REAL ESTATE NEWS
Courtesy of:
Samuel LaRosa, III, Mortgage Loan Officer, Savings Bank of Danbury
December 17, 2019
Generation Z, which comprises the youngest potential consumers in the housing market, is bullish on homeownership. Freddie Mac researchers conducted a survey of consumers ages 14 to 23 and found they tend to have more positive perceptions of what it means to be a homeowner than millennials did at that same age. Eighty-six percent of Gen Zers say they want to own a home someday. They also hope to purchase sooner in their lives than millennials did. Gen Z survey respondents say they plan to own a home by the time they turn 30, which is three years younger than the current median age of first-time buyers. The homeownership desires of Gen Z center on having more privacy, control, and independence than renting offers, Freddie Mac’s research shows. They also feel like homeownership is a sign of success, something to be proud of, and provides stability as well as financial security, the survey shows. “The data show that while members of Gen Z clearly aspire to homeownership, they are realistic about potential barriers,” says Freddie Mac CEO David Brickman. “Although these results are good news for the housing market, they also highlight the challenges many in Gen Z will face as they enter the market to rent or buy.” Source: Freddie Mac
The best days of the year to buy a home are in the month of December, according to a new analysis released by ATTOM Data Solutions, a real estate data firm. Buyers who close on a home purchase the day after Christmas – Dec. 26 – will likely realize the biggest discounts below full market value compared with any other day of the year, according to the study of more than 23 million single-family home and condo sales over the past six years. “Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get,” says Todd Teta, Chief Product Officer with ATTOM Data Solutions. “While lots of folks are shopping the Day-After Christmas Sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June, when they are likely paying about a 7% premium.” ATTOM researchers pegged Dec. 26, Dec. 31, and Dec. 4, in that order, as the best days for home buyers to grab the biggest discounts on their home sale. Source: ATTOM
Double master bedrooms are a growing trend in new luxury developments. As more homeowners want to live near their families; multigenerational households become more common, and relatives and adult children move in together, more household members want to call dibs on the owners’ suite, which is often the largest bedroom in the house with an attached bathroom. Builders are responding by adding two master suites into more floor plans, whether it’s a single-family home or a condo.
- Hovnanian Homes offers several townhouse communities with two master bedrooms. The rooms include large bathrooms attached and walk-in closets. Some builders are adding a dual master bedroom on the main level of the home with a separate entrance. “We include features like secondary master suites so that families and loved ones can maintain close connections as they grow,” Gregory Malin, CEO and founder of Troon Pacific indicated. “These spaces also allow the owners to age in place, as they can maintain their independence while having their children just steps away.”
Source: Forbes
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