Young Renters Want to Own, But Have Concerns Fannie Mae’s new National Housing Survey finds that most younger renters think owning is a more sensible housing choice for financial reasons. Seventy-six percent of young renters, defined in this study as between 18 and 39, think owning makes more sense because they’re protected against rent increases, and owning can be a good investment over the long-term. However, a large majority of young renters remain pessimistic about their ability to get a mortgage; in contrast, younger owners have grown more optimistic, according to Sarah Shahdad, strategic planning analyst at Fannie Mae. She says, “Demographic differences between younger renters and younger owners may explain part of the gap in attitudes.” Younger owners are more likely to fall in the higher end of the age range, earn more, and be employed full-time compared with younger renters, says Shahdad. “The widening of that same gap during the last few years suggests that confidence in one’s ability to get a mortgage is growing primarily among those who have already met financial requirements,” she notes. “Our results suggest that many young renters may continue to rent longer due to insufficient financial capability and/or preparation, despite the majority’s preference for owning.” Young renters consider down payments and credit scores to be the top obstacles to getting a mortgage. The complete survey is available here:

Weekly HAR Market Stat Market normalization and an improved product mix is presented as housing weakness by some. However, price increases, demand and an improving national economic scene paint a brighter housing landscape. According to the Mortgage Bankers Association, total week-over-week mortgage application volume rose 5.3 percent on a seasonally adjusted basis. The trends for the drivers of new housing starts are as important as the trends within residential real estate. Where you find money and jobs, you find a fruitful housing market. In the Houston region, for the week ending May 4: New Listings decreased 5.6% to 2,627 Pending Sales increased 20.3% to 2,337 Closed Sales increased 1.5% to 2,147

Questions? ext. 6 Open Your Mind to Learning Register at Winning in Any Market – Working With Multiple Offers This interactive course provides REALTORS® with the tools and techniques to win in the rapidly changing Texas real estate market. The course will cover discussions about what is happening in our market, how to educate clients to the changes, dealing with current inventory levels, and pricing property in this flash market. It will also cover writing offers, how to advise clients what sellers are expecting, how to act quickly enough to get your offer in, how to win the property for clients. In presenting offers, listing agents will learn: what is an appropriate time to collect offers, rules about disclosure of multiple offers, disclosure of other offer terms, and working with sellers to decide. In responding to offers, best business practices for negotiating will be covered, identifying the negotiation style of the coop agent, accepting and rejecting offers, buyer withdrawal and conveying non-acceptance to buyers. Finally, the course offers information about what the Code of Ethics says about working with multiple offers and how to comply. Date: Tuesday, May 13 Time: 1 – 4 p.m. Location: HAR Central Investment: $35