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Is Owning A Home Part Of Your 5 Year Plan?
An article in Realtor Magazine discusses the shift in home ownership and how now is the time to buy if it is a part of your future plans:
The majority of consumers are upbeat when it comes to the housing market. Low interest rates and a strengthening economy have prompted this consumer optimism, according to Berkshire Hathaway HomeServices’ Homeowner Sentiment Survey, a survey of about 2,000 consumers’ attitudes toward home ownership.
94 percent of home owners and potential buyers surveyed say that home ownership is a critical piece to their long-term financial planning.
“Home owners today seem to have a longer term perspective for their properties,” says Gino Blefari, HSF Affiliates CEO. “Owners are telling us a home is more than its price tag, and they’re placing more value in a home’s intrinsic qualities of wealth building, safety, satisfaction, and a place to raise a family.”
However, there are some differences among age groups when it comes to home value perceptions. Baby boomers and Gen Xers, tend to embrace home ownership first as a “smart, long-term investment.” On the other hand, millennials are “thinking in the now” about real estate and tend to place the highest priority on the “ease of a purchase decision,” including the ability to close quickly on the property, secure financing, and afford monthly payments.
Millennials’ say they see one of the major benefits to home ownership is having a place they’re proud to show family and friends. They also value a community with great schools and seek locations that encourage healthier lifestyles. 61 percent of millennials say it’s also important to live in a neighborhood with a variety of trendy dining and retail options.
“As millennials become a larger part of the home-buying market, their preferences become better defined and seemingly more traditional,” says Stephen Phillips, president of Berkshire Hathaway HomeServices. “We have always believed there is more similarity than difference among home-buying groups, and this new data seems to support that view.”
Overall, the majority of current home owners – 88 percent – say it’s important to update or renovate their home over time to enhance its long-term value. Many home owners seek home improvements that are energy efficient and eco-friendly systems and materials. More than 60 percent of current home owners said they favor “green” home improvements – even over kitchen, bath, and flooring projects.
The millennial generation is the most enthusiastic about home improvement projects. Sixty-one percent surveyed say they wan ta home they can upgrade to their preferences.
To read the full article, please click here.
Source: “Consumers Show Shift in Home Ownership” DAILY REAL ESTATE NEWS | FRIDAY, APRIL 24, 2015
The Spring Market Is In Full Swing!
Although the snow has just finished melting, the Spring market is going strong!
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A Thaw In The Housing Market Is On It’s Way
According to an article in Realtor Magazine, home sales will pick up as the year progresses:
Housing activity has been bumpy so far. The National Association of REALTORS® reported this week that existing-home sales tumbled to a nine-month low in January.
But economists polled by Reuters are optimistic that a turnaround will occur due to a strengthening job market that is expected to offset some of that drag.
“We expect the housing market to improve this year,” David Nice, an economist at Mesirow Financial in Chicago, told Reuters. “It is only a matter of time until the improved jobs market has a positive effect on the housing market. We are betting that first-time buyers return this year.”
The economy has added more than a million jobs over the past three months. The improvements in the labor market are expected to prompt the Federal Reserve to start raising interest rates later this year, an event that likely will push up mortgage rates too.
The 30-year fixed-rate mortgage currently is averaging 3.76 percent, according to Freddie Mac. Reuters poll of economists predicts a lower jump than originally anticipated in mortgage rates, with the 30-year fixed-rate mortgage expected to average 4 percent this year and rise to a 4.58 percent average in 2016. (Originally, economists had projected a 4.55 percent average rate this year and 5.20 percent next year.)
Also, economists point to a housing turnaround due to the government’s easing of credit that will likely prompt more first-time home buyers to make a move this year.
What’s more, “soon, there the improvement in equity positions will be large enough that owners who couldn’t sell but wanted to will be able to list their units,” Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pa., told Reuters. “That would increase supply and make house shopping easier.”
To read the full article, please click here.
Support Your Community & See The Boston Red Sox
You could earn Boston Red Sox tickets just by helping the city of Boston and surrounding areas shovel snow from fire hydrants. What a great way to support the community & enjoy the reward! Click here for more information.
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