Survey Puts Spotlight on Needs of Millenial Homebuyers

first_img With more and more of the Millenial generation entering the housing market each day, the “”National Association of Realtors””:http://www.realtor.org/ (NAR) took a look at their browsing and purchasing habits to determine how their presence will affect the industry.[IMAGE]According to NAR’s report, Millenials (those born between 1980 and 2000) make up the second largest group of recent buyers at 28 percent; Generation X (those born between 1965 and 1979) took the largest share at 31 percent. The median age of recent Millenial homebuyers was 28, their median income was $66,200, and their median down payment was 5 percent–which was most often financed through their personal savings as opposed to the proceeds obtained from the sale of a former residence.””Homeownership is an investment in your future, and is how many younger American families begin to accumulate wealth,”” said Paul Bishop, VP of research for the association. “”The oldest of the Millenial generation are now entering the years in which people typically buy a first home, and despite the recent downturn, homeownership still matters to them.””Bishop added that the sheer size of the Millenial generation–the second largest in history after the Baby Boomers–should give a “”powerful boost to long-run housing demand, though in the short-term mortgage accessibility and student debt repayment remain challenges.””While the vast majority of recent buyers (an estimated 80 percent) considered their home purchase a “”good financial investment,”” young buyers were even more likely to think so (85 percent).In terms of what they’re looking for, younger buyers had a tendency to stay closer to their previous residence–often staying within 10 miles–and were more likely to buy a home in an urban or central city area than older buyers. They also placed higher importance on commuting costs than older generations, who focused more on energy efficiency and living in an environmentally friendly community.The report also showed the Internet is an important tool for homebuyers and industry professionals alike: 90 percent of Millenials frequently used the Internet to search for homes, and they were also more likely to find they home they eventually purchased on the Web.””An interesting finding is that Older Boomers and Silent Generation [born between 1925 and 1945] buyers found the mortgage application and approval process more difficult than expected compared to younger buyers,”” Bishop noted. “”This underscores the ongoing challenges that many credit worthy home buyers face with today’s tight credit standards.””On the seller side, the largest group was Generation X, comprising 30 percent of recent sales, followed by Younger and Older Boomers (a combined 42 percent), and the Silent Generation (19 percent). Typically, older sellers had been in their homes longer, while Millenial sellers had occupied their homes for a median of only five years (most often relocating due to job changes or needing a larger home). Agents & Brokers Attorneys & Title Companies First-Lien Mortgages First-Time Homebuyers Home Sales Investors Lenders & Servicers National Association of Realtors Service Providers 2013-07-10 Tory Barringer in Data, Origination Sharecenter_img July 10, 2013 432 Views Survey Puts Spotlight on Needs of Millenial Homebuyerslast_img read more

The Etihad Flight College has signed a purchase ag

first_imgThe Etihad Flight College has signed a purchase agreement for four Embraer Phenom 100E aircraft and options for three additional aircraft of the same model. The deal is valued at approximately US$30 million, based on current list prices, if all options are exercised, and deliveries of the aircraft to Etihad Flight College will start in 2016.Based in Al Ain, the Etihad Flight College was established to train pilots for the airline’s rapidly expanding fleet, and currently provides fixed wing training for up to 120 Emirati and international cadets annually.The delivery of the four new Embraer Phenom 100E aircraft will bring to 20 the number of aircraft in the trainer fleet, which also includes 10 Cessna 172SP Skyhawk and six Diamond DA42NG aircraft.“As the national airline of the UAE, it is vital for us to establish a world-class training facility to support the training and manpower development of the local Emirati workforce, while also providing a source of well-trained, highly-skilled pilots for our growing operations,” said Richard Hill, Etihad Airways’ Chief Operations Officer.“The Phenom 100E’s airline-grade technology, performance and reliability make it an ideal initial training platform to prepare our cadets for line operations.”“We are very pleased with the selection of the Phenom 100E by Etihad Flight College,” said Marco Túlio Pellegrini, President and CEO, Embraer Executive Jets. “The Phenom 100E has proven to be the ideal aircraft for jet pilot training, delivering advanced cockpit technology, along with high performance and high reliability, at a low operating cost.”The Etihad Flight College is the first organisation in the world to use multi-engine aircraft in the core phase of its innovative Multi-Crew Pilot Licence (MPL) training program, ensuring students are provided with the core competencies required of an airline pilot in today’s ever-changing aviation marketplace.The MPL program focuses on relevant and airline operator-specific training, rather than the traditional model of general aviation-focused training in a generic format.  It produces pilots with not only the skills to fly a modern commercial aircraft to the most exacting standards, but the competencies and attitudes required of a professional pilot as well.Etihad Airways currently employs over 2,200 pilots and operates a fleet of 116 Airbus and Boeing aircraft, with over 200 additional aircraft on firm order.last_img read more