Redlining…that old fashioned sounding thing that is still happening…hopefully due to the lag of new ideas replacing old habits…It’s not OVERT racism: saying out loud that one person is better than another because of the color of their skin. It’s COVERT racism: you say out loud that everyone matters, but behind the scenes you do things to […]
You’d be surprised to know that in our current market there are many different kinds of home buyers (and consequently, home sellers). This should tell you something — that the market’s largely dictated by who you are. And if you don’t know who you are as a home buyer, you’re basically jumping into an ocean without a life jacket — pretty dangerous.
Know What Kind of Home Buyer You Are (or Rather, What Kind of Home Buyer You’re Supposed to Be!)
The beautiful thing about the budding real estate market we’re seeing right now is the ability of resources to gather data and try to make some sense out of the metrics. What houses are selling? Why are they selling? What’s trending? What’s hot in today’s market? How do you think people find out the answers to these questions? — surveys, metrics, data, information.
Know the info, and you’ll know the market. Plain and simple. That’s home buyer 101, the first thing you learn. In order to know the info, though, you have to know where you fit in as a home buyer. Here are the current ‘types’ (for lack of a better term):
The Silent Generation — Believe it or not, but this generation’s still kicking around the market and not enjoying Bingo at an old folk’s home, and here’s the proof.
Four — count ’em — four different types of home buyers. This makes it complicated. Especially for a home seller. Especially given the fact that by default this brings to the table four different types of home sellers out there. Forget the difficulty of finding the right person for a relationship! Knowing what you want in a home is one thing — knowing if you’re dealing with a millennial home buyer, or a gen-x home buyer, or a baby boomer, or one of the ‘silent’ ones will determine whether you sell that home, buy another one, or just opt for home renting.
It’s true, believe it or not. We’re guessing the real estate market is still so vibrant as mentioned here that even baby boomers from back in the ’80s and ’90s are still very much active when it comes to home buying. And they should be. Prospects are good. Why not take advantage of it?
There Are Four Aspects of This Market for Baby Boomers to Keep in Mind, Though
It’s not just about your age. Or the fact that you have a big salary with a career you’ve held down for a decade or more. Rather these bits can prove that you are, in fact, a baby boomer booming in the real estate market:
Mortgage Financing — You’d be surprised to see that baby boomers actually have the same kind of challenges that even millennials have. Read this.
When Selling a Home — The question of why a baby boomer’s selling (and consequently buying or renting even) is crucial to ask. What’s the answer? Click here.
Just by these facts, you can tell that age isn’t necessarily what makes a baby boomer.
There’s so Much More to It Than That
While the term “baby boomer” represents a higher birth rate of kids sprouting out like fish eggs and an explosion of opportunities both on the job side as well as the business side, there’s no doubt that being a baby boomer in the real estate market means that much more. They may be an older generation — but they certainly still act young. Learn more about the other home buyer demographics as well right here!
Either way we look at it, that’s great for the real estate market.
You don’t have to be a real estate guru to know that the east coast so-called “blue” states over there are all about the real estate, real estate, real estate. Without a doubt, that’s where the market’s cutthroat, and it’s like a game of inches and timing. You strike when the iron’s hot, and you hope for some ROI in the process.
Thankfully, we have some good news for you: the entire national real estate market seems to be looking pretty good, primarily for home sellers, as home prices begin to skyrocket clear across the board –
But Just in Case You’re in One of These States, You Have to See These Numbers
Bear in mind that as a home seller, if you want some ROI for major investments you’ve made to your property and you’re looking to move out, you’ll want to wait until you start seeing these numbers. These are predictions. But as the real estate market continues to flourish as we see here, there’s no doubt that these predictions will shortly become realities. So let’s take a look:
It’s hard to believe, but it’s true: millennials in our real estate demographic for home buying have already been putting their stamp in the market share, which is a good thing for the industry. We’re not going to see a real estate explosion quite yet, though, given the record low numbers of mortgage applications among millennials (and a consistent high growth for home renting) due to lack of job growth, student loan debt, and a later timeline for marriage and new families.
But It’s Coming. Some Say the Millennial Generation’s Already Here for Real Estate Home Buying
What you need to know, though, is what exactly they’ll be looking for in terms of a home…. Keep that in mind. Because of the inventory of available houses aren’t there; those millennials aching for a home to buy, well, won’t buy – which is bad for real estate business.
Here’s what millennials will want in a home (and you certainly won’t need any Gray’s Sports Almanac to figure this one out):
They’ll Want to Focus on LESS – Less, as in less ‘possessions’. What does that mean, exactly? Find out right here.
They’ll Want a “Hip” Community – But why? Why does it matter if the neighborhood’s all about fun and games for everyone? Here’s why.
We’ve Got You, However, on This Real Estate Market
Preparation. That’s what it’s all about. Whether it’s home staging or a real estate agent who can access all the available homes, RTO or not, with all the correct features millennials are going to want. Because when they buy, people sell. Home improvements, renovations, maybe even new construction – the new millennial generation may drive this focus in.
Good news for all! It looks like the national real estate market is ready for an upswing of home prices due to low inventory, and every single state will be feeling it very, very soon. Yes, this does include the Midwestern states we all love so dearly. The crossroads of America. The Mitten. The Windy City. You name it.
Each of these states will be a pretty good place to sell a home with optimal returns. So if you live in any of these states, and you’re planning on selling your home somewhere in these corn fields, take a look at the home prices first and see if you should plan ahead for pricing that home on the higher end of the big bucks!
Take One Look Here at the Entire Midwest and See for Yourself
And this is the heartland of America, so you know real estate’s not exactly a bread and butter, but a golden gem. So if this golden gem’s getting bigger, then it’s for sure — our real estate market’s looking up!
But How Do You Make Sure That It’s the Right Time to Sell Your West Coast Home?
Easy. You check out the CoreLogic predictions for the entire United States! Here’s why: if the home prices are forecasted to climb, chances are good you’ll want to sell at that point and not right now. And, thankfully, according to those numbers, it’s looking pretty good for you to sell your west coast home later. Here’s why:
So Will It Be a Good Time to Sell Your West Coast Home?
The short answer is ‘yes’. And you noticed it yourself — each state here will be seeing growth. This allows for more options when you sell your west coast home. Save yourself some money. And make your real estate work for you.