Tag Archives for " Millennial Homeownership "
Courtesy of the Charlotte Observer home|design
Saturday, December 6, 2014
Showcase Broker Julius Green Rising Star
BROKER, SHOWCASE REALTY
Julius Green, a Kansas City, Mo., native, studied business management at Longview community College, which led to a position as an assistant manager and a five-year partnership with a prominent Fortune 500 company. The role allowed him to expand his expertise in public service and eventually transition into a real estate career. As a dedicated real estate agent with showcase Realty, Green specializes in first-time homebuyers, investment properties, condominium sales and residential properties in the Charlotte market.
Green is a family man with a devotion to God, his beautiful wife and two children. He enjoys long walks in the park, reading and spending time with his family, and anything basketball-related: he’s a natural athlete and it’s one of his year-round passions.
“Very proud Julius was honored with this award. He is hard working, energetic, versatile and enjoys working in all price points and especially first-time home buyers. Slthough successful in a prior job, he made a career change due to his passion for real estate” – Nancy Braun, Owner Broker in charge, Showcase Realty
According to a survey conducted by the California Association of Realtors, millennials still value homeownership but claim that it may take a while before they purchase a home.
Out of all the 1000 millennials aged 18 to 24 years who were part of the 2014 California Millennial Survey, 54 percent gave the importance of homeownership a rating of 8 or higher on a scale of 1 to 10 while 50 percent claim that they’re planning to buy a home within the next five years. Furthermore, privacy, freedom with to do whatever they want with their property as well as homeownership satisfaction are the three biggest advantages they see when you own a home.
“Millennials do see homeownership as an important objective,” President of the Silicon Valley Association of Realtors David Tonna said. “They may delay it for a few years, but it’s a fact of life that most of the young adults today will settle down and have families and will want a home of their own.”
Additionally, about 59 percent of the respondents claim that the housing crisis didn’t change their outlook on homeownership as an excellent investment. The same number also expect home prices to increase within a year while 63 percent think that it’ll be higher in 5 years.
Out of all the millennial renters, 76 percent claim that they still couldn’t afford to purchase a home at this time mainly because of financial issues. Student debt didn’t seemed to be a obstacle to homeownership since one of out two millennial renters claim that it didn’t prevented them from getting home loan.
If homes prices become affordable now, 36 percent of the respondents claim that they’ll be encouraged to purchase a home, 16 percent said they’d be motivated once they have the required down payment while 15 percent claim an improvement in their current financial situation will push them to homeownership.
Lastly, most of the millennials in the survey that rather than purchasing homes in urban areas, they prefer single-family homes on large lots located in the suburbs. Two out of three of the respondents are planning to buy a single-family detached house while 12 percent want a townhouse or condominium.
Even though the number of first-time homebuyers reached its lowest level in 30 years, real estate professionals continue to be optimistic about the comeback of homeownership.
In the recent 2014 Realtors Conference and Expo held last November 7 to 10, 2014, in New Orleans, Louisiana, a panel of real estate experts talked about the different faces of American homebuyers and their possible effects to the housing market.
“Among primary residence homebuyers, the demographics have shifted dramatically, especially among first-time homebuyers, whose share of the market has dropped to its lowest level in decades,” panelist and director of member and consumer survey research for the National Association of Realtors (NAR) Jessica Lautz said, “We have also seen an increase in the median age and income of the average buyer, as well as in multigenerational household formations as adult children and elderly family members move back in with their families.”
One major discussion during the expo was the current condition of millennial homeownership. Young adults are being held back from ownership because of the inventory shortage, the strict credit rules, and the lower than average incomes but the real estate speakers believe that all these are just temporary as the economy fights its way to stability.
“It’s not that young people don’t want to purchase homes, it’s that they are delaying the purchase,” VP of research for the National Housing Conference Lisa Sturtevant said. “Many of the reasons millennials are not forming households or making purchases are economic, so as the economy improves, we should see this group become more of a force in the housing market.”
Chief Economist for Realtor.com Jonathan Smoke agreed to Sturtevant’s statement saying that 37 percent of the homebuyers last summer were the millennials and that they’re expected to account for about two-thirds of homeownership in the succeeding years. Furthermore, he also shared that more than half of the adults between the age of 21 to 34 visited real estate websites and used real-estate related mobile applications from June to September 2014.