New Study from Farmers & Merchants Bank Finds over One-Third of Southern California Residents Ready to Purchase or Refinance a Home
LONG BEACH, Calif.–(BUSINESS WIRE)–A new study from Southern California-based Farmers & Merchants Bank
(F&M), one of the strongest commercial and retail banks in California
for over 100 years, has found that over one-third of Southern California
residents are ready to buy or refinance a home in the next year to year
and a half.
The survey results suggest millennials are the most eager, followed
closely by Gen X-ers, with 40% and 35% respectively of those reporting
interest in refinancing or purchasing a home.
“Housing market trends at the local level often reflect what is
happening on a national scale,” said Daniel K. Walker, Chairman of the
Board and CEO of F&M. “These findings indicate increased consumer
confidence in the marketplace.”
In the regional survey conducted by C.A. Walker Research Solutions of
600 adults with a household income of $25K or more across the Southland,
35% of residents stated that they plan on refinancing or buying a new
home within the next 12-18 months, comprised of 16% who currently rent
and plan on purchasing a home plus 19% who own and plan on refinancing
their home. Among those reporting interest in refinancing or purchasing
a home, 35% reside in Long Beach, 36% reside in Orange County, and 29%
reside in Los Angeles County (does not include city of Long Beach
residents).
“It is important to note that both Los Angeles and Orange Counties
represent some of the most expensive markets in terms of affordability
in the nation. I would highly recommend consumers do their homework
around requirements to qualify for a home loan as early as possible in
the process,” said Michael J. McCarthy, Residential Lending Senior Vice
President at F&M Bank. “At F&M we offer low down payment options with as
little as 3% down which may be available to assist consumers with the
affordability challenges.”
“F&M has been built on serving community needs for over 100 years. We
look forward to the opportunity of supporting millennials and everyone
interested in improving their quality of life through homeownership,”
continued Walker.
F&M offers a wide variety of mortgage loans and lending products,
including fixed rate and adjustable rate mortgages among others. F&M
also offers Home Buying and Credit as an Asset workshops throughout the
year at local branches. To date this year, F&M has provided $125 million
in home loans.
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank
has 24 branches across Orange County, Long Beach and the South Bay. The
Bank specializes in commercial and small business banking, business loan
programs, home loans, and a robust offering of consumer retail banking
products, including checking, savings and youth accounts. Farmers &
Merchants Bank is a California state chartered bank with deposits
insured by the Federal Deposit Insurance Corporation (Member FDIC) and
an Equal Housing Lender. For more information about F&M, please visit
the website, www.fmb.com.
Contacts
The Pollack PR Marketing Group
Stefan Pollack/Megan Gallagher
310-556-4443
spollack@ppmgcorp.com
mgallagher@ppmgcorp.com
