DOWNERS GROVE REAL ESTATE, Baird and Warner. Neal Paskvan, Top Agent, Real Estate Agent Serving DOWNERS GROVE and the Western suburbs of CHICAGO Need to Move On or Move Up or Move Down?
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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.
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.
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.
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.
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.
Barack and Michelle Obama have very busy schedules, of this there is no doubt. It’s a good thing they have some help, not just from staffers, but also from family: Michelle Obama’s mother, Marian Robinson. Before her arrival, the last presidential grandmother to occupy the White House was Elvira Doud, Dwight Eisenhower’s mother-in-law.
Fewer American families live like this today than in 1953. But according to a new report from the Pew Research Center, multigenerational households are becoming more common. In 1980, some 12 percent of families had two or more adult generations living under the same roof. Now, 18 percent do, and the total number of Americans with this living arrangement has doubled, to 56.8 million. Almost half (48 percent) are in households that working parents share with luckless “boomerangs” sheltering in their old childhood bedrooms. But nearly as many are living with three generations or more. In fact, 20 percent of Americans age 65 or older live in multigenerational households, compared to 16 percent in 1990.
As a first-time homebuyer, you have a lot on your plate. From saving for a down payment and closing costs to keeping your credit score mortgage-ready and finding a home that suits your needs, you’ve accomplished a lot even before purchasing your first home.
Now that you’ve closed on your home, there are still some mistakes you should avoid to keep your first year of homeownership a positive experience.
Not Planning for the Other Immediate Costs of Buying
You’ve made your down payment and paid the closing costs, so you’re done writing checks for a while, right? Well, it depends. Even if your new home is move-in ready, you’ll still have to consider various other costs for making your new home your own, including but not limited to:
A moving company (or moving truck, at the very least)
A home is likely the biggest investment most Americans will make in their lifetime. Underestimating that asset's value may keep many U.S. homeowners from advancing financially with their home equity. According to Fannie Mae, homeowners who have a "negative perception gap" also likely underestimate:
Neal Paskvan is a full time Realtor specOn a snowy Tuesday in early February, Jessie and Mark Sciulli toured a home in the northern suburbs of Washington, D.C., that wasn't listed for sale yet. Relocating their family back home from overseas, the couple was in town for just two days and had to see as much as possible. Their agent didn't have enough active listings to show, so she went after homes she knew were coming soon.
It is the same story for home buyers nationwide: There is precious, record little for sale.
"I feel like there is not a lot of inventory right now, so that does make us a little bit nervous, because we think there is going to be a lot more offered in two or three weeks, so I'd say for sure we feel that stress," said Jessie.
Patrick T. Fallon | Bloomberg | Getty Images
Open House signage is displayed outside of a home for sale in Redondo Beach, California.
Presidents Day weekend is traditionally seen by real estate agents and homebuilders as the start of the spring housing market — the busiest time of year for home sales. The number of listings always rises, and it will this year as well, but inventory is already so low to begin with that even the new listings will not be nearly enough.
"I think inventory is going to remain tight. The closer you are to urban centers, the tighter the inventory, because the demandializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate