J. Kent Erickson, Broker Associate
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2015: The Return of the Millennial Home Buyer

Posted by on Apr 28, 2015 in Buying a Home, Real Estate Market | 0 comments

Earlier this month, Zillow predicted that millennial buyers (under the age of 35) will become the largest group of buyers, overtaking Gen X (35-50 years old) by the end of 2015. Dr. Stan Humphries, Zillow Chief Economist, explained: “Roughly 42 percent of millennials say they want to buy a home in the next one to five years, compared to just 31 percent of Generation X, and by the end of 2015 millennials will become the largest home-buying age group. The lack of home-buying activity from millennials thus far is decidedly not because this generation isn’t interested in homeownership, but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with.” Two days later, Realtor.com also projected that Millennials...

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Confusing Real Estate News? An Agent Can Help

Posted by on Apr 20, 2015 in Buying a Home, Real Estate Market, Selling a Home | 0 comments

Below are the headlines from three separate news releases issued over a one month period: 11/3/2014 – Millions of Potential New Households Waiting Out the Recovery 11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market And then, the contrarian view: 12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in...

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Do You Fit the Description of the Typical Homebuyer?

Posted by on Apr 13, 2015 in Buying a Home, Real Estate Market | 0 comments

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer: Bottom Line You may not be much different than many people who have already purchased their first home....

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Home Prices Continue to Rise

Posted by on Apr 6, 2015 in Buying a Home, Real Estate Market, Selling a Home | 0 comments

“Broad-based Slowdown for Home Prices” That is a headline you might have seen over the past weekend. And though it is true, we must understand the story behind the headline. Case Shiller reports on the year-over-year difference in home values. Their latest report revealed that the rate of appreciation has slowed – not that prices are falling!! Here is exactly what they said: “The 20-City Composite gained 4.9% year-over-year, compared to 5.6% in August.” Prices are still up this month over last year’s values (4.9%) just not as much as they were last month (5.6%). Home Prices are NOT Falling.  As a matter of fact, the latest Home Price Expectation Survey by Pulsenomics (a survey of a nationwide panel of over one hundred economists, real estate experts and investment & market strategists) showed that home prices will continue to appreciate for the next several years. Bottom Line Both first...

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