Single Women Make Up Second Largest Home Buying Group

Single Women Make Up Second Largest Home Buying Group

According to the National Association of Realtors’ (NAR) 2015 Profile of Home Buyers and Sellers, single women made up 18% of all first-time homebuyers last year, second only to married couples who made up 54% of total buyers.

Whether they are young, single and no longer want to rent, or newly divorced, the amount of single women becoming homeowners greatly outnumbers single males (11%). A survey of recent home buyers revealed some interesting trends about this rapidly growing group:

  • Average Age: 32 years old
  • Average Income: $49,400
  • Single women are more likely to become preapproved for a mortgage in order to know their budget at the beginning of the home buying process and to be able to make a move if they find their dream home.
  • Many female homebuyers think long-term when considering buying a home, often considering what amenities they may need in the near future.

“So what do women like best about homeownership? They believe that they are investing in their future by building equity and financial security. They are also very happy to no longer be paying their landlord’s mortgage payment. Being independent and having control over their environment is a key factor.”

It appears that it is not marriage before mortgage any longer, for either gender. As we reportedyesterday, unmarried couples make up 13% of buyers, while single males account for 11%.

Bottom Line

If owning a home of your own has always been your dream, let’s get together to determine if your dream could become a reality sooner than you think.

Wall Street Journal: Housing Recovery Picks Up Steam

Wall Street Journal: Housing Recovery Picks Up Steam

Yesterday, I made a post quoting major housing experts on the increasing strength of the U.S. housing market. I was pleasantly surprised that, on the same day, the Wall Street Journal decided to run a front page story titled, “Housing Recovery Picks Up Steam” (article available to WSJ subscribers).

Wall Street Journal: Housing Recovery Picks Up Steam | Simplifying The Market

The first paragraph of the article says it best:

“Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.” (emphasis added).

What about the struggles in the economy?

Some openly question how the real estate market can be gaining ground if the overall economy is still struggling. According to the WSJ, it is:

“Despite the unbalanced recovery, Federal Reserve officials have seen housing as a bright spot for the U.S. economy in recent years. Residential construction has contributed to overall economic output for eight straight quarters, expanding at a 17% annual rate in a first quarter marked by slow growth in other sectors.”

Bottom Line

The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward. This is obviously mixed news depending on which housing market you’re in, but the signs all point to a rise in prices.

Some Experts Disagree That There is a Housing Meltdown Incoming

Some Experts Disagree That There is a Housing Meltdown Incoming

I want to let you know that “rumors of a new market meltdown” are not based on any reputable data. As proof, I offer you the comments of the following experts who have a totally different view on the current housing market.

Lawrence Yun, Chief Economist at NAR:

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Jonathan Smoke, Chief Economist at realtor.com:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

Andrea Riquier, MarketWatch housing reporter:

“I’m calling the end of the housing “recovery.” On to ‘expansion.’”

Freddie Mac:

“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Steven Russolillo, Wall Street Journal housing reporter:

“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”

Fannie Mae:

“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade… Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007’s pace by late summer.”

There you have it. Experts in the field that disagree with many of the infotainment shows and water cooler economists. Get in touch with me if you have more questions.

Where is Housing Headed for the Rest of 2016?

Where is Housing Headed for the Rest of 2016?

With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year. People are beginning to ask questions such as:

  • Will disappointing economic news adversely impact housing?
  • Is affordability a major concern in today’s real estate market?
  • Are we approaching a new housing bubble?
  • Are mortgage standards too tight? Or have they loosened too much?

Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:

“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.

We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy.”

What about real estate?

Freddie Mac was much more optimistic about housing…

“We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity.”

They went on to conclude:

“We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year.”

6 Quick Facts About the Housing Market in Lake Tahoe

6 Quick Facts About the Housing Market in Lake Tahoe

Lake Tahoe Real Estate

So, what’s going on in your housing market Lake Tahoe? Scroll down and you’ll find a quick infographic I whipped up on some statistics of the Tahoe area. I pulled all of the data from my local MLS (Multiple Listing Service) the South Tahoe Association of Realtors. Nearly any questions you or I have about Lake Tahoe real estate can be answered by the data they aggregate.