“The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.” The top reason millennials choose to buy is to have control over their living space, at 93%.
Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
Anything under a 6-month supply is a seller’s market!
Nationally, there has not been a 6-months inventory supply since August 2012!
Inventory levels differ depending on the area of the country and price range, so let’s get together to discuss the exact market conditions in our area.
S ome Highlights:
Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most ‘educated’ decisions you can make!
A real estate professional has the experience needed to help you through the entire process.
Make sure that you hire someone who knows current market conditions & can simply and effectively explain them to you and your family!
Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
Alaska & West Virginia were the only states where home prices are lower than they were last year.
National Association of Realtors surveyed their members & released the findings of their . Annual Profile of Home Staging 50% of staged homes saw a 1-10% increase in dollar value offers from buyers.
77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
The top rooms to stage to attract more buyers are the living room, master bedroom, kitchen, and dining room.
Thinking of moving across the country? How far will your money take you?
The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.
‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $116.01 worth of goods for $100. For more information regarding the methodology used to create the map, visit the
When listing your house for sale your top goal will be to get the home sold for the best price possible!
There are many small projects that you can do to ensure this happens!
Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!
Existing Home Sales are now at an annual pace of 5.52 million.
Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25
th month in a row of declines. The median price of homes sold in June was $263,800. This is the 64
th consecutive month of year-over-year price gains.
, the share of recent homebuyers who were single at the time of purchase held steady at 24% last year. NAR’s Profile of Home Buyers & Sellers The percentage of first-time buyers who were single females rose to 17% (up from 16%), as the share of single men dropped from 11% to 8%.
The primary reason for buying a home amongst singles was the desire to own a home of their own (38% for women and 37% for men).
Interest rates are still below historic numbers.
88% of property managers raised their rent in the last 12 months!
The credit score requirements for mortgage approval continue to fall.