Wednesday, July 22, 2015

8 Things Millennials Want in a Home

The Millennial generation represents the largest share of homebuyers, according to a generational trends report by the National Association of REALTORS®. Weighing in at 32 percent of homebuyers, millennials are looking for different needs in a home than their predecessors. According to REALTOR Magazine®, these are the top wants of millennial homebuyers.
Millennials are spending-savvy, especially when it comes to their home purchase. After seeing parents reel from the recession and facing the repayment of their own student loan dent, millennials want affordable, budget-friendly houses without going into their maximum approved purchase price.
This generation is extremely waste-conscious. With that being said, they're looking for homes in which every space has a purpose.
Millennials see their homes as an extension of the rest of their lives, not just a place to go after work. So they want casual and flexible spaces in a home that can be customized to fit their needs, whether that be a play room for their children, a home office, a home gym, man cave, or an extra bedroom.
"Green" Homes
Ten percent of millennials who purchased a newly-built home said they purchased new for green/efficiency reasons, according to an NAR study. Think new appliances, sustainable building materials, and energy-efficient LED lighting.
Entertaining Possibilities
It's no surprise that this generation of homebuyers want their homes to be a hub for entertaining family and friends. Open floor plans, fire pits, game rooms, outdoor living spaces, and "man caves" appeal greatly to millennials.
Location, Location, Location
These young homebuyers place importance on being close to urban necessities and entertainment. Home serves as a base for these active homebuyers and they're willing to compromise home size in order to be closer to certain amenities.
Move-In Ready
Growing up in the age of technologic advancement, millennials are accustomed to having things done in an instant. This generational trait transitions into their housing preferences, as well. The more a seller has done, the better. Millennials want updated and upgraded homes, and they want it done before they move in.
Maintenance-Free Materials
Millennials work long hours and have lots of interests outside of the home, so materials that require minimal time and care are key. For example, they prefer tile, laminate or vinyl flooringthat mimics wood over the maintenance of the real thing.
Overall, the Millennial generation doesn't view their home as a status symbol but as long-term investment that will suit the needs of their busy and active lifestyles now and evolve with each life stage.
If you're interested in purchasing your first home, download our free Mortgage 101 Handbook, a great resource of all things home buying and financing for first-time buyers.

8 Things Millennials Want in a HomeCLICK HEREFOR THE REST OF THE STORY

Wednesday, July 8, 2015

7 Negotiating Tips for Homebuyers | Real Estate Tips | HGTV

Remember these tips during the deal-making process of your home purchase.

It is critical to respond to counteroffers as soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Delays in responding leave space open for another buyer to step in and create a bidding war, or even more likely, for the seller to perceive that other serious buyers might be out there. A seller's mere perception of a hint of a whiff of the scent of a potential bidding war is a homebuyer's number one nemesis, ratcheting up the possible sales price in the seller's head on an exponential basis.
When you want to ask or tell the seller something, always always always go through your real estate agent, who will communicate your request or concern to the seller's agent. I know it seems inefficient, but it is truly a rookie move to contact the seller directly. It's just not done, mostly because the terminology is tough to master and legally sensitive. Also, some seemingly innocent and minor changes to your agreement with the seller might create problems with your lender; your real estate agent is better equipped than you to see these red flags. You hired your agent, so use him/her! It will prevent the catastrophic misunderstandings (read: drama) that can result when you or the seller says something even slightly different than what you each actually mean!
A lot of this talk about negotiating and price and terms, etc. may be moot when you're buying a newly built home. By and large, the builder/developer dictates the terms on which they will sell you a home in their community, and you either take it or leave it. The list price is the price you pay, though in many markets, developers and builders are willing to negotiate if they have a large amount of inventory.

The builder will have a standard contract with a standard required deposit, standard contingency removal or objection periods, and a standard set of disclosures that they make to every buyer. The larger the builder, the more set they will be in their ways and to their price. That said, it doesn't hurt to ask for concessions or upgrades. Furthermore, builders hate getting sued, so they generally try to create a standard contract that affords you most or all of the same protections your real estate agent would build into a contract for you.


Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Thursday, July 2, 2015

20 Questions To Ask Before Hiring Rental Property Management!

I get this question a lot from real estate investors and it came up recently on the forums.  “How do I know if a property management company is any good?”  My answer always comes back to the questions you are asking the company you are getting ready to hire.  Before you will know if they are any good at the service you are looking for, you have to know the right questions to ask.  I have been advising real estate investors to ask these same 20 questions for years and so far, they have helped keep many investors out of trouble.