Friday, January 24, 2020 / by Nicole Solari
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The headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation is accelerating again because there is a shortage of homes available for sale. First-time buyers are taking longer to purchase a home because there is a shortage of homes available for sale in the lower price points. Boomers are staying in their current homes longer because there is a shortage of homes available for sale to which they would move. In certain markets, affordability is becoming more challenging because there is a shortage of homes available for sale.
What’s the major reason for this lack of housing inventory?
The issue was examined in a recent article by the National Home Builders Association (NAHB). In the article, Robert Dietz, Chief Economist for NAHB, explained:
“Home building in the 2010s was a story of the L ...
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real estate, home ownership, homebuyers, buying, real estate agent, realtor, selling, moving, upgrades, real estate team, home price, solano county, napa valley, market update, the solari group, market trends, home buyer tips, level up realty, housing market, real estate market, home buyer, home seller, mortgage rates, for buyers, self-esteem, family homes, selling your home, new construction
Friday, January 24, 2020 / by Nicole Solari
Some Highlights:
If you’re thinking of buying a home, plan ahead and stay on the right track, starting with pre-approval.
Being proactive about the homebuying process will help set you up for success in each step.
Make sure to work with a trusted real estate professional along the way, to help guide you through the homebuying steps specific to your area.
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real estate, home ownership, homebuyers, buying, real estate agent, first time home buyer, investing, loan, real estate team, solari team, solano county, napa valley, the solari group, home buyer tips, level up realty, first time home buyers
Thursday, January 16, 2020 / by Nicole Solari
There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.
It’s not, however, just the price of a home that matters.
Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year.
The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:
“A Home Affordability In ...
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real estate, homebuyers, buying, real estate agent, realtor, finances, first time home buyer, loan, home price, solano county, napa valley, the solari group, market trends, home buyer tips, level up realty, housing market, mortgage, real estate market, home buyer, mortgage rates, interest rates, for buyers
Tuesday, January 14, 2020 / by Nicole Solari
By the end of last year, many homeowners found themselves with more equity than they realized, and at the same time their wages were increasing. When those two factors unite, it can spark homeowners to think about making a move to a larger or more expensive home in the luxury space. That said, now is a perfect opportunity to take a look at the forecast for the 2020 luxury market.
Three Things to Think About in the 2020 Luxury Housing Market
1. Prices
The U.S. economy is strong today, with buying opportunities throughout the luxury end of the market. Thomas Veraguth, Strategist at UBS Global Wealth Management, says in Barrons.com,
“There’s a good link between luxury real estate prices and [economic] growth.”
Available inventory is a key element that can impact home prices. At the upper range, the inventory is greater in comparison to the entry-level market, making moving up to a luxury home a growing re ...
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real estate, home ownership, homebuyers, buying, upgrades, home price, solano county, napa valley, market update, market trends, home buyer tips, level up realty, housing market, real estate market
Monday, January 13, 2020 / by Nicole Solari
According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.
The good news is, our younger generations are strong believers in homeownership.
According to a Freddie Mac survey,
“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.
Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”
If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.
Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,0 ...
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real estate, home ownership, homebuyers, buying, finances, first time home buyer, solano county, napa valley, the solari group, home buyer tips, for buyers
