How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home?

 

How Long Do Most Families Stay in Their Home? – The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!
The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.
With home prices rising dramatically over the last several years, 93.7% of homes with a mortgage are now in a positive equity situation with 79.1% of them having at least 20% equity, according to CoreLogic.
With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.
One other reason for the increase was brought to light during a recent presentation by Lawrence Yun, the Chief Economist of NAR, at the Realtor’s Summit in San Diego, CA. Yun pointed to the fact that historically, young homeowners who were either looking for more space to accommodate their growing family or looking for a better school district were more likely to move more often (every 5 years). The homeownership rate among young families, however, has still not caught up to previous generations resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstances. They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple planning to start a family that currently lives in a one-bedroom condo.
These homeowners are ready to make a move. Since the lack of housing inventory is a major challenge in the current housing market, this could be great news.
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Where Are the Home Prices Heading in the Next 5 Years?

Where Are the Home Prices Heading in the Next 5 Years?

 

Where Are the Home Prices Heading in the Next 5 Years? – Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.4% over the course of 2017, 3.4% in 2018, 2.8% in 2019, 2.7% in 2020, and 2.8% in 2021. That means the average annual appreciation will be 3.22% over the next 5 years.
The prediction for cumulative appreciation fell from 21.4% to 17.3% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 6.3%.

Bottom Line

Individual opinions make headlines. We believe this survey is a fairer depiction of future values.
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The Impact of Homeownership on Family Health

The Impact of Homeownership on Family Health

The Impact of Homeownership on Family Health – The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:
“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”
Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the report:
  • There is a strong positive relationship between living in poor housing and a range of health problems, including respiratory conditions such as asthma, exposure to toxic substances, injuries and mental health. Homes of owners are generally in better condition than those of renters.
  • Findings reveal that increases in housing wealth were associated with better health outcomes for homeowners.
  • Low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and higher perceived control over their lives.
  • Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to believe that they can do things as well as anyone else, and they report higher self-ratings on their physical health even after controlling for age and socioeconomic factors.
  • Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain a higher satisfaction even in the same home in which they resided as renters.
  • Social mobility variables, such as the family financial situation and housing tenure during childhood and adulthood, impacted one’s self-rated health.
  • Homeowners have a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely to have good health. When adjusting for an array of demographic, socioeconomic, and housing–related characteristics, the homeowner advantage is even larger at 3.1 percent.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.For More Blogs Like This One: Click Here

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Are You 1 of the 59 Million Planning to Buy This Year?

Are You 1 of the 59 Million Planning to Buy This Year?

Are You 1 of the 59 Million Planning to Buy This Year? – According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.

The survey also revealed 3 key takeaways:

  1. Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
  2. Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
  3. Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.
Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”

Bottom Line

If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.
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US Housing Market Is Moving into ‘Buy Territory’!

US Housing Market Is Moving into ‘Buy Territory’!

 

US Housing Market Is Moving into ‘Buy Territory’! – According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. # housing # market has continued to move deeper into buy territory, supporting the belief that # housing # markets across the country remain a sound investment.
The BH&J Index is a quarterly report that attempts to answer the question:

In today’s housing market, is it better to rent or buy a home?

The index examines the entire US housing # market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.” 
While most of the metropolitan markets examined moved further into buy territory (16 of the 23), markets like Dallas, Denver, and Houston are currently deep into rent territory. In these three markets, it is estimated that renting will top homeownership 7 out of 10 times.
Due to a lack of inventory, the home prices in the Dallas, Denver, and Houston areas have increased by 11.6%8.3%, and 6.6% respectively. Home prices in these areas will begin to return to more normal levels once residents realize that renting is not the best option, therefore bringing home affordability back as well.

Bottom Line

The majority of the country is strongly in buy # territory. Buying a # home makes sense socially and financially, as rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your # housing cost with a # mortgage payment now.
To Find Out More About the Study: The BH&J Index and other FAU real estate activities are sponsored by Investments Limited of Boca Raton. The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent.
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Access: A Key Component in Getting Your House SOLD!

Access: A Key Component in Getting Your House SOLD!

Access: A Key Component in Getting Your House SOLD! – So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers.
There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to your agent so that he or she can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showing with just a phone call’s notice.
  4. By Appointment Only (example: 48 Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

 

 

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.
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Rancho Cucamonga Home For Rent 10115 Bedford Drive Coming Soon

 
 

10115 Bedford Ave Rancho Cucamonga, CA 91730 By Celina Vazquez from Celina Vazquez on Vimeo.

Celina Vazquez Broker/Realtor presents this beautiful single story house located in the #City of #RanchoCucamonga that features 2 bedroom, 2 #bathrooms and 2-car #garage with direct access. Large #living room with light berber #carpet and large windows that allows the natural light in. The dining room is next to the fully remodeled #kitchen with gorgeous light granite counters and large island with stainless steel sink in and sitting area.  Gorgeous #kitchen with custom cabinets, granite counters, stainless steel appliances and stunning backsplash tile.  Multi-cycle #dishwasher, high-performance microwave, and 4-burner stainless steel stove. The master-suite has double closets, sitting area and large master bath with granite counters.  Great #backyard with #beautiful patio.  Cucamonga Elementary #School, #RanchoCucamonga Middle School, and Chaffey High School are the designated schools for this area. The Victoria Gardens  Mall is just 10 minutes away.The #VictoriaGardens is a beautiful shopping center pedestrian-oriented, open-air concept, mixed-used town center with stores such Macy’s, #JcPenney, #BassProShops, #Express, Banana Republic, #bebe, Brighton and many more. Great restaurants to dining in such #BRIO Tuscan grille, #California Pizza Kitchen, The #Cheesecake Factory, #CrepesDeParis, #Lucille’s Smoke House, Bar-B-Que, #LunaMexicanGrill, #YardHouse and many more. To see this home contact Celina Vazquez at 909-697-0823 or by email at celina@celinavazquezrealtor.com
 
 
909-697-0823
BRE# 01736989
To See This Home On My Website

10115 Bedford Ave Rancho Cucamonga, CA 91730 By Celina Vazquez from Celina Vazquez on Vimeo.

 
 
 

 

Homes for Sale in Jurupa Valley Sky Country Area

 

Homes for sale in The Harvest Villages Jurupa Valley

 

Buyers Are Searching For Your House


Buyers Are Searching For Your House

Buyers Are Searching For Your House – The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
The Pending Home Sales Index is a leading indicator for the # housing sector, based on pending sales of existing # homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.
According to NAR’s Chief Economist, Lawrence Yun,
Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.

So, what’s the problem?

Buyers are searching for existing homes, but supply is not keeping up with their demand!
Yun went on to explain,
The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)

Bottom Line

Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 will be your best option. Let’s get together to discuss how you can capitalize on current market conditions.
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