J. Kent Erickson, Broker Associate
Direct / 208.447.7848

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again!

Posted by on May 24, 2019 in Buying a Home, Real Estate Market | 0 comments

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.” According to the 2019 Home Buyer Report from NerdWallet, “Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.” This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop...

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Are Older Generations Really Not Selling Their Homes?

Posted by on May 22, 2019 in Real Estate Market, Selling a Home | 0 comments

Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point! NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving! The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown: As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in? Once again, the...

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A Lack of Inventory Continues to Impact the Housing Market

Posted by on May 20, 2019 in Uncategorized | 0 comments

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up. Here are the thoughts of a few industry experts on the subject: Lawrence Yun, Chief Economist at National Association of Realtors “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.” Jessica Lautz, Vice President of NAR “There’s a supply-demand...

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A Tale of Two Markets [INFOGRAPHIC]

Posted by on May 18, 2019 in Buying a Home, Real Estate Market, Selling a Home | 0 comments

Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices! Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive...

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The Benefits of a 20% Down Payment

Posted by on May 16, 2019 in Buying a Home, Real Estate Market | 0 comments

If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage. The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment. These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner. So then, why do so many people believe that they need a 20% down payment...

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