Norris Bruce
Feb 06, 2019

1.6 Million Senior Households Are Staying In Place

Today’s News Synopsis:

How aging in place is restricting young homebuyers.  The Mortgage Bankers Association reported mortgage applications decreased 2.5% from last week in their latest Mortgage Applications Survey.  What are four good reasons this year may be a good time to buy a home?

In The News:

Redfin“Sales of $2 Million-Plus Homes Decline for First Time in 2 years as Prices Tick Up” (2-6-2019)

“The average sale price for luxury homes nationwide rose 4.7 percent annually to an average of $1,772,000 in the fourth quarter of 2018.”

Realtor.com “Sitting on the Sidelines?  4 Reasons to Get Up and Buy a Home This Year” (2-6-2019)

“The housing landscape of the past several years hasn’t exactly been friendly to buyers: the bidding wars, the eye-popping prices, the houses that sold before a “For Sale” sign even went up.”

Freddie Mac – “Freddie Mac Insight: Seniors Who Are Aging in Place Hold 1.6 Million Housing Units Off the Market” (2-6-2019)

“Freddie Mac (OTCQB: FMCC) released its February Insight, which sheds light on a key factor that contributes to today’s housing shortage: seniors choosing to age in place. This shortage of available homes has been identified as an important barrier to young adults buying their first homes.”

Mortgage Bankers Association “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-6-2019)

“Mortgage applications decreased 2.5 percent from one week earlieraccording to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 1, 2019.”

MarketWatch – “Yet another reason why San Francisco Bay Area house prices may rise in 2019” (2-6-2019)

“For residents of the Bay Area and its surrounding communities, it could get more difficult to find a home at an affordable price.”

CNBC – “4 of the 5 most affordable retirement spots are in this state” (2-6-2019)

“When 55places.com, an online resource for active adult communities in the U.S., identified the most affordable places to retire in 2019, one sun-drenched state — Florida — stood out by landing four of the top five spots.”

Business Insider – “An author who studied more than 10,000 millionaires says homeowners can fall into 3 traps that ruin their chances of getting rich” (2-6-2019)

“Make a mistake during the home-buying process, and it can affect your ability to accumulate wealth down the road.”

DS News – “How Aging In Place Is Restricting Young Homebuyers” (2-6-2019)

“Renting your home might be a helpful solution as you wait for sale prices in the area to increase.

 

California Real Estate Investor Events

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn at CVREIA on Tuesday, February 12.

Bruce Norris will be giving his latest Real Estate Market Update with MVP on Thursday, February 28.

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with OC FIBI on Tuesday, March 5.

Bruce Norris will be giving his latest Real Estate Market Update with IVAR on Wednesday, March 6.

 

Looking Back:

Not everyone wanted Amazon HQ2 in their town.  Home prices in December increased over 6% according to CoreLogic.  Housing and economic activity in most metropolitan areas saw modest gains in the fourth quarter of 2017 according to the NAHB’s First American Leading Markets Index.

 

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