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Demand for Homes to Buy Continues to Climb

Demand for Homes to Buy Continues to Climb | Simplifying The Market

Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.

According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.

NAR’s Chief Economist Lawrence Yun had this to say,

“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.

That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

Is There Any Relief Coming?

According to the CoreLogic’s 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to sell, “which is the crux of the available housing-supply imbalance.”

Demand for Homes to Buy Continues to Climb | Simplifying The Market

As more and more renters realize the benefits of homeownership, the demand for housing will continue to rise.

Do homeowners realize demand is so high? With home prices rising across the country, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000!

The map below shows the breakdown by state:

Demand for Homes to Buy Continues to Climb | Simplifying The Market

Many homeowners who have not thought about listing their homes may not even realize how much equity they have gained, or the opportunity available to them in today’s market!

Bottom Line

If you are one of the many homeowners across the country who hasn’t quite found their forever home, now may be a great time to list your house for sale and find your dream home!

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4 REAL Reasons Why We Buy A Home!

4 REAL Reasons Why We Buy A Home! | Simplifying The Market

We often talk about why it makes financial sense to buy a home, but more often than not, the emotional reasons are the more powerful or compelling ones.

No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.

1. Owning your home offers you the stability to start and raise a family

Between the best neighborhoods and the best school districts, even buyers without children at the time of purchase may have these things in mind as major reasons for choosing the locations of the homes that they purchase.

2. There’s no place like home

Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!

3. You have more space for you and your family

Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!

4. You have control over renovations, updates, and style

Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit in your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t do just that in your own home?

Bottom Line

Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.

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First-Time Home Buyers Continue to Put Down Less Than 6%!

First-Time Home Buyers Continue to Put Down Less Than 6%! | Simplifying The Market

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers unsure of whether or not they would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

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Dan Dennison, MBA
Big Block Realty

2820 Camino del Rio S Ste. 314
San Diego, CA 92108
Phone: 858-255-0052
Email: Dan.Dennison@mac.com

Testimonials

Dan Dennison has been my agent throughout the entire process of the search for my first home.

Having witnessed many friends and family members go through this process throughout the years, I knew I needed a trustworthy and patient agent.

My very first search for a home was certainly an enjoyable and smooth process because of Dan. He is knowledgeable (with decades of experience in Real Estate across multiple states in the country), professional (has an MBA in addition to his experience in the field), friendly (has two friendly dogs as well!), and patient (took his time explaining and answering any questions I had).

From day one, Dan was honest, professional, and easy to work with. He takes great care in listening to the client and identifying their wishes in the home search. He carefully explains things in a logical and easy-to-understand manner for a first-time buyer like myself.

In addition, Dan has been an excellent resource and as well as a friend when it came to other important items related to the search, such as identifying and navigating through the lending process, learning about what an HOA covers, locating a trustworthy insurance company, home warranties, and discussions with the listing agents and sellers about questions.

Dan Dennison is an agent who will go above and beyond to provide the highest quality of service to you, holding the clients' interest at heart.
user4462409

I absolutely loved working with Dan while purchasing my first home in Kensington. Overall he is an extremely honest and reliable individual with strong ethics, traits much needed in the business. If you are new to buying a home (as I was) you will not need someone to find the home for you. Zillow, Trulia, Google, etc will serve the search process with ease.

It is really once you are in the position to make an offer than a realtor becomes indispensable. You need someone to guide you through the complex process, negotiate, and make sure the contract is written in a way that protects you. I cannot stress this enough. During our offer the contract was initially written (unbenounced to me) in quite unfavorable terms to me, which he pushed to get changed. Additionally he was forceful during the inspection process and I ended up getting quite a lot of money to pay for repairs that were needed (it's a 1931 home). I also bought the home for cheaper than the listed price.

Overall, it was great working with Dan, I would work again with him, and I would refer him to anyone who asked.
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