Tag Archives: homebuyers

Homebuyers Move Quickly for Inventory

Falling inventory forces homebuyers to move at fastest pace ever

Source: Housing Wire

housing market forecastHousing inventory fell 8.9 percent from last year in the second quarter of 2017, sending homebuyers scurrying to beat the rising competition.

Housing inventory dropped for nine consecutive quarters, and is currently down a full 20 percent from inventory levels five years ago, a new report from Trulia shows.

And now, homebuyers are snatching up homes at the fastest pace since Trulia began tracking in 2012. While 57 percent of homes were still on the market after two months in 2012, today that number shrank down to 47 percent.

Competition is so fierce, in fact, that 33 percent of Americans who bought a home in the last year made an offer without even seeing the home in person, according to a survey from Redfin, an online real estate brokerage.

This is up from 19 percent of buyers who placed an offer on a home without seeing it first last year. Among millennials, even more placed offers without seeing the home in person — a full 41 percent.

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Money Monday: Renters can buy

Even in California, buying can be more affordable than renting.

Renters That Can Buy

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Preparing to Buy a Home

Buying a home — it’s a big decision; one that you should prepare for in advance.

buyers and sellers real estate disclosures“One of the most important things a first-time homebuyer can do is prepare their budget for this big financial event.” (“How to Prepare Your Budget for Buying Your First Home”. http://finance.yahoo.com/news/prepare-budget-buying-first-home-123000854.html)

And there’s a few key ways that you can get your budget in order:

  1. Work on getting your credit score up
  2. Save for a down payment on a house
  3. Prepare for extra costs when buying

Read more on Yahoo’s financial advice on prepping your budget before buying here: “How to Prepare Your Budget for Buying Your First Home”.

Pets Influence Home Buying Decisions

The power of pets when buying real estate.

Care Your Pet

When home buyers have pets, that factors into their priorities for their future home. While the specific priorities differ from person to person, a massive 95% of consumers think that allowing animals within a housing community is important. Other preferences that consumers value include:

  • Nearby animal amenities (a walking path ranks at #1 at 54%; a nearby dog park or animal grooming also is included in the list).
  • Home features important to animal owners (not surprisingly, a fenced yard is vital to 91%, with a laminate floor coming in second as another priority for 66% of consumers).

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Ask Yourself These Questions Before Renting or Buying

Whether to buy or rent doesn’t necessarily have a clear-cut answer. But hopefully these questions will provide some guidance:

  1. What’s your top financial priority?
  2. What do you have savings for: down payment or first and last months’ rent?
  3. How long do you plan on living in the area?

There’s five more questions to ask yourself before you rent or buy; find them here on Yahoo: “8 Questions to Ask Yourself When Deciding to Rent or Buy a House.”

Improved Affordability in California

Compared to this time last year, homes are slightly more affordable in California

  • The median price for a single-family home in California in 2016’s Q3 was $515,940.
  • 31% of households could afford to purchase a median-priced home — compared to 29% of households a year ago.
  • Least-affordable counties include: San Francisco, San Mateo, and Marin.
  • Most-affordable counties include: San Bernardino, Kings, and Kern.

CAR improved real estate affordability in California

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS

What Xers Want in a Home

Gen X home buyers want specific things from and priorities for their homes, and have different desires than perhaps other generations.

Family is a top priority among this generation, and want their house to reflect this.

what_xers_want_-_hires

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS here.

Millennials Make Up Half of US Real Estate Buyers

News from Zillow’s recent real estate study

HomeForSaleSignZillow 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.