Are The Millennials Going To Buy Houses?

In the real estate world one of the biggest questions is Millennials.The question now is are they going to buy houses. It’s important because millennials are in the age group of first time buyers.

Are The Millennials Going To Buy Houses?The market has been much stronger but one area where it has lagged is the first time buyer market. It’s the lowest in almost 30 years. That may be alarming, but those in the know think that the drop is a long term thing. Millennials are putting off buying into the American dream, but they haven’t given up on it. While this is good news in the long run, in the short term it will be an issue.

Economic issues

At the moment this age group is shunning home buying. This is for a few reasons. Millennials watched their parents deal with the housing crash, making them more cautious about taking out large mortgages in order to buy a home. They are also, as a group, dealing with massive student debt loads that put a strain on their income and what they are able to save. They are also having a harder time finding employment and while that has become a smaller issue in the last few years, it impacts their decision making.

Marriage choices

Another reason they are holding off home buying is that most first time home buyers are young married couples who are settling down. However, Millennials are marrying later. Under age 34, just 24% of women and 30% of men are married, about half the figure for that age group in 1940, according to the Pew Center. The median age of first marriage is now over 29 years for men and 27 for women. That means that they will be in a life position to buy later, say about 35 to 40 years old.

So it’s a mixed bag, but the pieces will fall into place and they will buy houses in the future.

Why The Market Slowing Down Is Good For Denver Real Estate

The real estate market in Denver has slowed down, but that’s a good thing. It sounds counterproductive, but for buyers and sellers, it is a good thing and here’s why.

Puts homeownership within reach

Why The Market Slowing Down Is Good For Denver Real EstateFor buyers it means that homeownership is within reach again. In a slower market home prices are lower. That’s great for buyers, obviously.

What makes it good for sellers is that they don’t have to rush to market. Knowing that they aren’t “missing out” on a hot market means that they have time to get it right. Updates can be made, and they can take a week or month to get their home in the best shape ever.

For a seller that means the best price for their property.

More time and less worry

In a slower market there are fewer frantic buyers buying anything and everything just because it may not be there the next day. Not great for sellers, obviously. But for buyers it means they can take time to see more homes and find the right one, instead of feverishly buying SOMETHING because it may disappear from the market the next day. With that also goes the bidding wars. Having more time to decide without the worry about being outbid.

Better price negotiations

A slower market also gives a buyer more negotiation room for buyers and sellers. For sellers a slower market means less competition. That will help with price negotiations. For buyers it means you can also negotiate price, but with it you can negotiate in repairs, closing costs and other concessions.

Don’t give up your dreams of homeownership or selling your current home because of a slower market. It can be a great thing for you as a buyer or a seller. Call your Realtor today and ask how they can help you.

5 Ways Property Managers Make Real Estate Investors Lives Better

You invest in real estate and have a few rental properties. You’re trying to decide whether to hire a property manager to help you out. So how can a property manager make your life better?

Financially

5 Ways Property Managers Make Real Estate Investors Lives BetterFirst, a property manager can help you financially. First, they are more in touch with rental rates in the area or areas where your rental property or properties are located.

If you overprice, no one will rent, if you underprice you are cheating yourself. A good property management company will conduct a thorough market study in order to set a rental price for your property. They will also collect and deposit your rental payments. That will relieve you of the hassle of chasing down tenants who may be late or no-pay.

But before you get to the rent collection issues, getting the property rented for you is right up their alley.

They will market the property, do background and financial checks on prospective tenants and get the property rented. Finding the right tenant for you also means keeping the property rented and keeping your income flowing.

Maintenance: scheduled and emergencies

Keeping those tenants happy is also a huge part of keeping them. Having a property manager means having someone available for those emergency maintenance calls. They will handle regular maintenance, inspect the property and manage any situations where conflict resolution is required. That keeps your property in good condition. They know the best contractors, tradesmen and suppliers who will do quality work on your property.

Laws and regulations

Even more important, they will know the housing laws and regulations inside and out. This knowledge will keep you out of hot water with local, state and federal officials. Between regulations on rental discrimination and fair housing regulations and requirements (from the ADA) there is a lot to remember. Can you keep on top of it all?

Using a property manager is a smart decision. Don’t go it alone.

Looking for a great property manager in the Denver Metro area? Give Tena D a call today! 303-452-5853

Where Do Home Buyers Come From?

Do you have any idea of who real estate buyers are? If you have a home for sale, do you have an idea of where home buyers come from? Knowing that will help you as a seller market your home just right!

Home buyer statistics

So what are home buyer statistics? Well, here are some interesting numbers. 38% of home buyers are first time buyers, with a median age of 31 and a household income of $64,400 a year. That means that 62% of buyers are repeat buyers, with a median age of 52 and household income of Where Do Home Buyers Come From?$96,000 a year. Why are these important to you as a seller? Well, is your home a starter home or an upsize? Market accordingly.

More stats:

The typical home purchased in 2013 was 20 years old, had 1900 square feet of living area that included 3 bedrooms and 2 baths. Most buyers financed 90% of the purchase price and 88% of buyers used a Realtor. 89% of home buyers found information on their home from a real estate agent, while surprisingly only 45% found them online. In fact, more people found their home from a yard sign than from an internet search! 78% of home buyers said that the neighborhood where the home was located was more important than how big the home was. That makes sense, especially if you have kids. Parents buy in school systems before they buy for other reasons.

How does knowing this help you as a seller?

So how does this really help you as a seller? Think about it this way, a family looking for a bigger home has more money to buy it, and will be looking for real estate in great neighborhoods. Does this fit your home? Now you know you target audience. If it doesn’t, but could, now you know what you have to do to attract them.

Your best bet? Find a Realtor who knows all of this as well as how to market your home to get you the best price! If you are in the Denver area and want the BEST Denver Realtor, give Tena D. a call today! 303-452-5853

Want more information about Buyer and Seller Statistics? Check out the NAR Guide To Quick Real Estate Facts

 

 

Denver Metro Real Estate Tips – How To Winterize Your Colorado Home

Cold weather is coming and it’s time to winterize your Colorado home. There are several things those in the Denver metro area should do to their real estate to get it winterized. So here are some tips for you.

Heating System

 Denver Metro Real Estate Tips - How To WInterize Your Colorado Home First, check your heating system. The time to find out you have an issue is NOT when you are freezing and need it. Check and replace filters, check pilot lights and burners.

Have your chimney cleaned if you use a fireplace or insert. Also test smoke and CO2 alarms. This is especially important if you have gas heat or use a fireplace insert! Have your ducts cleaned. When it turns on the first time, the last thing you need is for a bunch of dust to blow around the house!

Outside Needs

Outside there are several things you should do. Remove damaged branches from trees and trim them back. Snow can get heavy and big branches can cause a lot of damage to your home if they get weighed down and break due to snow or ice.

Also rake up leaves and clean up the yard. Clean out your gutters. If they are full of leaves water will not flow and will dam up under the shingles, damaging the roof when it freezes. Inspect your roof and have it repaired if necessary. Check windows inside and out to be sure seals are intact. Caulk where necessary to make them airtight.

Water Systems

Unhook hoses and put them away. Pools should be shut down for the season and outside faucets and sprinkler systems should be shut down and any water in the pipes blown out. If you don’t they will freeze and crack causing leaks

Just a little bit of maintenance can mean the difference between higher bills, or a warm, cozy, leak free home!