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For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame? Here’s what some of the experts have to say on the subject:Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.” According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes. It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes? Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’s study revealed that:
Trulia also explains that,
So, if these percentages are the same, what is the challenge?Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017. In addition, the Census recently revised the numbers from their National Population Projections:
Bottom LineIf you are a baby boomer who is not sure whether you should downsize or move to a warmer climate (other people are doing it, why not you?), let’s get together so we can help you evaluate your options today!
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Baby Boomers are Downsizing appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/16/baby-boomers-are-downsizing/ According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year. CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,
One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher. According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow. Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic predicts that prices will continue to rise over the next year at a rate of 4.7%. Bottom LineAs the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, let’s get together to chat about what’s going on!
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post What Is Happening With Home Prices 2018 appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/09/what-is-happening-with-home-prices/ The U.S. currently has a student debt load of over $1.4 trillion, which accounts for 10 percent of all outstanding debt and 35 percent of non-housing debt. The magnitude of the debt continues to grow in size and share of the overall debt in the economy. While this amount of debt has risen, the homeownership rate has fallen, and fallen more steeply among younger generations. To evaluate those trends, SALT® and the National Association of REALTORS® (NAR) teamed up to conduct a survey of student loan borrowers who are currently in repayment in a new report entitled “Student Loan Debt and Housing Report: When Debt Holds You Back.” Notably, the median student loan debt amount is $41,200. Among non-homeowners, 83 percent cite student loan debt as the factor delaying them from buying a home. This is most frequently the case due to the fact that the borrowers cannot save for a down payment because of their student debt. Seventy-four percent of those who are delayed don’t feel financially secure enough, and 52 percent can’t qualify for a mortgage due to debt-to-income ratios. Among homeowners, 28 percent say student debt has impacted their ability to sell an existing home and move to a different home. These homeowners face a variety of problems: 21 percent believe it is too expensive to move and upgrade to a new home; 4 percent have problems with their credit caused by student loan debt; and 3 percent are underwater on their home. The delay in buying a home among homeowners is three years. For non-homeowners, that number rises to seven years. Thirty-two percent of non-homeowners expect to be delayed more than eight years. Those with higher amounts of student loan debt and those with lower incomes expect to be delayed longer from purchasing a home than those with higher incomes and lower amounts of debt. Forty-two percent were delayed moving out of their family member’s home after college, regardless of whether they were buying a home. This delay has a financial impact on both parents and the student loan borrower. Twenty percent were delayed by at least two years in moving out of a family member’s home after college due to their student loans. While 20 percent are currently homeowners, 30 percent live with friends or family, and half (15 percent) do not pay rent. Twenty-eight percent rent with roommates and 16 percent rent solo. Among survey respondents, most are employed. Eighty-four percent are employed full-time, 6 percent are employed part-time and seeking full-time employment, and 3 percent are not employed. Seventy-nine percent received their loans from a four-year college, 19 percent from a two-year college, 29 percent from graduate/post-graduate school, and 7 percent from a technical college. According to NAR’s Profile of Home Buyers and Sellers, among recent homebuyers, 27 percent have student loan debt and the typical amount is $25,000. The share of those with student loan debt rises to 40 percent among first-time homebuyers. Even among successful homebuyers, this amount of debt is cited as a difficulty in their home-buying process. To find the full report, go to www.realtor.org/reports/student-loan-debt-and-housing-report. The post Student Loan Debt: Ongoing Hurdle to Homeownership appeared first on RISMedia. Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Student Loan Debt: Ongoing Hurdle to Homeownership appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/06/student-loan-debt-buying-a-home/ Are We About to Enter a Buyers’ Market?Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening? The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser: Dr. Svenja Gudell, Zillow Chief Economist:
Danielle Hale, Chief Economist of realtor.com:
In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question:
Only 5% said the market has already shifted. Here are the rest of the survey results: Bottom LineThe market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion:
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Are We About to Enter a Buyers Market? appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/04/are-we-in-a-buyers-market/ When it comes to buying or selling a home there are many factors you should consider. Where you want to live, why you want to buy or sell, and who will help you along your journey are just some of those factors. When it comes to today’s real estate market, though, the top two factors to consider are what’s happening with interest rates & inventory. Interest RatesMortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than they were at the beginning of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.72% for a 30-year fixed rate mortgage last week. The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget. The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be over 5% by this time next year. InventoryA ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 4.3-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 78 straight months. The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last three months. The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, in June, July, and August, inventory levels have started to increase as compared to the same time last year. This is a trend to watch as we move further into the fall and winter months. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market. Bottom LineIf you are planning to enter the housing market, either as a buyer or a seller, let’s get together to discuss the changes in mortgage interest rates and inventory and what they could mean for you.
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post 2 Factors to Watch in Today’s Real Estate Market Whether Buying or Selling appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/03/should-i-buy-or-sell-real-estate-2018/ For the housing market, gaining ground is proving to be a struggle. On an annual basis—and for the eighth month in a row—pending home sales slipped, according to the August National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). Activity backtracked 1.8 percent month-over-month and 2.3 percent year-over-year. According to the Index, activity contracted in all of the regions in the U.S. In the Midwest, activity declined 0.5 percent from July, and 1.1 percent from the prior year; in the Northeast, activity decreased 1.3 percent from July, and 1.6 percent from the prior year; in the South, activity dipped 0.7 percent from July, but rose 1.3 percent from the prior year; and in the West, activity fell 5.8 percent from July, and 11.3 percent from the prior year. “Pending home sales continued a slow drip downward, with the fourth month-over-month decline in the past five months,” says Lawrence Yun, chief economist at NAR. “Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity. The greatest decline occurred in the West region, where prices have shot up significantly, which clearly indicates that affordability is hindering buyers—and those affordability issues come from lack of inventory, particularly in moderate price points.” The good news? Yun anticipates relief—but at what point is uncertain. “With prices having risen so quickly, many consumers were deciding to wait to list their homes hoping to see additional price and equity gains; however, with indications that buyers are beginning to pull out, price gains are going to decelerate and potential sellers are considering that now is a good time to list and bring more properties to the market,” Yun says. Additionally, while affordability is being constrained by increasing rates, advancements on the employment front could offset the pressure. “We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation,” says Yun. “This should lead to future homes sales staying fairly neutral. As long as there is job growth, rising mortgage rates will hinder some buyers—but job creation means second or third incomes being added to households, which gives consumers the financial confidence to go out and make a home purchase.” For more information, please visit www.nar.realtor. The post Pending Home Sales Slip, Trampled by West appeared first on RISMedia.
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Pending Home Sales Slip, Trampled by West appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/02/pending-home-sales-slip-trampled-by-west/ Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year. In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well. This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows. Here is a chart showing the average mortgage interest rate over the last several decades: Bottom LineThough you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/02/mortgage-interest-rates-are-going-up/ The price of any item is determined by the supply of that item, as well as the market’s demand for it. 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). It also helps to answer the question: “Should I buy now, or wait until next year?” Buyer DemandThe 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 showed that in 38 out of 50 states buyer demand was slightly lower than this time last year but remains strong. Only six states had a ‘stable’ demand level. Seller SupplyThe index also asked: “How would you rate seller traffic in your area?” As you can see from the map below, 23 states reported ‘weak’ seller traffic, 22 states and Washington D.C. reported ‘stable’ seller traffic, and 5 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for homes. Bottom LineLooking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together so I can help you capitalize on the demand in the market now!
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post How Does the Supply of Homes for Sale Impact Buyer Demand? appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/10/01/how-does-the-supply-of-homes-for-sale-impact-buyer-demand/ Some Highlights:
Brought you San Diego Real Estate Agent and Real Estate Broker, Glen Henderson. Glen has been a San Diego Realtor for 15 years and has been involved in over 1,000 home sales throughout San Diego County. Contact him today with any questions at 619-500-3222 or visit Premier Homes at www.MyPremierHomes.com If you would like to Search Houses for Sale in San Diego, visit www.GreaterSanDiegoAreaHomes.com The post Should I Buy Now? Or Wait Until Next Year? [INFOGRAPHIC] appeared first on Premier San Diego Real Estate & Homes. from https://blog.chime.me/www-greatersandiegoareahomes-com/2018/09/28/should-i-buy-now-or-wait-until-next-year-infographic/ |
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