-Grey’s article, making this move could cost you — as a buyer or seller. Before jumping the gun, read some potential pitfalls on moving in before closing the deal.

“We’re not gonna take it. No! We ain’t gonna take it.” Ha, if millennials banded together to protest housing costs, the Twisted Sister hit “We’re Not Gonna Take It” might be in the running as our official theme song. With rents and home prices increasing, millennials’ affordable housing options seem to be shrinking. But, wait! There’s hope. If you’re feeling priced out of a particular market and are open to a “change in scenery,” Brena Swanson’s HousingWire article may be just what you are looking for: a listing of places where millennials may buy a home on a budget. Check out the 10 most affordable U.S. markets — with the Midwest leading the country.

I mean, really, we’re not gonna take it. Imagine, after combing through hundreds of online listings, you find an apartment that you actually like. Then you have to face competitive hurdles just to be accepted as the winning renter. For those planning to rent in the next year, don’t count on things getting any easier. According to MarketWatch’s Quentin Fottrell, not only will renters have to endure the complex application screening process, but many will likely pay more in rent in 2016.

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