Maybe some of you saw the CBS "Eye on Money" segment this morning about why Millennials aren't buying homes, and may not own a home in their lifetimes. (If you didn't you still can. Click HERE.) CBS Business Analyst and long time financial adviser Jill Schlesinger went over a litany of the reasons why Millennials can't find and buy a house, all of which we have addressed often in this space. She mentioned how Millennials can't afford the rising cost of houses, how they are burdened with huge student debt and how they can't find a suitable first home because of the lack of homes on the market. Admittedly, these are all serious problems.
But maybe there's one solution Millennial home shoppers haven't tried.
Get a good REALTOR®.
A REALTOR®, a trained professional, is in the business of matching up homes with buyers, and is committed to looking after the financial welfare and housing needs of their clients. But more than that, a good REALTOR® (and that is ...
Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:
With inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.
The same study reveals,
“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”
This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,
“If still unable to find a home in the next few m ...
Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
So, what’s the #1 reason to list your house in the winter? Less competition. Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.
As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January).
Temperatures aren’t the only thing that heats up in the spring – so do listings!
In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with them to come to the ...
The housing crunch in the Hudson Valley slowed real estate sales this summer as home owners elected to "stay put" rather than sell their homes. Some home owners looking for more living space have chosen to build an addition, rather than sell and move up to a larger house.
When you need more living space in your home, converting your garage into a room can be an attractive option. Although costs will vary based on your location and specific plans, a garage remodel will generally cost about half of what you’d expect to spend when building a home addition from scratch. However, there are many things to consider before beginning a project like this.
Converting a garage into a living space is a big job that includes raising the floor, insulating the walls, adding heating, cooling and ventilation, and updating doors and windows. Before you begin a garage makeover, take the time to consider all aspects of the project.
Yes, you'll need planning permission to do nearly any ki ...