A typical Tuesday Morning in our office, you can find our agents, Broker and Office Manager closed in a conference room discussing the local market, the last weeks events and business as usual. Today, we were invited to tour The Grove Resort and Spa’s grounds, meet the staff and try out their tasty restaurant. Unfortunately, we were all dressed for business so there was no room for water play, today 🙁
Our morning started with breakfast and coffee overlooking the pool. Lesley introduced their products along with a great amount of knowledge to go along with it. Between its perfect Location, On-Site Rental Program, On-Site Amenities and Atmosphere, The Grove Resort and Spa offers its guests and owners the best vacation experience possible.
Are YOU interested in investing your time and hard-earned money in a Vacation Villa close to Disney? If you are looking for a high-end, all-inclusive Resort-Style community that offers its residents an abundance of on-site amenities and close to Orlando’s famous attractions, then let us ‘Welcome you Home’ to The Grove Resort and Spa. Click here to view more information about this community and schedule a tour with us today! The incentives will not last long, let us help you make an educated investment decision for your future!!
WASHINGTON – Aug. 14, 2018 – The trend of slow-to-launch millennials staying at home with mom and dad has led to about 2.4 million fewer households forming, according to a National Association of Home Builders (NAHB) analysis. A rise in housing costs and personal debt are the chief factors keeping millennials at home, economists say.
The study looked at the number of younger adults, ages 25-34, who qualify for head-of-household status. The number of young adults living with their parents or others increased from 15.3 percent in 2000 to 26.3 percent in 2016, according to NAHB, with Florida one of the top five states for young adults slow to leave the nest.
“This story is quite different in different states,” says Natalia Siniavskaia, assistant vice president for housing policy research at the NAHB. “There are states where headship rates (the percentage that qualify for head-of-household status) for this age group are north of 50 percent, such as North Dakota and Iowa. And there are states like California and Florida where young adults are much more likely to live with parents.”
States with the priciest housing costs tend to have the lowest number of households headed by 25- to-34-year-olds. The five worst states for young adult household formations are, in order, Hawaii, New Jersey, California, Florida and Alaska.
On the other hand, the states that have more affordable housing tend to have higher rates of young adult household formation. The five states that have some of the best homeownership rates among millennials are North Dakota, Iowa, South Dakota, Nebraska, and Kansas.
The majority of Americans recently surveyed say they believe 28 is the ideal age for purchasing a first home, according to a recent Bankrate survey.
“As the economic situation continues to improve, it should give more stability and confidence to younger adults to buy their homes or leave parental homes,” Siniavskaia says.
Census data may already be starting to show a change: The homeownership rate for younger adults has increased in the last year from 34.5 percent to 35.3 percent, according to federal data.
Source: “Millennials Still Crashing With Parents in Strong Economy and it Reveals Their Ambition,” Bankrate.com (Aug. 7, 2018)
© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688
Source: Florida Realtors
MILLENNIALS: We are here to help you through this transition. Are you ready to make the move out of your parents’ place and purchase your very own home? Do not wait!! Mortgage rates are on the rise along with property prices. Do not miss your opportunity. Contact one of our experienced agents today to get the ball rolling!
So, how do you know if you’re ready to move from an apartment to a house? Maybe you’ve passed your step tracker hauling groceries up flights of stairs, or you simply just want the extra space for your belongings. Ask yourself these questions below to get a sense of where you’re at—or what you have to do to transition easily into home-buying mode once the time is right.
For starters, let’s talk money. Buying a home is a hefty purchase, probably the largest you’ll ever make. So, you’ll need a down payment (typically recommended to be 20% of the home’s purchase price) and steady income (i.e., a job) to pay your mortgage.
There are other costs also associated with homeownership:
- Closing costs (typically 2% to 5% of the home’s purchase price)
- Home insurance (cost varies by state)
- Budget for unseen repairs and emergencies
While renting might seem more economical than owning at first glance, that’s not always the case; our rent vs. buy calculator can help you compare the costs. You might be surprised by the results!
Another good first step to figuring out whether you can afford a house is to enter your salary and town of residence into a home affordability calculator, which will show you how much you’d pay for a mortgage on a typical house in that area. Or talk with a loan officer or your local realtor about whether you would qualify for a mortgage, and how much you can spend comfortably. Such consultations are free, and will give you a concrete dollars-and-cents sense of where you stand.
Are you settled in your job?
Your job situation is not only important in terms of income to buy a home, but also whether you’re happy where you work and plan to stay put. Because once you own a home, your career prospects do narrow somewhat, purely because a home anchors you to one area.
“Homeowners tend to have fewer job opportunities compared to renters, since renters can easily accept a job in another city or state,” says Reid Breitman, managing partner at Kuzyk Law, in Los Angeles. “A homeowner may decline such an opportunity because they don’t want to go through the cost, time, and expense of selling their home. So, it may be better to wait to purchase a house until after you’re firmly established in your employment situation.”
Do you know where you want to live?
Since moving once you own a home is not as easy as just packing your bags (which, let’s face it, is a hassle in itself), you really need to make sure you’re picking a home in an area where you’ll be happy.
“It’s not easy to just sell a house and move to a new one if intolerable neighborhood issues come up, since the transaction cost to sell—up to 8% to 10% of the sale price for brokerage fees, escrow, title, and other costs of sale—would be relatively very expensive,” Breitman says. “So you need to really scope out the neighborhood.”
When in doubt, try renting for a few months to make sure you like the area before you start shopping for a home to own for good.
How much home maintenance are you willing to tackle?
If you love the challenge of fixing a leaky faucet and figuring out which shrubs will flourish in your yard, homeownership may be right up your alley. But if the idea of mowing a lawn or messing with the HVAC makes you depressed, then you may want to stick with renting, which gives you a roof over your head without the work.
“Apartment renters don’t have many home-related responsibilities,” explains Brian Davis, director of SparkRental, in Baltimore. “If something breaks, they call the landlord. Often, they don’t even need to worry about setting up utilities; they either come with the building, or the process is merely changing the name on an existing utility account.”
Living in a house you own is a different story. There’s no landlord to call if anything goes wrong; it’s all up to you. So you have to be either adept as a handyman, or willing to find and pay someone else to do such tasks. Or else consider buying a condo or co-op, where the lawns and public areas around your home are maintained by hired help.
Bottom line: Owning a home is a big commitment. So before you jump into it, you should have confidence that it works for your circumstances.
“No one should feel like they have to follow a template, that by reaching a certain age or having a certain number of children they need a house in the suburbs,” Davis says. “So forget the clichés and movies, and decide based on you.”
Contact one of our experienced agents at Bardell Real Estate and we are sure to walk you through the buying process. Even if this is your first-time purchase, our agents will make sure you have the knowledge you need to make an educated decision about your investment!