Tag Archives: harper tate homes

Millennials Are Redefining Home-Buying Standards—and Gen Z Is Next

The home-buying approach varies from generation to generation—and in order to overcome down payment hurdles, millennial buyers are transforming the standards of homeownership set by baby boomers, according to the 2017 Zillow Group Report. In fact, less than half (39 percent) of millennials submit offers with the recommended 20 percent down payment. Twenty-one percent put down the minimum: 5 percent or less.

The financial challenges don’t stop at down payments. Thirty-three percent of millennial buyers report having difficulty qualifying for a loan, and 43 percent have trouble finding out what they can afford. These complications likely stem from a lack of experience, as 71 percent of millennial buyers are purchasing their first home.

“In many cities across the U.S., the housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” says Zillow Chief Economist Dr. Svenja Gudell. “Young buyers often start their careers in fast-growing cities in which the market is particularly tough—and they’re trying to save for a down payment while making record-high rent payments.”

Millennials, however, will look for creative ways to achieve the home-buying dream. Twenty-nine percent of millennial buyers ask friends or family for down payment help, often coming up with the full amount using various sources.

Millennials will also jump on the opportunity to claim a home. They do not shy away from multiple offer situations, and are not afraid to go over budget. More than 53 percent of first-time millennial buyers make multiple offers on the homes they want, and 37 percent don’t keep to their financial plan. This can prevent future plans to sell if market conditions don’t allow the sale of the home to cover remaining mortgage balances. The typical homeowner still owes 62 percent of their home’s value and 46 percent of millennial sellers won’t sell their home in their desired price range.

The economic landscape may or may not change for the next generation, but they will likely tackle these financial challenges in their own way, the report shows. Generation Z is just now starting to enter the housing market as renters.

“It’s encouraging to see that Generation Z is inheriting the same notion of what home means as their parents and millennial siblings,” says Jeremy Wacksman, chief marketing officer at Zillow Group. “These tech-savvy yet risk-averse renters are bringing their social personalities home, desiring communal amenities geared toward bringing people together.”

While Generation Z buyers embrace homeownership as fundamental to achieving the American Dream, high rent prices may stand in the way when it comes time for them to buy. Thirty-seven percent of renters who didn’t move in the past year state that lack of affordability is the main reason for staying put.

The millennial generation is redefining the way homeownership is approached, and Generation Z will have its own impact on the housing market in a few years, the report shows—especially since they will likely outnumber millennials by nearly 1 million people by 2020.

“As they mature and look toward homeownership, it will be interesting to see how their aspirations and preferences will shape the housing market,” says Wacksman.

by: Liz Dominguez, RISMedia’s associate content editor

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5 Simple Ways to Stage the Exterior of Your Home Before a Viewing

If you’re selling your home, chances are good you’re familiar with the concept of staging your home. Real estate agents recommend your home look its best to prospective buyers, and home staging is a great way to ensure you receive top dollar. But did you know you should stage the exterior of your home too? Failing to update the look of your home’s exterior can cause buyers to get a bad first impression when they initially arrive at your front door.  Whether your audience are luxury home buyers or you are selling your starter home, staging the exterior of your home will have a major impact in the sale of your home.  If you want to put exterior home staging to work, here are five elements you should consider tweaking.

Clean Your Exterior Windows and Screens

Nothing says poor maintenance like dirty windows and window screens. If your windows are caked with dust or muck from the last rainstorm, open house visitors are going to wonder what other maintenance jobs you haven’t attended to. Don’t give visitors the opportunity to question whether your home has been properly maintained or not; clean those windows and screens before trying to sell your home.

Refresh Your Gardens and Walkways

Just like dirty windows are a real estate faux pas, so are unkempt flower beds. Weeds and overgrown bushes tell visitors you can’t be bothered with the small stuff. Spend a day removing weeds and trimming flowers, or hire a professional landscaper to refresh your gardens.  It is amazing what a refreshed garden can do to your home’s curb appeal.

Refresh Your Home’s Siding

No, you don’t have to replace your home’s siding prior to viewing. A quick power wash could be all it takes to remove years of dust and grime. You can attempt this task yourself, but it might be worth your while to hire a professional. Some homeowners have been known to damage their home’s siding by using too forceful a water stream. This is one task that is often best left to experienced professionals.

Update/Clean Door Fixtures and House Address Signage

Something as simple as a new doorknob or address signage can give your home a refreshed look. You needn’t spring for a new door; just update the faceplate and/or doorknob. Purchase new address numbers from the local hardware store and you’ll have tweaked the look of your home’s exterior in just a few minutes.

Clean Patio Furniture

Whether you have chairs on your front veranda or a dining set on your back deck, tired patio furniture can cost you big dollars when it comes time to negotiate with a potential homebuyer. Dilapidated patio furniture instantly gives a bad impression and can cause potential homebuyers to request replacement furniture as part of their deal. Spruce up your existing furniture with a quick power wash, or replace it if it is beyond cleaning.

Simple tweaks to the exterior of your home can have a big impact on your home’s final selling price. By spending just a few days improving the look of the outside of your home, you can increase the amount buyers are willing to offer and make your home the cleanest real estate listing on the block.

by: Charles Muotoh, the owner of dcrealestateguru.com

Study: Dedication Valued Most by Homebuyers and Sellers

Homebuyers and sellers gave real estate professionals who exercised dedication high marks in J.D. Power’s recently released Home Buyer/Seller Satisfaction Study.

Satisfaction, the study found, is determined by the amount of time the real estate professional invests in keeping the client informed, and the real estate professional’s responsiveness to client concerns and questions. Homebuyers place importance on the relationship with their real estate professional; sellers value their real estate professional’s efforts to market their home.

Recommendations and reputation, significantly, are major factors in homebuyers’ and sellers’ decisions to select a real estate professional.

“With the real estate market remaining strong, it is more important than ever that agents, buyers and sellers focus on the trade basics, especially for first-timers,” says Greg Truex, senior director of the At-Home Practice at J.D. Power. “When agents remain transparent, informative and responsive, they can greatly impact customer satisfaction and increase agent reputation and recommendations.”

We here at Harper Tate Homes pride ourselves in being dedicated agents.

Source: J.D. Power