Showing posts with label Home Buyers. Show all posts
Showing posts with label Home Buyers. Show all posts

Thursday, May 28, 2015

Single-Person Households Are on the Rise

Single-Person Households Are on the Rise



A century ago, fewer than six percent of all households consisted of people who lived alone. By 2013, that percentage has jumped to 28 percent, with single-person households now making up the second most common household type just behind married couples without minor children (at 29 percent), according to U.S. Census Bureau data. What's more, single households have now surpassed married households with minor children (19 percent).
These single households – once mostly dominated by men – have shifted to a rise in the number of women living alone. Women now head 54 percent of all single-person households.
In large cities, single person households account for 45 percent of all households. Some neighborhoods in Manhattan and Washington, D.C., in particular, have single-person households that approach two-thirds of its households."In the past, when living alone might have been a short-term condition, for many it is now a long-term situation, the result of a number of broad demographic and economic forces at work over the past half century: greater affluence, longer lives, later ages of marriage, higher divorce, smaller family sizes, greater labor force participation and financial independence of women, and stronger government safety nets across a wide spectrum of social programs," writes George Masnick, senior research fellow at The Harvard Joint Center of Housing Studies.
Single-person households aren't dominated by one generation either. About 28 percent of all single-person households are under the age of 45; another 36 percent are between the ages of 45 and 64; and 36 percent are over the age of 65. 
Many of these single-person households are also home owners. Fifty-four percent of single-person households are owner-occupied, according to the 2013 American Housing Survey. Between 2003 and 2013, owners comprised 55 percent of the growth in single person households.

Contact Stacey Guzanick 262.490.3696,   RE/MAX Realty Center  Guzanick@gmail.com,  if you have questions about buying a house or selling one.

I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

Friday, May 1, 2015

More Home Buying Education, Please ~ Survey

Survey: More Homebuying Education, Please

While some banks have attempted to ease their lending standards and make credit available to more home buyers, they're still falling short on supplying enough home-ownership education, consumers say. That may highlight a void real estate professionals could fill by offering more homebuying information on their websites or hosting more buyer workshops and classes.
Though 86 percent of buyers say they had sufficient resources to educate themselves about the homebuying process during their search, according to TD Bank's latest Mortgage Service Index, 51 percent indicate that banks could offer more relevant and helpful information online. Forty-nine percent also say banks should better train their employees to more clearly explain buyers' options.
The Mortgage Service Index is based on a survey of more than 1,450 consumers who bought homes within the last 10 years.
First-time home buyers show the most interest in added educational resources, with 52 percent saying banks could offer more home financing seminars and workshops, according to the Index. Only 40 percent of all respondents say the same. And 58 percent of first-timers say they want additional information online compared to 51 percent of all respondents.
Additionally, the Index finds, 44 percent of all consumers are unfamiliar with home affordability programs.
"In our current housing market, a critical first step for buyers is to educate themselves on the financing process by speaking with multiple lenders and learning about the loan options available to them," says Malcolm Hollensteiner, director of retail lending, sales, and production at TD Bank. "Lenders today should be working with borrowers on a case-by-case basis in order to find the loan option that best meets their needs and budget."
REALTORS® have often made education their mission, not just for their own clients but for communities as a whole. Some associations set up programs to teach kids as young as third gradeabout housing issues or reach out to minorities to educate them about home ownership. Others host their own home-buyer seminars and classes. However they do it, it's clear that the opportunity is there for real estate professionals to work with buyers on getting better educated and come up with ways to supplement information that banks are disseminating.
TD's Mortgage Service Index also finds that consumers are feeling better about the homebuying process as a whole, with 68 percent saying their last experience was excellent or very good. That's up from 62 percent a year ago. Consumers rated the following aspects of the homebuying process the highest:
  • Finding a good real estate practitioner (59 percent say their experience was excellent or very good)
  • Finding the right lender (57 percent)
  • Getting approved for a mortgage (65 percent)
  • Length of the entire process (52 percent)
Looking to buy or sell?  Let me know how I can help.
 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!
—REALTOR® Magazine

Thursday, April 16, 2015

10 Questions You Should Ask Mortgage Lenders

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Looking to buy or sell?  Let me know how I can help.
 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

Tuesday, March 24, 2015

4 Indicators Show Rising of Millennial Buyers

4 Indicators Show Rising of Millennial Buyers


The millennial generation is inching their way into home ownership. These millennials, born from the early 1980s through the late 1990s, have largely delayed their entrance into home ownership, saddled by debt and high unemployment in the aftermath of the recession.
Here are some indicators that are making economists the most optimistic:But economists are getting optimistic that the millennials are emerging into home ownership. Jonathan Smoke, realtor.com®’s chief economist, said earlier this year that 2015 will mark an opportunity for younger buyers to enter the housing market, which will fuel a stronger housing recovery.
  1. Rising employment: The unemployment rate between 2007 and 2010 among millennials surged to 14 percent (the population as a whole was 9.6 percent), according to Alan MacEachin, the corporate economist for the Navy Federal Credit Union. But as of January, the millennial unemployment rate had dropped to 9.3 percent. The improvement in employment for this generation will bring rising incomes that may push more toward home ownership.
  2. Moving out: More millennials are moving out of their parents’ homes and forming their own households. New household formation is back up to pre-recession levels. Household formation rates generally take three years to recover after a major drop – like seen in the recession, according to researchers at the University of Southern California Lusk Center for Real Estate in Los Angeles.
  3. Low mortgage rates, greater credit availability: Millennials have said that one of the biggest challenges to home ownership is saving for a down payment. Mortgage rates are still near historical lows, which is opening the doors for some. Also, several government programs are helping to increase mortgage availability for first-time home buyers. For example, Fannie Mae and Freddie Mac are now requiring as little as 3 percent down payments for new conforming loans. The Federal Housing Administration has lowered its insurance premiums, which has helped make the loans more affordable to first-time buyers.
  4. They desire to be home owners: Young adults say they want to buy. Thirty-two percent of millennials recently surveyed said they were saving for a house, according to a Bank of America/USA Today survey conducted in November. The real estate brokerage Redfin recently found in its own survey that 38 percent of millennials said they’d be willing to delay their wedding or honeymoon in order to save for a down payment on a home. What’s more, a new Goldman Sachs’ infographic shows that 93 percent of millennials say they want to own a home in the future.
Looking to buy or sell?  Let me know how I can help.
 
Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.
See you at the closing!

Source: "Millennials on the Home Ownership Path," The New York Times (March 6, 2015)