Although San Jose and San Francisco were once again the nation's two most expensive housing markets in the third quarter, residents of those cities have their borrowing habits very much under control.
Industry Surveys & Studies
U.S. homebuyers are dropping the largest down payments in 13 years in 2018, while student debt and deteriorating affordability continue to hinder more younger Americans from entering the real estate market.
Back in the summer, an Experian study found that 61 percent of millennials lack a prime homebuying credit score, and now another report highlights how less-than-stellar credit ratings may be hindering more members of that generation from purchasing real estate.
Both the number of Americans who believe that the time is right to sell a home and those who think that the economy is headed in the right direction are at all-time highs as the third quarter ends, though qualifying for a mortgage worries a substantial portion of the population.
While most homebuyers are willing to sacrifice some amenities to gain access to top-performing schools, there are some features that are considered must-haves.
Survey results released earlier this summer showed that nearly 80 percent of recent homebuyers sacrificed some amenities to purchase a property in their desired school district, and now another poll echoes the importance of education in the real estate decision-making process.
While millennials represent the largest group of U.S. homebuyers, they can expect the generation behind them to offer stiff competition in the market, with California a preferred destination for both age brackets.
Purchasing a home in a good school district has always been a high priority for buyers who have or want children, and recent survey results show just how much a neighborhood's educational pedigree matters.
California's median single-family home price reached a new high in May, but most owners in the state believe that the rapid appreciation seen over the past few years will not last much longer.
Sign Up for Daily Blog Updates
Receive daily blog posts from Pacific Union in your inbox.
Sign up for Monthly Market Updates
Receive monthly real estate news from Pacific Union in your inbox.