In ValueInsured’s Q4 2018 Modern Homebuyer Survey, starter-homeowners who expressed strong interest in selling and buying another home were asked to list factors that keep them from “pulling the trigger now.” The results are interesting, especially when considering the overall positive economy we have.
A new year gives us new innovation and changes to look forward to. In the original Blade Runner, it was imagined that we would all be driving flying cars and living among robotic “replicants” by now. We’re not quite there yet; however, lots have changed since 1982 when the movie was first released. Coincidentally, 1982 was also the year when the U.S. Census Bureau began tracking homeownership rate by age group, when homeownership among adults under age 35 was 41%. Today, that figure has declined to 36.8%.
The ValueInsured Modern Homebuyer Survey does not go quite as far back as 1982, though it has been tracking Americans’ desire to own a home quarterly for over two years. According to the survey, the desire to own the American Dream among millennials (who are not already homeowners) remains high, currently at 71%. It has, however, been trending down…
Is it fair to call the millennial generation one of the least independent generations we have had? We may get some pushback for suggesting that, but speaking strictly about housing arrangement, that categorization is not exactly inaccurate.
Demographic and living arrangement research from the Pew Center suggests the incidents of young adults 18-34 living at home with parents are the highest in 130 years (!). There are also recent evidence that when young adults leave home to set up their own nest, they often do so with the financial help of mom and dad.
In a latest Q4 2018 survey by ValueInsured, millennial homebuyers who plan to buy a home “in the near future” were asked if they expect financial help from their parents and/or their in-laws to fund the down payment, typically the largest financial prerequisite and barrier to owning a home. Overall, 56% of all millennial expectant buyers reported they do not expect financial help, while over 4 in 10 millennial buyers (44%) said they do.
Some call it the “blue wave,” others wonder if it was closer to a splash than a tsunami. However you see it, the midterm elections on November 6th captured Americans from both sides of the political spectrum for much of the fall. As new congressmen and congress women get ready for swearing in in less than a month, how did the election results affect our housing market?
With all the talk surrounding international trade wars and tariffs in the news – a U.S.- China joint agreement to “cease fire” being the latest headline, yet there are threats still lingering with Canada and other frequent trade partners – how will they affect our domestic housing market? No one has a crystal ball, but we know consumer sentiments often drive behaviors, so we asked American homebuyers and owners what they think of the effect of trade wars.
The latest Q4 ValueInsured Modern Homebuyer Survey found 56% of Americans believe trade wars could affect the housing market, while 44% believe they won’t.
When asked how they would spend an unexpected tax-free cash prize of $25,000, nearly 1 in 3 Americans (32%) said they would spend it toward the purchase of their next home; interestingly, this includes 36% of millennial homeowners and 37% of Gen-X homeowners who already own a home, who say they would choose to spend the unexpected gain toward another home purchase.
Here are the top 10 ways Americans choose to spend an unexpected $25,000 prize…
Millennial homeowners among most eager to sell before prices fall, signaling more starter homes could enter market, according to ValueInsured’s Modern Homebuyer Survey
Seventy-five percent of Americans believe their local housing market is “cooling off” – among them, 72 percent say they are not surprised – according to results from ValueInsured’s Q4 2018 Modern Homebuyer Survey, released today.
This shift in market perceptions follows five consecutive quarters where majority of Americans believed housing was overheated. Among states with the most robust home sales activity, 22 percent of residents in California, 19 percent in Colorado, 36 percent in Texas, and 22 percent in Washington say their local market is not cooling.
The ValueInsured Housing Confidence Index registered at 63.0 on a hundred-point scale for all Americans in Q4, down 4.7 points in one year. Homeowners, historically the most confident segment on the Index, produced a score of 71.6 in Q4, the second-lowest level recorded in thirty months.
You may have heard the term “crying it out” or “CIO”; if you haven’t, your Gen-X and millennial clients with young families most certainly have. But we’re not here to discuss parenting or sleep-training tips. There is a new trend in housing: increasing number of millennial and Gen-X homebuyers are now “waiting it out”.