Zillow released a study on Tuesday, revealing some of their real estate findings; including: “half of all buyers are under age 36, meaning the Millennial generation is driving more of the housing market than we previously understood.”
Another finding had to do with the hiring of real estate agents. They found that “buyers aren’t replacing the expertise of real estate agents with online research—but they are doing a tremendous amount of research online before contacting an agent. Those who start their home searches online are actually more likely to use an agent than other buyers.”
The report summarizes Zillow’s findings in a 164-page report; click here to read about all of the real estate findings in detail.
First United States Labor Day Parade, September 5, 1882 in New York City.
“Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country” (“History of Labor Day.” Department of Labor. https://www.dol.gov/general/laborday/history).
“The average rate of a 30-year fixed mortgage dropped to 3.48% — the lowest level since May 2013, according to Freddie Mac. A year ago, the rate was 4.08%.
“The drop comes in the wake of the U.K.’s decision to leave the European Union. The historic vote sent the yield on the U.S. 10-year Treasury, which serves as benchmark for consumer loans, tumbling to 1.45% this week…”
As the Housing Recovery Strengthens, Affordability and Other
Challenges Remain: Harvard Study
The national housing market has now regained enough momentum to provide an engine of growth for the US economy, according to The State of the Nation’s Housing report released this week by Harvard’s Joint Center for Housing Studies. However, several obstacles continue to hamper the housing recovery—in particular, the lingering pressures on homeownership, the eroding affordability of rental housing, and the growing concentration of poverty.
Making sense of the story
On the renter side, the number of cost-burdened households rose by 3.6 million from 2008 to 2014, to 21.3 million. Even more troubling, the number with severe burdens (paying more than 50 percent of income for housing) jumped by 2.1 million to a record 11.4 million.
The national homeownership rate has been on an unprecedented 10-year downtrend, sliding to just 63.7 percent in 2015. Tight mortgage credit, the decade-long falloff in incomes that is only now ending, and a limited supply of homes for sale are all keeping households—especially first-time buyers—on the sidelines.
The report finds that income inequality increased over the past decade, with households earning under $25,000 accounting for nearly 45 percent of the net growth in US households in 2005–2015.
The report finds that rent burdens are increasingly common among moderate-income households, especially in the nation’s 10 highest-cost housing markets, where three-quarters of renters earning $30,000–45,000 and half of those earning $45,000–75,000 paid at least 30 percent of their incomes for housing in 2014.
Federal assistance reaches only a quarter of those who qualify, leaving nearly 14 million
households to find housing in the private market where low-cost units are increasingly scarce.
Low-income households with cost burdens face higher rates of housing instability, more often settle for poor-quality housing, and have to sacrifice other needs—including basic nutrition, health, and safety—to pay for their housing.
The report notes that a lack of a strong federal response to the affordability crisis has left state and local governments struggling to expand rental assistance and promote construction of affordable housing in areas with access to better educational and employment opportunities.
Energy-efficient real estate and housing is a top priority for consumers; buyers and builders just call it different things.
An energy-efficient home when buying or remodeling is a top priority for 50% of interviewed consumers, and thus home builders often cater to and strive to build those types of houses. But the consumer and the builder often use different terms to describe sustainable, green and environmentally friendly real estate.
Real estate and cars aren’t the only things you can either rent or buy; there are plenty of other rent-able things that you might not have thought about:
Tools – Perfect for when you have a DIY home improvement project, but probably won’t need that specific tool for anything else. Rent a chop saw for the crown molding in the bedroom, a chainsaw for the dead tree in the backyard, or a seeder to reseed your front lawn. Rent from local stores around you or Home Depot or Lowe’s, or see if a neighbor or friend has the necessary tool that you might be able to borrow.
Chickens and coops – Self-sufficiency can be a fun project or a lifetime endeavor; either way, with multiple companies with coops and chickens for rent, you can try out “home grown” eggs! Check out sites like rent-a-chicken.net, rentthechicken.com, or rentacoop.com.
Art – Does looking at the same painting on your living room wall get boring after awhile? TurningArt.com allows you to continually rotate artwork for a monthly fee.