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Thursday, August 27, 2015

Why Aren’t Millennials Buying Homes More Frequently?

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Buying a Greater Phoenix Home? Search all homes for sale 

One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did. 
The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across a great video on the topic from CNBC. To save you some time, I will give you my three biggest takeaways from the video.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well

Rental rates are causing 46% of renters aged 25-354, to spend more than 30 percent of their incomes on rent, up from 40 percent a decade earlier.

3. Job security is important to millennial buyers 

The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining me today. Talk to you soon!

Real Estate Advice from Ellen Degeneres

Selling your Greater Phoenix Home? Get a free home value report
Buying a Greater Phoenix Home? Search all homes for sale 

I love The Ellen Show, and watch whenever I’m able to. The other day, I was watching the show and Ellen was talking about how much she loves real estate and how much she enjoys buying and selling homes. She said she knows that people often don’t know what they are getting into when they go to buy a home, so she is here to help.
I encourage you to watch the full video above, as I can’t quite capture Ellen’s unique wit and humor in my writing, but I will try. Some agents will do whatever they can to get people to see a home, including providing misinformation about the home. Here are some buzzwords and phrases that Ellen says you should watch out for if you’re looking for a home:
  • Potential: As Ellen puts it, this could mean that the home “has the potential to turn its yellow mold into black mold.”
  • One-of-a-Kind: This is another word to look out for. The reason the home is one-of-a-kind is maybe because the builder is now in jail and can’t build any more homes.
  • Cozy: When an agent uses the word cozy, cozy means tiny, small, and cramped.
  • Seller is Motivated: A nice way of saying: “This home has been on the market a long time, and we’ve lost all hope of selling it.”
  • Classic, Retro, Original: All of these words mean “old.”

If you have any questions for us about what you should be looking for in a home search, give us a call or send us an email. We would love to help out any way we can.

Wednesday, August 5, 2015

How to Organize Your Home Before a Showing

Selling your Greater Phoenix Home? Get a free home value report
Buying a Greater Phoenix Home? Search all homes for sale 

I recently found a good video on HGTV that I thought would be helpful to you if you're preparing to sell your home. It's essential that when you show your home to buyers, it's clean, organized, and decluttered. You'll want to empty out your closets, or at the very least, get them organized.

One thing you can do to get organized is put up shoe hangers in your doors, and store everyday items inside them such as cleaning supplies, utensils, or anything else that you can fit in them.

Another way to cut down on clutter is to use labels, or pick up storage bins to keep items like cords or wires in.

A tip for organizing your closet is to divide your clothes into four different sections: hang, sell, donate, keep, and fold. Once you have something marked out for every category, you can then organize your closet in any way you see fit. Here's an extra tip: you can use belt hangers to hang your necklaces and other jewelry.

I just thought this video would be useful for organizing your home, whether you're selling or if you just want to tidy up a bit.

If you need any assistance with staging, decluttering, or selling, please don't hesitate to contact me!