Renters Share Their Perspectives On Home Buying

Renters Respond With Their Concerns and Thoughts on The Market

Real Estate Market Consumer sentiment survey - Renters

Berkshire Hathaway HomeServices’ Homeowner Q4 2016 Sentiment Survey also asked renters about their perspectives on homeownership. Many said they’ve been renting homes for longer periods than originally planned.

Those renting for a year to three years said their largest challenge is saving money for a down payment. Prospective homeowners renting from three to five years said their primary hurdles include finding a suitable home, trying to save money and getting a good interest rate on a loan. Those renting for six years or more expressed more concern about the U.S. economy.

Besides saving for a down payment, 37% of millennial renters indicated they are interested in buying only when they’re ready to afford their dream home, signaling that they find the concept of a “starter home” less desirable than previous generations.

Renters who said they could not buy a home listed poor credit scores and strict lender guidelines as their principle hurdles.

 

Renting stats graph

 

Berkshire Hathaway HomeServices Consumer Sentiment Survey Methodology

Interviews with 2,521 respondents were conducted online by Edelman Intelligence in June 2016. The respondents captured were either current homeowners (individuals who currently own a home as a primary residence) or prospective homeowners (individuals who do not currently own a home and are likely to buy a home as their primary residence in the next six months). The margin of error is +/-2.2% for current homeowners and +/- 4.4% for prospective homeowners.

ABOUT BERKSHIRE HATHAWAY HOMESERVICES CALIFORNIA PROPERTIES

Berkshire Hathaway HomeServices California Properties is a part of Americana Holdings, which also includes Berkshire Hathaway HomeServices Arizona Properties and Berkshire Hathaway HomeServices Nevada Properties. The firms are leaders in their respective markets with 25 offices and 2,200 agents, comprising the largest independently owned Berkshire Hathaway HomeServices franchise in the world. Combined, the companies sold $3.1 billion in real estate in 2015.

In 2014, Berkshire Hathaway HomeServices was named “Real Estate Agency Brand of the Year” by consumers in the 26th annual Harris Poll EquiTrend® study of the largest real estate networks. Berkshire Hathaway HomeServices has 54,000 agents in 1,600 offices around the world. For more information, visit www.bhhscaproperty.com or call 714-998-8810.

 

About Berkshire Hathaway HomeServices and HSF Affiliates LLC

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. Visit www.berkshirehathawayhs.com.

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, and are used under license with no other affiliation with Prudential.

Media Contacts:

Sarah Thornton

(702) 796-7777

sarah@sarahthorntonpr.com

 

Kevin Ostler
(949) 794-7980

kevinostler@hsfranchise.com


Consumers’ Perception of U.S. Housing Gains Ground

Boomers Make Noise While Millennials Exercise Patience in Quest for Homes

Homeowner survey - Real Estate Market

[Yorba Linda, CA] (August, 24, 2016) — Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, and Berkshire Hathaway HomeServices California Properties today released results of its latest Homeowner Sentiment Survey indicating that current and prospective homeowners remain optimistic about the current state of the U.S. real estate market. Respondents cite higher home values, increasing housing inventory and low interest rates as the main reasons for their optimism.

The survey showed that 66% of existing homeowners view the U.S. real estate market favorably, representing a 5-percentage point jump since spring to the highest level in more than a year. Favorability also grew most among baby boomers, who are making noise with a newly favorable attitude toward the housing market. To date, boomers have been the most pessimistic group tracked in the ongoing survey but the latest results reveal a full 60% of boomers view the housing market favorably, a 6-point increase since last spring.

“We find this data particularly interesting in light of the housing-inventory shortage seen in many markets,” said Gino Blefari, CEO of Berkshire Hathaway HomeServices. “As homeowners feel increasingly confident about the outlook of housing and their homeownership investments, they are more likely to consider a move for themselves – up, down or laterally to another market. Perhaps this is a signal that more existing homes may gradually come to market freeing up more options for first-time and move-up buyers.”

 

Millennials Are Most Optimistic

Among all respondents, millennials are most optimistic about the real estate market and are the most satisfied with the U.S. economy. In fact, 76% of respondents ages 18 to 34 view housing favorably, up a point from last spring and a full 17 percentage points from November. A large majority of millennials (85%) also believe that owning a home is an important part of the “American Dream,” a sentiment shared with older generations.

Mortgage rates remain low but how low is up to interpretation. Just 13% of millennial respondents described loan rates as “low” while 53% categorized them as “average.” Additionally, millennials indicated that their biggest challenge in purchasing a home is securing a low mortgage rate. Gen-Xers said their largest barrier to homeownership is saving money for the purchase, while boomers – in concert with their growing confidence – said their biggest challenge is “finding a home that suits their family’s wants and needs.”

The possibility of rising mortgage rates remains a concern among all demographic groups surveyed. Not surprisingly, 81% of prospective homebuyers expressed concern about rate increases. “Mortgage rates have been low for so long it’s only reasonable for rates to rise a little at some point down the road,” said Stephen Phillips, president of Berkshire Hathaway HomeServices. “If and when rates do rise, it’s also reasonable to expect only a gradual increase over time – no rate shock.”

 

Q4 survey - feelings on RE graph

 

 

 

Berkshire Hathaway HomeServices Consumer Sentiment Survey Methodology

Interviews with 2,521 respondents were conducted online by Edelman Intelligence in June 2016. The respondents captured were either current homeowners (individuals who currently own a home as a primary residence) or prospective homeowners (individuals who do not currently own a home and are likely to buy a home as their primary residence in the next six months). The margin of error is +/-2.2% for current homeowners and +/- 4.4% for prospective homeowners.

 

ABOUT BERKSHIRE HATHAWAY HOMESERVICES CALIFORNIA PROPERTIES

Berkshire Hathaway HomeServices California Properties is a part of Americana Holdings, which also includes Berkshire Hathaway HomeServices Arizona Properties and Berkshire Hathaway HomeServices Nevada Properties. The firms are leaders in their respective markets with 25 offices and 2,200 agents, comprising the largest independently owned Berkshire Hathaway HomeServices franchise in the world. Combined, the companies sold $3.1 billion in real estate in 2015.

In 2014, Berkshire Hathaway HomeServices was named “Real Estate Agency Brand of the Year” by consumers in the 26th annual Harris Poll EquiTrend® study of the largest real estate networks. Berkshire Hathaway HomeServices has 54,000 agents in 1,600 offices around the world. For more information, visit www.bhhscaproperty.com or call 714-998-8810.

 

About Berkshire Hathaway HomeServices and HSF Affiliates LLC

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. Visit www.berkshirehathawayhs.com.

 

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

 

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, and are used under license with no other affiliation with Prudential.

 

Media Contacts:

Sarah Thornton

(702) 796-7777

sarah@sarahthorntonpr.com

 

Kevin Ostler
(949) 794-7980

kevinostler@hsfranchise.com


BUYING OR RENTING It’s not just about the money.

Should you be thinking about buying a home over Renting?

Buying over Renting your home

With rents are increasing and predicted to keep increasing into 2017 there is a lot of talk about why it can be a better idea to buy a home instead of rent.

But it’s not just about the money when deciding to buy over rent. When you buy, you gain more flexibility with what you can do to your own property. Paint the wall, make improvements and additions all of these option open up without the added expanse of having to change them back when you end your lease.

When you buy you get control of how long you want to live in your home. You don’t have to worry about resigning leases, or rent increases. You also don’t have to worry about added fees for furry additions to your life!

When you rent a home no matter what happens with the value of that home you will never gain equity in it. You also don’t get to enjoy any of the tax advantages the come with home ownership.

If you are interested in finding out more of the benefits to home ownership contact one of our REALTORS® for a free consultation to see what your options are. They might be more than you think.

Click here to find a local REALTOR®


Your Home Didn’t Sell?

There are many reasons why your home might not be selling.

Working hard to get it done before the deadline

Did you use an out of area agent?
May-be it wasn’t the right time?
Was your agent also a lender?

Were you priced right to begin with?

A professional real estate agent, especially one who is a REALTOR® will be able to properly advise you and the process, Do’s and Don’ts and current market trends. Using an agent who specializes in your area will be able to take that one step further and will be able to advise you also on the market trend in your community which might not mirror the surrounding area. A REALTOR® who specializes in your area will also have a well established network of support to help show and market your property.

While there are always people looking to buy homes some areas have more of a seasonal trend than others. Be aware of this and get advice from your local  REALTOR® to see if this might impact the sale of your property.

You want a team of professionals helping you sell your home. A good REALTOR® will have a network of professional relationships for every part of the home buying process.  A bad agent will try to do much of the process themselves. This can lead to an overly busy, unorganized and distracted real estate agent, and your home not being sold. You should always speak with your REALTOR® and discuss how they are going to handle the sale of your home all the way through the process and what other companies they have relationships with to help make sure the process is as smooth as it can be.

Lastly have you priced your home correctly for your local market? A local REALTOR® will be able to advise you on this and it is something you should take very seriously.  While you may feel you home should be worth a certain amount because of upgrades you have done or what you have heard about other communities market trends this may not be supported in your specific area. Pricing your home correctly when you first go on the market and your home is getting the most attention can help it sell in a timely manner. If your home is not selling it might be time to take a look at how you have priced your home  and make adjustments. A REALTOR® will be able to advise you on this and will always try to get the maximum selling price for you.

Give a local REALTOR® a call today to see what they can do to help sell your home as quickly as possible and for the highest price.  Click here to find a REALTOR®

If you are already working with a REALTOR® or real estate agent, ask them to sit down with you and have a frank conversation about why your home might not be selling. You might not always like the answers but they can only help you achieve your goal.


CONSIDERING A REMODEL?

What do you need to know about considering a remodel to help your home sell?

Remodel

Many homeowners think they need to undertake large scale projects when getting their home ready for the market. It takes an experienced professional to know which projects deliver value and which just cost you a lot of money. You should always consult your Real Estate professional when making these decisions before you commit to any contracts.

Some real estate professionals will have access to a special network of businesses that have been vetted so you know you are getting someone who is licensed and bonded. In some cases you will also be able to get a discount because you are working with a specific real estate company or agent.

Our Recommended Upgrade Projects:

  • Create a more open floor plan
  • Prune Landscaping so the home is easily visible. You don’t want to cloud your first impression.
  • Quick exterior maintenance for maximum curb appeal
  • Any general maintenance inside. Any do-it-yourself fixes should be re-looked at by a professional.
  • Flooring refresh- new tile, stone or wood can bring a fresh look and add value
  • Clean all grout, apply fresh caulk and new faucets to the kitchen and all bathrooms
  • Paint with more neutral wall colors. Your design tastes might not be for everyone and it is easier for buyers to imagine their own colors on a neutral surface.

Contact one of our real estate agents to find out more.


Home Improvements that pay off

Not all Home Improvements are created equal when trying to add value to your home.

Home Improvements That Pay Off

There are two types of improvements you can do to your home. Improvements that add enjoyment for yourself or your family but might not necessarily add value to your home and improvements are made specifically to add value to your home.

Home improvements that add more curb appeal and make it easier for home buyers to actually see your home will always help to add value to your home and make it easier to sell. Replacing doors, adding decks or porches, and cleaning up landscaping will bring you a good return on the money you invest into your property.

Re-purposing unused spaces into livable areas or adding square footage to your home by adding an additional room are other great options for home improvements that will bring more market dollar when you finally make the decision to sell.

It is important to keep these difference in mind when you are thinking about adding improvements to your home so you see the best returns on the money you invest in your property and when you speak with a REALTOR® about pricing your home to sell.

 


Home prices are climbing. Why should you?

If you are near retirement and looking for ways to cut expenses, downsizing to a smaller home is a great option worth considering.

Tired of the Climb

Once the kids have moved out, you probably don’t need all that extra space anymore. Or if you have joined the new generation of road warriors traveling through out the year in your new RV it might not be so important to have a large home.  Luckily, the housing recovery is starting to pick up and home prices are growing fast. Downsizing to a smaller home is a great way to save more money.

Here are 4 reasons to consider:

Less expense: Lower mortgage, lower taxes & lower utility bills
Less home: Less maintenance, less cleaning, less repairs
Safety: Falling is the leading cause of unintentional injury at home
Less is more: Having less of a home can be liberating & give you more time to do what you enjoy!

Call one of our REALTORS today to explore your downsizing options. Click Here to find a list of real estate agents in your community.
Interested in what’s going on is your community?
Click here to get complimentary Market Watch report on the most current prices, listings and real estate trends in your market emailed to you.


For Your Real Estate Needs We Are Always On Active Duty

Buying a home has never been this simple for Military Members.

Millitary Connection Real Estate

Take a look at our comprehensive Berkshire Hathaway HomeServices Military Programs.

With the Berkshire Hathaway HomeServices Military Program, you can take comfort in knowing that the home you are buying is not only priced within 5% of fair market value, as determined by a local comparative market analysis, it is also located within 25 miles of a government installation and come with a buyer’s home warranty at closing.

Let Berkshire Hathaway HomeServices Nevada Properties take the guesswork out of your next move.

Berkshire Hathaway HomeServices Nevada Properties Military Advantage Program-

If you are an active or retired member of the military you are eligible to participate in the Nevada Properties MILITARY Advantage program. Civilian military employees can also participate using the HOME Base exception. Immediate family members are also eligible (parents, siblings, children). This program can be used multiple times with no time limit.

As a Buyer or Seller of real estate – your membership can be rewarded with rebates when buying or selling a home.

You can receive a Credit at closing, based on sale price just by participating in our Nevada Properties Military Advantage program. BEFORE contacting a real estate agent on your own – contact us to get registered with our office. You’ll be matched with a local real estate expert or you can request a favorite broker/agent if they are willing to work with our referral program. At closing, you will receive your credit.

For more information of this Rebate Military Advantage Program Click Here


Mortgage Rates Through The Decades

Do you know where Mortgage rates are at compared to the past?

Mortgage Rates through the decades

In December, the Federal Reserve raised interest rates by 0.25%. Many potential home buyers are frightened by this news, assuming mortgage rates will also increase and they will be unable to afford a home in this year. However, mortgage rates are tied to the bond market, not the Fed’s interest rate, and experts predict little to no increase in mortgage rates in 2016.

Currently, rates are the lowest they have been in decades, making the purchase of a new or first home a fantastic resolution for many in 2016.

A local REALTOR® can help answer your questions about the real estate market:

  • How to find qualified buyers for your home?
  • What are your qualifications for buying a new home?
  • How much is your home is worth?

To find a REALTOR for your community Click Here


Is your home worth MORE than you think?

You most likely have more Equity than you think.

Is your home worth more

More equity means more opportunity to sell your house and buy a home that is better suited to your needs.

37% of homeowners think they  have more than 20% in equity while the more accurate number is 74% of homeowners with more than 20% equity. You could be one of these people. Contact a REALTOR®  for a free home valuation that will tell you how much equity is really in your home and allow you to start making plans to move to your dream home in 2016.

Click here to find a REALTOR®