#top real estate agents in san jose ca

[realkevinjacob]

8 Psychological Traps in Home Buying and How to Avoid Them

Buying a home is one of the most significant decisions you'll make, and it’s easy to fall into psychological traps that can lead to regret. Being aware of these common pitfalls can help you make more rational decisions and avoid buyer's remorse. Here are eight psychological traps in home buying and strategies to steer clear of them.

1. Overconfidence

When you find a home that seems perfect, it's tempting to overlook any potential issues. This overconfidence can lead you to downplay significant problems, like foundation cracks or water damage, assuming they’re minor or easy fixes.

How to Avoid This Trap: Hire a qualified home inspector to identify serious issues and provide an estimate for repairs. Lean on your real estate agent’s network to get recommendations for reliable experts who can assess any potential problems.

2. Neglecting Future Needs

Buying a home that fits your current lifestyle without considering future changes can be a costly mistake. For example, a newly married couple without children might overlook the need for extra bedrooms or larger spaces for future family expansion.

How to Avoid This Trap: Anticipate your future needs by envisioning where you’ll be in five to ten years. Consider factors like family growth, potential home office needs, or space for relatives, and make sure your new home can accommodate these changes.

3. Failing to Negotiate

Many buyers accept the listing price as a final offer, falling into the trap of anchoring. However, the listed price is often negotiable, especially in a slower market or during specific times of the year.

How to Avoid This Trap: Use your real estate agent's expertise to determine if price reductions are common in your market. Don’t hesitate to negotiate or ask for concessions that can make the purchase more favorable.

4. Acting Impulsively

In a competitive market, it's easy to make hasty decisions driven by urgency rather than careful consideration. Impulsive decisions can lead to overpaying or overlooking important aspects of the property.

How to Avoid This Trap: Prepare in advance by getting your finances in order, understanding your budget, and obtaining pre-approval from a lender. Work with your agent to understand the market dynamics and make informed decisions rather than reacting out of desperation.

5. Ignoring Challenging Information

Confirmation bias can lead you to ignore information that contradicts your expectations or desires. For instance, if you believe interest rates will drop, you might delay buying a home and end up facing higher rates later.

How to Avoid This Trap: Stay informed by regularly updating yourself on market trends and listen to your agent’s insights. Embrace information that challenges your beliefs and factor it into your decision-making process.

6. Getting Stuck in the Past

Emotional attachments to the style of home you grew up in can cloud your judgment. This nostalgia might prevent you from considering homes that better meet your current needs or preferences.

How to Avoid This Trap: Focus on how you want to feel in your new home rather than seeking a replica of your past. Look for features and designs that will create the atmosphere you desire, even if they differ from your childhood home.

7. Fixating on One Feature

Overvaluing a single feature, like a high-end kitchen or a large yard, can cause you to overlook other critical factors. For instance, an appealing outdoor kitchen might not be worth it if the property requires extensive maintenance that you dislike.

How to Avoid This Trap: Create a comprehensive list of your must-haves and deal-breakers before you start house hunting. Evaluate each property against this list and ensure that any desirable features don’t overshadow major concerns or drawbacks.

8. Committing Due to Time and Effort Invested

It can be tempting to proceed with a purchase just because you’ve invested significant time and effort into finding a home. This commitment bias can lead you to overlook flaws simply because you’ve already invested so much into the process.

How to Avoid This Trap: Maintain a long-term perspective and assess how you will feel about the property in the future. Consider the impact of any issues and whether you’re willing to accept or address them, even after all your efforts.

Balancing Emotions and Logic

Home buying requires balancing emotional desires with logical decision-making. By setting clear criteria, seeking professional advice, and staying informed, you can make decisions that align with both your needs and your financial reality.

Ultimately, trust your instincts, but ensure they are guided by thorough research and careful planning. By being aware of these psychological traps and following these strategies, you’ll be better equipped to make a well-informed and satisfying home purchase.

[deeramirez]

Looking for Top Real Estate Agents In San Jose, CA?

Discover Your Dream Home with Dee Ramirez! Looking for top real estate agents in San Jose, CA? Look no further! Dee Ramirez is your dedicated partner in locating the ideal house at affordable prices. Dee's love for real estate and dedication to your requirements create a smooth and enjoyable home-buying process. Dee Ramirez provides customized service and experienced advice throughout your real estate journey. Your dream home is waiting for you!

[mbdailynews]

Here's Where Real Estate Prices Are Cooling the Fastest in the US

Home prices in some US cities are finally cooling, with Seattle’s housing market slowing faster than any other in the country. The 10 fastest-cooling markets are almost entirely in the West, with Seattle, Las Vegas, and the three California cities of San Jose, San Diego and Sacramento leading the way. That’s according to a report by real estate company Redfin that looked at several metrics, including prices, price drops, supply, pending sales, sale-to-list ratio and speed of home sales. The fastest-slowing markets all saw double-digit drops in prices and sales volume compared to the previous year, a drastic change from the record price hikes seen during the pandemic housing boom amid remote work and a race for space. Get 52 weeks of The WSJ Print Edition with daily delivery to your home or office for $318 In Seattle, about 34% fewer homes sold during a two-week period in August compared to a year earlier, and the typical home sold at prices 5% higher than last year, compared to a 23% year-on-year price increase just six months prior. Month over month, the typical home sold for 2% less in August than a month earlier. Slowing Down Seattle tops the fastest cooling metro real estate markets in the US. Rank CityChange in price (%)Median sale price ($)1Seattle, WA-17.7774,9502Las Vegas, NV-14.5416,0003San Jose, CA-17.61,375,0004San Diego, CA-15.8800,0005Sacramento, CA-17.0575,0006Denver, CO-12.2570,0007Phoenix, AZ-14.5455,9008Oakland, CA-20.7910,0009North Port, FL-11.1450,00010Tacoma, WA-12.8543,000 “The housing market has changed very quickly in buyers’ favor,” Las Vegas Redfin agent Tzahi Arbeli said in a statement. Prices are falling faster in cities where significant price spikes occurred during the pandemic, including Las Vegas, where home prices fell 3% month-over-month in August. Subscribe to The Wall Street Journal and Bloomberg Digital for $89 Despite downward price pressure, rising inventory and more time before a sale is agreed, San Jose, Oakland, San Diego and Seattle remain among the most expensive places in the country, with the median price of a home in San Jose reaching $1.4 million in August and homes in Oakland selling at an median price of $910,000. Read the full article

[coolblossomvalley-blog]

At Blosom Valley Specialists, Smarthome upgrade offers you a private nest came security monitoring system. Now you can maintain complete control of all of your home visits and monitor all showings live.

[poop4u]

The 20 Most Dog-Friendly Cities of 2019 http://bit.ly/2UksOrS

Seattle, Chicago and Denver are this year’s top cities for dog lovers, according to a new ranking from Redfin, the tech-powered real estate brokerage, and Rover, the largest network of five-star pet sitters and dog walkers in the country.

Rover ran the numbers on over 14,000 cities across the country, compiling a list with the highest counts of walks, dog walkers and sitters, along with total hours, minutes and distance per walk by each dog walker or sitter on Rover. Because each top city needs a top dog, Rover also uncovered the most popular breed in each area.

Redfin then coupled Rover’s insights with data on homes for sale to take a closer look at what life as a dog is like in each city. Redfin analyzed how often the keyword ‘dog’ appeared in the online listing descriptions of homes for sale, often to note that a property was dog-friendly or close to dog parks. The company also included each dog-friendly city’s Walk Score® to highlight how easy it is to treat your dog to his or her favorite activity.

“Dogs are part of the family, so it’s important to factor in our furry friends when choosing a place to live,” said Daryl Fairweather, Redfin’s chief economist and a Seattle dog owner. “Highlighting dog-friendly amenities like a spacious yard or a mudroom for dirty paws in your listing can make it easier for buyers to find the home of their dog’s dreams.”

Here’s Redfin and Rover’s definitive ranking for the most dog-friendly cities of 2019:

City Rover Rank Share of For-Sale Home Listings that mention “Dog” Walk Score Top Dog Seattle, WA 1 2% 73 Labrador Retriever Chicago, IL 2 4% 78 Mixed Breed Denver, CO 3 4% 61 Labrador Retriever Manhattan, NY 4 4% 89 French Bulldog Washington, DC 5 1% 77 Mixed Breed Portland, OR 6 2% 65 Mixed Breed Los Angeles, CA 7 2% 67 Chihuahua Brooklyn, NY 8 4% 89 Pit Bull Mix San Francisco, CA 9 4% 86 Mixed Breed San Diego, CA 10 2% 51 Mixed Breed Philadelphia, PA 11 2% 79 Pit Bull Mix Houston, TX 12 2% 49 Mixed Breed Austin, TX 13 3% 40 Mixed Breed Arlington, VA 14 3% 37 Mixed Breed Minneapolis, MN 15 1% 69 Labrador Retriever Alexandria, VA 16 3% 60 Mixed Breed Dallas, TX 17 2% 46 Labrador Retriever Atlanta, GA 18 5% 49 Mixed Breed San Jose, CA 19 2% 51 Labrador Retriever Nashville, TN 20 1% 28 Mixed Breed

Despite the notion that some people may wait to move to the suburbs to adopt a dog, urban cores still rank highest in dog friendliness. Cities renowned for leafy parks and outdoor activities like Seattle, Chicago and Denver claimed the top spots. And while New York City, Brooklyn and San Francisco rank highest for walkability, a seemingly significant factor when deciding to get a dog, they rank lower for overall dog friendliness, perhaps due to a higher cost of living, and housing inventory of typically smaller apartments.

Other highlights include Washington, D.C., and its Virginia suburbs of Arlington and Alexandria, all making the list, possibly aligned to an influx of interest in the area following Amazon’s arrival to town.

When it comes to breed, all dogs are adored equally, but Rover sees the highest intake of mixed breeds and Labrador Retrievers nationwide. And ever the cosmopolitan hubs, New York City and Los Angeles stand out with Frenchies and Chihuahuas, respectively. Across the river from Manhattan, Brooklyn marches to its own beat, and prefers pit bull mixes, as does Philadelphia.

However, no matter where you live or what dog you own, if you’ve opened your home to love and care for a dog, we’re guessing it’s as dog friendly as it gets. For the full report, visit: https://www.redfin.com/blog/most-dog-friendly-cities/.

About Redfin  Redfin (www.redfin.com) is the tech-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $60 billion in home sales.

via The Dogington Post https://poop4u/blog April 4, 2019 at 01:52PM DMT.NEWS, @Brandy Arnold, @pooop4u April 5, 2019 at 11:59AM

[sophiadelacotte]

Areas Of Specialization Sellers and Buyers:

 Probate, Trust, Divorce 

(Practicing Mediator)

 Investment Properties

(Including 1031 Exchange)

 HOA Litigation Buy and Sell

(Post Graduate Law Degree)

 Relocation

(Domestic, International)

 Certified Short Sales & Foreclosures Expert 

(CDPE, SFR)

 Read my Reviews at: https://bit.ly/3HsSWFT

[realkevinjacob]

A Comprehensive Guide to the Home Buying Process in San Jose, California

Buying a home is a significant milestone, and navigating the real estate market in San Jose, California can be both exciting and challenging. Whether you are a first-time buyer or a seasoned investor, understanding the process and knowing where to get help can make a huge difference. This guide provides a step-by-step approach to buying a home in San Jose, with tips on finding the best real estate professionals in the area.

Step 1: Assess Your Financial Situation

Before diving into the San Jose real estate market, it's crucial to evaluate your financial health. Consider the following:

Credit Score: Check your credit score, as it impacts your mortgage rate and loan approval.

Budget: Determine how much you can afford for a down payment and monthly mortgage payments.

Pre-Approval: Obtain a mortgage pre-approval from a lender to understand your loan eligibility and strengthen your offer when you find a property you like.

Step 2: Research the San Jose Real Estate Market

San Jose, being a major city in the Bay Area, has a dynamic real estate market. Familiarize yourself with current market trends, neighborhood statistics, and property values. Resources like Kevinjacobre offer valuable insights and reviews of real estate agents in San Jose, CA.

Step 3: Find a Reliable Real Estate Agent

An experienced real estate agent can be invaluable in navigating the complexities of the home buying process. Here’s how to find the right one:

Local Expertise: Look for Realtors in San Jose CA who have extensive knowledge of the local market. They can provide insights into neighborhood trends and property values.

Reviews and Ratings: Check reviews and ratings on platforms like Kevinjacobre to gauge the reputation of different agents.

Referrals: Ask friends, family, or colleagues for recommendations.

For top-rated real estate agents in the Bay Area, explore Kevinjacobre.com for listings and profiles.

Step 4: Start Your Home Search

With a pre-approval letter and a reliable agent by your side, you can begin searching for homes. Consider the following:

Neighborhoods: Research different neighborhoods in San Jose to find the one that suits your lifestyle and needs.

Property Features: Make a list of must-have features and preferences for your new home.

Open Houses and Showings: Attend open houses and schedule private showings to get a better feel for potential homes.

Step 5: Make an Offer

Once you find a home you like, your real estate agent will help you craft a competitive offer. Key elements include:

Offer Price: Based on market analysis, determine a fair offer price.

Contingencies: Include contingencies such as home inspection and financing to protect yourself.

Earnest Money: Provide earnest money as a sign of good faith.

Step 6: Conduct Inspections and Appraisals

After your offer is accepted, schedule a home inspection and appraisal:

Home Inspection: A professional inspection will reveal any potential issues with the property.

Appraisal: The lender will order an appraisal to ensure the home's value aligns with the loan amount.

Step 7: Finalize Your Mortgage

Work with your lender to finalize your mortgage. This involves:

Documentation: Submit required documents and complete any additional paperwork.

Closing Costs: Review and prepare for closing costs, which can include fees for the loan, title insurance, and other services.

Step 8: Close the Sale

At the closing meeting, you’ll:

Sign Documents: Sign the final paperwork to transfer ownership.

Pay Closing Costs: Settle any remaining fees and costs.

Receive Keys: Once everything is finalized, you’ll receive the keys to your new home!

Step 9: Move in and Enjoy

With the paperwork done and the keys in hand, you’re ready to move into your new San Jose home. Take time to enjoy this new chapter and explore your new neighborhood!

Conclusion

Buying a home in San Jose, California, involves several key steps, from assessing your financial situation to closing the sale. Partnering with experienced real estate professionals, such as those found on Kevinjacobre, can make the process smoother and more efficient. With careful planning and the right support, you’ll be well on your way to finding your perfect home in this vibrant Bay Area city.

[deeramirez]

San Jose's Top Real Estate Agents | Dee Ramirez

Dee Ramirez is widely known as one of the top real estate agents in San Jose, California. We are committed to our client satisfaction, coupled with a strategic approach to buying and selling, which distinguishes us in the competitive real estate landscape. Dee Ramirez assures that both buyers and sellers feel a pleasant and satisfying experience.

[coolblossomvalley-blog]

Looking to sell your home, but need help? Blossom Valley Specialists can assist you with the top realtors in San Jose CA and with right tools to give you a hands-on access to your property. Contact us on info@blossomvalleyspecialists.com or call 408-650-4010 for more help.

[sunnyvaleopenhouses-com]

Odis James Real Estate Group

Bay Area Real Estate We offer a wealth of useful Real Estate information for home buyers and sellers! Before you buy or sell a home, be sure to either contact us or view the current market information at OdisJames.com. Our web site is intended to supply you with the most recent Real Estate market information for San Jose California Real Estate, San Mateo California Real Estate, Oakland California Real Estate, Sunnyvale California Real Estate, Mountain View California Real Estate, Fremont California Real Estate, Tracy California Real Estate, Santa Clara California Real Estate and the surrounding areas. Our site features a free, up to date and current Real Estate search that will allow you to search just like an agent. There are many places out there to search, the challenge is finding a place that offers current listings like our website. All the data is fed directly from the MLS. As a current resident in San Mateo, CA I am fully aware of the current market trends and what it takes to get a great deal on a listing or get top dollar for your current home. When it comes to getting the job done right, you can count on me. I have a lot of connections within the San Francisco Bay Area. Please don’t hesitate to call and ask any questions you might have. This process is all about you and your needs. Real Estate is a big investment and I understand that. One thing you will get with me is a personal relationship, and in the end, that goes a long way. For more information, please give me a ring, or an email, today.

Source: LinkedIn Public Company Page

[davidoespailla]

The Hottest Real Estate Markets in America for March 2019: Oh, Ohio?!

Realtor.com

We’ve just closed the books on the first month of spring—and the beginning of the high season for home buying—and while the market slowed down in March compared with the same time last year, according to realtor.com® data, an unexpected hot spot has emerged.

Several markets in Ohio, which are some of the county’s most affordable, are attracting lots of buyer interest, claiming three of the top 20 spots in our monthly ranking of the country’s hottest metros for real estate. Two more Ohio metros, while not in that top 20, chalked up the biggest improvement year over year.

The state capital, Columbus, came in at No. 1 on the list, which reflects a combination of how fast homes take to sell (days on market) and the number of listing views racked up in each market. Both of these are an indicator of buyer demand. Akron and Canton came in at No. 16 and No. 19 respectively. Meanwhile, Cleveland and Cincinnati were the large metros with the most year-over-year improvement. That’s a big change from the days (last year, even!) when the list was regularly topped by pricey California markets such as San Francisco and San Jose. (Each metropolitan area may also include smaller satellite cities.)

While California continues to be the most-represented state in the top 20, its markets are also the most affected by the slowdown. Houses in Vallejo, Sacramento, and Santa Cruz saw a significant jump in days on market, with an increase of 11, nine, and nine days respectively. Overall, the data shows that current inventory is selling three days more slowly than last March. That drop-off remains unchanged from February, which was the first time since December 2014 that metros on the top 20 list experienced an increase in days spent on the market. The full analysis looked at the 300 largest metros in the U.S.

According to realtor.com Chief Economist Danielle Hale, the slowdown in big cities has indirectly benefited housing markets in the Midwest.

“Historically there wasn’t much demand in those areas,” she says. “Now that home prices are higher across the board, people are looking to those [more wallet-friendly] areas to buy. Columbus is superaffordable, with a median $249,900 compared to the national listing price of $300,000, which attracts a lot of younger buyers.”

Real estate agent Lee Ritchie of Re/Max Metro Plus in Columbus says that the revitalization of the city’s downtown drag is just one of many factors bringing more people to the area.

“Columbus has come a long way,” she says. “We have an amazing downtown area that has absolutely transformed over the last 10 years. You also have supercool housing from the brick cottages in German Village to the contemporary [high-rise] condos downtown to the old homes of Victorian Village. … And then there’s the sheer number of good restaurants [and] coffee shops.

“A good 80% of my business is working with first-time buyers in the millennial age group. They’re out in full force,” she adds. “We [also] get calls from buyers from New York and California and Washington, DC. They know that it’s affordable … but it’s also an easier way of life and, for many, a better quality of life. It’s the best small big town.”

For Hale, how the market will fare for the rest of the year remains to be seen.

“Mortgage rates have declined pretty notably from the start of the year to now,” she says, noting that the opposite was true in 2018, when mortgage rates started off high before falling by the end of the year.

“We’re waiting to see if that translates into hotter markets going forward. What people need to remember is that we can talk about national trends—but if you are a buyer, a seller, or an agent, it’s important to understand what’s going on in your local market.”

The hot list

Rank (March) Metro Rank (February) Rank change 1 Columbus, OH 9 +8 2 Boston, MA 13 +11 3 Midland, TX 1 -2 4 Sacramento, CA 6 +2 5 Stockton, CA 10 +5 6 Colorado Springs, CO 3 -3 7 Odessa, TX 15 +8 8 Lafayette, IN 24 +16 9 San Francisco, CA 5 -4 10 Modesto, CA 12 +2 11 Rochester, NY 8 -3 12 Santa Cruz, CA 19 +7 13 Chico, CA 2 -11 14 Spokane, WA 4 -10 15 Milwaukee, WI 21 +6 16 Akron, OH 25 +9 17 Ann Arbor, MI 54 +37 18 Manchester, NH 43 +25 19 Canton, OH 18 -1 20 Vallejo, CA 22 +2

The post The Hottest Real Estate Markets in America for March 2019: Oh, Ohio?! appeared first on Real Estate News & Insights | realtor.com®.

The Hottest Real Estate Markets in America for March 2019: Oh, Ohio?!

[realestateagent532]

The Top 10 U.S. Cities to Buy Your Starter Home—or Your Forever Home

iStock; realtor.com

Get ready for a real estate tsunami—two of ’em, in fact. America’s largest-ever generations, millennials and baby boomers, are entering their prime home-buying years at the same time! But while most millennials are prowling the market for affordable starter homes that will enable them to move out of Mom and Dad’s basement or finally trade in their apartment keys for deeds, older Americans are often seeking “forever homes” with amenities and flexible, universal designs that will enable them to seamlessly transition into their twilight years—and maybe even party like it’s1999. Or 1979.

Where are the top cities to find these different places? Realtor.com set out to find the best metros in America to find starter homes and forever homes.

So what defines each type of abode? More than anything else, it comes down to customer needs—where folks find themselves on the great home-buying journey of life. It isn’t just about age: After all, some folks wait until their 40s or 50s to buy their first home, while some young buyers opt for a starter home they intend to stay in, well, forever.

That said, there’s a reason why the ranks of both forever homes and starter homes are swelling exponentially right now. Millennials have waited longer than previous generations to settle down and buy homes, not always by choice—student debt and high home prices delayed pulling the trigger. But now that they’re getting married and having kids of their own, more and more are settling into their first homes, making them the nation’s largest group of buyers. And the biggest chunk of them are just now hitting their 30s!

On the other end of the spectrum are the retiring or downsizing baby boomers, searching for homes where they can age in place. Many are holding onto their careers longer, and 1 in 3 has yet to reach age 65. So they’re just now hitting the market en masse.

Homes for both groups tend to be smaller—under 2,000 square feet—and located in walkable areas. But in other respects there are some key differences.

Millennials “want to buy near their jobs and amenities. But affordability is the key factor—they are looking for something they can buy without getting over their head,” says Chris Porter, the chief demographer at John Burns Real Estate Consulting in Irvine, CA. “And boomers are retiring and moving to warm climates. … They want a home that requires less upkeep and in a walkable community.”

For both rankings, we looked at the 250 largest metropolitan areas.* We limited each ranking to one metro per state to ensure geographic diversity.

To find the top places for buying a starter home, we factored in these criteria**:

Percentage of home buyers aged 35 and younger

Percentage of typically more affordable homes under 2,000 square feet

Median down payment (the lower, the better)

Median mortgage borrower’s FICO score (the lower, the better)

Percentage of income of those aged 35 and younger going toward median monthly housing costs

To find the top places for buying a forever home, we factored in these criteria**:

Percentage of residents aged 60 and older

Median list price

Number of homes adapted for seniors, looking at realtor.com listings with keywords such as “universal design,” “ground-floor master suite,” “senior-friendly,” and “no-step entry”

Ratio of home health aides per senior

Number of folks aged 55 and older moving in

So let’s start out by taking a tour of the top spots for folks leaping into homeownership for the first time.

Top metros for starter homes

Tony Frenzel

The top 10 places to buy a starter home 1. Lake Charles, LA

Median list price: $235,100 Share of buyers aged 35 and younger: 56%

A reason to go back to Lake Charles, LA?

realtor.com

Cracking open a seasoned crawfish is just a way of life in Lake Charles, about three hours west of New Orleans. But just a short drive from the Gulf of Mexico, this midsize city isn’t just about Cajun food. It also offers plenty of gigs at all levels, giving young workers the cash they need to buy that affordably priced first home.

“We’re more of a blue-collar area, but everybody’s making money,” says Tommy Eastman, a real estate broker at Flavin Realty in Lake Charles. A lot of the first-time buyers he works with grew up in the area and work at nearby petrochemical or natural gas plants.

With prices and mortgage rates already so low and with rents rising, it can be cheaper to own than to rent. Many two-bedroom apartments are going for upward of $1,500 per month, Eastman says. Folks here can easily score a mortgage for less than that.

Homes are so affordable here, about 20.7% less than the national median, that plenty of first-time buyers are purchasing newly constructed abodes. And builders are responding to this demand, putting up lots of new subdivisions to the north and west of the city. Three-bedroom, two-bath homes in these neighborhoods go for around $200,000.

Just check out this three-bedroom home with a two-car garage in the Oak Grove subdivision priced at $199,900.

2. Provo, UT

Median list price: $377,500 Share of buyers aged 35 and younger: 51%

A 2,000-square-foot home in Provo, UT

realtor.com

In recent years, Provo’s cultivated a growing startup and tech scene. But despite all of the growth in this city situated between Utah Lake and snow-capped Provo Peak, it’s still relatively affordable compared with other big tech destinations.

The price tag here might sound a little high, but homes go for a median $393,000 in Salt Lake City, about 45 minutes north of Provo—or for that matter $999,000 in San Jose, CA, in the heart of Silicon Valley.

The typical down payment here is just 6%, a much lower barrier for younger buyers than other higher-priced cities. Provo also boasts a down payment assistance program for first-time home buyers, which includes assistance of up to $10,000. The city makes them put down at least $1,000, and they must repay half of that amount if they sell the home within their first two years of ownership.

Many of these young professionals are buying starter homes in suburban neighborhoods such as Cedar Hills, where there are lots of family-friendly ranch homes. These homes are usually under 2,000 square feet, so they’re substantially cheaper than their larger counterparts nearby.

3. Appleton, WI

Median list price: $227,700 Share of buyers aged 35 and younger: 53%

A two-story, 100-year-old home in the neighborhood of City Park

realtor.com

This Wisconsin city is known for its beer. On the weekends, places like the Appleton Beer Factory and the Fox River Brewery are hopping (no pun intended). But aspiring homeowners aren’t just spending their free time downing pints—they’re out there dominating the Appleton housing market. Young buyers make up more than half of those purchasing homes.

“You can get a lot of home for your money,” says Carolyn Stark, a real estate agent at Keller Williams Fox Cities. The median home price in Appleton is 24% lower than the national median.

Appleton is home to employers such as Kimberly-Clark Corp. (maker of Huggies and other consumer products), a Fortune 500 company. And the typical household income for 25- to 34-year-olds is $68,108. That’s 16% more than what they earn in Milwaukee and 3% more than in Chicago—two bigger cities where homes cost more than in Appleton. In fact, last year, realtor.com named Appleton the top market for millennial home buyers.

So, the word is getting out. But cash-strapped buyers can still find deals in places such as City Park, a walkable neighborhood with two-story, 100-year-old homes with around 1,600 square feet priced around $120,000.

4. Bloomington, IL

Median list price: $150,000 Share of buyers aged 35 and younger: 43%

A home for $60,000 in Bloomington, IL

realtor.com

Many places across the nation are experiencing a historic shortage of homes for sale—with a scarcity of homes offered at prices low enough for most first-time buyers to afford. That couldn’t be further from the truth in Bloomington, a small city two hours south of Chicago. Finding a home priced under $100,000 isn’t hard if they know where they look. Hint, head to the southwest part of town.

“A lot of students stay after they graduate,” says Becky Gerig, a broker at Re/Max Choice in Bloomington. Entry-level buyers make up the bulk of her clients, and they’re often recent graduates of local colleges like Illinois Wesleyan University who go on to work at companies like insurance provider State Farm, which is headquartered there.

“They can find homes sometimes at $60,000 to $70,000,” says Gerig.

Many of the homes here are single-family homes with porches, built in the 1940s. Bargain hunters can find fixer-uppers such as this one for just $60,000.

5. Amarillo, TX

Median list price: $227,000 Share of buyers aged 35 and younger: 46%

Cadillac Ranch in Amarillo, TX

fdastudillo/iStock

One of Amarillo’s claims to fame is the Cadillac Ranch, with its array of colorfully spray-painted vintage cars half buried in the ground and sitting straight up like Stonehenge. But don’t confuse the luxury cars as a sign of high local home prices. Amarillo is a low-cost, Texas Panhandle city, sitting at the gateway to the Palo Duro Canyon State Park, about an hour east of New Mexico. First-time buyers here can have their pick of abodes.

“Builders went crazy last year,” says Cinda Lovato, a Realtor®. “There are so many new homes, from as low as $150,000.”

Starter-home seekers are flocking to suburban neighborhoods like Saturn Terrace, where they can find three-bedroom, 1,400-square-foot ranches for under $200,000. Some of these buyers are even as old as 40 or 50 and are tired of renting instead of owning, Lovato says.

“Rent on a three-bedroom, two-bath house is typically $1,500,” she says. “If they bought the home, [the mortgage could] be less than $1,000.”

The rest of the top 10 metros for starter homes are Huntington, WV; Lafayette, IN; Fargo, ND; Waterloo, IA; and Syracuse, NY. 

Now let’s look at the best places for folks who are staring down retirement—and beyond.

Top metros for forever homes

Tony Frenzel

The 10 top places to buy a forever home 1. Punta Gorda, FL

Median list price: $280,000 Share of buyers aged 60 and older: 47%

Newly built, two-bedroom villa in Punta Gorda, FL

realtor.com

No one wants to live through a devastating hurricane and then spend their golden years rebuilding their homes. That’s why many retirees are heading to Punta Gorda, about an hour and a half south of Tampa. The city was devastated by Hurricane Charley in 2004. In the wake of the tragedy, lots of homes designed to withstand powerful storms have been built. Affordable prices and no state income taxes are big draws for retirees looking for a down-to-earth community on the water.

“We’re a boomtown,” says Patricia McGuire, a local real estate professional with Coldwell Banker Sunstar Realty. Last month realtor.com named Punta Gorda the fastest-growing retirement town in America.

All those incoming baby boomers mean home builders don’t get a lot of free time. They tend to favor newly built, two-bedroom villas priced around $200,000 with granite countertops and two-car garages (to store all the stuff left over from their larger previous homes). First-floor condos are also popular with this set, McGuire says.

2. Prescott, AZ

Median list price: $400,000 Share of buyers aged 60 and older: 54%

Home in Victorian Estates in Prescott, AZ

realtor.com

Prescott tends to attract wealthier, active retirees and soon-to-be retirees who prefer a hike or bike ride in the mountains over hanging out at senior centers. The city is situated between the Prescott National Forest and the Coconino National Forest.

The typical forever homes in Prescott are one-story houses priced around $250,000 with a garage and big driveway—all the better to park the RV.

The metro is also home to plenty of 55-plus communities such as Victorian Estates. The gated community boasts 178 single-family homes ranging from about 1,000 to 1,700 square feet with open floor plans, a clubhouse, outdoor pool, and even weekly poker nights. Homes there start at $279,000.

But places here don’t come cheap—that’s why we earlier named it one of the most expensive retirement towns in America. You can thank former Californians for that. They can sell their big homes in the Golden State for a bundle and still have enough to buy in Prescott and put some dough in the bank. But they’re driving prices up for everyone else.

3. Myrtle Beach, SC

Median list price: $244,800 Share of buyers aged 60 and older: 46%

Condo development in Myrtle Beach, SC

realtor.com

Myrtle Beach isn’t just for souvenir vendors and vacationers. Over the years this tourist mecca has seen a steady increase of older folks buying up dream retirement homes or second homes just minutes from the beach.

They’re drawn by the inexpensive housing, warm weather, and relatively low cost of living. And because Myrtle Beach is a tourist hot spot, there are already lots of fun things to do in the area, like taking a ride on the SkyWheel (a 187-foot Ferris wheel).

Some folks looking ahead to retirement will snag a permanent lot at a seaside campground, where they can live full time out of their camper and even build things like porches around it. Costs for a campground site at Pirateland Camping Resort start at $15,000 per year. Other folks are buying one-bedroom condos in beachfront high-rises priced around $120,000.

4. Salisbury, MD

Median list price: $310,000 Share of buyers aged 60 and older: 39%

Ranch home in Salisbury, MD

realtor.com

The popular HGTV show “House Hunters” followed J.D. and Jenny Schroen in 2017 as they searched for their forever home in Salisbury. They wanted something big, around 4,000 square feet, and under $600,000. They ended up buying a home for $315,000 and giving it a six-figure overhaul.

Forever-home buyers in Salisbury can either go the fixer-upper route of the Schroens or choose from lots of new, rambler-style homes that were built with older buyers in mind. These places usually have open floor plans, wood flooring, and granite countertops, and can be found for under $200,000.

Salisbury isn’t as much of a de facto retirement town as many of the other places on our list. But with a population with an average age of 45, it does have lots of folks starting to think ahead and choosing to stay put.

5. Asheville, NC

Median list price: $372,300 Share of buyers aged 60 and older: 27%

Asheville, NC

SeanPavonePhoto/iStock

Asheville isn’t the place to find forever homes on a shoestring budget. But this lively place filled with boutiques, breweries, and art galleries in the Blue Ridge Mountains continues to see young and old alike moving in.

“Arts and culture are really important in Asheville,” says Molly de Mattos, a broker in Asheville. “We have a big live-music scene, but we don’t have big venues. The retirees appreciate the small, more intimate venues.”

Older buyers often prefer single-family homes in walkable neighborhoods, like Montford, with houses that have outdoor patios or porches. Usually these homes are priced around $350,000 to $600,000. The buyers come from all over, but particularly California.

“People are tired of paying millions of dollars for a home, so they retire here knowing they can get a really nice house for $500,000 and have money to play with,” de Mattos says.

Hey, Asheville’s nickname of the “San Francisco of the East” didn’t come out of thin air.

The rest of the top 10 metros for forever homes are Roanoke, VA; 

from DIYS http://bit.ly/2T3sgFv

[restate30201]

The Top 10 U.S. Cities to Buy Your Starter Home—or Your Forever Home

iStock; realtor.com

Get ready for a real estate tsunami—two of ’em, in fact. America’s largest-ever generations, millennials and baby boomers, are entering their prime home-buying years at the same time! But while most millennials are prowling the market for affordable starter homes that will enable them to move out of Mom and Dad’s basement or finally trade in their apartment keys for deeds, older Americans are often seeking “forever homes” with amenities and flexible, universal designs that will enable them to seamlessly transition into their twilight years—and maybe even party like it’s1999. Or 1979.

Where are the top cities to find these different places? Realtor.com set out to find the best metros in America to find starter homes and forever homes.

So what defines each type of abode? More than anything else, it comes down to customer needs—where folks find themselves on the great home-buying journey of life. It isn’t just about age: After all, some folks wait until their 40s or 50s to buy their first home, while some young buyers opt for a starter home they intend to stay in, well, forever.

That said, there’s a reason why the ranks of both forever homes and starter homes are swelling exponentially right now. Millennials have waited longer than previous generations to settle down and buy homes, not always by choice—student debt and high home prices delayed pulling the trigger. But now that they’re getting married and having kids of their own, more and more are settling into their first homes, making them the nation’s largest group of buyers. And the biggest chunk of them are just now hitting their 30s!

On the other end of the spectrum are the retiring or downsizing baby boomers, searching for homes where they can age in place. Many are holding onto their careers longer, and 1 in 3 has yet to reach age 65. So they’re just now hitting the market en masse.

Homes for both groups tend to be smaller—under 2,000 square feet—and located in walkable areas. But in other respects there are some key differences.

Millennials “want to buy near their jobs and amenities. But affordability is the key factor—they are looking for something they can buy without getting over their head,” says Chris Porter, the chief demographer at John Burns Real Estate Consulting in Irvine, CA. “And boomers are retiring and moving to warm climates. … They want a home that requires less upkeep and in a walkable community.”

For both rankings, we looked at the 250 largest metropolitan areas.* We limited each ranking to one metro per state to ensure geographic diversity.

To find the top places for buying a starter home, we factored in these criteria**:

Percentage of home buyers aged 35 and younger

Percentage of typically more affordable homes under 2,000 square feet

Median down payment (the lower, the better)

Median mortgage borrower’s FICO score (the lower, the better)

Percentage of income of those aged 35 and younger going toward median monthly housing costs

To find the top places for buying a forever home, we factored in these criteria**:

Percentage of residents aged 60 and older

Median list price

Number of homes adapted for seniors, looking at realtor.com listings with keywords such as “universal design,” “ground-floor master suite,” “senior-friendly,” and “no-step entry”

Ratio of home health aides per senior

Number of folks aged 55 and older moving in

So let’s start out by taking a tour of the top spots for folks leaping into homeownership for the first time.

Top metros for starter homes

Tony Frenzel

The top 10 places to buy a starter home 1. Lake Charles, LA

Median list price: $235,100 Share of buyers aged 35 and younger: 56%

A reason to go back to Lake Charles, LA?

realtor.com

Cracking open a seasoned crawfish is just a way of life in Lake Charles, about three hours west of New Orleans. But just a short drive from the Gulf of Mexico, this midsize city isn’t just about Cajun food. It also offers plenty of gigs at all levels, giving young workers the cash they need to buy that affordably priced first home.

“We’re more of a blue-collar area, but everybody’s making money,” says Tommy Eastman, a real estate broker at Flavin Realty in Lake Charles. A lot of the first-time buyers he works with grew up in the area and work at nearby petrochemical or natural gas plants.

With prices and mortgage rates already so low and with rents rising, it can be cheaper to own than to rent. Many two-bedroom apartments are going for upward of $1,500 per month, Eastman says. Folks here can easily score a mortgage for less than that.

Homes are so affordable here, about 20.7% less than the national median, that plenty of first-time buyers are purchasing newly constructed abodes. And builders are responding to this demand, putting up lots of new subdivisions to the north and west of the city. Three-bedroom, two-bath homes in these neighborhoods go for around $200,000.

Just check out this three-bedroom home with a two-car garage in the Oak Grove subdivision priced at $199,900.

2. Provo, UT

Median list price: $377,500 Share of buyers aged 35 and younger: 51%

A 2,000-square-foot home in Provo, UT

realtor.com

In recent years, Provo’s cultivated a growing startup and tech scene. But despite all of the growth in this city situated between Utah Lake and snow-capped Provo Peak, it’s still relatively affordable compared with other big tech destinations.

The price tag here might sound a little high, but homes go for a median $393,000 in Salt Lake City, about 45 minutes north of Provo—or for that matter $999,000 in San Jose, CA, in the heart of Silicon Valley.

The typical down payment here is just 6%, a much lower barrier for younger buyers than other higher-priced cities. Provo also boasts a down payment assistance program for first-time home buyers, which includes assistance of up to $10,000. The city makes them put down at least $1,000, and they must repay half of that amount if they sell the home within their first two years of ownership.

Many of these young professionals are buying starter homes in suburban neighborhoods such as Cedar Hills, where there are lots of family-friendly ranch homes. These homes are usually under 2,000 square feet, so they’re substantially cheaper than their larger counterparts nearby.

3. Appleton, WI

Median list price: $227,700 Share of buyers aged 35 and younger: 53%

A two-story, 100-year-old home in the neighborhood of City Park

realtor.com

This Wisconsin city is known for its beer. On the weekends, places like the Appleton Beer Factory and the Fox River Brewery are hopping (no pun intended). But aspiring homeowners aren’t just spending their free time downing pints—they’re out there dominating the Appleton housing market. Young buyers make up more than half of those purchasing homes.

“You can get a lot of home for your money,” says Carolyn Stark, a real estate agent at Keller Williams Fox Cities. The median home price in Appleton is 24% lower than the national median.

Appleton is home to employers such as Kimberly-Clark Corp. (maker of Huggies and other consumer products), a Fortune 500 company. And the typical household income for 25- to 34-year-olds is $68,108. That’s 16% more than what they earn in Milwaukee and 3% more than in Chicago—two bigger cities where homes cost more than in Appleton. In fact, last year, realtor.com named Appleton the top market for millennial home buyers.

So, the word is getting out. But cash-strapped buyers can still find deals in places such as City Park, a walkable neighborhood with two-story, 100-year-old homes with around 1,600 square feet priced around $120,000.

4. Bloomington, IL

Median list price: $150,000 Share of buyers aged 35 and younger: 43%

A home for $60,000 in Bloomington, IL

realtor.com

Many places across the nation are experiencing a historic shortage of homes for sale—with a scarcity of homes offered at prices low enough for most first-time buyers to afford. That couldn’t be further from the truth in Bloomington, a small city two hours south of Chicago. Finding a home priced under $100,000 isn’t hard if they know where they look. Hint, head to the southwest part of town.

“A lot of students stay after they graduate,” says Becky Gerig, a broker at Re/Max Choice in Bloomington. Entry-level buyers make up the bulk of her clients, and they’re often recent graduates of local colleges like Illinois Wesleyan University who go on to work at companies like insurance provider State Farm, which is headquartered there.

“They can find homes sometimes at $60,000 to $70,000,” says Gerig.

Many of the homes here are single-family homes with porches, built in the 1940s. Bargain hunters can find fixer-uppers such as this one for just $60,000.

5. Amarillo, TX

Median list price: $227,000 Share of buyers aged 35 and younger: 46%

Cadillac Ranch in Amarillo, TX

fdastudillo/iStock

One of Amarillo’s claims to fame is the Cadillac Ranch, with its array of colorfully spray-painted vintage cars half buried in the ground and sitting straight up like Stonehenge. But don’t confuse the luxury cars as a sign of high local home prices. Amarillo is a low-cost, Texas Panhandle city, sitting at the gateway to the Palo Duro Canyon State Park, about an hour east of New Mexico. First-time buyers here can have their pick of abodes.

“Builders went crazy last year,” says Cinda Lovato, a Realtor®. “There are so many new homes, from as low as $150,000.”

Starter-home seekers are flocking to suburban neighborhoods like Saturn Terrace, where they can find three-bedroom, 1,400-square-foot ranches for under $200,000. Some of these buyers are even as old as 40 or 50 and are tired of renting instead of owning, Lovato says.

“Rent on a three-bedroom, two-bath house is typically $1,500,” she says. “If they bought the home, [the mortgage could] be less than $1,000.”

The rest of the top 10 metros for starter homes are Huntington, WV; Lafayette, IN; Fargo, ND; Waterloo, IA; and Syracuse, NY. 

Now let’s look at the best places for folks who are staring down retirement—and beyond.

Top metros for forever homes

Tony Frenzel

The 10 top places to buy a forever home 1. Punta Gorda, FL

Median list price: $280,000 Share of buyers aged 60 and older: 47%

Newly built, two-bedroom villa in Punta Gorda, FL

realtor.com

No one wants to live through a devastating hurricane and then spend their golden years rebuilding their homes. That’s why many retirees are heading to Punta Gorda, about an hour and a half south of Tampa. The city was devastated by Hurricane Charley in 2004. In the wake of the tragedy, lots of homes designed to withstand powerful storms have been built. Affordable prices and no state income taxes are big draws for retirees looking for a down-to-earth community on the water.

“We’re a boomtown,” says Patricia McGuire, a local real estate professional with Coldwell Banker Sunstar Realty. Last month realtor.com named Punta Gorda the fastest-growing retirement town in America.

All those incoming baby boomers mean home builders don’t get a lot of free time. They tend to favor newly built, two-bedroom villas priced around $200,000 with granite countertops and two-car garages (to store all the stuff left over from their larger previous homes). First-floor condos are also popular with this set, McGuire says.

2. Prescott, AZ

Median list price: $400,000 Share of buyers aged 60 and older: 54%

Home in Victorian Estates in Prescott, AZ

realtor.com

Prescott tends to attract wealthier, active retirees and soon-to-be retirees who prefer a hike or bike ride in the mountains over hanging out at senior centers. The city is situated between the Prescott National Forest and the Coconino National Forest.

The typical forever homes in Prescott are one-story houses priced around $250,000 with a garage and big driveway—all the better to park the RV.

The metro is also home to plenty of 55-plus communities such as Victorian Estates. The gated community boasts 178 single-family homes ranging from about 1,000 to 1,700 square feet with open floor plans, a clubhouse, outdoor pool, and even weekly poker nights. Homes there start at $279,000.

But places here don’t come cheap—that’s why we earlier named it one of the most expensive retirement towns in America. You can thank former Californians for that. They can sell their big homes in the Golden State for a bundle and still have enough to buy in Prescott and put some dough in the bank. But they’re driving prices up for everyone else.

3. Myrtle Beach, SC

Median list price: $244,800 Share of buyers aged 60 and older: 46%

Condo development in Myrtle Beach, SC

realtor.com

Myrtle Beach isn’t just for souvenir vendors and vacationers. Over the years this tourist mecca has seen a steady increase of older folks buying up dream retirement homes or second homes just minutes from the beach.

They’re drawn by the inexpensive housing, warm weather, and relatively low cost of living. And because Myrtle Beach is a tourist hot spot, there are already lots of fun things to do in the area, like taking a ride on the SkyWheel (a 187-foot Ferris wheel).

Some folks looking ahead to retirement will snag a permanent lot at a seaside campground, where they can live full time out of their camper and even build things like porches around it. Costs for a campground site at Pirateland Camping Resort start at $15,000 per year. Other folks are buying one-bedroom condos in beachfront high-rises priced around $120,000.

4. Salisbury, MD

Median list price: $310,000 Share of buyers aged 60 and older: 39%

Ranch home in Salisbury, MD

realtor.com

The popular HGTV show “House Hunters” followed J.D. and Jenny Schroen in 2017 as they searched for their forever home in Salisbury. They wanted something big, around 4,000 square feet, and under $600,000. They ended up buying a home for $315,000 and giving it a six-figure overhaul.

Forever-home buyers in Salisbury can either go the fixer-upper route of the Schroens or choose from lots of new, rambler-style homes that were built with older buyers in mind. These places usually have open floor plans, wood flooring, and granite countertops, and can be found for under $200,000.

Salisbury isn’t as much of a de facto retirement town as many of the other places on our list. But with a population with an average age of 45, it does have lots of folks starting to think ahead and choosing to stay put.

5. Asheville, NC

Median list price: $372,300 Share of buyers aged 60 and older: 27%

Asheville, NC

SeanPavonePhoto/iStock

Asheville isn’t the place to find forever homes on a shoestring budget. But this lively place filled with boutiques, breweries, and art galleries in the Blue Ridge Mountains continues to see young and old alike moving in.

“Arts and culture are really important in Asheville,” says Molly de Mattos, a broker in Asheville. “We have a big live-music scene, but we don’t have big venues. The retirees appreciate the small, more intimate venues.”

Older buyers often prefer single-family homes in walkable neighborhoods, like Montford, with houses that have outdoor patios or porches. Usually these homes are priced around $350,000 to $600,000. The buyers come from all over, but particularly California.

“People are tired of paying millions of dollars for a home, so they retire here knowing they can get a really nice house for $500,000 and have money to play with,” de Mattos says.

Hey, Asheville’s nickname of the “San Francisco of the East” didn’t come out of thin air.

The rest of the top 10 metros for forever homes are Roanoke, VA; 

from DIYS http://bit.ly/2T3sgFv

[gillespialfredoe01806ld]

The Top 10 U.S. Cities to Buy Your Starter Home—or Your Forever Home

iStock; realtor.com

Get ready for a real estate tsunami—two of ’em, in fact. America’s largest-ever generations, millennials and baby boomers, are entering their prime home-buying years at the same time! But while most millennials are prowling the market for affordable starter homes that will enable them to move out of Mom and Dad’s basement or finally trade in their apartment keys for deeds, older Americans are often seeking “forever homes” with amenities and flexible, universal designs that will enable them to seamlessly transition into their twilight years—and maybe even party like it’s1999. Or 1979.

Where are the top cities to find these different places? Realtor.com set out to find the best metros in America to find starter homes and forever homes.

So what defines each type of abode? More than anything else, it comes down to customer needs—where folks find themselves on the great home-buying journey of life. It isn’t just about age: After all, some folks wait until their 40s or 50s to buy their first home, while some young buyers opt for a starter home they intend to stay in, well, forever.

That said, there’s a reason why the ranks of both forever homes and starter homes are swelling exponentially right now. Millennials have waited longer than previous generations to settle down and buy homes, not always by choice—student debt and high home prices delayed pulling the trigger. But now that they’re getting married and having kids of their own, more and more are settling into their first homes, making them the nation’s largest group of buyers. And the biggest chunk of them are just now hitting their 30s!

On the other end of the spectrum are the retiring or downsizing baby boomers, searching for homes where they can age in place. Many are holding onto their careers longer, and 1 in 3 has yet to reach age 65. So they’re just now hitting the market en masse.

Homes for both groups tend to be smaller—under 2,000 square feet—and located in walkable areas. But in other respects there are some key differences.

Millennials “want to buy near their jobs and amenities. But affordability is the key factor—they are looking for something they can buy without getting over their head,” says Chris Porter, the chief demographer at John Burns Real Estate Consulting in Irvine, CA. “And boomers are retiring and moving to warm climates. … They want a home that requires less upkeep and in a walkable community.”

For both rankings, we looked at the 250 largest metropolitan areas.* We limited each ranking to one metro per state to ensure geographic diversity.

To find the top places for buying a starter home, we factored in these criteria**:

Percentage of home buyers aged 35 and younger

Percentage of typically more affordable homes under 2,000 square feet

Median down payment (the lower, the better)

Median mortgage borrower’s FICO score (the lower, the better)

Percentage of income of those aged 35 and younger going toward median monthly housing costs

To find the top places for buying a forever home, we factored in these criteria**:

Percentage of residents aged 60 and older

Median list price

Number of homes adapted for seniors, looking at realtor.com listings with keywords such as “universal design,” “ground-floor master suite,” “senior-friendly,” and “no-step entry”

Ratio of home health aides per senior

Number of folks aged 55 and older moving in

So let’s start out by taking a tour of the top spots for folks leaping into homeownership for the first time.

Top metros for starter homes

Tony Frenzel

The top 10 places to buy a starter home 1. Lake Charles, LA

Median list price: $235,100 Share of buyers aged 35 and younger: 56%

A reason to go back to Lake Charles, LA?

realtor.com

Cracking open a seasoned crawfish is just a way of life in Lake Charles, about three hours west of New Orleans. But just a short drive from the Gulf of Mexico, this midsize city isn’t just about Cajun food. It also offers plenty of gigs at all levels, giving young workers the cash they need to buy that affordably priced first home.

“We’re more of a blue-collar area, but everybody’s making money,” says Tommy Eastman, a real estate broker at Flavin Realty in Lake Charles. A lot of the first-time buyers he works with grew up in the area and work at nearby petrochemical or natural gas plants.

With prices and mortgage rates already so low and with rents rising, it can be cheaper to own than to rent. Many two-bedroom apartments are going for upward of $1,500 per month, Eastman says. Folks here can easily score a mortgage for less than that.

Homes are so affordable here, about 20.7% less than the national median, that plenty of first-time buyers are purchasing newly constructed abodes. And builders are responding to this demand, putting up lots of new subdivisions to the north and west of the city. Three-bedroom, two-bath homes in these neighborhoods go for around $200,000.

Just check out this three-bedroom home with a two-car garage in the Oak Grove subdivision priced at $199,900.

2. Provo, UT

Median list price: $377,500 Share of buyers aged 35 and younger: 51%

A 2,000-square-foot home in Provo, UT

realtor.com

In recent years, Provo’s cultivated a growing startup and tech scene. But despite all of the growth in this city situated between Utah Lake and snow-capped Provo Peak, it’s still relatively affordable compared with other big tech destinations.

The price tag here might sound a little high, but homes go for a median $393,000 in Salt Lake City, about 45 minutes north of Provo—or for that matter $999,000 in San Jose, CA, in the heart of Silicon Valley.

The typical down payment here is just 6%, a much lower barrier for younger buyers than other higher-priced cities. Provo also boasts a down payment assistance program for first-time home buyers, which includes assistance of up to $10,000. The city makes them put down at least $1,000, and they must repay half of that amount if they sell the home within their first two years of ownership.

Many of these young professionals are buying starter homes in suburban neighborhoods such as Cedar Hills, where there are lots of family-friendly ranch homes. These homes are usually under 2,000 square feet, so they’re substantially cheaper than their larger counterparts nearby.

3. Appleton, WI

Median list price: $227,700 Share of buyers aged 35 and younger: 53%

A two-story, 100-year-old home in the neighborhood of City Park

realtor.com

This Wisconsin city is known for its beer. On the weekends, places like the Appleton Beer Factory and the Fox River Brewery are hopping (no pun intended). But aspiring homeowners aren’t just spending their free time downing pints—they’re out there dominating the Appleton housing market. Young buyers make up more than half of those purchasing homes.

“You can get a lot of home for your money,” says Carolyn Stark, a real estate agent at Keller Williams Fox Cities. The median home price in Appleton is 24% lower than the national median.

Appleton is home to employers such as Kimberly-Clark Corp. (maker of Huggies and other consumer products), a Fortune 500 company. And the typical household income for 25- to 34-year-olds is $68,108. That’s 16% more than what they earn in Milwaukee and 3% more than in Chicago—two bigger cities where homes cost more than in Appleton. In fact, last year, realtor.com named Appleton the top market for millennial home buyers.

So, the word is getting out. But cash-strapped buyers can still find deals in places such as City Park, a walkable neighborhood with two-story, 100-year-old homes with around 1,600 square feet priced around $120,000.

4. Bloomington, IL

Median list price: $150,000 Share of buyers aged 35 and younger: 43%

A home for $60,000 in Bloomington, IL

realtor.com

Many places across the nation are experiencing a historic shortage of homes for sale—with a scarcity of homes offered at prices low enough for most first-time buyers to afford. That couldn’t be further from the truth in Bloomington, a small city two hours south of Chicago. Finding a home priced under $100,000 isn’t hard if they know where they look. Hint, head to the southwest part of town.

“A lot of students stay after they graduate,” says Becky Gerig, a broker at Re/Max Choice in Bloomington. Entry-level buyers make up the bulk of her clients, and they’re often recent graduates of local colleges like Illinois Wesleyan University who go on to work at companies like insurance provider State Farm, which is headquartered there.

“They can find homes sometimes at $60,000 to $70,000,” says Gerig.

Many of the homes here are single-family homes with porches, built in the 1940s. Bargain hunters can find fixer-uppers such as this one for just $60,000.

5. Amarillo, TX

Median list price: $227,000 Share of buyers aged 35 and younger: 46%

Cadillac Ranch in Amarillo, TX

fdastudillo/iStock

One of Amarillo’s claims to fame is the Cadillac Ranch, with its array of colorfully spray-painted vintage cars half buried in the ground and sitting straight up like Stonehenge. But don’t confuse the luxury cars as a sign of high local home prices. Amarillo is a low-cost, Texas Panhandle city, sitting at the gateway to the Palo Duro Canyon State Park, about an hour east of New Mexico. First-time buyers here can have their pick of abodes.

“Builders went crazy last year,” says Cinda Lovato, a Realtor®. “There are so many new homes, from as low as $150,000.”

Starter-home seekers are flocking to suburban neighborhoods like Saturn Terrace, where they can find three-bedroom, 1,400-square-foot ranches for under $200,000. Some of these buyers are even as old as 40 or 50 and are tired of renting instead of owning, Lovato says.

“Rent on a three-bedroom, two-bath house is typically $1,500,” she says. “If they bought the home, [the mortgage could] be less than $1,000.”

The rest of the top 10 metros for starter homes are Huntington, WV; Lafayette, IN; Fargo, ND; Waterloo, IA; and Syracuse, NY. 

Now let’s look at the best places for folks who are staring down retirement—and beyond.

Top metros for forever homes

Tony Frenzel

The 10 top places to buy a forever home 1. Punta Gorda, FL

Median list price: $280,000 Share of buyers aged 60 and older: 47%

Newly built, two-bedroom villa in Punta Gorda, FL

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No one wants to live through a devastating hurricane and then spend their golden years rebuilding their homes. That’s why many retirees are heading to Punta Gorda, about an hour and a half south of Tampa. The city was devastated by Hurricane Charley in 2004. In the wake of the tragedy, lots of homes designed to withstand powerful storms have been built. Affordable prices and no state income taxes are big draws for retirees looking for a down-to-earth community on the water.

“We’re a boomtown,” says Patricia McGuire, a local real estate professional with Coldwell Banker Sunstar Realty. Last month realtor.com named Punta Gorda the fastest-growing retirement town in America.

All those incoming baby boomers mean home builders don’t get a lot of free time. They tend to favor newly built, two-bedroom villas priced around $200,000 with granite countertops and two-car garages (to store all the stuff left over from their larger previous homes). First-floor condos are also popular with this set, McGuire says.

2. Prescott, AZ

Median list price: $400,000 Share of buyers aged 60 and older: 54%

Home in Victorian Estates in Prescott, AZ

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Prescott tends to attract wealthier, active retirees and soon-to-be retirees who prefer a hike or bike ride in the mountains over hanging out at senior centers. The city is situated between the Prescott National Forest and the Coconino National Forest.

The typical forever homes in Prescott are one-story houses priced around $250,000 with a garage and big driveway—all the better to park the RV.

The metro is also home to plenty of 55-plus communities such as Victorian Estates. The gated community boasts 178 single-family homes ranging from about 1,000 to 1,700 square feet with open floor plans, a clubhouse, outdoor pool, and even weekly poker nights. Homes there start at $279,000.

But places here don’t come cheap—that’s why we earlier named it one of the most expensive retirement towns in America. You can thank former Californians for that. They can sell their big homes in the Golden State for a bundle and still have enough to buy in Prescott and put some dough in the bank. But they’re driving prices up for everyone else.

3. Myrtle Beach, SC

Median list price: $244,800 Share of buyers aged 60 and older: 46%

Condo development in Myrtle Beach, SC

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Myrtle Beach isn’t just for souvenir vendors and vacationers. Over the years this tourist mecca has seen a steady increase of older folks buying up dream retirement homes or second homes just minutes from the beach.

They’re drawn by the inexpensive housing, warm weather, and relatively low cost of living. And because Myrtle Beach is a tourist hot spot, there are already lots of fun things to do in the area, like taking a ride on the SkyWheel (a 187-foot Ferris wheel).

Some folks looking ahead to retirement will snag a permanent lot at a seaside campground, where they can live full time out of their camper and even build things like porches around it. Costs for a campground site at Pirateland Camping Resort start at $15,000 per year. Other folks are buying one-bedroom condos in beachfront high-rises priced around $120,000.

4. Salisbury, MD

Median list price: $310,000 Share of buyers aged 60 and older: 39%

Ranch home in Salisbury, MD

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The popular HGTV show “House Hunters” followed J.D. and Jenny Schroen in 2017 as they searched for their forever home in Salisbury. They wanted something big, around 4,000 square feet, and under $600,000. They ended up buying a home for $315,000 and giving it a six-figure overhaul.

Forever-home buyers in Salisbury can either go the fixer-upper route of the Schroens or choose from lots of new, rambler-style homes that were built with older buyers in mind. These places usually have open floor plans, wood flooring, and granite countertops, and can be found for under $200,000.

Salisbury isn’t as much of a de facto retirement town as many of the other places on our list. But with a population with an average age of 45, it does have lots of folks starting to think ahead and choosing to stay put.

5. Asheville, NC

Median list price: $372,300 Share of buyers aged 60 and older: 27%

Asheville, NC

SeanPavonePhoto/iStock

Asheville isn’t the place to find forever homes on a shoestring budget. But this lively place filled with boutiques, breweries, and art galleries in the Blue Ridge Mountains continues to see young and old alike moving in.

“Arts and culture are really important in Asheville,” says Molly de Mattos, a broker in Asheville. “We have a big live-music scene, but we don’t have big venues. The retirees appreciate the small, more intimate venues.”

Older buyers often prefer single-family homes in walkable neighborhoods, like Montford, with houses that have outdoor patios or porches. Usually these homes are priced around $350,000 to $600,000. The buyers come from all over, but particularly California.

“People are tired of paying millions of dollars for a home, so they retire here knowing they can get a really nice house for $500,000 and have money to play with,” de Mattos says.

Hey, Asheville’s nickname of the “San Francisco of the East” didn’t come out of thin air.

The rest of the top 10 metros for forever homes are Roanoke, VA; 

from DIYS http://bit.ly/2T3sgFv

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The Supply of Homes for Sale Is Down—and the Coronavirus Will Make It Worse

H Matthew Howarth/Getty Images

The number of homes for sale was hovering around record lows before the coronavirus pandemic hit the United States. Now, amid a public health and economic disaster, inventory is falling even further, just before what would typically be the busy spring buying season.

The number of homes for sale nationally dropped 15.7% in March compared with a year earlier, according to a recent realtor.com® analysis of active listings. That’s about 191,000 fewer homes for buyers. (Realtor.com looked at the 50 largest metropolitan areas to identify which saw the largest annual drops in homes for sale.)

However, the massive inventory declines aren’t all due to sellers pulling properties due to fears about COVID-19, the disease caused by the novel coronavirus. The number of active listings decreased 15.3% year over year in February and 13.6% in January, according to realtor.com. Under-building, more millennials seeking homes to house their growing families, and a sea of down-sizers have contributed to the crunch.

“The U.S. housing market had a good start to the year. Despite still-limited homes for sale, buyers were buying and builders were building,” realtor.com Chief Economist Danielle Hale said in a statement. “The pandemic and virus-fighting measures appear to be disrupting that initial momentum as both buyers and sellers adopt a more cautious posture.”

Meanwhile, list prices increased 3.8% in March, compared with the same month last year. The median list price was $320,000. However, price growth slowed in the past two weeks of March, around the time when the number of U.S. cases of infection rose and states began issuing shelter-in-place orders. In the third week of the month, the median list price was up 3.3%, and in the fourth week it rose just 2.5%.

The biggest drops in inventory were in the Phoenix metro area, where the number of homes for sale plunged 42.2% in March compared with the previous year. The median list price in the popular retirement destination was $405,000.

To be fair, the number of active home listings in Phoenix had dramatically fallen well before COVID-19 emerged as a major threat to America. Listings tumbled by the same 42.2% year over year in February, and declined 35.4% in January, according to realtor.com data.

The culprit has been the influx of out-of-state buyers and a lack of new construction, says local real estate agent Kristy Ryan of Re/Max Fine Properties. Indeed, those new residents have made Phoenix the 10th largest metropolitan area, knocking Boston out of that spot, according to a recent U.S. Census Bureau report.

About half of Ryan’s clients are now from out of state, with many young professionals, families, and retirees hailing from ultrapricey California. A year earlier, these clients made up only about 20% to 25% of her business.

“Inventory was already disappearing. There’s not enough new building for the amount of people coming in,” says Ryan. “The Sun Belt is a desirable place to live with good weather. We have fairly low property tax rates.

“Our pricing is so great compared to California,” she adds.

Ironically, the coronavirus may result in a jump in the number of properties that go on the market in the Phoenix area. Folks are nervous about the stock market, which has been in a free fall, and the economy, which appears to be in a recession, and are putting their primary and secondary homes up for sale. Remembering how prices tanked during the Great Recession, sellers are eager to get top dollar while they still can, says Ryan.

“People are a little nervous that if there’s a whole financial meltdown from the coronavirus, that homes might lose value,” says Ryan. She’s seen more homes hit the market in the past two weeks or so, as the pandemic swept through the U.S.

The Phoenix metro area was followed by Milwaukee, with a 36.2% drop in inventory and a median list price of $327,500 in March. Next up was San Diego, at minus 33.4% and $750,000; Silicon Valley’s San Jose, CA, at minus 31.4% and $1,231,000; and Philadelphia, at minus 30.7% and $300,000.

The rest of the top 10 was rounded out by Cincinnati, at minus 30.4% and $300,000; Denver, at minus 30% and $560,000; Riverside, CA, at minus 27.6% and $425,000; Providence, RI, at minus 27.2% and $400,000; and Seattle, at minus 27.1% and $615,000.

In hard-hit New York City, inventory fell only 10.7% in the metro region. That was one of the smallest declines on our list. (The New York metro area encompasses suburbs and towns on Long Island and upstate New York as well as New Jersey, Connecticut, and Pennsylvania.) The median home price was $569,000.

The post The Supply of Homes for Sale Is Down—and the Coronavirus Will Make It Worse appeared first on Real Estate News & Insights | realtor.com®.

from https://www.realtor.com/news/trends/inventory-march-20-coronavirus/

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