2 Trends Helping Keep Housing Affordable | Relocating to Charlotte

2 Trends Helping Keep Housing Affordable | Relocating to Charlotte

Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist, Mark Fleming, explains the impact,

“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.

However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”

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5925 Carnegie Blvd Suite 250 Charlotte, North Carolina, 28209

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Multigenerational Homes Are on the Rise | Demographics

Multigenerational Homes Are on the Rise | Demographics

As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family.

Of those buyers, 26% indicated they will be taking care of an aging parent, and 14% said they want to spend time with an aging parent. These numbers do not come as a surprise. According to Pew Research Center, 64 million Americans (20% of the population) lived in a multigenerational household in 2016 (Last numbers available).

An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources:

• The University of Oxford
• Boston College

More Info : Multigenerational Homes Are on the Rise | Demographics

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The Benefits of a 20% Down Payment | Vantage Realty Pros

The Benefits of a 20% Down Payment | Vantage Realty Pros

If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage.

The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment.

These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner.

So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it.

1. Your interest rate will be lower.

2. You’ll end up paying less for your home.

3. Your offer will stand out in a competitive market!

4. You won’t have to pay Private Mortgage Insurance (PMI)

More Info : The Benefits of a 20% Down Payment | Vantage Realty Pros

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What is Really Happening with Home Prices? | Keller Williams Carolina

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.

However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

Here are three examples :

1. Mark Fleming, Chief Economist of First American

2. CoreLogic’s April “Home Price Insights”

3. Pulsenomics’ Quarterly “Home Price Expectation Survey”

More Info : What Really Happening with Home prices

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7 Reasons to List Your House For Sale This Holiday Season

Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes for the first time, while others who already have their homes on the market decide to take them off until after the holidays.

Here are seven great reasons not to wait:

1. Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their new employees in their new positions as soon as possible.

2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.

3. You can restrict the showings on your home to the times you want it shown. You will remain in control.

4. There is minimal competition for you as a seller right now. Inventory of homes for sale traditionally slows in the late fall, early winter. Let’s take a look at listing inventory as compared to the same time last year: Read more…

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Read related blogs:

Will Your Side Hustle Buy You a House This Year?

Females Are Making It a Priority to Invest in Real Estate!

Home Sellers in Q3 Netted $61K at Resale

Wage Increases Make Home Buying More Affordable

Thanks,

Steve Mueller