In the past, you’ve likely read about how the Millennial generation is opting to rent rather than buy property. While this still holds true for many Millennials, the fact is that a growing number of this generation is making the leap into buying.In fact, according to Inc., Millennials today represent the largest demographic of new home buyers, responsible for about 35 percent of all real estate purchases. (For comparison’s sake, Gen X’ers are responsible for about 25 percent of the buyer’s market.)What’s more is the Millennial home buyers have been trending upwards for about four years now, and this trend is expected to continue beyond 2018. Noting this, it makes sense to get to know the Millennial generation and what they’re looking for in a home.Here’s a closer look:Straight To The ‘F... 08/29/2018

The housing market has been trending in a positive direction and economic indicators point to new home construction going vertical.Following the housing bubble and sluggish post-recession economy, construction companies largely turned their attention away from new homes. Diminished values, high regulatory and materials costs served as deterrents to home-building.But the economic revival the country is experiencing – coupled with a housing shortage – has builders poised to jump back into the single-family home game. Here are three reasons new home construction is expected to boom.1: First-Time Buyer LifestylesConsider that the last big new construction boom occurred 12-16 years ago. Those so-called “new” homes are well lived in these days. The trickle of actual new homes since cannot com... 08/28/2018

Last week’s economic readings included reports on sales of new and previously-owned homes, and weekly reports on mortgage rates and first-time jobless claims.Sales of New and Pre-owned Homes Falter in JulyHome sales were lower in July, with new and pre-owned home sales falling short of projections and June sales. According to the Commerce Department, new homes sold at an annual rate of 627,000 sales as compared to 640,000 new home sales projected and a pace of 638,000 homes sold in June.Downward revisions for previous months contributed to a lower sales pace reported in July; but the average price of a new home was $3278,700 in July, which may indicate that home prices are tapping out. July prices dropped 1.70 percent from June but were 12.80 percent higher year-over-year.Sales of previ... 08/27/2018

Homeowners are well aware that peripheral costs swell over time and can put a strain on incomes. Utility bills increase, home insurance creeps up annually and taxes rise with the cost of schools and road repair.That’s why many communities have enacted homestead exemptions that can help stabilize and even lower tax bills in some cases. Although these exemptions are not well publicized, knowing how they work and how to apply could save you a good deal of money.Understanding The Homestead ExemptionA homestead exemption helps homeowners lower and/or fix the amount you pay in local taxes. Qualifying property owners can have a portion of the assessment excluded from taxation. That allows your tax bill to be calculated at a lower rate than non-exempt properties. In some communities, full-time ... 08/24/2018

Are you thinking about buying a vacation home? Maybe owning two homes is part of your retirement dream. Maybe you’d like to have a second home in your favorite holiday locale.If you are thinking about taking this step, you might have talked to family and friends about it. Unfortunately, many people give well-intentioned, yet poor advice when it comes to buying a vacation home. Here are some myths — and the truth — about buying a second home straight from leading real estate experts.You Can Buy A Vacation Home With No Money DownYou have probably seen advertisements about buying a vacation home with no money down. However, this is simply not the case and those advertisements are misleading. Unlike buying a first home, you will need a sizable down payment to purchase a second home.The mini... 08/16/2018

Last week’s economic readings included reports on sales of new and pre-owned homes, mortgage rates and first-time jobless claims.New Home Sales Slide; Pre-owned Home Sales Meet ExpectationsCommerce Department reported lower sales of new homes in June. Sales were expected to reach 666,000 sales on a seasonally adjusted annual basis, but the actual reading slipped by 5.30 percent to a pace of 631,000 new home sales. Analysts cited higher building costs, home prices and mortgage rates sidelined some buyers.Concerns over inadequate inventories of available homes also impacted sales of newly-built homes. New homes sold at a rate 6.90 percent higher year-over-year, but analysts cautioned that home price appreciation and demand may be at or near their peak.The National Association of Realtors®... 07/31/2018

Whether you are a homeowner looking to get the maximum return on investment, a buyer interested in fair market value or an industry insider grappling with the moving parts of the real estate industry, these are some trends and predictions you should know about.Lower Home Supply Causing Significant Value GrowthIndicators point to a U.S. economy that has settled into a nice growth period. Unemployment rates have touched some record lows, wages appear to be on the rise and Millennials are entering high earning and home-buying years. Couple these factors with the fact that last year’s tax reform laws will likely put more money back in everyday Americans’ pockets and homes could be a hot commodity, so to speak.Home supply — on the other hand — does not appear ready to meet the rising demand ... 07/27/2018

There’s perhaps no better indicator that we are living in the technology age than Smart gadgets infiltrating the kitchen. Whether they are little conveniences or big-ticket items, the chef in every home can benefit from the devices that help improve cooking, storage and food preparation. These are some of the next generation kitchen items that are making life a little easier and homes a tad more valuable.Samsung Family Hub Smart Fridge Provides Constant ContactThis big-ticket Samsung line has definitely taken refrigeration to the next level. It features a touchscreen that you can connect to with handheld devices to connect with your unit. One of the key features is that it enjoys an embedded camera and you can literally look at what is on your shelves while shopping for the evening meal... 07/25/2018

Once you and the seller have negotiated an offer and you’ve been pre-approved for a mortgage, you might think that you are in the clear as far as your closing goes. However, that is not always the case. Many surprising things can put a halt to closing. Some may ultimately stop the closing altogether while others could simply cause a delay.Here are a few unexpected things that can derail a real estate closing:A Job Promotion While you might know that changing employers is one way to interfere with the closing, another deal-breaker can be switching positions with your current employer. If you are a salaried employee and switch to a non-salary commission job, for instance, you could be looking at a problem when it comes to closing on a house.Whenever you have any change in employment, even... 07/19/2018

While a kitchen herb garden or pot-grown tomatoes may be commonplace in both suburban backyards and on urban condo patios, an increasingly large number of homeowners look to backyard farming as a way to relieve some of the stresses of modern life. Other benefits include cutting grocery bills, living a more sustainable life, and teaching children about food.The New Food Landscape Do new trends signal a return to simpler times, or are they a pushback against higher food prices and loss of control over the food supply? Is it a lasting change that will spread across the country or a trendy, elitist phenomenon?The answers may not be simple, but a huge increase in the popularity of farmers’ markets and community gardens leads some analysts to predict that a major change in attitude as well as... 07/18/2018

Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals.Here are four excellent uses of a HELOC for homeowners to consider.Consolidating Costly DebtsCredit card debt and other types of consumer loans are costly, unless a debtor is lucky enough to have a no-interest card. Borrowers can consolidate that debt into a HELOC, which is much more affordable because it is a secured debt.This advantage only works if the borrower stops adding to the debt problem. A HELOC becomes a valuable tool to get rid of debt quickly when used properly.Create An Emergency FundMost people do not intend to end up in credit trouble, but emergencies happen. Emergency ho... 07/05/2018

The rise in Millennial home buyers will inevitably change the items that promote faster and more lucrative home sales.Consider trends over the past decades that have included conveniences such as built-in dishwashers, central air, energy efficient appliances and many others. As mechanical and technological advances move into the mainstream, prospective home buyers seek them out and favor properties that come tech ready.While Millennial buyers have a vastly different world view than previous generations, Baby Boomers and Gen X homeowners are also enjoying the ease of technology. For many homeowners, automation equals convenience and improved quality of life. That’s why having the latest automation integrated into a home can make it a priority home on the market. These are some of the lat... 06/28/2018

Last week’s economic reports included readings from the National Association of Home Builders, Commerce Department reports on housing starts and building permits issued. Sales of pre-owned homes were reported along with weekly readings on mortgage rates and new jobless claims.Builder Confidence Slips as Trade Wars Boost Lumber PricesAccording to the National Association of Home Builders, home builder confidence in current market conditions was down two points to 68 as compared to May’s index reading of 70. Analysts said that rising lumber prices impacted builder sentiment and have replaced labor costs as builders’ primary expense.Increased building costs were cited as a concern for builders despite high demand for homes and limited homes for sale. Rising materials costs were attributed ... 06/25/2018

Buying a new home is exciting. Buying a brand new home can be even more so with the realization of being the first owner and possibly being able to choose your own layout and finishes.The prospect of owning new construction is definitely exciting, but it doesn’t come without its own set of questions. If you’re in the market for a new home, and considering new construction, make note of the questions below when you begin your property search.What are the long term plans for the community?Unless you’re looking at custom homes on acreage, it’s likely new construction in your area will be located in a new development or in a master planned community. With this in mind, feel free to ask about the plans for the community. If it’s a large area, find out if any subdivisions are planned.If there... 06/14/2018

The drama of home and garden TV shows may be fun to watch, but no matter what you think, reality shows are not at all like real life. If you think it’s easy to buy a house that needs updating and turn it quickly for substantial profit, you might want to think again. That doesn’t necessarily mean, though, that you should shy away from the idea of buying a “fixer-upper” — just that you should approach such a home purchase with eyes wide open.Here are some valuable tips:Buying a house that needs cosmetic updates can make financial sense, particularly if you’re handy with a paintbrush, or don’t mind tackling DIY projects in your spare time. The willingness to make a house your home through ongoing TLC can be rewarding in terms of both dollars and good sense, if the structure is sound and al... 06/13/2018

For many Americans, retirement age is fast approaching or already here: Baby Boomers account for nearly 75 million individuals in the United States.Retirement can present a lot of opportunities, especially when it comes to relaxation, activities, and the enjoyment of life with those of a similar age. More and more Americans are looking to 55+ communities to fulfill those wants and needs.Active Adult Communities55+ communities, also known as an active adult or age-restricted communities, are becoming increasingly popular throughout the U.S. because of what they offer and can provide. Traditionally thought to be only in warmer climates, active adult communities can be found in almost every state, and with more people retiring, new communities are being added every year.Just like buying in... 06/08/2018

When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted.Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing.It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need to know about how the appraisal could affect their mortgages.Understanding The Home Appraisal ProcessThe home appraisal gives a home valuation expert the chance to evaluate the home a buyer’s considering to determine its market v... 05/24/2018

Last week’s economic releases included the National Association of Home Builders Housing Market Index for May, Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also released.Home Builder Confidence Rises in MayAccording to the National Association of Home Builders, home builders surveyed indicated higher confidence in housing market conditions for May. April’s reading was downwardly revised to an index reading of 68; analysts expected a reading of 69.  May’s home builder confidence reading was 70. Any reading over 50 indicates that more builders consider housing market conditions to positive.Three-month rolling readings for regions showed mixed results in May. Northeast and Western regions wer... 05/21/2018

The digital age has changed the way buyers browse for and purchase goods and services, including real estate. While home buyers still can check out property listings via a print newspaper or by driving through desired neighborhoods in hopes of finding a “for sale” sign, digital sources offer more options and can make the home buying process easier. The National Association of REALTORS® (NAR) states in their 2017 Report: Real Estate in a Digital Age, that 44-percent of home buyers look online when beginning their search.Social Media As Sources For Home BuyersAccording to the Pew Research Center, 68-percent or two-thirds of U.S. adults use Facebook. In addition to that popular social media site, American adults regularly use Twitter, Instagram, Pinterest, and YouTube on a daily basis for ... 05/16/2018

Last week’s economic reports included readings on consumer prices, consumer sentiment and weekly readings on mortgage rates and new jobless claims.Consumer Price Index Increases in AprilConsumer prices rose by 0.20 percent in April according to the Commerce Department. Analysts expected prices to rise by 0.30 percent based on a negative reading of -0.10 percent in March. Core consumer prices, which exclude volatile food and energy sectors, eased to 0.10 percent growth in April after growing by 0.20 percent in March. Analysts said that Fed policymakers’ concerns over inflation growth could wane with the easing of core consumer prices.Mortgage Rates, Mixed New Jobless Claims UnchangedFreddie Mac reported mixed readings for average mortgage rates; rates for fixed rate mortgages averaged 4.... 05/14/2018