From a post on KeepingCurrentMatters.com
According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing home ownership is a big part of achieving their American Dream.
The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.
So, what is holding renters back?
What would make renters take the plunge
NAR’s Chief Economist, Lawrence Yun believes that, “Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”
Yun goes on to warn that, “However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”
Bottom Line, If you are one of the many homeowners whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream.
Can I confess something? The idea of writing a real estate blog is not very exciting to me. Before you suggest that I get out of the real estate business, let me explain. Real Estate is the vehicle that allows me to impact the lives of others and help them achieve ambitious goals. It allows me to impact the lives of my clients and their families, other business owners, and the agents here at RE Solutions. In fact, anyone who knows me will say that I am a coach at heart. So while I hope to bring valuable real estate perspective, I am more excited to bring you content that will challenge you to grow. To become more.
Today, I would like to introduce you to one of my favorite podcasts. "The Brian Buffini Show" is a weekly podcast that is released every Tuesday that explores the mindset, motivation, and methodologies of success. This week's episode is a timely one as most of us are starting to lose momentum from our resolutions that we set at the start of the year. As a Catholic, the Lenten season starts tomorrow which I use as a way to see what positive changes I can make in my life to become more.
So what are the 3 biggest threats to your success?
Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.
In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.
CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”
Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
Bottom LineWithout a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring.
Even if you’re not in the market to buy or list your home, you can still tap into the wide range of services we offer. Below are several services we offer. Whether you’d like to learn more about our local market or you’d like the name of a reputable roofer in our area, give us a call!
Today we celebrate a great American who had a dream but it's also a day when many people start chasing their American Dream. MLK Day is the unofficial start of the real estate season in Louisville, KY.
2018 was a remarkable year for real estate. Nationally, it was the 3rd strongest real estate market ever and locally it was the strongest market we have ever seen.
With low inventory and online tools, on the surface it would appear that this would be the easiest market ever to sell your home by owner and save the commission. However, in 2017 we saw a historic low in "for sale by owner" sales.
Why is this? Well for one, a good real estate agent does not sell your home. A good real estate agent acts as your consultant, your advocate, and negotiates on your behalf. Anybody can put a sign in the yard and find a buyer but a true professional will be able to guide you through a treacherous process. A true professional sells your home quickly, for the highest value, and minimizes the bumps along the way.
Moving is stressful. Having a true professional on your side will save you time, energy, and money.
We want to hear from you...
If you, or someone you know, is interested in moving this year and would appreciate learning about our unique approach to help you win in this market.