If you own a home, you might have more home equity to tap into if needed.
This infographic is from CALIFORNIA ASSOCIATION OF REALTORS.
Will the next housing crisis be because of baby boomers?
In today’s housing environment, there are surprising factors that baby boomers, born between 1946-1964, will be three times more likely to be carrying mortgage debt as of 2015 at age 60 years or older compared to 1980 according to U.S Census Bureau Data stats.
As of 2016, there were 74 million baby boomers alive and by 2030, when all baby boomers will be between 66-84 years old, there will be 60 million predicted to be alive. So with interest rates changing from 3.41% in 2016 to 4.62% recently for 30-year fixed-rate mortgages — and affordable housing being eliminated due to higher pricing (and that the new Millennial Generation is beginning to buy) — the next generation of seniors will have to be more creative with housing. One creative approach to housing is by living in helper units on their children’s properties in the future, such as granny flats or casitas — or buying a smaller home in another area. Downsizing or staying in their current home becomes the daunting task and question.
Maximizing your current home’s value by preparing is essential; do so with your building contractor, financial planner, accountant and Real Estate Agent. I’m here to help recommend any of these people and more or get you a free analysis of your home’s value. You can reach me at JohnASilvaRE@gmail.com or 619-890-3648.
After months and years of wholesale increases on property values in San Diego, the hoopla may be coming to an end.
See this link on recent stats from ATTOM Data Solutions that show foreclosures are now on the rise over the past several months in 96 of 219 metropolitan markets through out the nation: www.attomdata.com/news/market-trends/foreclosures/july-2018-u-s-foreclosure-market-report
Los Angeles has had a 20% year-over-year increase for July, while San Diego is lower due to the size difference compared to LA. But the time may be now to rehash any questions, if you are on the fence about selling now.Whether you may have a financial burden or may be ready to cash out, I have options to maximize your situation. Message me today for a very short no-pressure consultation. 619-890-3648 or JohnASilvaRE@gmail.com.
When you are selling or buying, the value of houses can be affected by so many things.
Of course, location and neighborhood comps affect the going price of the home, but other things you may not have thought about can affect it as well. These include: privacy, frontage length, the backyard sloping down, and more.
A rising real estate trend
There is a rising trend in residential real estate – in the single family homes sector. Builders of new homes are tailoring their design and subdivisions in order to gain single women homebuyers.
Nationwide last year, single women made up 18% of homebuyers, while single men only accounted for 7% of all home sales, according to the National Association of Realtors. This category of single women included those: never married, widowed, and divorced. Spending for single women also is more than it is for single men, on average. Single women are now the second highest group of purchasers, behind married couples of all homes.
This trend is expected to increase over time. The evolution of real estate ownership, as well as the evolution of business leadership, will both increase for women in years to come.
See link for more details: realtormag.realtor.org/daily-news/2018/05/11/single-women-outbuy-men-in-homeownership
For more info on getting your best deal on your dream home, or for a free valuation of your home, please call me, John A Silva, now at 619-890-3648 — and as always, have a blessed day!
Last year in Q3, there were slightly lower home prices. That and the steady mortgage rates helped a few more Californians to purchase a home.
- The median price of a Californian home in Q3 2017 was $550,990.
- The median price for a condo or townhome in California was $449,720.
- The minimum annual income needed to qualify for the purchase of a median-priced single-family home was $111,260.
- The minimum annual income needed to afford the monthly mortgage payments on a median-priced condo or townhome was $90,810.
This infographic is from CAR.org.
Last year, in 2017, here’s who buying real estate:
By far, the largest percentage of home buyers were married couples. Check out the other buyers below.