Why Aren’t Millennials Buying Homes More Frequently?

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One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across this great video from CNBC. I will give you my three biggest takeaways from the article.

1. Down payments are a huge factor

Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well

Rental rates are causing 46% of renters aged 25-34, to spend more than 40% of their incomes on rent, up from 30% a decade earlier.

3. Job security is important to millennial buyers

The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Are Foreclosures Always a Good Deal?

Selling your Richmond area home? Get a free home value report  

Buying a Richmond area home? Click here for full MLS access. 

Hello, and welcome to Part II of our foreclosure series! Today, we share more tips on how to buy a foreclosure property.

Be aware of title issues when purchasing a foreclosed property. HOA title issues are common on these properties, to say nothing of the many other title problems that can arise. Working with a competent closing agent who will do a title search on the property before you commit will help you avoid any unexpected problems.

The banks selling foreclosed properties will often want you to live in the home for one year before selling. If you intend on buying a distressed property, plan on being there for at least a year! The bank will make you sign an occupancy affidavit, which will place a restriction on the deed. If you try to sell the property before occupying it for a year, they will fine you!

If you have more questions about buying foreclosed properties, or if you need any real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you! 

The Myths of Buying Foreclosed Properties

Selling your Richmond area home? Get a free home value report  

Buying a Richmond area home? Click here for full MLS access. 

Recently, many people emailed us asking for tips about buying foreclosure properties. Since we could talk about this for days, this is Part I of a two part-series. 

If you're looking to buy and you come across a foreclosure, know that it's not a good deal simply because it's a foreclosure property. You need to work the numbers to find out if the home is truly a good deal, and you need to make sure that there are no defects that will cost you a lot of money down the road. 

Some people think that foreclosed property prices are fixed, but this is not true. In fact, the price of a foreclosed property is negotiable. Make sure you have a good agent in your corner negotiating on your behalf to ensure you get a good price on the property.

A lot of people think that they can't do a home inspection on a foreclosure, but that's not true either. Home inspections can be negotiated into the contract when buying a foreclosed home, so be sure to work with a real estate professional who knows the ropes. 

If you are looking for an agent who is very knowledgeable about foreclosures, or if you have any real estate questions of any kind, give us a call or shoot us an email. Keep an eye out for Part II of this foreclosure series! We look forward to hearing from you soon! 

Is Your Richmond Home Due for a Roof Repair?

Selling your Richmond area home? Get a free home value report  

Buying a Richmond area home? Click here for full MLS access. 

Lately, many people have asked what the signs are that they need a new roof. Your best option is to consult with a roofing contractor, but since I work with homeowners on a regular basis, I would love to share what I know. Now that the weather is getting nice here in Richmond, there is no better time to share the 3 signs that you need to replace your roof!

1. Water spots on ceiling: It's pretty obvious, but if you see water stains on your ceiling, there is a good chance there is something wrong with your roof!
2. Missing shingle granule: If granules from the face of your shingles are missing, you may want to consult with a contractor to see what the life expectancy of your roof is and whether now is the time to fix it.
3. Curling shingles: When your home gets to the end of its life expectancy, the shingles will start to curl at the ends. You'll even see them start to lift off the shingles underneath, and it's a sure sign that your roof is at the end of its run.

I hope you found these tips helpful! If you have any of these problems, give me a call and I'll put you in touch with a trustworthy roofing contractor who will help you out. As always, if you have any real estate questions or concerns, we would love to hear from you!