Homeownership  & Real Estate Market Trends for August 2019

Homeownership & Real Estate Market Trends for August 2019

07-25-2019

The latest generational trends for selling and buying homes:

Millennials are still slow to jump into homeownership compared to earlier generations due to hefty student loans and expensive cost of living. The interesting part is when these 23-38 year old do purchase a home, they skip the starter home and go big. According to the U.S. Census Bureau, 35.4% of homeowners are under 35 years old, so we’ll continue to watch how price inflation and anti-starter home mentality impact the market.

Another generational trend we’re monitoring is the increase of Baby Boomers choosing not to downsize their larger family homes. We’ve identified two factors that could be impacting this change.

  1. The increase of aging-in-place technology solutions, keeping elder boomers at-home instead of moving into pricey senior living communities.
  2. And according to Forbes, 35% of millennials live at home with their baby boomer parents (a major bump from 15% in 2016).

Takeaway:

Both trends could continue to impact the amount of houses held back from the market, so we need to start problem solving for this potential dip. More recommendations to come next month, so stay tuned!

Top cities with the highest intent for buying and selling homes:

With 95% of buyers searching for their new home online and half finding it before they have an agent, we’ve pulled Google data to see where the heaviest interest to buy, sell to downsize or upgrade their homes has been in July 2019, by metro area across the United States.

 

Top 5 metro areas researching to sell their homes. Top 5 metro areas interested in downsizing.
  1. Burlington, VT
  2. Lexington, KY
  3. Fayetteville-Springdale-Rogers, AR
  4. Santa Barbara-Santa Maria, CA
  5. El Paso, TX
  1. Fairbanks, AR
  2. Cheyenne, WY
  3. Bowling Green, KY
  4. Watertown, NY
  5. Bluefield-Beckley-Oak Hill, WV
Top 5 metro areas planning to find a bigger home. Top metro areas looking to buy homes.
  1. Louis, MO
  2. Atlanta, GA
  3. Miami-Ft. Lauderdale, FL
  4. Tampa-St. Petersburg, FL
  5. Cleveland-Akron, OH
  1. Eureka, CA
  2. Bend, OR
  3. Salt Lake City, UT
  4. Boise, ID
  5. Phoenix, AD

 

Q: What is the most frustrating part of the traditional real estate process and experience?

A: High Commissions

This month, Realtor Magazine reported high commissions as the biggest pain point for homebuyers. Following a pricey agent fee (43%), homeowners believe there is too much paperwork (39%), the process is too long (36.6%), and too confusing (28.2%).

Luckily that’s not the case for our clients at Door.com. With our $5K flat fee at close (rather than the traditional 6% commission), the selling process is much less of a burden on your wallet and turns home sellers into happy ones. If you’re looking to sell or buy a home soon, reach out to one of our agents and we’ll get started.

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