Do You Have the Most Popular Mortgage? Have You Bought the Most Popular House?

Do You have the Most Popular Mortgage? SOME SERIOUS FACTS July 2014 Mortgage Banker Association Buidler Application Survey shows the following mortgage data: TOP MORTGAGES BY BUYER CHOICE CONVENTIONAL 68.6% FHA 16.1% VA 13.6% RHS/USDA 1.5% TOP HOME SALES BY BUYER CHOICE NEW CONSTRUCTION 23.0% EXISTING HOMES 18.0% REO -16.0% SHORT SALES -44.0% % Change in Sales 3/13 to 3/14 CoreLogic $297,253 Average Loan for new home July 2014 37,000 New Single Family Home Sales July Mortgage Bankers Assoc 2014 FRANKELREALTYGROUP.COM WHY BUYERS PREFER NEW HOMES Reasons Buyers Prefer a 60% 59% NEW HOME 56% 55% 50% 40% 39% 30% 25% 20% 10% 8% Modern Features Ability to Customize before Constructed Less Maintenance Modern Construction Standards Ability to Be First Live Near Other Living in Home and Repairs New Homes Note: respondents asked to choose the up to three best reasons from the above list, as well as "other," "none," and "not at all sure." WHY BUYERS PREFER EXISITNG HOMES Reasons Buyers Prefer an 60% EXISTING 59% 50% HOME 45% 40% 41% 30% 20% 22% 20% 13% 10% 0% Historical Construction Costs Less Traditional Features Established Want Home Want a Home with Improvement Projects Neighborhood History Standards Note: respondents asked to choose the up to three best reasons from the above list, as well as "other," "none," and 'not at all sure." SOURCE: RIS MEDIA http://rismedia.com/2014-08-17/on-the-rise-applications-for-new-home-purchases/ KEEPING CURRENT MATTERS