Who Says Millennials Are Not Buying Houses?

We have often gone against the grain to promote the fact that Millennials have a stronger belief in homeownership than previous generations. Some have strongly disagreed. Well, a new study from the National Association of Realtors (NAR) found Millennials now account for the greatest market share of recent home purchases.

NAR’s Home Buyer and Seller Generational Trends Study for 2014, revealed that Millennials comprised 31 percent of recent purchases, leading all other age groups. Here are the percentages for other generations:

  • 30% – Generation X
  • 30% – Boomer Generation
  • 9% – Silent Generation

NAR chief economist Lawrence Yun explained:

“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”

Other findings from the report:

  • 87% of recent buyers age 33 and younger said they consider their home purchase a “good financial investment”
  • Millennials were most likely to have a simple desire to own a home of their own as their motive for purchasing
  • The median age of recent Millennial buyers was 29
  • The median income was $73,600.
  • 87% purchased an existing home, and they plan to stay in their homes for a median 10 years.
  • Younger buyers relied more heavily than older groups on real estate agents to help them navigate the process.

Bottom Line

Millennials are in the market and recognize the importance of using a real estate professional to guide them to the closing table.

The Biggest Issue Facing Housing Next Year

The Biggest Issue Facing Housing Next Year | MyKCM

This coming year the housing market will be defined by 3 things- inventory, interest rates, and appreciation.  But the biggest issue the housing market will face in 2020 is an inventory shortage.  There aren’t enough homes on the market for buyers, especially on the lower end of the market. This is a topic that has come up frequently within the past several months.

Based on what is forecasted, we know that interest rates are projected to remain low and that appreciation is expected to continue as we move into 2020.  Additionally, the upcoming election will provoke many unique perspectives on the health of the US housing market. The challenge will be understanding what is actually happening and how you can best position yourself if you are thinking of buying or selling your home.

Here are several perspectives to consider on the inventory issue facing housing next year:

According to realtor.com:

“Despite increases in new construction, next year will once again fail to bring a solution to the inventory shortage that has plagued the housing market since 2015. Inventory could reach a historic low as a steady flow of demand, especially for entry level homes, and declining seller sentiment combine to keep a lid on sales transactions.”

Diana Olick at CNBC:

“Inventory has been falling annually for five straight months, after it recovered slightly toward the end of last year, due to a spike in mortgage rates. Rates began falling again by spring of this year. Homebuilders have been increasing production slowly, but it’s not enough to meet the increasingly strong demand.”

George Ratiu, Senior Economist with realtor.com

“As millennials — the largest cohort of buyers in U.S. history — embrace homeownership and take advantage of this year’s unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish. The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home.”

Bottom Line

The most important thing you can do is understand what is happening in your local market. You may not be able to avoid some of the issues brought on by low inventory, but you can be educated and prepared. Let’s connect and discuss the options that make the most sense for you and your family.

Looking to Downsize?

5 Reasons to Consider Living in a Multigenerational Home | MyKCM

Are you one of the many homeowners that are looking to downsize? We have many clients patiently waiting for the perfect new home to hit the market. Most of these clients are in similar situations. They are looking to downsize but require a home with a first floor master suite.

Check out the list of condos available with first floor master suites.

https://m.facebook.com/story.php?story_fbid=2375351835925721&id=164924470301813&sfnsn=mo

If your interested in obtaining a custom list based on your specific criteria please don’t hesitate to reach out.

Visit: http://www.HomeCraftTeam.com

Or

Call, Text, or Email-

734.718.8668 or Robert@HomeCraftTeam.com

Robert A Yoder

History of Bird School in Plymouth

Have you ever wondered where the name Bird School came from?

Our local Jim Salamay, just posted a very interesting article on his website in regards to the history of Nellie E Bird and her home in Downtown Plymouth.

217 Ann Street was built in 1912 and was home to a very well known Teacher and School Principal of Plymouth-Canton Community Schools (PCCS). Nellie E. Bird (Smith) was born on a farm in Salem Township on March 4th, 1882. After graduating from Ypsilanti High School, she received her teaching degree from Ypsilanti Normal School (now known as Eastern Michigan University) while she was employed by PCCS, she earned her Master’s Degree from the University of Michigan. Mrs. Bird was married to Frederick Bird and they moved into this Plymouth home in 1917 with their 2 daughters. When the Birds moved to Plymouth, Mrs. Bird became a 5th-grade teacher at Central Grade School. Mr Bird passed away in 1922. In 1923 Mrs. Bird became the Principal of Central Grade School which was located in the same building as Plymouth High School (today is known as PARC) until 1950. Mrs. Bird also served as Principal of Starkweather School. In 1950 the Plymouth-Canton School Board voted unanimously to name the “new Elementary school” being built on Sheldon Rd after Mrs. Bird. In 1951 the Nellie E. Bird Elementary School located at 220 Sheldon Road in Plymouth was dedicated. (Go Thunderbirds!)

Mrs. Bird loved to plant a large garden and her specialty was raspberries. Many of her students stated that visiting her home on Halloween was always a delight especially since she would know most kids’ names even while wearing costumes. “She could see right through those disguises no matter what the costume”, said a former student. It was said that Mrs. Bird was very efficient, the child always came first and she was very fair with children and teachers. ” Working with her was really a delight, she was very strong on the fundamentals of education” stated by Mrs. Tanger who taught under her. Mrs. Nellie Bird passed away in 1980 and was laid to rest at the Riverside Cemetery. Mrs. Bird was definitely an asset to the Plymouth-Canton Community and her legacy will continue to live on, as hundreds of students are educated at the school named in her honor year after year.

See historic related photos on our web page:https://plymouthmidiscoveries.com/2019/04/15/217-ann-street/

November in Downtown Plymouth

So now that Halloween is over and the weather is getting colder it’s time to start putting all the winter holiday events on the calendar. I love this time of the year as the homes will start getting decorated for the holidays plus so much going on in the local area.

On Friday, November 9, Downtown Plymouth will be hosting their Boulevard Tree Lighting hosted by the Plymouth Salvation Army Red Kettle Kick-Off. This event takes place at 6:15 p.m. in Kellogg Park. Give yourself a reason to head Downtown and enjoy the holiday season. Just a few of the upcoming November events are on the schedule below.

If you are looking for a date night or want to entertain the little ones with something special then try any of the events below.

Friday, November 9- Boulevard Tree Lighting
Sunday, November 18- Kona Chocolate Run
Friday, November 23- Santa Arrives to Plymouth plus start of Walk of Trees

For more information on any of these events check out: http://www.plymouthmich.org/events.html

Spend a little money to make more money

In a sellers market, such as the Plymouth/Canton area, it is natural to wonder if you need to spend money getting your home ready for the market if you are thinking about selling. Many Plymouth/Canton homeowners think since inventory is low, that they can save money by not spending money on repairs, updates, or staging. Nearly every month we see examples where sellers save time on the market and net more money in the end by spending the time and money up front to get their home ready for the market.

Save Time

At the beginning of this year we had a referral contact us as they had a rental home where the lease was about to expire. The tenants already contacted the owners to let them know they were moving. It was about this time that the homeowners contact us to walk the property and give them a complete market analysis of the home including updates/repairs, staging advice, and a marketing strategy. Their home backed to a major road in the area and the area was very active. They decided to wait on listing their home while they did some repairs and obtained the city certifications needed to sell. It was awesome as they took almost all of our advice inside and out and the home was in great shape and ready to list. We went and toured their home to work out a timeline. At this point they told us since their home had a lot of traffic they decided to sell “For Sale by Owner”. We advised them that this was not the best choice as it was the hot spring market but offered to help them and guide them as needed. We checked on them ever week and they had a lot of traffic initially. Finally after almost 3 months on the market FSBO they let us take over. We went through our pre-marketing plan and then listed the home with new professional photos and set into motion our custom marketing plan. Within 1 week we had 16 showing and I personally showed the home twice. We sold the home for the exact list price that they had the home listed for almost 3 months. At the closing my clients looked over and asked why they didn’t listen months ago.

Make More Money

In another example, our team helped a seller just a few months ago. We consulted with the homeowners just after an identical townhome went under contract. After meeting with us, they spent $3,000 on painting their home, de-cluttering and getting it staged. The result was a bidding war that ended up with them getting a cash offer that was $15,000 higher than they thought they would get and $5,000 higher than the other similar unit.

The Bottom Line

No one likes to put money into a home they are about to leave, but more often than not that upfront investment will save you time on the market, make you more money and create a lot less stress throughout the process. So where should you spend your money?

  • If there are any obvious repairs needed start there. Not only will these items scare away offers, but they will become negotiating items on home inspections.
  • Get a fresh coat of paint. Make sure you go with neutral colors.
  • Stage the home or hire a professional stager. Our team will give you advice on staging or hire a professional in the listing process because we think this part is so important.
  • Consider making some updates if needed. Updating appliances, flooring and countertops can also go a long way.
  • Give your home some curb appeal. Make sure the home looks great from the outside.

Finally, do not let your efforts go to waste.

Over 90 percent of buyers see your home first online. Make sure the photography puts it in its best light. Nothing is worse than spending the time and money to get your home ready for the market and then cutting corners on the photography and wasting those efforts. Our team includes high quality photography and online videos optimized to attract more views than our competition so that you home is seen in its best light by the highest number of buyers.

If you have any questions about how to get the biggest bang for your buck when selling your home, for more information about our team check us out at www.robertyoder.com or email robertyoder@remerica.com or call/text 734.718.8668 at anytime.