Economists are having a tough time figuring out what housing market moves baby boomers will make next. Americans over the age of 55 are veering from previous generations, opting not to retire but instead launching second or even third careers. They are shunning the traditional patterns of retirement and that could have a big impact on their housing choices, according to Freddie Mac’s latest Insight report focusing on the baby boomer generation.
Fifty-five percent of Americans say they are willing to pay more for their mortgage or rent in order to get to work and recreational activities without having to use a car, a new study of transit-oriented developments by the HNTB Corp revealed.
Millennials, in particular, show much more willingness to pay more each month than older Americans – 70 percent versus 49 percent.
According to the National Association of Realtors, 42 percent of homebuyers start their home search online, and 92 percent use the Web during the home search process.
While the Internet can be a good place to start looking, there are things real estate agents know about the process of buying and selling a home that can’t be found in any Web browser. Here are a few:
1. How to price a home
When setting a listing price, agents consider scores of factors, from local and national market trends and neighborhood development activity to the latest buyer preferences for kitchen appliances and landscaping. Every home is unique, and an agent with a track record of success knows how to price it attractively in the market.
The Internet isn’t always much help when it comes to comparison shopping, either. Many of the same factors that help an agent set an appropriate listing price aren’t available in an algorithm, so online estimators aren’t always accurate – and could be costly if you purchase without consulting a real, live professional.
2. Marketing offline
While online marketing can certainly be valuable, agents have networks of contacts and years of experience to round out their marketing plans.
And, for buyers, agents often can tap into their network to learn about great properties before they hit the real estate websites or even the MLS.
3. Key points in the process
If you find a home you love online, the website won’t be there to guide you through a mortgage application, find a home inspector or advise you what to do if an inspection reveals issues.
4. How to negotiate
Having an experienced, professional negotiator drive your transaction can be vital to reaching a fair price for the property you’re buying or selling. A website can give you an estimate of how much a property should cost, but it can’t evaluate whether that’s a great price or not.
The overall residential housing market is heating up this summer, but a markets in a few cities across the country are in a league of their own, notes Jonathan Smoke, realtor.com®’s chief economist.
Realtor.com®’s research team identified the hottest markets by factoring in which ones had the most views per listing on its website and saw the quickest inventory movement. In these markets, homes are selling 20 to 38 days faster than the rest of the U.S.
Once again, California dominates this month’s list, but eight other states are also represented (Texas, Colorado, Indiana, Ohio, Michigan, Washington, Massachusetts, and New Hampshire). Seasonality is a big factor in this month’s rankings, Smoke notes.
The road to home ownership has been a struggle for many young adults, mostly due to financial obstacles. However, some millennials may find more luck in less expensive metro areas that also have steady job growth and lower qualifying incomes necessary to purchase a home.
NAR recently analyzed employment gains, population trends, income levels, and housing conditions among the 100 largest metro areas to pinpoint the best purchase markets for millennial home buyers.
Read the article and see where Seattle lands on the list…
Unlike previous generations, many baby boomers aren’t planning their retirement in sunny southern locales. Instead, more are choosing to move back to metro areas they had left when they started raising a family in the suburbs.
For the second consecutive month, the average time to close all loans stayed at 44 days, suggesting that new mortgage rules that took effect this fall are having less of an impact on delaying loans, according to Ellie Mae’s latest Origination Insight Report.
Every month RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here’s a short video with some highlights from this month’s report. To view past months’ videos or catch up anytime, visit my YouTube channel.
The number of home buyers who say now’s a good time to buy dipped to an all-time survey low in Fannie Mae’s latest Home Purchase Sentiment Index. Meanwhile, home owners who say now’s a good time to sell soared to an all-time survey high. Read on to find out why there’s such a disconnect.
Take a close look at your listing from the eye of a home buyer. Are the bushes overgrown around the front windows? Has the mulch all washed away? Is the paint on the shutters fading?
These are the questions Jon Coile, chairman of the multiple listing service MRIS in Rockville, Md., asks in a recent column at The Washington Post that aims to help sellers examine the exterior of their homes. Here are some simple ways to solve common curb appeal issues:
Managing The Real Estate Details 