Real estate blog entries tagged with multigenerationalbuyers by Chris B Johnson REALTOR®, 5 Star Rated REALTOR® Quality, Not Quantity (Allison James Elite)

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multigenerationalbuyers: How Musical Chairs Is Played In Real Estate - 11/25/20 01:54 PM

#TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer, #709OrchardSt, #FlipandFix,#RealEstateInvestor,#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval
The November 2020 Inventory Report is ready to go, and the theme for November is “musical chairs.”
As you know, “Musical Chairs” is a party game in which players compete for a decreasing number of chairs, the losers in successive rounds being those unable to find a chair to sit on when the accompanying music is abruptly stopped.
So how does this relate to the housing market? Well, watch the video through the end. I’ll show you who the players are, what the music is, and when the hunt for chairs will come to an end!
How … (0 comments)

multigenerationalbuyers: Rent vs. Buy: How to Decide What’s Best for You SoCal Renter :) - 11/03/20 12:04 PM

According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.
While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.
1. Rent Will Continue to Increase This is one of the top reasons why renters … (0 comments)

multigenerationalbuyers: SoCal First Time Buyers, Do You Have Enough Money Saved for a Down Payment? - 10/13/20 10:10 AM

One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.
A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.”
Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, … (0 comments)

multigenerationalbuyers: Home Builder Confidence Hits All-Time Record - 09/23/20 06:55 PM

Last week, the National Association of Home Builders (NAHB) reported their Housing Market Index (HMI) hit an all-time high in the 35-year history of the series with a score of 83. The index gauges builder perceptions of current single-family home sales and sale expectations for the next six months, as well as the traffic of prospective buyers of new homes.
As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back.Looking at the three-month moving averages for HMI scores, confidence increased in every region of the country:
The Northeast increased 11 points to 76 The … (5 comments)

multigenerationalbuyers: The Cost of a SoCal Home Is Far More Important than the Price - 09/22/20 12:36 PM

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”
Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your … (0 comments)

multigenerationalbuyers: SoCal's Virtual School Is Changing Homebuyer Needs [INFOGRAPHIC] - 09/12/20 04:07 PM

Some Highlights With remote learning sweeping the nation this academic year, organized spaces with enough room for kids to learn effectively are high on buyer wish lists. If you’re trying to make room for your family’s growing needs, multi-purpose rooms and dedicated workspaces may be features to consider in your next home. Let’s connect today so you can find a home where your kids feel confident and comfortable too.
« Homebuyer Traffic Is on the Rise
The Dangers of Deferred Maintenance We all have those little nagging items on our “honey-do” lists that we find ourselves putting off to another day. Maybe … (3 comments)

multigenerationalbuyers: SoCal Homebuyer Traffic Is on the Rise - 09/10/20 06:46 PM

One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than … (0 comments)

multigenerationalbuyers: SoCal's Latest Unemployment Rate Falls to 8.4% - 09/09/20 02:12 PM

Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are still without work, the number of unemployed is currently much lower than most experts had projected it would be just a few months ago.
Not Like the Great Depression or Even the Great Recession Jason Furman, Professor of Practice at Harvard explained:
“An unemployment rate of 8.4% is much lower than most anyone would … (2 comments)

multigenerationalbuyers: Thank You, SoCal Essential Workers - 09/08/20 02:30 PM

To all essential workers on this Labor Day, thank you.

« The 2020 Homebuyer Wish List [INFOGRAPHIC]Have You Ever Seen a Housing Market Like This? »
The Dangers of Deferred Maintenance It’s Not Just About the Price of the Home Three Ways to Win in a Bidding War
Ask a Pro About Buying a Home [INFOGRAPHIC]
Blog Archive What is My Home Worth? To Get A Market SnapShot Click Here . The information contained, and the opinions expressed, in this article are not intended to be … (0 comments)

multigenerationalbuyers: The 2020 SoCal Homebuyer Wish List [INFOGRAPHIC] - 09/08/20 02:23 PM

Some Highlights The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible. From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes. Let’s connect today if your needs have changed and your wish list is expanding too.
« Homebuyer Demand Is Far Above Last Year’s PaceThank You, Essential Workers »
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multigenerationalbuyers: SoCal Homebuyer Demand Is Far Above Last Year’s Pace - 09/08/20 02:07 PM

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.
According to the Pending Home Sales Report from the National Association of Realtors (NAR):
“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.
The Pending Home Sales Index (PHSI), a forward-looking … (2 comments)

multigenerationalbuyers: SoCal Home Values-How Will the Presidential Election Impact SoCal Real Estate? - 09/02/20 09:03 AM

The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.
As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real … (0 comments)

multigenerationalbuyers: It’s Not Just About the Price of the SoCal Home - 09/01/20 01:48 PM

When most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the overall cost in the long run. Today, that’s largely impacted by low mortgage rates. Low rates are actually making homes more affordable now than at any time since 2016, and here’s why.
Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the … (0 comments)

multigenerationalbuyers: 3 Ways to Win in a SoCal Home Bidding War - 08/31/20 12:13 PM

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.
Javier Vivas, Director of Economic Research at realtor.com, explains:
“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”
Here are three things you can … (0 comments)

multigenerationalbuyers: Are We On Borrowed time with Current Mortgage Rates?? - 08/29/20 03:22 PM

#TimeToBuy, #FirstTimeHomeBuyers, #MoveUpHomeBuyers, #5StarREALTOR, #ChrisBJohnsonREALTOR
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… (5 comments)

multigenerationalbuyers: The SoCal Cost of Renting Vs. Buying a Home [INFOGRAPHIC] - 08/28/20 05:05 PM

Some Highlights The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise. This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power. Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.
« Why Is It so Important to Be Pre-Approved in the Homebuying Process?
The Top Reasons People Are Moving This Year

« Ask a Pro About Buying a Home [INFOGRAPHIC]
Blog Archive … (2 comments)

multigenerationalbuyers: SoCal Home Buyers Here Is Why It so Important to Be Pre-Approved in the Homebuying Process - 08/27/20 04:59 PM

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.
According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:
… (3 comments)

multigenerationalbuyers: SoCal Home Buyers, Should You Buy an Existing Home or New Construction? - 08/26/20 01:32 PM

#RealEstateRecovery #TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer We believe every family should feel confident when buying and selling a home.
Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.
New Construction When buying a new home, … (2 comments)

multigenerationalbuyers: Is It Time To Move-Up? Top Reasons SoCal Is Moving This Year - 08/24/20 10:18 AM

Buying power for those shopping for a home is up 10%
Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.
According to Zillow:
“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a … (2 comments)

multigenerationalbuyers: A Slight Rise in SoCal Mortgage Rates Won’t Hurt Home Buyers - 08/22/20 12:57 PM

#TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval

Mortgage rates inched up this week, but the 30-year fixed-rate mortgage continues to hover near its record low. The uptick isn't expected to have any impact on homebuying activity, according to the National Association of REALTORS®.
The 30-year fixed-rate mortgage averaged 2.99% this week after hitting an all-time low of 2.88% at the beginning of the month, Freddie Mac reports. Home buyer demand continues to accelerate and is providing support to an otherwise stagnant economy, says Sam Khater, Freddie Mac’s chief economist. Further, a surge in home sales has led to a rapid increase in demand for remodeling … (1 comments)

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