I am proud to have been selected as Neighborhood Favorite REALTOR® on Nextdoor! If you haven't joined Nextdoor yet, please click the following link - it's FREE!
After the past recessions that have hindered the housing market, many people are wondering where the housing market may be headed in the next few years. While there are various opinions on the exact direction and the time frame that corresponds to the outcome, there are several factors that give us a pretty intelligent indication of where the real estate market for housing is headed.
According to Mark Boud, chief economist for Metrostudy, residential housing starts will continue a slow and steady climb between now and 2020 when the number of new single family housing units will reach 1.45 million units. This number will finally be equal to the housing industry's long-term yearly average. He also forecasts the following:
- The national housing market will continue to remain under-supplied (as it is currently) through 2020.
- The market is overloaded with higher-priced housing and an overt shortage of lower-priced "starter" homes.
- Most markets should see a continuing opening for land purchases and developments in the next two years.
- Overall, the price of housing is still overvalued somewhat, although not as much as the years prior to the last housing recession.
For a more detailed breakdown by Mr. Boud, please view his full forecast here:
Recent findings from the Pew Research Center show how demographic forces are driving population changes and reshaping how we live:
~ Fewer Americans are married. Only half of U.S. adults today are married, down from 70% in 1950. The increase in unmarried adults was greatest in those ages 50 and older—75% in the same time span—reflecting the rising divorce rate for the age cohort.
~ More generations are living together. There are nearly 61 million multi-generational households in the U.S. as of 2014, which includes two or more adult generations or grandparents and grandchildren. Growing Asian and Hispanic populations, which are more likely to live in multi-generational households than whites, explain some of the rise.
~ Women might never make up half the workforce. Women represented 46.8% of the U.S. labor force in 2015, but the Bureau of Labor Statistics projects the share of women in the workforce will peak at 47.1% in 2025 before tapering off. The gender pay gap is closing, however, and is even narrower for young adults, with working women ages 25 to 34 making 90% of what their male counterparts made.
~ Immigrants are driving workforce growth. Growth in the U.S. working-age population (ages 25 to 64) will be driven by immigrants and their U.S.-born children through 2035 because of a lack of U.S. born children with U.S. born parents. There would be 18 million fewer working-age adults in 2035 without immigrants.
~ The share of middle-income households is falling. In 2010, 59% of American adults lived in middle-income households—those with disposable incomes that are two-thirds to double the national median disposable income—down from 62% in 1991. The decline of middle-income households in the U.S. was mirrored across Western Europe, but most Western European countries had a larger share of adults in middle-income households that the U.S.
Tom Hicks' home (largest estate in Dallas) has hit the market at $100 million! Do I have a buyer? :) The main house alone is 50,000+ square feet, and that doesn't include the fabulous guest house. There is also a huge recreation building with a full-size movie theater in the basement, perfect for entertaining throngs of friends or even strangers!The stove (from France) in the kitchen is worth $65K! No expense has been spared in the design and renovation of this gorgeous mansion.
What is your favorite feature about this home?
Under Contract in Dallas! Only two weeks on the market... are YOU ready to sell? Call me at 214.909.8008!
I am a charter member of REBSEA (Real Estate and Business Social Enterprises Association) and will donate 10% of my real estate profit to one of the charities listed on my REBSEA profile. You can make a difference in your community and do something good for others just by hiring me to be your Realtor when buying or selling your next home! To learn more, visit:
#charity #donate #REBSEA #community
4B/2B -- four bedrooms and two bathrooms. "Bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.
assum. fin. -- assumable financing
closing costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow.
CMA -- comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
contingency -- a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.
dk – deck
expansion pot'l -- expansion potential mean that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions.
fab pentrm -- fabulous pentroom, a room on top (but under the roof) that has great views
FDR -- formal dining room
fixture -- anything of value that is permanently attached to or a part of real property. (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.
frplc, fplc, FP -- fireplace
gar -- garage (garden is usually abbreviated as "gard.")
grmet kit -- gourmet kitchen
HDW, HWF, Hdwd -- hardwood floors
hi ceils -- high ceilings
in-law potential -- potential for a separate apartment, subject to local zoning restrictions
large E-2 plan -- this is one of several floor plans available in a specific building
listing -- an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner's home. The word "listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent isn't a "listing."
lo dues -- low homeowner's association dues. Be sure to find out how "low" the dues are compared to other dues in the area.
lock box -- locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent
lsd pkg. -- leased parking area. May come with additional cost.
MLS -- Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLS's are local or regional. There is no MLS covering the whole country.
pot'l – potential
pvt -- private
pwdr rm -- half bathroom or powder room
REALTOR® -- a real estate broker or sales associate who is a member of the National Association of REALTORS®. Like me! :) *NOTE: Not all real estate agents are REALTORS®.
title insurance -- an insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.
upr -- upper floor
vw, vu, vws, vus -- view(s)
I hope these are helpful to you! If there are any others that you would like to ask about, please contact me at firstname.lastname@example.org !
First thing’s first: There is free foreclosure help. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate.
If you’re behind on your mortgage, or having a hard time making payments, we want to get you in touch with a HUD-approved housing counselor — they’ve been sponsored by the U.S. Department of Housing and Urban Development. Your counselor can develop a tailored plan of action for your situation and help you work with your mortgage company. They’re experienced in all of the available programs and a variety of financial situations. They can help you organize your finances, understand your mortgage options, and find a solution that works for you.
Great news regarding home prices if you are thinking about selling your home! Get top dollar now while the inventory is low! Contact me ASAP to get your house sold - (214) 909-8008!