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: You Think Home Prices Have Skyrocketed? Look at Rents. - 10/24/19 09:32 AM

Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.
In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.
“Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”
Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most … (0 comments)

multigenerationalbuyers: What Is A Multigenerational Home and 5 Reasons 2 Consider Living in 1 - 10/23/19 10:24 AM

Did you know that 1 in 6 Americans currently live in a multigenerational household?
According to Generations United, the number of multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. The 2018 Profile of Home Buyers and Sellers from the National Association of Realtors shows that 12% of all buyers have a multigenerational household.
Why Are Many Americans Choosing to Live in a Multigenerational Household? The benefits to multigenerational living are significant. According to Toll Brothers,
“In recent years, there’s been a steady rise in the number of multigenerational homes in America. Homeowners and their families are discovering new ways to get the most … (3 comments)

multigenerationalbuyers: Get A 2nd Opinion-Depending on the Price, You’re Going to Need Advice - 10/22/19 10:18 AM

To understand today’s complex real estate market, it is critical to have a local, trusted advisor on your side – for more reasons than you may think.
In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers.
Starter-Home Market: This market varies by price, … (0 comments)

multigenerationalbuyers: #3676_5thAve 5 Tips for Starting Your Home Search - 10/21/19 11:34 AM

Accepting Offers Starting at $710,000.00
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream … (0 comments)

multigenerationalbuyers: Accepting Offers Starting at $710,000.00 - OPEN HOUSE Sunday October 27th from 2-4PM - Drop By and say Hello 😊 - 10/19/19 09:41 AM

This 1914 Jefferson Park Craftsman has been gently rehabbed and is ready for its’ new owner, YOU! As you enter through the gated front yard the drought resistant landscaping leads you up to the front porch with a cozy nook for your evening cocktails. You access the secure entry (full security system included) and enter through the front door into the enormous living room and dining room. An Oversized Master Bedroom with en-suite Master Bath is very rare in this neighborhood, and we have one. This 3 bedroom 2 bath with a full family room, which can double as a fourth … (6 comments)

multigenerationalbuyers: Market Melt Down?? This is NOT the 2008 Real Estate Market - 10/17/19 10:41 AM

No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up.
SUPPOSITION #1 A critical warning sign last time was the surging gap between the growth in home prices and … (0 comments)

multigenerationalbuyers: In Our Complex Digital World You Need a Professional On YOUR Side - 10/16/19 09:38 AM

If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.
According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are:
Online website (93%) Real estate agent (86%) Mobile/tablet website or app (73%) Clearly, you’re not … (3 comments)

multigenerationalbuyers: Next Generation of Homebuyers, Gen Z, Biggest Housing Boom In History Has Just Begun - 10/15/19 09:54 AM

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.
According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”
Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”
The report from Concentrix goes a … (2 comments)

multigenerationalbuyers: Everything You Need to Know About the Mortgage Process #INFOGRAPHIC - 10/11/19 09:39 AM

Some Highlights: Many buyers are purchasing homes with down payments as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more.
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multigenerationalbuyers: Building Wealth, Homeownership is the Top Contributor 2 Your Net Worth - 10/09/19 09:34 AM

Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,
“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):
This does not come as a surprise, as we often mention that homeownership can help you to increase your family’s wealth. This study reinforces that idea,
“Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”
Having equity in your home can help your family move … (0 comments)

multigenerationalbuyers: Pre-Qual, What FICO® Score Do You Need to Qualify for a Mortgage? - 10/08/19 09:55 AM

While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.
With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now … (0 comments)

multigenerationalbuyers: 20% DOWN? 62% of Buyers Are Wrong About Down Payment Needs - 10/07/19 09:32 AM

According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,
“The truth: 32% of current U.S. homeowners put 5% or less down … (0 comments)

multigenerationalbuyers: Five Homebuying Acronyms Buyers Need to Know #INFOGRAPHIC - 10/04/19 09:31 AM

Some Highlights: Learning the lingo of homebuying is an important part of feeling successful when buying a home. From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them. Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go.

https://www.google.com/analytics/web/#home/a69066132w111663562p116541675/
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What is My Home Worth? To Get A Market SnapShot Click Here . My … (3 comments)

multigenerationalbuyers: Expectations From your Home Inspection - What to Expect When Your Buying - 10/01/19 10:08 AM

You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.
This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.
How to Choose an Inspector Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend … (0 comments)

multigenerationalbuyers: #TimeToBuy How Does the Supply of Homes for Sale Impact Buyer Demand? - 09/30/19 01:42 PM

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).
Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; … (0 comments)

multigenerationalbuyers: Now VS Later-What Is the Cost of Waiting Until Next Year to Buy? #INFOGRAPHIC - 09/27/19 09:16 AM

Some Highlights: The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020. CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months. If you’re ready and willing to buy your dream home, now is a great time to buy.
« Homeowners Are Happy! Renters? Not So Much.
What is My Home Worth? To Get A Market SnapShot Click Here . My Los Angeles County Real Estate BLOG My Ventura County Real … (0 comments)

multigenerationalbuyers: SoCal Homeowners Are Happy! Renters? Not So Much #TimeToBuy - 09/26/19 03:04 PM

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.
In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:
More than 80% said they wouldn’t go back to renting 88% agreed that buying a home is the “best decision they have ever made” 79% believed owning a home has changed them for the better Those surveyed talked … (0 comments)

multigenerationalbuyers: One of the Top Reasons to Own a Home #TimeToBuy - 09/20/19 02:46 PM

One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity.
If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 … (0 comments)

multigenerationalbuyers: Are You Looking To Buy? What Buyers Need to Know About HOAs - 09/19/19 09:46 AM

Accepting Offer Starting at $710,000.00
Offers: https://www.xome.com/auctions/3676-5th-Avenue-Los-Angeles-CA-90018-318204706
Walk Through Video: https://youtu.be/8eShAQsbXOU
MLS: https://www.flexmls.com/share/2hjYn/3676-5th-AVE-Los-Angeles-CA-90018
Photos: https://myre.io/0hY8c3dS65qjK
When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you.
According to a recent article on realtor.com,
“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for … (2 comments)

multigenerationalbuyers: #TimeToBuy Home Prices Increase in Every Price Range - 09/17/19 10:44 AM

CoreLogic’s Home Price Index (HPI) Report revealed,
“National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.”
They also analyzed four individual home-price tiers, showing the increase in each.
Here’s the breakdown: To clarify the methodology, CoreLogic explains,
“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% … (0 comments)

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