• What Realtors Should Know About The Millennial Housing Market What Realtors Should Know About The Millennial Housing Market

    0 comments / Posted on by Steven Rivera

    What Realtors Should Know About The Millennial Housing Market

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

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  • Reasons To Consider Investing In Rental Property In Today’s Market Reasons To Consider Investing In Rental Property In Today’s Market

    0 comments / Posted on by Steven Rivera

    Reasons To Consider Investing In Rental Property In Today’s Market

    The real estate market is constantly changing, with investment approaches shifting as new market trends and area-specific information drive change. What worked twenty, fifteen or even five years ago may not work now or in the new year to come. Successful real estate investors need to constantly consider market trends in order to continue growing within their industry.

    The Real Estate Market Could Crash In The Next Few Years (Or Sooner)

    There are many signs that another real-estate market crash is on the horizon. Zero or low down payment mortgages are again becoming a thing. Real estate prices have risen dramatically while incomes have basically stagnated, which suggests a lot of people may be getting in over their heads. With market conditions changing it makes sense to invest in rental properties in 2019.

    Increased Demand For Rentals Due To The Shift In The Market

    Most young home buyers are more savvy than you may think and realize that this is not the right time to purchase due to the market trend - higher interest rates historically bring down the home value , therefore the demand for rentals will increase in the New Year as it is becoming apparent that purchasing may not be the way to go for now.
    In the past the thinking process was that if home prices go down, you can just sit tight for a couple of years until they come up again. In my opinion those home buyers should be prepared for a long wait. I have a friend who bought a house...

    The real estate market is constantly changing, with investment approaches shifting as new market trends and area-specific information drive change. What worked twenty, fifteen or even five years ago may not work now or in the new year to come. Successful real estate investors need to constantly consider market trends in order to continue growing within their industry.

    The Real Estate Market Could Crash In The Next Few Years (Or Sooner)

    There are many signs that another real-estate market crash is on the horizon. Zero or low down payment mortgages are again becoming a thing. Real estate prices have risen dramatically while incomes have basically stagnated, which suggests a lot of people may be getting in over their heads. With market conditions changing it makes sense to invest in rental properties in 2019.

    Increased Demand For Rentals Due To The Shift In The Market

    Most young home buyers are more savvy than you may think and realize that this is not the right time to purchase due to the market trend - higher interest rates historically bring down the home value , therefore the demand for rentals will increase in the New Year as it is becoming apparent that purchasing may not be the way to go for now.
    In the past the thinking process was that if home prices go down, you can just sit tight for a couple of years until they come up again. In my opinion those home buyers should be prepared for a long wait. I have a friend who bought a house...

    Read more

  • Consider Your Pets When Buying a Home Consider Your Pets When Buying a Home

    0 comments / Posted on by Steven Rivera

    Consider Your Pets When Buying a Home

     

    If you have dogs, cats, or other pets in your family, you'll want to take their needs into account when you're looking to buy a house. Yes,really. Your furry friends might seem easygoing, but certain homes—and neighborhoods—are more pet-friendly than others.

    Here are some things to consider that often get overlooked; keep them in mind when looking for place where you and your pets can live in peace.

     

    1.  Consider the local pet laws.

    Even if you own a piece of property, it's not guaranteed that your pets will be welcomed there.  Depending on the number and the breed, there may be restrictions especially within an HOA condo development.  

    Some considerations

    • Some HOAs or condo developments restrict the number or type of pets you can have, or spell out how your pet must be restrained in common areas
    • In condo developments, there is often a limit on the number of pets per unit.
    • If you have a breed that tends to bark a lot, find out if your HOA enforces any noise ordinances.

     

    2. Check out the yard and fencing.

    Having a yard where pets can roam is amazing, of course, but keep in mind that if you want to keep your pets in (or other critters out), you'll have to have a fence—or build one.

    There may be zoning laws that only allow underground electric fencing, restrictions on the size or materials allowed for outdoor kennels or dog runs, and most neighborhood zoning will not allow animals to run free, so if you’re looking for a country setting, always...

     

    If you have dogs, cats, or other pets in your family, you'll want to take their needs into account when you're looking to buy a house. Yes,really. Your furry friends might seem easygoing, but certain homes—and neighborhoods—are more pet-friendly than others.

    Here are some things to consider that often get overlooked; keep them in mind when looking for place where you and your pets can live in peace.

     

    1.  Consider the local pet laws.

    Even if you own a piece of property, it's not guaranteed that your pets will be welcomed there.  Depending on the number and the breed, there may be restrictions especially within an HOA condo development.  

    Some considerations

    • Some HOAs or condo developments restrict the number or type of pets you can have, or spell out how your pet must be restrained in common areas
    • In condo developments, there is often a limit on the number of pets per unit.
    • If you have a breed that tends to bark a lot, find out if your HOA enforces any noise ordinances.

     

    2. Check out the yard and fencing.

    Having a yard where pets can roam is amazing, of course, but keep in mind that if you want to keep your pets in (or other critters out), you'll have to have a fence—or build one.

    There may be zoning laws that only allow underground electric fencing, restrictions on the size or materials allowed for outdoor kennels or dog runs, and most neighborhood zoning will not allow animals to run free, so if you’re looking for a country setting, always...

    Read more