What is the Cost of Waiting Until Next Year to Buy?- Utah Realty

What is the Cost of Waiting Until Next Year to Buy?- Utah Realty

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

Will Home Prices Rise In 2019

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House?

What is Important to Boomers when Selling their House? | MyKCM

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

  • All buyers: 50% on the internet, 28% through a real estate agent
  • Younger Boomers: 46% on the internet, 33% through a real estate agent
  • Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

  • All sellers: 20 miles
  • Younger Boomers: 27 miles
  • Older Boomers: 50 miles

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

  • All sellers: 16%
  • Younger Boomers: 20%
  • Older Boomers: 31%

Primary Reason to Sell their Previous Home

  • Want to move closer to friends or family
  • Home too large
  • Retirement

View of Homeownership as a Financial Investment

  • 83% of Younger Boomers see homeownership as a good investment
  • 82% of Older Boomers see homeownership as a good investment

Bottom Line

If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home

The Feeling You Get from Owning Your Home | MyKCM

We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones.

No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, that feeling of safety and security you gain from owning your own home is simultaneously one of the greatest and most difficult to describe.

Frederick Peters, a contributor for Forbesrecently wrote about that feeling, and the pride that comes from owning your own home.

“As homeowners discover, living in an owned home feels different from living in a rented home. It’s not just that an owner can personalize the space; it touches a chord even more fundamental than that.

Homeownership enhances the longing for self-determination at the heart of the American Dream. First-time homeowners, young or old, radiate not only pride but also a sense of arrival, a sense of being where they belong. It cannot be duplicated by owning a 99-year lease.”

Bottom Line

Owning a home brings a sense of accomplishment and confidence that cannot be achieved through renting. If you are debating renewing your lease, let’s get together before you do to answer any questions you may have about what your next steps should be, and what is required in today’s market!

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

Top 5 reasons to own a home

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

June is National Homeownership Month

June is National Homeownership Month

The Top Reasons to Own Your Home [INFOGRAPHIC] | MyKCM

Some Highlights:

  • June is National Homeownership Month!
  • Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial.
  • What reasons do you have to own your own home?
What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability

Courtesy of Marty Gale Utah Realty 

The Ultimate Truth about Housing Affordability | MyKCM

There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.

On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here is a graph of the index going back to 1990:

The Ultimate Truth about Housing Affordability | MyKCM

It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes were more affordable. That period of time immediately followed a housing crash and there were large numbers of distressed properties (foreclosures and short sales). Those properties were sold at large discounts.

Today, the index is higher than any year from 1990 to 2008. Based on historic home affordability data, that means homes are more affordable right now than any other time besides the time following the housing crisis.

With mortgage rates remaining low and wages finally increasing, we can see that it is MORE AFFORDABLE to purchase a home today than it was last year!

Bottom Line

With wages increasing, price appreciation moderating, and mortgage rates remaining near all-time lows, purchasing a home is a great move based on historic affordability numbers.

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

What is the Cost of Waiting Until Next Year to Buy?- Utah Realty

Utah Realty – Utah is Number Three with New Homes Built

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

Utah Realty – 2 Things You Need to Know to Properly Price Your Home

Utah Realty – 2 Things You Need to Know to Properly Price Your Home

2 Things You Need to Know to Properly Price Your Home

In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly.

In the mind of the homeowner, annual home price appreciation over 6% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal.

Every month, the Home Price Perception Index (HPPI) measures the disparity between what a homeowner seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

Over the last five months, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78%. This is important for homeowners to note, as even a 0.78% difference in appraisal can mean thousands of dollars that a buyer or seller would have to come up with at closing (depending on the price of the home).

The chart below illustrates the changes in home price estimates over the last 12 months.

2 Things You Need to Know to Properly Price Your Home | MyKCM

While the appraisal gap widens, another trend is also becoming more common.

According to realtor.com“the share of homes which had their prices cut increased by 2% compared to last year”. Thirty-seven out of the 50 largest US housing markets saw an increase in overall price reductions.

In today’s market, you need an expert agent who can help price your house right from the start. Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the house. In reality, nothing is wrong- the price was just too high!

Bottom Line

If you are planning on selling your house in today’s market, let’s get together to set your listing price properly from the start!

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

Remember Our Fallen Heroes

Remember Our Fallen Heroes

All Gave Some. Some Gave All. The Memorial Day of May 27th 2019

All Gave Some. Some Gave All. | MyKCM

We remember, today and always.

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House

What is Important to Boomers when Selling their House? If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer...

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home – Utah Realty

The Feeling You Get from Owning Your Home We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones. No matter what shape or size your living space is, the concept...

June is National Homeownership Month

June is National Homeownership Month

Some Highlights: June is National Homeownership Month! Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial. What reasons do you have to own your own home?

Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability Courtesy of Marty Gale Utah Realty  There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the...

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