April 17, 2014 2:51 pm
Just like May flowers, every spring the housing market blossoms as buyers come out ready to purchase their dream house. This spring, we believe we are going to see the strongest purchasing market we have seen in a decade.
Why are we so bullish on the housing market this spring?
Here are a few reasons:
Contrary to many reports, this age demographic is READY, WILLING and ABLE
to become homeowners. As a matter of fact, the latest National Association of Realtors’
gender study revealed that the Millennial generation has recently accounted for a greater percentage of all buyers than any other generation.
As prices have risen, so has the equity in many homes across American. Homeowners, having been shackled to their house because of low or negative equity for the last several years, are again free to make a move without worrying about bringing cash to a closing table in order to sell. We believe this new-found freedom will release a pent-up demand of sellers who want to move-up to the home they’ve always dreamed of or want to downsize their primary residence and also purchase a second home they can use for vacation, retirement or both.
BOTH PRICES and MORTGAGE RATES are on the RISE
April 16, 2014 2:42 pm
We have never hid our belief in homeownership. That does not mean we think EVERYONE should run out and buy a house. However, if a person or family is ready
to purchase a home, we believe that owning is much better than renting. And we believe that now is a great time to buy.
We are not the only ones that think owning has massive benefits
or that now is a sensational time
to plunge into owning your own home. Here are a few others:
Benefits of Owning
Joint Center for Housing Studies, Harvard University
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.”
The Federal Reserve
“Renters have much lower median and mean net worth than homeowners in any survey year.”
Benefits of Buying Now
April 15, 2014 2:33 pm
The sales of vacation homes skyrocketed last year
. A recent study
also revealed that 25% of those surveyed said they’d likely buy a second home, such as a vacation or beach house, to use during retirement. For many Baby Boomers, the idea of finally purchasing that vacation home (that they may eventually use in retirement) makes more and more sense as the economy improves and the housing market recovers.
If your family is thinking about purchasing that second home, now may be the perfect time. Prices are still great. If you decide to lease the property until you’re ready to occupy it full time, the rental market in most areas is very strong. And you can still get a great mortgage interest rate.
But current mortgage rates won’t last forever…
April 14, 2014 8:21 am
We strongly believe that this is the year Millennials will re-enter the housing market in a VERY BIG WAY. NAR’s recent Home Buyer and Seller Generational Trends report has revealed that this generation already makes up a higher percentage of home purchasers than any other generation. The reason is that Millennials associate homeownership with these all important attributes: With 49% [...]
April 14, 2014 8:21 am
The housing market is recovering nicely. Prices have increased nationally by double digits over the last twelve months. Competition from the shadow inventory of lower priced distressed properties (foreclosures and short sales) is diminishing rapidly. Now may be the perfect time to sell your home and move to the dream house or beautiful location your family has always talked about.
The one suggestion we would offer: DON’T OVERPRICE IT!!
Even though prices have increased by more than 10% over the last year, the acceleration of appreciation
has slowed dramatically over the last few months. As an example, in their April Home Price Index Report
revealed that home prices actually depreciated by .08% this month as compared to last month’s report. What concerns us is that Trulia
that asking prices
are still continuing to increase.