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The Perks of Owning More Than One Home

March 4, 2022 By Claire Garlick Leave a Comment

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing:

As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.

This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for your lifestyle and your future.

Enjoy a Change in Scenery (or Weather)

When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be ideal? With two homes, you have those options. Being able to move between homes based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness.

Build Your Wealth Faster

You may have heard that home equity is skyrocketing, thanks to ongoing home price appreciation. CoreLogic reports that the average homeowner gained $56,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both properties to build your wealth (and your net worth) even faster.

Be Closer to Loved Ones

The pandemic has also reignited the importance of being near our loved ones. One option worth exploring is whether you want your second home to be near the people who matter most in your life. This makes it easier to see your loved ones but still gives you your own dedicated, private space so you can be nearby for major life events or longer visits.

Lock in Your Expenses

Buying a second home today and locking in your mortgage rate may be a good option if you’re looking to stabilize your housing costs for the long haul. If you’re approaching retirement or are looking to use your second home as your permanent residence in the future, buying that house now with today’s rate and price may be a good financial decision. That way, no matter what happens with rates and prices in years ahead, your monthly payment is locked in for the next 15-30 years.

Bottom Line

Having multiple homes has considerable benefits. If owning a second home is something you’re interested in, set up a time to talk with us. We can help you explore your options, discuss the benefits, and take the next step to start your home search.

Article source: https://www.keepingcurrentmatters.com/2022/02/22/the-perks-of-owning-more-than-one-home/.

NAR: Almost 50% of homes sold for more than list price

June 25, 2021 By Claire Garlick Leave a Comment

And 25% of home sales were all-cash transactions.

The National Association of Realtors Confidence Index Survey for April reveals how hot the housing market is. Per the report, homes that sold had five offers on average, and nearly 50% of homes sold for more than their list price during the four weeks ending May 16. NAR expects home prices in the next three months to increase nearly 6% from one year ago and will increase almost 3% from last year’s sales level.

The April 2021 survey was sent to 50,000 Realtors selected from NAR’s over 1.4 million members, and to 6,686 respondents in the previous three surveys who provided email addresses. There were 3,541 respondents to the online survey which ran from May 3-10, 2021, of which 1,731 had a client.

“With little supply in the market, homes typically sold within 17 days — down from 27 days one year ago, as buyer competition heats up,” NAR said in a statement. “The share of first-time buyers decreased to 31% from 32% in the prior month, and 36% one year ago. The pandemic continues to impact how people live and work.”

Eighty-five percent of buyers purchased a property in a suburban, small town, rural, or resort area — the same percentage as a year ago. Sixty percent of Realtors reported they had potential buyers looking for work-from-home features such as an extra room, a finished basement, or a bigger home.

25% of all sales were cash sales, per the report. Buyer traffic index was noted as “very strong” in every state except Utah, South Dakota, Minnesota, Michigan, Indiana, Kentucky, Vermont, New Hampshire, Delaware, Maryland, and Washington D.C.

However, there are signs that housing market demand may be reaching its peak, according to a recent study from Redfin.

Pending sales for the seven-day period ending May 16 were down 10% from four weeks prior, compared to an 8% increase during the same period in 2019. Mortgage purchase applications also decreased 4% week over week.

“Make no mistake, the housing market is still very hot and will remain hot for the rest of the year,” said Daryl Fairweather, Redfin chief economist. “But there may be signs that some buyers would rather spend their money on restaurants, vacations, and other things they have held back on for the past year, instead of on housing now that the threat of the pandemic is dissipating in America.”

New listings of homes for sale were down 12% from the same period in 2019, and active listings — the number of homes listed for sale at any point during the period — fell 49% from the same period in 2019. (2019 is being used as a reference point since 2020 data is skewed by the pandemic.)

This is happening, of course, with prices remaining astronomically high. Home prices were recently reported at a record high of $352,975, and were up 24% year over year. Asking prices increased to $358,975, also a record high.

Article source https://www.residentialrealtytoday.com/?open-article-id=16191881&article-title=nar–almost-50–of-homes-sold-for-more-than-list-price&blog-domain=housingwire.com&blog-title=housing-wire.

More Buyers Are Specifically Looking for New Construction

May 21, 2021 By Claire Garlick Leave a Comment

A recent post revealed that 16% of adults are planning a home purchase in the next 12 months. Among that group of prospective buyers, 42% are looking to buy a newly-built home and 30% an existing home. A year earlier, in the first quarter of 2020, only 24% of buyers reported a preference for new homes, while 40% were looking for an existing home. These changes provide evidence that a growing number of buyers are looking specifically at new home construction from the onset of their home search.

When broken down by generation, a majority of Millennial buyers (56%) would prefer a new home, the most of any generation. In contrast, 44% of Boomers and 41% of Gen Z buyers are looking for an existing home. Regionally, in the Northeast and West, a majority of buyers would prefer a new home. In the Midwest, on the other hand, 41% are looking for an existing home.

If you are one of the 42% of buyers planning to buy new construction this year, plan to be patient. Homebuilders are so busy that they can’t keep up with the demand. Buyers can expect to wait a minimum of 10 months to a year. They have waiting lists for future phases. Get in touch with us to chat about new home options in your area, any time!

* The Housing Trends Report is a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers’ perceptions over time. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. Results are not seasonally adjusted due to the short-time horizon of the series, and therefore only year-over-year comparisons are statistically valid. A description of the poll’s methodology and sample characteristics can be found here. This is the second in a series of six posts highlighting results for the first quarter of 2021. See previous post on plans to buy.

Article source: https://www.residentialrealtytoday.com/?open-article-id=16011409&article-title=more-buyers-are-specifically-looking-for-new-construction&blog-domain=eyeonhousing.org&blog-title=eye-on-housing.