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Solari Group Blog

Tuesday, July 10, 2018   /   by Nicole Solari

How Long Do Most Families Live in a House?

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.


As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.





Why the dramatic increase?


The reasons for this change are plentiful!


The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.


With home prices rising dramatically over the last several years, 95.3% of homes with a m ...

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  real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, finances, market update

Thursday, July 05, 2018   /   by Nicole Solari

Homes Are More Affordable Today Than They Were in 1985-2000

Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.


However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it.


Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we must also realize that incomes have increased.


This is why most indexes use the percentage of median income required to make monthly mortgage payments on a typical home as the point of comparison.


Zillow recently released a report comparing home affordability over the decades using this formula. The report revealed that, though homes are less ...

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  real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, finances, first time home buyer, moving, rent vs. buy

Thursday, June 28, 2018   /   by Nicole Solari

Housing Demand Shifting From Renting To Owning, According To New Harvard Report

If you needed further confirmation that homeownership is becoming a more attractive option than renting to people across the country, just ask Harvard. According to the recent State of the Nation’s Housing report from the Joint Center on Housing Studies of Harvard University, the national homeownership rate increased for the first time in 13 years (from 63.4% in 2016 to 63.9% in 2017), with the number of homeowners rising an average of 710,000 per year over the past two years.


At the same time, the demand for renting has significantly slowed down. While growth in the number of rental households from 2000 – 2015 was at an average of 850,000 per year, that number dropped dramatically in 2015 – 2017 to just 220,000. The national rental vacancy rate also rose for the first time since 2009 (from 6.9% to 7.2%).




The Takeaway


As renting continues to become more unaffordable in markets across the coun ...

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  real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, finances, property taxes, escrow, napa valley, the solari group

Tuesday, June 26, 2018   /   by Nicole Solari

Are You Wondering If You Could Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they get married or start a family, some might think they are too young, and still, some others might think their current incomes would never enable them to qualify for a mortgage.
We want to share what the typical first-time homebuyer actually looks like based on the National Association of Realtors’ most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:

Bottom Line
You may not be much different than many people who have already purchased their first homes. Meet with a local real estate professional who can help you determine if your dream home is within your grasp today.

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  real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, finances, open house, decor, selling tips, team