Buying a house is a significant event that typically happens once every 13 years. This infrequency can leave buyers out of touch with the latest changes in the real estate market. CENTURY 21 Real Estate Alliance Agents provide their expertise to assist buyers in making informed decisions throughout the home purchasing process.
Introduction
Buying a home is a big event in life. It affects your money, how you live, and your plans for the future. California’s housing market changes often and can be very competitive. That’s why it’s important to have help from someone who knows a lot about buying houses. Most people buy a house once every 13 years, which means they might not know about all the new changes when they decide to buy again. CENTURY 21 Real Estate Alliance Agents are there to give their knowledge and help buyers make good choices at every step of buying a home.
Expertise Through Experience
When buying or selling a home in California, it’s important to have someone who knows the area well. The agents at CENTURY 21 Real Estate Alliance have a lot of experience. They really understand the California homes and properties market. They can help both new buyers and people who have bought or sold property before. These agents will guide you to make good choices and keep you from making mistakes.
Market Insight and Analysis
The housing market in California has a lot of variety and can be quite complicated. There’s everything from busy city areas to quiet places in the suburbs. Agents at CENTURY 21 Real Estate Alliance are always learning about the latest market changes and studying the numbers. This means they can give you great advice on how to set prices and how to make deals that fit just what you’re looking for.
Personalized Guidance
Buying a home is different for everyone. That’s why agents from CENTURY 21 Real Estate Alliance really listen to what you want. They help find what you’re looking for, whether it’s a safe area for your family, a home by the water, or a place to invest in. They focus on your needs to make sure you get what’s best for you.
Support Every Step of the Way
Buying a home can sometimes feel like too much to handle, especially in busy places like California. Having an agent from CENTURY 21 Real Estate Alliance with you means you’re not alone. They support and guide you from the first time you talk to them until you close the deal. If you have questions about how to pay for the house or if you need to find someone to check the house for you, they’re ready to assist.
Conclusion
When looking for a home in California, it’s a smart move to work with a CENTURY 21 Real Estate Alliance Agent. They know the housing market very well and offer a service just for you. They’re among the top in their field. So, if you’re buying a home for the first time, or if you’ve bought homes before, it’s important not to take any risks. By choosing a CENTURY 21 Real Estate Alliance Agent, you’ll get the help you need to make your dream home a reality.
You can feel it in the air! Fall 2022 has arrived, bringing lower temperatures and a cooling down of the real estate market. After the blazing housing market during the pandemic, rising interest rates have cooled down the real estate frenzy. But that’s not necessarily bad news for buyers.
As the housing market heated up, many would-be homeowners found themselves unable to purchase due to multiple cash offers pushing winning bids too high. Now with mortgage rates rising since January 2022 to 7.04%, prices are starting to edge down in most housing markets.
Where’s the good news you ask? According to Thersa Ghilarducci’s article “Looking to Buy a House? It’s Not the Worst Time” published in Bloomberg October 15, 2022, “Buying an asset when the price is falling is generally a good thing. Buying a home now when mortgage rates are high and housing prices are falling means as mortgage rates stabilize or even drop, your house value will more likely inflate than if prices were rapidly increasing and mortgage rates were increasing. Rising mortgage interest rates and a potential recession may seem like bad news, but these trends could benefit would-be homebuyers by cooling demand and dropping prices further, especially if the buyers are confident they won’t lose their jobs and income.”
Ghilarducci further explains, “Of course, a would-be home buyer must consider other important criteria besides housing prices before buying a house. Other important decision factors include having at least 20% for a down payment; whether you will live in the property for more than five years; and whether your monthly payment will be lower than 30% of your gross income.”
Although purchasing a house when interest rates and inflation are higher may not be ideal, this may be the perfect opportunity to consider buying if you can afford it. Not only can you avoid the bidding war that forced many buyers out of the market, you can always refinance once the Fed lower interest rates which some experts predict can be as soon as in 2023.
About Century 21 Real Estate Alliance- Century 21 Real Estate Alliance Group is the largestCentury 21 brokerage in California powered by over 1500 real estate agents working from 35 offices throughout California. Now offering Escrow and Lending services specializing insolutions-based lending
The U.S. median rental price grew 9.8% year-over-year to $1,607 – 15.5% higher than monthly starter home payments in 24 of the 50 largest U.S. metros
SANTA CLARA, Calif., – As rents continue to hit new highs and mortgage rates remain low, buying a starter home now costs less per month than renting a similar-sized unit in 24 of the 50 largest U.S. metros, according to the Realtor.com® Monthly Rental Report released today. The top markets where it’s more affordable to buy a starter home versus rent one include: Birmingham, Ala. (33.1% lower), St. Louis, Mo. (29.4% lower), Pittsburgh (27.7% lower), Orlando (25.9% lower) and Cleveland (25.7% lower).
Nationally, rents continued rising at an unusually fast pace in July, up 9.8% over last year and 12.2% since 2019. All unit sizes tracked by Realtor.com® posted rent gains and hit new highs: Two-bedrooms at $1,802 (+10.9%), one-bedrooms at $1,495 (+9.5%) and studios at $1,315 (+5.6%).
“Rents hit new highs in 40 of the 50 largest U.S. metros this July and grew at an almost double-digit pace – the fastest yearly rate we’ve seen in the last 18 months,” said Realtor.com® Chief Economist Danielle Hale. “Sky-high rents and historically low interest rates have made the monthly cost to buy a starter home lower than renting one in nearly half the markets across the U.S. While this is good news for first-time buyers in these metros, there are plenty of other factors to consider when deciding whether to become a homeowner, including making sure it’s the right time for you and your family. But if the monthly costs have been holding you back, data suggests it’s worth exploring in many markets, and although it’s still hard to find entry-level homes, we are seeing more smaller homes coming on the market.”
Hale added, many of July’s highest rent gains were seen in secondary markets where rental demand has exploded during COVID, driven in part by remote work enabling employees to escape crowded, expensive big cities – at least temporarily. With the future of remote work uncertain for many Americans, first-time homebuyers saw less of a frenzy than renters in a number of July’s highest-priced rental markets. This has helped keep monthly starter home costs an average 15.5% ($216) lower than rents in nearly half of the 50 largest U.S. metros. (See methodology below.)
First-time homebuying is relatively more affordable in hot rental markets
In the top 10 metros that favored first-time homebuying over renting in July, monthly starter home payments were an average 24.3% lower than rents, driven in part by lower median listing prices ($192,000) than the national average ($297,000). The types of starter homes for sale also play a key role in monthly payments, with active inventory in these buyer-friendly metros including nearly two times the share of single-family starter homes (56.1%) than in condo-heavy markets that favor renting.
In July, the top 10 markets that favored buying over renting were: Birmingham, Ala. (33.1% lower), St. Louis, Mo. (29.4% lower), Pittsburgh (27.7% lower), Orlando (25.9% lower), Cleveland (25.7% lower), Tampa (22.9% lower), Baltimore (20.5% lower), Indianapolis (20.4% lower), Virginia Beach (19.2% lower) and Riverside, Calif. (18.5% lower).
Many of these metros also posted sizeable rent gains over last year in July, led by Riverside (+29.7%), where the median rental price of $2,230 was 18.5% ($413) higher than starter home payments, at $1,817 per month. Even with the surge in prices, Riverside rents were relatively lower than in nearby Los Angeles ($2,742), making the metro an attractive option to big city renters looking to save during COVID. Compared to Los Angeles, first-time homebuyers in Riverside saw 51.5% lower asking prices and nearly three times the share of single-family starter homes, at 75.1% of entry-level inventory in July.
Renting beats out buying in big tech cities with rents yet to recover from COVID
Typically some of the nation’s most expensive housing markets, big tech hubs largely favored renting over buying a starter home in July, partly attributed to higher condo HOA fees. Among 0-2 bedroom homes in these top 10 cities, over seven-in-ten (71%) were condos, on average, compared to 58% nationwide, while median HOA fees of $334 among homes that had this fee were 27% higher than the U.S. median ($263).
Seven of the top 10 markets where monthly starter home costs were higher than rents are tech-heavy areas, including: Austin, at 79.2% higher; San Jose, at 47.5% higher; San Francisco, at 44.4% higher; Seattle, at 44.2% higher; Boston, at 40.9% higher; Los Angeles at 39.4% higher; and New York, at 32.0% higher.
While rental prices have surpassed pre-COVID levels in the majority of U.S. markets, rents in many of the biggest tech cities have yet to catch up to historical peaks. Among the 50 largest U.S. markets, the only four where rents declined from last year in July were all big tech hubs: New York (-6.1%), Boston (-3.7%), San Francisco (-2.9%) and Chicago (-1.4%).
Leading the list of metros that favor renting by a wide margin, at $1,228 higher monthly starter home costs than rents, Austin is currently one of the nation’s most competitive housing markets. While costs like median HOA fees are relatively lower in Austin compared to other big tech cities, at $104 versus $1,222 in New York, first-time homebuyers are competing for limited affordable options, with 0-2 bedroom home inventory down 59% year-over-year and prices up 17.5% to a median $431,000 in July.
“Emerging tech hubs like Austin have seen a surge in housing demand in recent years as more Silicon Valley companies have opened or expanded offices in these areas. Relocating employees, including many millennials, can see their housing dollars go much further, with rental costs roughly half as high as in San Francisco and San Jose and starter home costs more than a third lower. With growth expected to continue in Austin, there’s a premium on real estate, but California transplants may find that relative affordability creates first-time homebuying opportunities,” Hale said.
Realtor.com®July 2021 Rental Data – Top 10 Markets that Favor Buying Over Renting
Realtor.com®July 2021 Rental Data – Top 10 Markets that Favor Renting Over Buying
Realtor.com®July 2021 Rental Data – 50 Largest Metropolitan Areas
Methodology
Rental data as of July 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.
The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Memphis for sale data was excluded while inventory data is under review. Monthly buying costs assume a 5% down payment, with a mortgage rate of 2.87%, and include taxes, insurance and HOA fees. Typical market-level monthly HOA fees were included in the overall monthly cost of buying, and the median was not conditional on the presence of an HOA fee. This means that the typical HOA fee included reflects both the fees themselves as well as the prevalence of HOA fees in the cost of local starter homes. All else equal, areas where more homes have HOA fees will reflect a higher HOA fee inclusion.
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
CHICAGO – (July 20, 2021) — ShowingTime, the residential real estate industry’s leading showing management and market stats technology provider, found that showing activity slowed during June compared to prior months, but remained hyperactive during the first few days listings go on the market in cities across the country.
According to the ShowingTime Showing Index®, 64 markets still averaged double-digit showings per listing during the month, led again by Seattle and Denver. That was down almost half from May, when 113 markets averaged double-digit showings per listing, and down from a very busy April when 146 markets were in double digits.
“Buyer demand remains healthy,” said ShowingTime President Michael Lane. “Showing traffic is still above last year’s levels – other than in the Northeast, where it is down 3 percent from last year – though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months.”
Though the volume of showings declined from prior months, the first five days listings are active remain critical for buyers, when showing calendars tend to fill up quickly. Listings in Riverside and Bakersfield, Calif., Buffalo and Rochester, N.Y., Los Angeles, Raleigh, N.C., and Grand Rapids, Mich., each averaged more than 30 showings just in the first five days.
Buyer demand remained strong enough in June to drive year-over-year jumps in showing traffic in the South (20.5 percent), the West (14.4 percent) and the Midwest (14.1 percent), leading to a 7.8 percent jump year over year in activity throughout the U.S. overall. The Northeast Region, however, saw a drop of 3.2 percent, the first drop in showing activity in any region since April 2020 when real estate continued to grapple with the effects of the pandemic.
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month.
ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at research@showingtime.com.
C21 HOMETOWN’S – 7 DAY PLAN TO A HAPPY, HEALTHIER HOME
We’ve all heard the old adage “a clean home is a happy home.” It’s pretty safe to say a clean home is also a healthier one as well and we call use an extra dose of healthy! In the world of real estate, “Spring Cleaning” a house before selling is always key in making sure the house sell faster and even for more money. Since we all find ourselves home a lot more than expected these days, we’ve come up with a 7-day “Spring Cleaning” to keep us productive, healthier and even prepare your house to hit the real estate market if you’re interested. WIN…WIN…WIN!
Cleaning the entire house can feel overwhelming, but if you take a little at a time, one day at a time, your house can be spotless in no time.
DAY 1 – KITCHEN
We’re going to break down Kitchen cleaning into two days.. Take the time to not only clean but declutter as you go.
• Wipe down all the same surfaces as you did for the bathroom. Use that hot water, soap and start scrubbing those surfaces. Great time to work out all that Corona-virus frustration!
• Wipe down the walls, the outside of the cabinets, the handles on the cabinets and disinfect the inside of the sink basin as well.
• Open cabinets and neatly organize anything that looks out-of-place and purge any-thing that no longer is needed.
• Wipe down the floor and call it a day!
Seller’s Tips –
• Now that your Kitchen is sparkly clean, make sure the room is bright with sunlight.
• Also, be sure to repair any leaky faucets and pipes.
DAY 2 – KITCHEN AGAIN
We’re baaaack! Look around, you have to admit it’s looking good and we’re feeling good, right? Today, we finish the Kitchen by tacking those appliances.
• Let’s start with the fridge. Empty the shelves to wipe them down, double-check the expiration dates on the items that remain in your fridge. If they are no longer any good, it’s time to get rid of them! Scrub your fridge ’all those questionable drips and rings are gone then load back up the condiments and food items.
• Now let’s tackle the oven and cleaning the range. Choose a cleaner that is effective but that won’t damage your skin or unhealthy to breathe. Clean the range, then open the oven. If your oven is self-cleaning, hit the button! If not, start wiping down the inside of the oven to make it shine.
• Wipe out the inside and outside of the microwave
• Turn off the kitchen light, your work is done for the day.
Seller’s Tips –
• Make sure all stove, microwave, and refrigerator lights are working.
• Repair all loose handles and knobs. Your dishwasher must be working.
• Go and buy new stove plates or burner covers.
DAY 3 – BATHROOMS
Let’s face it, if we want to be healthier, bathrooms are the perfect place to start!
• Clean the entire parameter of the room from right to left.
• Wipe down door handles, light switches, walls, sink, countertops even base-boards…anything that has a surface, wipe it down with disinfecting products!
• Scrub the toilet, the shower, the tub, the shower head and don’t forget to wipe down the mirrors.
• Once all the surfaces and items in the bathrooms are cleaned, be sure to empty out the trash and wash the floors. DONE!
Seller’s Tips –
• Replace old toilet seats and make sure that every toilet is flushing perfectly. (People often flush the toilets to see if your plumbing is working.)
• Check your grouting and repair or replace any missing tiles.
• Buy new shower curtains and be sure there is no mildew anywhere.
• Put new caulking around toilets and showers.
• Take off any mineral deposit or soap deposit film on your shower doors and walls.
• Organize under the sinks and medicine cabinets (yes, people will open everything). Put away anything personal or dangerous.
• Check ceilings for cracks, stains, and moisture problems.
DAY 4 – LAUNDRY ROOM
Let’s take one of the smallest but busiest rooms in houses with kids, the Laundry.
• Start one of the never-ending loads of laundry.
• Wipe down the tops of the washer and dryer.
• Clean out the lint traps.
• Clean and pick up anything that’s fallen between or behind either unit.
• Organize your detergents so they are all nice, neat and stocked appropriately.
• Sweep the floor.
Seller’s Tips –
• Dust and clean your appliances like washers, dryers, hot water heaters, and furnace.
• Check for any leaks. If your basement has a musty smell (hopefully your friend who did the house tour will have told you) pour bleach down your drains, do not have damp clothing.
DAY 5 – LIVING ROOM
Even though the Living Room is one of the largest spaces, it’s generally one of the easiest to clean and freshen up.
• Wipe down all surfaces, baseboards and light switches.
• Dust any shelves, and also the backs and legs of furniture. Be sure to declutter any shelves of unnecessary items.
• Open up your windows and let that fresh air in and while you’re at it, clean the in-side and outside of those windows as well.
• Vacuum if you have carpet, or sweep if not.
Seller’s Tips –
• Be sure to fill holes and patch any other problems.
• Straighten the furniture, and be sure that the cushions are plumped and smoothed.
• Clean the fireplace and do not forget to use glass cleaner on both sides, if you have glass doors. Put a bowl of potpourri in the fireplace (nothing too overpowering).
• Anything on the coffee tables or shelves or mantle should be neatly stacked.
DAY 6 and 7 – BEDROOMS
You are in the homestretch! Just like the Kitchen we are going to tackle the Bedrooms in 2 days (maybe even 3 depending on the number of Bedrooms.)
• Follow the same cleaning protocol as you did in the Living Room: wipe, dust, win-dows, floors.
• Change out the sheets, flip and rotate the mattress.
• Here’s the biggie – organize the closets! Make a donate pile for clothing items that no longer fit or are needed.
Seller’s Tips –
• Patch walls and ceilings if during decluttering, you left a trail of nail holes.
• Clean light fixtures (all over the house), replace bulbs, and be sure to put in soft white bulbs not harsh or glaring bulbs.
• Ceiling fans need to be dusted and cleaned.
• Clean smudgy fingerprints off walls, doors, and light switches. (These bedroom doors often are overlooked).
• Nightstands emptied and organized attractively.
Walk through your house, look around and see if there is anything we missed. Looking good? You tackled it and completed the 7-day “Spring Cleaning” Plan. CONGRATULATIONS!
Whether you are looking to buy or sell, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Mortgage rates are falling fast, and they could sink even lower reports Mortgage News Daily. The 30-year fixed-rate mortgage now averages 3.34%, a rate last reached in 2012 and briefly in 2016. That is for borrowers with strong financials and credit scores.
As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. They could sink even lower.
“When rates fall this quickly, it’s not so much that big banks draw the line on mortgage rates, but rather, the underlying mortgage backed securities market refuses to improve as quickly as the Treasury market,” Matthew Graham, chief operating officer at Mortgage News Daily, explained to CNBC. Mortgages become less valuable to investors if they get paid off too quickly.”
And those payoffs, or refinances, are surging right now. Applications to refinance a home loan are up around 165% annually, according to the Mortgage Bankers Association.
Mortgage applications to purchase a home have not been as strong, due to the severe shortage of homes for sale. Builders, however, may be getting a boost, especially those putting up more affordable homes.
Falling rates help loosen up a tight market. When rates rise, homeowners are more likely to stay put because they don’t want to take on bigger mortgages. But when loan costs fall, buyers on the fence get motivated to trade up. And that frees up entry-level homes for eager first-timers.
People shopping for homes will likely see lower rates in the coming weeks as the 10- year hits new lows, according to Bankrate.com. For existing mortgage borrowers, another drop in rates might clear the path for refinancing.
“The refinancing door has blown open with mortgage rates continuing to fall amid fears of slower global economic growth,” Greg McBride, CFA, Bankrate chief financial analyst says. “This helps those looking to refinance a mortgage as well as would-be homebuyers .”
If you are ready to buy the downturn interest rates can be a big win. One result of falling borrowing costs is that buyers are able to afford bigger mortgages. Those seeking pricier properties are acting now because their choices are increasing, and profits from selling their current home can fund the down payment on the next one.
To take full advantage of lower interest rates, the key is to be prepared. Be sure to choose the right Real Estate Professional to make sure all the details of a transaction are complete. Make sure to have your pay stubs, tax returns, bank statements, and other necessary documents together so there is no delay in processing. Delays could be costly when there is no guarantee how long low interest rates will last.
Whether you are looking to buy or sell, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Economists say that 2020 will be positive but not stellar for the housing market in California.
Although last year they expected mortgage rates to rise and they fell keeping real estate markets much stronger than anticipated. Lesson…real estate predictions can be tricky business.
CALIFORNIA STILL SHOWING GROWTH
Despite some predictions from expert economists that the west would face a tough 2019 real estate market, California proved to be one of the better housing markets in the country. In fact, the Central Coast median home prices were up 3.3% year over year according to the California Association of Realtors. Southern California had a 7.5% rise, the Central Valley up 6.3%, while the Bay Area had only a 2.2% rise.
PERSISTENT LACK OF SUPPLY
California’s housing market will continue to be fueled by a persistent lack of supply, keeping pressure on rising home purchasing and rental prices. Sales of homes $500k and $1 million rose by 15.5% on average, yet sales under $300k dropped sharply by 14.2% and homes over $2 million dropped slightly by 3.2%, according to California Association of Realtors.
SELLER OPTIMISM RISING
In CAR’s buyer survey, respondents who thought it was a good time to sell increased 4% to 51%. Only 24% of buyers stated they felt it was a good time to buy, down only 1% from last year, despite lower rates. Prices, down payments, and selection are likely the key factors stopping buyers from buying homes. With higher real estate prices, first time buyers will continue to struggle to come up with a down payment thus keeping the rental market strong.
Whether you are looking to buy or sell, market conditions are looking good for 2020. As the #1 broker on the Central Coast, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Lower than expected interest rates kept real estate strong in 2019 and many experts predict 2020 will keep rolling in the same direction. According to a recent article in Forbes, Odeta Kushi, deputy chief economist at First American, shared that mortgage rates will remain low next year, between 3.7 and 3.9%, fueling a healthy real estate market.
PRICES TO KEEP RISING
Tight inventory and increased demand will keep pushing prices higher. In fact, with mortgage rates either staying the same or actually dropping, competition will increase for buyers which may result in bidding wars. Redfin predicts one in four homes will result in a bidding war which is great news for homesellers who may have been holding out when most homes prices dropped slightly on the Central Coast over the past year. The Forbes article shared data from CoreLogic, stating home prices should tick up by 5.6% by next September which is more than 3.5% from this year.
ECONOMIC GROWTH, NOT A RECESSION
Although many economists have predicted a mild recession in 2020, a housingwire.- com report states, “Current conditions point to a recipe for continued economic growth, not a recession. Growth itself may be slower than the strong pace we’ve seen at times throughout the recovery, but growth will still occur for at least the next year.” Reasons cited for the economic growth are a healthy consumer confidence and job growth.
Inventory will continue to be tight as Millennials and Generation Z enter the market, but Baby Boomers are not budging from their long-time homes. Zillow predicts that new home sizes will shrink for the fourth time of five years due to younger buyers having less money and can’t afford to purchase larger homes. To make up for square footage, many new homes are offering upgraded amenities to attract buyers.
Whether you are looking to buy or sell in the new year, experts agree you should enter the real estate market early in 2020 to take full advantage of the growing market. As the #1 broker on the Central Coast, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Central Coast locals often boast that Fall is one of the best times of year to enjoy all our area has to offer. The season brings smaller crowds at the beach, warm sunny days, a plethora of fun Festivals and the long-awaited harvest seasons at the wineries. But did you know it marks a great time for buyers and sellers and is actually the best time of year to move?
REASONS TO SELL IN THE FALL
REASON #1: SERIOUS BUYER POOL While there may not be as many buyers looking as in the spring housing market, serious buyers are looking to move before the holiday season. With fewer houses on the market, serious buyers will be motivated to make offers.
REASON #2: DIFFERENT BUYERS Spring and Summer are when families are likely to make moves, but for Millennials and Empty-Nesters Fall is the perfect time for these savvy shoppers. Not only is it less expensive to travel to new relocation destinations, but they also know they can avoid “high season” real-estate rates and moving costs.
REASON #3: LOWER HOME IMPROVEMENT COSTS Before selling, most homes will need some sprucing up and home repairs. Whether you are a do-it-yourself home repairer or you call in the experts, many times supplies go on-sale and Contractors have less work and may be willing to negotiate rates during the Fall months.
REASONS TO BUY IN THE FALL
REASON #1: LESS COMPETITION You will get much more attention from your ‘not as busy’ real estate agent allowing them to be more attentive to your needs. In addition, lenders, home inspectors, painters and movers can get to your needs much quicker.
REASON #2: TAX ADVANTAGES By closing on a new home before the year’s end you will be eligible for beneficial tax deductions. Deductible items can include closing costs, mortgage interest and property taxes. Even closing in December will allow you to deduct property taxes and interest from your entire year’s earnings.
REASON #3: YEAR-END SALES Whether you are redecorating to help sell your home or designing space in your new home, some of the best savings of the year can be found on appliances, electronics, and furniture. Competing retailers offer large discounts during the holiday season and it’s the perfect time to buy necessary items.
If you consider yourself a savvy shopper and the idea of saving time and money appeal to you, then now’s the time to buy or sell your home. Your C21 Hometown Realty, the hometown experts, can help you find your next dream home or get your home sold quickly. As the #1 broker on the Central Coast, C21 Hometown Realty has the most homes listed and the most homes sold! When you’re ready, visit one of the eleven local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
While owning your home is still the American Dream, the idea of living out the golden years in the same home has changed for many Empty Nesters. As you get older, downsizing or settling into a smaller home with a simpler lifestyle could be one definition of “living the dream.”
REVISIT HOUSING SITUATION
At least 37 percent of Baby Boomers said they plan to move at some point in their life and 42 percent of that number said they would prefer to live in a smaller home, according to a 2016 study released by the Demand Institute.
“Revisiting their housing situation is one of the first things new Empty Nesters should do” says Dana Anspach, founder and CEO of Sensible Money, an investment advisory firm.
While parents often have fond memories of their kids’ childhood home, she says, it makes sense to consider a move to less-expensive digs or to a locale or living situation that better fits their needs in the new phase of their lives.
There are, of course, savings to be gained by trading in a big home for a smaller space. Or moving to a less expensive part of the country. Another route: freeing up cash or replenishing your savings by paying off your mortgage before you officially retire from the workplace.
TIPS FOR DOWNSIZING
Declutter Your Home – You can finally tackle some major organizing projects. If you’re looking at the possibility of moving to a smaller home, your first step is to pare down your belongings. According to CityStash, 75 percent of those surveyed said the amount of things they own makes them reluctant to move. Don’t let that scare you off. Take one room, one closet, one square foot at a time.
Give Your Home a Facelift – Your furniture is a little worse for wear after having teenagers lounge on it, spill drinks on it and who knows where those extra spots came from. Also, you weren’t about to paint the walls until your kids were no longer touching them every day. But now’s the time. Refresh your home with new paint, new furniture or convert a kids bedroom to a hobby room.
House Hunt – When your current house has too many bedrooms or you hear an echo within the empty rooms, it may be time to start house hunting.
To ease the process, don’t focus on the memories of the old house but the endless possibilities in a new house. Start searching for a dream home that can give you desired options like a new location, first floor living, natural light, luxury touches, custom options and low maintenance.
If it’s time to start looking for new (smaller) digs, use C21 Hometown Realty, your hometown experts to find a top-selling real estate agent in your area. They’ll help you identify options that can turn downsizing into dream living.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
