Are Houses Getting Older ??

According to the U.S. Department of Housing and Urban Development’s American Housing Survey, the median age of an owner-occupied home in the United States was 35 years old in 2011, up from a median  of 23 in 1985. More than 40% of the owner-occupied homes in the U.S. were built before 1969.  Homes built from 2000-2009 account for 15% of the owner-occupied housing stock. Aging houses could prove to be a boon for home remodeling businesses, the study finds. Older homes tend to be less energy-efficient than new homes and y require more repairs. Our aging baby boomer generation may be mirrored by the aging of America’s housing stock. But even with the expenses incurred with an aging home, buyers still want to have the charm and warmth that a newer home does not bring.  It may be hard to find it all without lots of elbow grease and pure work. Working with a Realtor who knows the pros and cons of new and older homes will be helpful in making decisions when purchasing a home.  Cleveland, Tennessee offers a good variety of homes, especially in the historic district.  There are older homes that still have lots of charm and may or may not need significant work. (Parts of this article were taken from The Residential Specialist, April 14- magazine for CRS members)

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Brick Arch House

Thinking of buying or selling real estate in the near future?  Here are some interesting statistics from the National Association of Realtors.

The Median price in March of 2014 was $198,500, up 7.9 % from March of 2013.  The median price for the South was $173,000, up 6.7% one year ago.  Distressed sales contributed to 14% of the March sales, down from 21% a year ago. It is predicted that these types of sales will fall to single digits by the end of the year.

Housing inventory rose to 4.7% which is a 5.2 month supply. The median time on market was 55 days, down from 62 days in February.  37% of the homes sold in March were on the market for less than a month.

First-time buyers represented 30% of purchasers in March.  Less stringent underwriting has been helpful for first-time buyers but NAR still sees it as a headwind for some.

This is overall encouraging news for the real estate industry.  Buyers should be aggressive in purchasing now before prices increase dramatically.  And this news should be encouraging news for sellers who have waited to put their homes on the market.  Now just might be the time.

An experienced Realtor who can see the big picture is crucial in helping you with your real estate goals.

Article information is taken from NAR- Voice for Real Estate

By Carol Kamm, GRI, ABR, CRS

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

Broker-Realtor

Grandview Realty– 423-790-4547

A Graying Housing Market

By Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

 

 

According to the National Association of Homebuilders (NAHB), homebuyers over age 55 are expected to continue to grow in 2014.  NAHB projects that the share of U. S. homes owned by people over age 55 will increase from 43.3 % to 46.6% in 2020.

“The 55-and over population….will steadily rise over the next several years, and the need for housing to accommodate that group will also rise,” says Paul Emrath, NAHB’s VP of survey and housing policy research.

Other research shows that the 55 and older buyers prefer to downsize to a one level home. However, they will not compromise on upgrades and neighborhood amenities.  We are currently seeing this trend in the homebuilding industry.

Happy homebuyersBy Carol Kamm at Grandview Realty

Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.

 

 

Market News

 Low housing inventory equals buyers concessions and strategies

 

Home inventory fell from a 9.4 months’ supply in 2010 to a 4.9 months’ supply in August 2013. (Source, National Association of Realtors)

With home inventory at a low for 2013, sellers are receiving multiple offers from buyers.  Who would have thought 3 or 4 years ago that we would see these statistics from the National Association of Realtors.  But according to NAR, here’s what buyers are willing to do to get the home of their dreams:

Offer to pay the seller’s closing costs -25%

Bid  1-5 percent over asking price – 25%

Write a letter to the seller – 17%

Borrow enough money from family and friends to get a 20% downpayment – 12%

Bid 6% – 10% over asking price – 9%

Remove all contingencies-8%

Borrow enough money from family and friends to make an all-cash offer -5%

Bid more than 10% over home’s asking price -4%

Prices are gradually rising along with interest rates.  Buyers are seeing the urgency to buy now, especially since stricter loan regulations are about to come into play.