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Across All Buyers, Millennials Have the Most Purchases

Across All Buyers, Millennials Have the Most Purchases

RECBL - Real Estate News

In housing, generations intersect regularly. Who’s downsizing? Who’s driving the market? Who’s trading up?

What generation is impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS(R) (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.

"REALTORS(R) throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy," says Lawrence Yun, chief economist at NAR, of the study. "Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused-and will continue to cause-many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly."

Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them-an attribute in common with other generations.

"The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages," Yun says. "Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family."

Additionally, 52 percent of the millennials in the study have at least one child-an indicator of the likelihood of a move-and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.

"While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials," says Yun.

All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR(R), with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR(R), as well, and at least 84 percent of every other generation partnered with a REALTOR(R).

"Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR(R) to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home," says NAR President Elizabeth Mendenhall.

For more information, please visit www.nar.realtor.​



Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.




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5 Great Cities for Millennial Homebuyers

5 Great Cities for Millennial Homebuyers

RECBL - Real Estate News

(TNS)-For millennials who are ready to become homeowners, finding an affordable house in a great community can be challenging. With housing inventory historically low, real estate in major metro areas is at a premium. It’s no surprise, then, that young buyers are moving to the suburbs, according to the 2017 Home Buyer and Seller Generational Trends Report by the National Association of REALTORS(R).

Among millennials surveyed, 57 percent bought a house in the suburbs, spending an average of $205,000. Meanwhile, only 12 percent bought in an urban or central city. Affordability, convenience to work and neighborhood quality were among the top requirements for these buyers.

Using this information, we identified five cities that offer some combination of affordable housing, economic growth, job opportunities, proximity to major metro areas and recreational activities.

Great cities for millennial homebuyers:

• Lancaster, Pa.
• Columbus, Ohio
• Garner, N.C.
• St. Petersburg, Fla.
• West Des Moines, Iowa.

Lancaster, Pa.
Population: 59,218
Median value of housing: $109,300

One of the oldest inland cities in the country, Lancaster boasts unique features, such as the countrys oldest continuously running farmers market. It’s also home to an established arts community and a network of independently owned businesses.

There are a number of homes available in Lancaster, including new construction. There were 200 new housing units built in Lancaster in 2017. This year, the city is on track to add 125 more, according to Marshall Snively, president of Lancaster City Alliance.

"In the last 10 years, weve had more than $1.5 billion in public and private investment, including residential development, and more is on the table," Snively says.

Nestled between Harrisburg and Philadelphia, Lancaster is a good option for people who want to work in one of these larger cities but own in a more affordable location. Residents can take a train to Harrisburg in less than 35 minutes, and trains into New York City take about two-and-a-half hours.

Local businesses abound, so many residents don’t have to look beyond the city for jobs. Medical center Lancaster General Health has a network of 300 physicians and more than 3,600 employees. Fulton Bank, one of the region’s most prominent financial institutions, is headquartered in Lancaster.

The city has a strong arts culture, which supports a variety of vintage and antique stores, as well as outdoor markets and performing arts. Gallery Row downtown consists of three blocks of galleries, restaurants and retail.

Columbus, Ohio
Population: 860,090
Median value of housing: $131,800

You can own a home in Columbus without breaking the bank. Even in some of the more expensive neighborhoods, like Harrison West, you can find three-bedroom, two-bath homes for under $250,000.

Columbus supports many industries, including healthcare, education, finance, manufacturing, retail and technology. Columbus largest employer, the Ohio State University, has more than 30,000 full-time workers. Nationwide Insurance is also headquartered here, with about 13,000 full-time employees.

Columbus offers amenities for just about everyone. Kayakers can enjoy Columbus waterways, like Big Darby Creek, Griggs Reservoir and the Scioto River. There are also miles of bike trails and thousands of acres of parkland to hike.

Nightlife includes comedy clubs and live music venues, as well as hundreds of restaurants. Additionally, there are many large-scale attractions, like the Center of Science and Industry as well as the Columbus Zoo and Aquarium.

Garner, N.C.
Population: 28,776
Median value of housing: $164,800

This small town is about six miles south of Raleigh and is also near the Research Triangle, which includes Duke University, North Carolina State University and the University of North Carolina at Chapel Hill.

For people who work in any of these areas, Garner offers more affordable housing than some of the other nearby communities.

Garners business landscape is a mixture of information, utilities, retail and public administration. Companies like Butterball and Direct Distributors are headquartered in Garner. The median household income in Garner is $59,812, above the national median of $57,617, according to Census data.

Outdoor enthusiasts will appreciate Garners 1,200 acres of parkland and open space. White Deer Park offers bikers, runners and walkers two miles of paved trails, playgrounds, an arboretum and a 2,500-square-foot nature center.

Garner also has a mix of chain stores, shopping plazas and locally owned businesses. Local watering holes, like The Beerded Lady, offer a place for residents to see live music.

St. Petersburg, Fla.
Population: 260,999
Median value of housing: $154,800

St. Petersburg has rejuvenated its downtown, which is home to a mixture of business offices, residential property, restaurants and entertainment.

The Gulf Coast city boasts more than a dozen companies that employ over 1,000 people, including HSN, Raymond James Financial and Jabil Circuit, in addition to many other mid- and small-sized companies.

Mayor Rick Kriseman, who was just recently awarded the 2018 Small Business Advocate award by the U.S. Conference of Mayors for his commitment to small businesses, said that creating opportunities for young people is a top priority for St. Petersburg. The city’s Grow Smarter initiative developed by the city and the Chamber of Commerce to assess, develop and create programs to grow the local economy is an example of that focus.

"We are working hard to ensure we are an inclusive and welcoming city where people of all ages can grow and thrive," Kriseman says. "We are specifically aiming to bolster and support our population of young professionals, as their skills and interest align well with our Grow Smarter economic development strategy."

St. Petersburg is home to world-class museums, such as the Salvador Dali Museum and the Fine Arts Museum, as well as chefs honored with James Beard awards, including Lauren Macellaro of The Reading Room.

The city hosts events like the Firestone Grand Prix and is home to the Tampa Bay Rays baseball team.

West Des Moines, Iowa
Population: 64,560
Median value of housing: $195,500

West Des Moines borders Des Moines to the west, about eight miles from Des Moines International Airport. This small city reaps the benefits of the booming financial and publishing industries in Des Moines while retaining a grass-roots community.

"What we’re seeing is that a lot of young people are buying in our older neighborhoods," says Clyde Evans, director of Economic Development for West Des Moines. "They’re fixing up houses from the 60s, 70s and 80s. Its affordable for them to do that here."

Finance and insurance companies, including Wells Fargo, Farm Bureau and Athene, are located in West Des Moines. Small businesses also make up a large part of West Des Moines economy, adding to the 2,800 businesses in the city, according to the West Des Moines Chamber of Commerce. West Des Moines is only 11 miles east of Waukee, the future home of Apples $1.375 billion data center announced last year.

West Des Moines has a variety of restaurants and shopping destinations, including Jordan Creek Town Center and Valley West Mall. There are also microbreweries for beer connoisseurs, like locally owned Twisted Vine.

The 632-acre Raccoon River State Park offers an array of activities like fishing, boating and even swimming along the 500-foot beach, which is part of Blue Heron Lake. There’s also an extensive network of almost 50 miles of greenway trails, park trails and side paths.

(C)2018 Bankrate.com
Distributed by Tribune Content Agency, LLC





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.







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Will the 'Facebook Apocalypse' Change Your Social Presence?

Will the 'Facebook Apocalypse' Change Your Social Presence?

RECBL - Real Estate News

Just when you started to get a handle on your social strategy, Facebook is at it again, changing up their algorithms and making it more difficult for businesses to have a presence in peoples news feeds.

Until very recently, any engagement with a Facebook post, whether it was a like, share, or comment, would indicate interest and help your content show up for certain people. However, according to Adam Mosseri, Facebooks Head of News Feed, new algorithm changes will consider comments "more valuable than likes" and is "going to be (weighing) long comments more than short comments."

This new focus on "conversations and meaningful interactions" means many agents will need to completely revisit their Facebook strategies.

You can either pay for sponsored posts and other Facebook advertising, or you can work the system and get your followers to show Facebook that they want to see your posts. This can be accomplished by actively commenting on your posts and by changing their settings regarding your page.

How to Get Your Facebook Audience to Engage
In a January 11 post, Chairman and CEO of Facebook Mark Zuckerberg explained that "As we roll this out, you’ll see less public content like posts from businesses, brands, and media. And the public content you see more will be held to the same standard-it should encourage meaningful interactions between people." According to Mosseri, these standards will be measured by the number and length of comments on your posts. Traditionally, you could ask followers to comment - it is important to note, however, Facebook will "demote these posts in News Feed." How do you get comments without asking for them?

1. Ask questions.
People love to talk about themselves and share their opinions. To give your followers opportunities to do that, try asking leading questions. A leading question can be anything from "What’s the best local coffee shop?" to "What’s the one thing you wish you knew before you bought your first house?"

2. Share important news and milestones.
You’ve seen it before. When someone posts about getting married, having a baby, getting a new job, or graduating, the "Congratulations!" immediately start rolling in. Let your followers share in your big moments by sharing significant business moments and milestones with them. If you have time to hop on and do a live video, even better! Live videos tend to get a lot more discussion than uploaded videos.

3. Run contests.
In regards to contests, it is important to note that "like and share to win" the prize contests will not give you the results you are looking for. You want your contests to be fun and engaging, not boring and derivative. For example, you could say that the first three people to go to your website or Homes.com and find a home that meets certain criteria win. Have them post their listing in the comments. Just remember to look over your areas rules about contests and sweepstakes before you start.

"Following" Settings
Your followers can also indicate that they would like to see your posts by changing their "Following" settings for your page. Currently when someone likes a page on Facebook, that page is added with default settings that allow the algorithm to decide what posts to show when, and to whom. However, there’s an algorithm trump card users can use to choose whose content they want to see in their news feeds.

Because your followers will have to go to your actual page rather than waiting for your post to pop up in their feed, this method will be most applicable to your most loyal brand advocates. Once you have a strong enough relationship with them, ask them to follow your content with the "See First" option so they never miss an update!

If keeping up with your social strategy is too much for you, let us help! Homes.com Social Fuel takes care of your social strategy by providing you with everything from account setup, post creation, engagement, and Facebook Ad management. We will even monitor your online reputation and monitor how your business ranks in search results so you can focus on selling real estate.

For more information, please visit connect.homes.com.





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.





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Low Inventory, Rising Rates and a Bustling Spring Market

Low Inventory, Rising Rates and a Bustling Spring Market

RECBL - Real Estate News

Spring is here, and, with it, a busy home-buying and -selling season. While real estate markets can vary widely by region, housing is currently seeing similar developments across the country.

The Kiplinger Letter, an online source for personal finance advice and business forecasts, recently shared spring market trends. According to Kiplingers David Payne, staff economist, and Rodrigo Sermeño, reporter, REALTORS(R) can expect tight inventory, increased buyer competition and a rise in interest rates across the board this spring.

The biggest obstacle? Not enough homes, particularly in heavily-populated areas and others that are growing quickly.

"Buyers should expect tight inventory of existing homes across the nation, particularly in fast-growing metro areas such as Denver, Dallas, Seattle and Portland-but also most major metros in the West and in the South," say Payne and Sermeño.

Buyers are out in full-force, and with less inventory to choose from, they are flocking to any available homes in their price point and submitting aggressive bids.

"Buyers should expect more competition for entry-level homes, both existing and new," Payne and Sermeño say. "Tight inventories of existing homes will likely lead to bidding wars in many markets."

What the industry sorely needs right now is new construction, and that’s where the South is prospering.

"The South is seeing strong growth in residential construction, including starter homes," say Payne and Sermeño. "Builders are gradually adding entry-level homes in certain markets in the South, such as Dallas, Phoenix and Atlanta. Some builders are focusing on peripheral areas around these cities, where it is cheaper for them to build entry-level homes."

According to The Kiplinger Letter, buyers in the South and West can expect new homes on the market later this year, especially duplexes and townhomes; however, new-construction growth is generally slow across the U.S. due to high costs and insufficient land to build.

"Builders will continue to gradually bring starter homes to the market, but the rising cost of labor and building materials will make it difficult," Payne and Sermeño say.

While skyrocketing prices have been a concern with tight inventory, REALTORS(R) can breathe a small sigh of relief, as growing home prices seem to be slowing down, if only slightly, for the foreseeable future.

"Home price growth will slow a bit, to 5 percent from 6.5 percent last year," say Payne and Sermeño. "Price appreciation has been strong for a while, and some areas are seeing demand hurt by affordability problems, especially for high-end homes; however, the slowdown this year will only be modest because of continuing lack of inventory, especially at the low-to-middle price ranges."

REALTORS(R) are watching the market closely, as one factor could change the status of todays market. Rising interest rates are homebuyers biggest concern, and contributing to this springs flurry of home-buying activity.

"The prospective rise in interest rates this year and next is actually boosting buyer demand to purchase before rates rise further, according to REALTOR(R) surveys," Payne and Sermeño say. "Next year, once it appears that mortgage rates will be stabilizing, then the higher rates will have a somewhat depressive effect on prices and demand."​


Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.





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Smart Seniors: Planning Your Final Years

Smart Seniors: Planning Your Final Years

RECBL - Real Estate News

If you’re in or approaching retirement, you’re likely dreaming of days filled with friends, family, and hobbies. But you should also consider planning for your final years.

Final years planning can bring families comfort and ease. Home Instead, Inc., along with experts at Genworth Financial, developed the following questions for seniors to consider when planning for their final years:

How do you want to live your final years? Seniors should consider what they want to do during their final years.

Where do you want to live? Older adults should consider if they want to spend their final years at home and, if so, what type of assistance might be required to help them do so.

What’s your plan if you need help? Many seniors will need long-term care at some point in their lives and they need to consider how they will be able to afford that care.

Do you know the cost? Older adults should consider the cost of care and anything else they would like in their final years.

Are products and services in place to support a plan? Seniors and their families should explore the long-term care plans that exist to help them meet their needs.

Is your plan flexible? Seniors and their families should ensure their plans are adaptable to the changes that may occur as time goes on.

Does your family know about your plans? Families should have conversations and take the time to share specifics about their plans and the types of products and services they have in place.

Source: Home Instead, Inc., Genworth Financial.





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.



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Hiring a Contractor? Do This First

Hiring a Contractor? Do This First

RECBL - Real Estate News

Nothing is more exciting than embarking on a home renovation project! Hire the wrong contractor, however, and your dream remodel can quickly turn into a nightmare.

That's why it's essential to do your due diligence when hiring a contractor, such as getting multiple estimates before signing a contract.

According to the Better Business Bureau (BBB), when you get multiple bids, you can learn a great deal about the proposed project, such as what type of work is needed, the quality of the building materials, how long the job may take and the total cost.

The BBB offers these other tips to help find the best, most ethical contractor to work with and ensure a successful home renovation:

- First, check bbb.org - BBB's business profiles can tell you how long the contractor has been in business, as well as provide contact information, verified customer reviews, complaint details and how the business responded.

- Be wary of 'today-only' sales pitches - This is a sales tactic designed to get you to sign a contract or put down a deposit, without giving you the opportunity to do your research. Watch out for these and other 'bargains' that rush you into a deal.

- Get references from recent customers - Speak with other property owners who had work done recently, and ask what they did or did not like about a particular contractor. A reputable contractor will be happy to provide client references.

- Get everything in writing - Make sure all verbal promises end up in the written contract as well as a detailed description of the work, the cost of materials and start and completion dates. Contracts also should include specifics about the deposit and payment schedule and guarantees for the quality of work and materials.

- The contract should specify required permits - Renovation work often requires permits from the town or municipality. If you're contractor suggests going without permits, it might be a sign they have a poor reputation at city hall.

- Compare apples to apples - Choosing a prospective contractor is simpler if you ask for quotes based on the number of hours needed and the same quality of materials.

- Avoid putting down a large deposit - A typical payment schedule should follow the "rule of thirds." The first payment is given when signing the contract and helps pay for materials, the second payment when work begins, and the final payment when the job is finished and you are satisfied with the quality of work. Ask the builder to walk you through the work to explain what has been done.

By sticking to the above steps, you'll head into your renovation with peace of mind, knowing you've done your homework and taken the necessary steps to select the best possible contractor.


Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.




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NAGLREP Continues to Fight for LGBT Housing Discrimination Protections

NAGLREP Continues to Fight for LGBT Housing Discrimination Protections

RECBL - Real Estate News

Jeff Berger is founder of the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP).

It’s been a little more than 11 years since I signed the paperwork to start the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP), and we have since enjoyed a steady climb of growth and awareness.

Today, NAGLREP has nearly 2,000 members and 22 chapters around the nation as one of the largest LGBT trade associations in the U.S. I truly believe a huge reason for our success thus far has been because of the real estate industry’s inclusion of diverse markets.

NAGLREP is thrilled to join with the National Association of REALTORS(R) (NAR) and other diverse groups in celebrating the 50th anniversary of the Fair Housing Act during the NAR Midyear Legislative Meetings. Yet as we all applaud the protections from discrimination, you may be shocked to learn that the current Federal Fair Housing Law does not include protection from housing discrimination based on sexual orientation or gender identity.

This is why NAGLREPs second annual LGBT Housing Policy Summit is so important. We will return to Washington D.C. on April 17-18 at the Human Rights Campaigns (HRC) Equality Center and continue to work towards a fully inclusive society. Agents and brokers will gather with industry leaders and executives from HUD, NAR, MoveOn.org, HRC, the National LGBT Chamber of Commerce (NGLCC), Freddie Mac, AARP, and our sponsor. Members of the Congressional LGBT Equality Caucus will also participate before we head to Capitol Hill to meet with our elected officials.

We will discuss, among other topics, how tailwinds the LGBT equality movement recently enjoyed have shifted and how this change might affect real estate. GLAAD recently released the fourth annual Accelerating Acceptance Report that shared some sobering statistics:

• Only 49 percent of the 2,100 adults surveyed identified themselves as LGBT "allies" in 2017, down from 53 percent in 2016.
• Fifty-five percent of LGBTs who participated in the survey said they experienced discrimination last year, compared to 44 percent in 2016.
• A Harris Poll commissioned for the report found that 31 percent were very or somewhat uncomfortable seeing a same-sex couple hold hands, up from 29 percent the previous year.

A downturn of confidence within the LGBT community could have a far-reaching impact on housing by slowing recent mainstream trends of LGBTs marrying, saving money for a down payment, buying a home, starting a family and eventually moving into a larger home.

Remember the LGBT community has almost $1 trillion in annual buying power, which is more than other communities, including the Asian American population, according to Witeck Communications.

A lot of this money has been flowing into homes. NAGLREPs 2017 LGBT Real Estate Report found that nearly 50 percent of our surveyed members reported that their LGBT clients will be move-up buyers over downsizers by an almost three-to-one margin in the near future.

The economic impact is one of the reasons why our industry should continue to work with NAGLREP to fully eradicate housing discrimination based on sexual orientation or gender identity.

We are already way ahead in this area, as Article 10 of NARs Code of Ethics was amended in 2014 to add sexual orientation and gender identity.

Trulia just brought the discrimination issue further to the forefront by working with the Movement Advancement Project on its Local Legal Protections feature, which provides an overlay on each property page to showcase if a home is an area which protects LGBTs from discrimination in housing, employment and public accommodations. Remember, only 20 states offer full protection to LGBTs.

Acceptance levels are a big part of why LGBTs choose a community. So many of the 75,000 monthly unique visitors to NAGLREP.com come looking specifically for agents who understand their concerns.

The LGBT Housing Policy Summit will be another incredibly valuable experience for all of us and we hope you will consider attending to make certain our industry's voice is heard.

Jeff Berger is founder of the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP). For more information, please visit www.naglrep.com.



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