In a recent story published in the Wall Street Journal and excerpted by Business Insider, the findings are sobering to those of us on the later end of the "baby boom" generation. As a refresher, I'll mention that spectrum runs from the years 1946 to 1964. My brother Glenn and I are 16 years apart and fall into both ends of that 18 year span.
While Glenn and I can agree that we grew up thinking that more IS more when it came to our dreams of home ownership over the years, it is clear that my offspring have different ideas. Millennials just don't want the same types of homes us baby boomers did.
"Millennials and baby boomers make vastly different lifestyle choices, from marriage and family to how they spend their money. The two generations have different tastes in homes. Millennials aren't buying the large, elaborate houses built by boomers in Sunbelt states." The Wall Street Journal has reported.
Boomers are looking to downsize, but millennials aren't interested in their homes.
I see that glaringly apparent in my youngest daughter, a self-declared minimalist. Whereas I purchased my first home in Hamden, Connecticut at age 24, and saw home ownership as a stepping stone to "bigger things," she could care less at this point in her life. Living for right now means she shares an apartment with 4 others in an upscale area of Boston and lives for world travel, meaningful experiences and a Whole Foods shopping cart. She does not equate "acquisition" with true happiness, and that includes a home of her own. Whereas I felt a home "grounded me," on the road to adulthood, she says the life of a wealthy nomad is her key to happiness. Home ownership is not a selling point. My guess is that sentiment is founded in the fact that she has student loan debt to pay off and entry in the Boston housing market is out of reach... so why bother wanting what you can't have, right now? And what looks like rebellion of the old ways is just millennial economic common sense. Millennials may want homes deep down, the economics are not there for them to obtain the dream.
But when they DO PURCHASE, what they want is very different than generations before them.
"Homes built before 2012 are selling at steep discounts — sometimes almost 50%, and many owners end up selling for less than they paid to build their homes," Candace Taylor wrote in The Wall Street Journal.
"These days, buyers of all ages eschew the large, ornate houses built in those years in favor of smaller, more modern-looking alternatives, and prefer walk-able areas to living miles from retail," Taylor wrote. "Design trends have shifted radically in the past decade," Taylor wrote in The Journal. "That means a home with crown moldings, ornate details and Mediterranean or Tuscan-style architecture can be a hard sell, while properties with clean lines and open floor plans get snapped up. "In addition to their love of open floor plans, millennials are known for being partial to minimalist, low-maintenance designs and sleek, discreet appliances."
Scratching my head, will sturdy, dark stained, knotty pine ever be "hip" again?
There is a development in the greater Myrtle Beach area that is worth a look, or two or three if you are searching for compact living, new construction and a community with plenty of fresh air space. Engineered for all generations and incredibly appealing to millennial, first-time home buyers and young families I would love to show it to you.
"A true urban village community. In one perfect place, you can shop at the country’s best local and national retail stores, have a fabulous meal, see the latest movie, stroll by the lake or take a quick bike ride to the beach." In my opinion, the millennial urge to have it all may have met its match and the young at heart generation (70+) can skip to their beat and keep up with the grand kids.
For more reading, check out the story links below.
Photo Credit: The Market Commons
You know the answer: They both bloom in spring. About 40 percent of home sales will be taking place from now to June, when the spring season gets people motivated to find a house, move and settle in before fall.
April is the time to get your home in tip-top condition to sell. According to an ATTO Data Solutions analysis of 14.7 million home sales from 2011 to 2017, the best month to sell a home is May, when market values rise an average of 5.9 percent. But, according to Forbes, the best single day to sell a home is June 28, when prices rise about 9.1 percent.
Meanwhile, according to Zillow estimates, home values are going up. In October 2018, the median list price per square foot was $140. In January 2019, it was $150. Zillow predicts home values to rise 6.6 percent in 2019, forecasting a lucrative market.
Bargain home shoppers may be out of luck in 2019. The number of homes foreclosed in September 2018 was 1.2 per 10,000. Compare that to the middle of the housing crisis in June 2009 when 6.28 homes were foreclosed per every 10,000.
Meanwhile, the international enthusiasm for home sharing has sparked a new interest in buying second homes. In this new home sharing economy, a vacation home may pay for itself down the road. According to Hampton Peace, owner of Peace Sotheby's International Realty of Pawley's Island, South Carolina, he says the key is to treat it like a business.
"A second home rental may help offset the maintenance and expenses of a home which will go through much more wear and tear over the course of the year with multiple tenants. Depending upon your market entry price point, you have to evaluate carefully," but he says "there are some deals to be found."
In any case, here's the overall outlook for spring from S&P CoreLogic and others: On the plus side, very good jobs reports and high growth in the Gross Domestic Product, plus a mostly up (though somewhat bouncy) stock market, says the basic foundation for home buying is good. Prices are expected to rise early this spring as the new Millennial shoppers buy their first home.
I have read through an article by Devon Thorsby of US NEWS AND WORLD REPORT about uncertianty in the market and pulled some of the highlights I found interesting for sellers. If you’re weighing your options to sell, considering selling this year or maybe the year after, don’t play the waiting game. Selling in 2019 vs. 2020 and political uncertainty may drive the real estate seller's market. Capturing lower mortgage interest rates may favor buyers to act now.
Homeowners looking to sell should consider 2019 a prime opportunity to cash in.
"If not selling your home in 2019 means putting your house on the market in 2020, the sooner option is the best one. In a survey of 100 U.S. real estate experts and economists by real estate information company Zillow, released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019.
Here are four reasons to sell your house in 2019:
With available housing inventory remaining low, even with rising interest rates, buyers who are ready to make a purchase will still shop for homes. The biggest wave of new home buyers will be among millennials, who are mostly first-time buyers. In a Harris Poll survey of 2,000 U.S. adults commissioned by real estate information company Trulia, more than one-fifth of Americans between ages 18 and 34 said they plan to buy a home within the next 12 months. Already, millennials make up the largest share of home buyers at 36 percent, according to the National Association of Realtors, which released the number in March 2018. The bottom line: While houses may sit on the market for a few more days on average compared with 2017 when the market was white-hot, buyers remain active and it’s still possible to profit from your home sale."
To read the full story please click the link below:
You just know when Spring has sprung along the Grand Strand.
After a week of temperatures in the low to mid 60's and abundant sunshine waking up the landscape, the snapping turtles start to merge and you see dozens of them perched on the grassy slopes of ponds. The camellias have been on full display for over a month, clusters of daffodil trumpets are releasing fragrance and the azaleas are starting to blossom.
But the big "tell" is golf. It's like March 1 rolls around and hibernation is officially over.
Walking around TPC Myrtle Beach today was a breath of fresh air. The course was in great shape. The grass was lush and green. And you could not help but notice, Dustin Johnson was in town. His golf tournament that is. (Earlier in the week he was in town along with Darius Rucker and Hootie and the Blowfish band members, inducted into the Myrtle Beach Golf Hall of Fame.)
The 4th Annual Dustin Johnson Junior World Golf Championship was underway as some of the best female and male junior golfers in the world competed in a PGA tour-like experience. The event was free to attend.
We overheard an alligator was spotted in one of the ponds on the course.
Spring has sprung, indeed!
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