Compared to February 2016, 2017’s February shows strong gains in both sales and price.
Family is a top priority among this generation, and want their house to reflect this.
This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS here.
An August 2016 Pew Research report shows that “a record 60.6 million Americans — almost one in five – lived in multigenerational households in 2014, defined by Pew as a having two or more adult generations or grandparents and grandchildren. This is about a 30% increase in just seven years; in 2007 there were 46.5 million people living in multigen households…” (Forbes. “Multigenerational Living is Back and That’s a Good Thing”)
“…’The economic downturn in 2007 to 2009 may have driven families to come together under one roof out of need, but today this increasing multigen living is by choice,’ says Donna Butts, executive director of Generations United, a group dedicated to improving lives of children and older adults through intergenerational programs and services.” (Forbes. “Multigenerational Living is Back and That’s a Good Thing”)
Read more in Forbes’ article here: www.forbes.com/sites/nextavenue/2016/10/09/multigenerational-living-is-back-and-thats-a-good-thing/?ss=personalfinance#2c8dc0cf5dac
The San Jose metro economy is among the largest growing economies, according to the Bureau of Economic Analysis. San Jose’s 8.9 percent growth led the 292 metro areas that saw their local economies grow last year. San Francisco, Los Angeles, Riverside, and San Diego metro areas also ranked in the top 20 fastest growing economies at growth rates of 4.1 percent, 3.9 percent, 3.8 percent, and 2.5 percent, respectively.
While the economies of most major American metro areas have fully recovered, many smaller cities are still struggling to climb back to pre-recession levels.
The CALIFORNIA ASSOCIATION OF REALTORS put out some real estate facts concerning California real estate affordability:
This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.
“For the first time since 2011, incomes rose faster than home prices in the U.S., according to a new report from Zillow.
“The median home price climbed to $188,100 in August, a 5% increase from the same time a year ago.
“And last week, the Census Bureau reported that median household income increased to $56,516 in 2015, up 5.2% from 2014.”
CNN. “Here’s some good news for house hunters.” http://money.cnn.com/2016/09/22/real_estate/incomes-rise-faster-than-home-values
Now that an exciting high school, college and NFL season is upon us, residential real estate has been even more exciting this year! Sellers and buyers are reaping the profits of sales and benefits of purchasing NOW with interest rates still near historic lows.
It’s time — and your turn to get in the game and score your touchdown today! Don’t be left on the sidelines; call me now!
If you know someone looking to sell or buy, rest assured you know that they’re with the #1 Team!
Source: Investors Business Daily
Homebuyers in the U.S. are growing more anxious about their ability to afford a dwelling of their own, and that’s especially true of millennials, says a new survey from Redfin. Another concern they have is high rent, with nearly half of first-time homebuyers surveyed saying that it pushed them into the housing market. And while low inventory was blamed as a major factor in July’s drop in sales of existing homes, that was third on the list of homebuyers’ worries, after affordability and competition from other shoppers.
Making sense of the story
In previous surveys, the second- and third-most cited concerns made up a far higher percentage of total responses. Last year it was 31.4 percent, while in May it was 33.5 percent. In other words, affordability is gaining prominence as the number one concern among buyers.
Among the 1,887 homebuyers participating in the Redfin survey, those who said affordability
was their biggest concern grew to 28.1 percent this summer, compared to 26.6 percent a year ago. Anxiety about competition in the market again got the next-biggest share of responses, but it was cited by only 13 percent this year, compared to 17 percent in 2015.
Worry about lack of inventory again was third, but fell 2 percentage points — from 14.4 percent
of responses to 12.4 percent. The only other response reaching double digits was the share of
homebuyers who had “no concerns,” which increased slightly to 10.4 percent from 9.5 percent.
Among millennial homebuyers, nearly a third said affordability was their top concern. About half that number (16 percent) expressed worry about competition from other buyers, while about 1 in 8 (12 percent) were most troubled about the available housing inventory. And slightly more than 1 in 10 said they were the most uneasy about coming up with a down payment.