Paramount Mortgage - Lender's Blog

Spring Into Curb Appeal

April sunshine and showers are turning the lawn. Shades of yellow, pink and purple dot the flowerbeds. Happy homeowners head outdoors to mow, prune, and spruce up the landscaping. Some do so with thoughts of putting their home on the market soon, and upgrading or downsizing to a new home.

By the Numbers – Home Buyers

A recent survey conducted by Zillow sampled more than 13,000 homeowners, sellers, buyers, and renters. Focusing just on the buyers for now, below are a few of the interesting numbers:

36 – Median age of today’s home buyer

$87.5K – Median income

42% - Percentage of all home buyers who are Millennials (18-34 years old)

83% - Are looking for single-family homes

Final Four: Closing Day is Almost Here

Basketball fans all over the country watched on the edge of their seats this weekend as March Madness continued. We’ve seen several exciting games and a surprise or two, and now the Final Four have advanced in the NCAA Basketball tournament. 

Builder Confidence Hits 12-Year High

The National Association of Home Builders (NAHB) reported its new home builder members displayed a surge of confidence this month. The NAHB/Wells Fargo Housing Market Index (HMI) soared 7 points to 71 – the highest reading since June 2005. Numbers for the three component indices were also up, however the increased confidence did not spread nationwide.

Safer Spring at Home

Spring has sprung! Despite the weather roller coaster many areas have been on for the past few weeks, yesterday was the first official day of spring. For the homeowner, this means it is time to focus on spring home maintenance and the ever-dreaded spring cleaning chores.

The Good News on the Fed Interest Rate Hike

Since the Federal Reserve raised its benchmark short-term rate by a quarter percentage point this past Wednesday, it’s starting to feel like a normal economy again, eight years after the Great Recession ended. This is the second interest rate hike in three months, and it appears that the Fed is sticking to its forecast of two more rate increases this year and three in 2018.

5 Best Markets for First-Time Homebuyers

As the industry gears up for the spring home-buying season, first-time homebuyers are once again stuck trying to gauge exactly how affordable their market is, and whether it’s even one they can jump into.

This new report from Bankrate shows what markets are ideal for Millennials, who make up the majority of first-time homebuyers. As you can see in the chart below, Missouri comes in at number five out of our fifty states:

Ranking methodologies:

Tale of Two City-Dwellers: Part Two

Last week, we introduced you to Sam, a renter in the St. Louis area. We learned that after spending around $900,000 over 30 years on rent, Sam’s landlord had used that money to build assets but Sam had not.

9 Things that Turn Off Homebuyers

1. Popcorn ceilings
These rough-surfaced ceilings were popular from the 1950s through the 1970s, but now they make houses look old and dated. Recommendation: Have a new layer of ceiling-grade gypsum board installed onto the popcorn ceiling.

Tale of Two City-Dwellers

Last week, we took a good look at buying versus renting. The statistics given in the ATTOM Data Solutions 2017 Rental Affordability Report indicate that buying is more affordable in the long run. In fact, in St. Louis city, near the headquarters of Paramount Mortgage Company, the average renter pays 28.5 percent of the average wage for housing costs each month.