What First Time Buyers Want

WHAT FIRST TIME BUYERS WANT

According to organizations like NAR (the National Association of Realtors) and Zillow, first time buyers are far from dead. In fact, an online survey by Zillow attributed 47% of home sale over the past year to first time buyers. This figure helps explain the lack of inventory in the housing market; first time buyers don’t have a property to sell, so while they are flocking to buy, there aren’t enough home available for the total number of buyers, keeping home prices strong for sellers, but leaving some buyers searching longer than they expected, and making multiple offers before clinching a deal.

So who are all these first timers, you ask? If you are a seller, chances are first time buyers are viewing your listing, and it’s worth knowing who they are and what motivates them to buy. If you are in the market to buy a home, learning more about the “typical” first time buyer may give you an edge over the competition.

  • Median age is 33
  • Large percentage of first time buyer’s are couples in their thirties
  • More likely to be college educated                                                                                              (62% of buyers overall have at least a 4 year college degree)
  • 17% of millennial homebuyers are Hispanic
  • Just 66% of millennial homebuyers are white; future generations of homeowners will likely continue to increase in diversity
  • At a median purchase price of $217k and median square footage of 1800, millennials are bypassing smaller starter homes and purchasing next level homes once reserved for “buy up” shoppers looking to expand on space and amenities
  • According to Zillow’s information, just 1/4 of millennial homeowners are city dwellers; a whopping 47% choose to live in the suburbs, proving that suburban living, despite rumors to the contrary, is just as popular with up and coming millennials as prior generations

Whether you are a swinging single, married with 2.5 kids, thinking about retirement or hoping to upsize, downsize or rightsize your digs, it pays to be informed and to have an experienced professional by your side to help you navigate the real estate marketplace. Give me a buzz to let me know how I can help.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

 

 

Home Sales Rise in September

As a longtime Denver real estate professional, it is so gratifying to see a strong home market here in Colorado – and nationally as well. Rather than the typical autumn cool down we see this time of year, home sales actually increased in September. Big thumbs up from me! Let’s talk about some specifics.

  • According to National Association of Realtor (NAR) stats, home sales rose 3.2% in September from the previous month – the highest they’ve been since June.
  • The national median home sale price rose 5.6% to $234,200.
  • In the West (including Denver), sales rose 5%, second only to 5.7% gains in the Northwest.
  • Mortgage rates remain near the historic low set in November 2012 (3.31%) rising slightly last week to 3.52%.
  • 34% of September buyers were first timers, the highest first time buyer rate since July 2012, according to NAR.

For home owners, this is a great time to sell. Home builders are cranking out fewer homes than they have in the past year or two at this time, and demand continues to outpace the available number of homes. If you’re thinking about selling, you can expect to be met with a strong positive response from potential buyers.

For buyers, you need to be pre-approved for a mortgage, you need to be flexible, you need to be ready to act and you need the help of a Realtor – an expert who can help you snag the best possible deal and best possible home for you in this ultra-competitive marketplace.

If you are ready to sell or consider a home purchase in the greater Denver Metro area, get in touch. Now is a great time to be a homeowner, and whether you are buying, selling or weighing your options, I’m happy to help you take the next step.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

 

Drafty Window Fixes for Regular Folks

If you can stand in front of your windows and feel a breeze or watch your curtains flutter from across the room – even when your windows are closed – you are throwing money right out the window! When the frigid temps of winter settle in, your expenses will only go higher.

window-draft

Fret not! You may not be in a position to replace a house full of windows, but chances are good you don’t have to. There are solutions available for even the un-handy among us, and many of them are very low cost. It makes way more sense to cough up a few bucks to improve the energy efficiency of your windows than it does to heat the great outdoors, and when you multiply the monthly losses you experience by each window, the cost of your drafty windows is more than you know. Read on for what to do about it.

Quick Fixes

  • Rope Caulk – sort of like using an extra long, squishy piece of licorice to fill in drafty gaps, this stuff can be removed at the end of cold weather and is a great interim solution for drafty windows.
  • Shrink Film – applied with double sided tape and a hair drier, this film will help seal in the heat and can be removed with rubbing alcohol come spring.
  • V-seal weather stripping – this affordable solution will still allow you to open and close windows while the V-seal stays in place – a great solution for places like Denver with snow drifts one day and sunshine the next.
  • Draft Snake – a foam + fabric draft snake can be cut to fit the length of the window and you can shut the window right over the top of it and voila! You’re done. Just toss it at the end of the season.
  • Nail Polish – believe it or not, clear nail polish can be used to secure rattling window panes. Apply carefully and this solution should last until spring.

Longer Term Solutions

  • Replacing missing window glazing (the material that holds window panes in place and keeps out cold air) is not particularly complicated. It takes a steady hand, but even a so-so job will help insulate your windows. Remove the old putty, detach the pane of glass, add new putty, reinstall the pane, using a flathead screwdriver to install new glazing points – the tiny metal points used to secure the glass into the window; use a clean putty knife to secure a thin line of putty along the edge.
  • If you haven’t been using the storm windows for your home, start now! Clean, paint and reglaze them – or pay someone else to do it, and install them for the winter. This will cut down on heating costs and once you’ve fixed them up, they should last several seasons.
  • It’s possible your windows are simply past the reasonable point of repair. Windows will cost you in the neighborhood of $600 to replace and the job is best left to a pro. If your windows are old, rotting around the frame, have multiple cracked panes, etc. – own up to the likelihood that they need to go. Your heating bill will benefit and windows, after all, are not meant to last forever.

Do you need a window cleaner, installer. or maybe you’re wondering what your home is worth? Serious buyers continue to shop for homes in autumn and winter, and I’d be happy to help you determine whether a home sale makes sense for you in the next several months.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate