“What is important to Boomers when selling their house?”

When a “Boomer” sells their home 

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Percentage of Buyers who Looked Online First

  • All Buyers: 44%
  • Younger Boomers: 46%
  • Older Boomers: 44%

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

  • All buyers: 50% on the internet, 28% through a real estate agent
  • Younger Boomers: 46% on the internet, 33% through a real estate agent
  • Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

  • All sellers: 20 miles
  • Younger Boomers: 27 miles
  • Older Boomers: 50 miles

 

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

  • All sellers: 16%
  • Younger Boomers: 20%
  • Older Boomers: 31%

 

Primary Reason to Sell their Previous Home

  • Want to move closer to friends or family
  • Home too large
  • Retirement

 

View of Homeownership as a Financial Investment

  • 83% of Younger Boomers see homeownership as a good investment
  • 82% of Older Boomers see homeownership as a good investment

 

Bottom Line

If you are a boomer and thinking about selling and buying again, now might be the time to contact an a mortgage professional to help determine your options. It All Starts With A Conversation – Lee Walsh 407-459-4119

 

Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts.

For the sixth year in a row, real estate has come out on top as the best long-term investment! That has not always been the case. Gallup explains:

“Between 2008 and 2010, covering most of the Great Recession period that saw plummeting home and stock values, Americans were as likely to name savings accounts or CDs as the best long-term investment as they were to name stocks or real estate.”

This year’s results showed that 35% of Americans chose real estate, followed by stocks at 27%. The full results are shown in the chart below.

Bottom Line
Now that the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.

Did you notice? 

Florida Home prices are still rising!


It is a simple fact. There are more home buyers in the market right now than there are available homes for them to buy.

This is the theory of “supply and demand” at work.

Which is defined as:

“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”

When demand exceeds supply, prices go up. This is currently happening in the residential real estate market.

Here are the numbers for supply and demand as compared to last year for the last three months (March numbers are not yet available):

Radar Mortgage - Florida home supply

 

 

 

 

 

 

 

 

 

 

 

Supply & Demand – Florida Housing Market 

In each of the last three months, demand (buyer traffic) has increased as compared to last year while supply (number of available listings) has decreased. If this situation persists, home values will continue to increase.

radar mortgage florida supply

Bottom Line

The reason home prices are still rising is because there are more purchasers looking than there are homes to buy, but very few homeowners are ready to sell. This imbalance is the reason prices will remain on the uptick.

It’s a good bet that home prices and rates are not going down and both have a strong chance of going up over the next year.

Pre-Qaulifying – Pre-Approvals – Private Consultation – Personal Rate Quotes – It all starts with a conversation.

Lee Walsh 407-459-4119 or Click Here

 

 

According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.

This is in real contrast to the belief that people need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.

 Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.

According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.

 Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line
If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to home ownership a reality, let’s get together to find out if you qualify now. It all starts with a conversation. Lee Walsh 407-459-4119