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Victoria Cottle

Victoria Cottle

Don’t Wait…House Prices Rising

 Don't Wait…House Prices Rising
While
investigating this blog I came across some information on home buyer profiles
and those aspiring to be home buyers. This information may be interesting to
some of you who are thinking about selling your home.
The National
Association of Realtors collected data throughout 2017 using their Housing
Opportunities and Market Experience (HOME) report. This report monitors
consumer sentiment about the housing market.
Of the
consumer households in the U.S. that were surveyed during 2017, 63 percent of
those who responded were existing homeowners, 28 percent of them were renters
and 9 percent of them lived with someone else. Of the non-owners, 46 percent
were 34 years or younger, 57 percent had an income of less than $50K and 41
percent of them live in suburban areas.
Ages for
non-owners were 46 percent 34 years and younger. Nineteen percent for ages 35
to 44. Eleven percent for ages 45 to 54. Thirteen percent for ages 55 to 64 and
then 11 percent for age 65 and over. Looking at these numbers the younger
generation seems to be a bit timider about jumping into homeownership. Where
the older baby boomers are already homeowners. So maybe marketing needs to be
refocused on millennials and benefits to owning a home.
But then we look
at the income for these non-owners and 57 percent of them are making under $50K
a year. Thirty percent $50 to $100K and 14 percent more than $100K. With home
values rising due to low inventory and market rebounding how do you convince
someone to buy?
Another
factor I looked at was location. For non-owners, 17 percent of them were in
rural places, 40 percent in urban and 41 percent in suburban locales. So, is it
time for the urban cities across America to revitalize if they have not already
started? Seems that millennials want convenience and closer surroundings. They
want to walk or take mass transit to work, walk or take mass transit to the
grocery store and walk or take mass transit to entertainment. Just the fact
that Uber has become a huge hit with the younger crowd should give us a clue.
Good news it
that 58 percent of non-owners think that Q4 in 2017 was a good time to buy. And
this carried across age, income and city size except for in the West region.
When asked about why they haven’t bought they (56%) stated they couldn’t afford
it. Maybe they need to hit up a financial advisor to assess where their money
is going in terms of rent and what the real cost of home ownership would be for
them. They might find out it is cheaper to own.
Eight in ten non-owners
reported that owning a home was their American Dream. I will do what I can to
help you become a homeowner without busting your budget. If you need insight or
referrals to trusted professionals to discuss finances I can help. The time is
now, interest rates are still historically low but not for long.
And remember
if you, a friend or family member need assistance with selling or buying a home

I can help
. Referrals and people needing relocation assistance
are welcome!
Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.



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