It’s where I’m happiest! I hope so for you too.
It’s where I’m happiest! I hope so for you too.
I steer clear of talking politics and religion with even the best of friends. But, I think this is a factual and informative perspective.
Finally, the issue of homeownership has become a platform talking point in this year’s presidential debate. Yesterday, one of the candidates running for President spoke out about the importance of homeownership in America. One candidate remarked:
“Homeownership is about more than just owning a home. It is about putting roots down in a community with better schools, safer streets and good jobs. And it is about building wealth, as homeowners build equity in their home one mortgage payment at a time…We must make sure that everyone has a fair shot at homeownership.”
It doesn’t matter who said it first. It doesn’t matter the political party. What matters is that EVERY candidate for our country’s highest office realizes the important role homeownership plays in the development of our nation. The fact that homeownership was finally brought to the forefront of the debate is great news – no matter which way you lean politically.
TransUnion recently released the results of a new study titled “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners that were negatively impacted by the housing crisis could re-enter the housing market in the next three years. TransUnion defined “negatively impacted” as…
“…those who were 60+ days past due on a mortgage loan, lost their mortgage through foreclosure, short sale or other non-satisfactory closure, or had a mortgage loan modification between the Bubble and Burst.”
Other interesting findings in the study:
Here are the number of consumers who will meet mortgage guidelines over the next four years.
If you are a family that experienced the impact of the last housing crisis, now may be the right time to again buy your own home.
The Changing Luxury Market
I am a specialist in luxury homes and marketing luxury goods to clients throughout the world. This current economic climate though has changed my opinion of the definition of luxury. Times change, people change and luxury has changed.
Luxury clients were once an elite group of individuals who were fairly obvious to even the most amateur of sales executives. But luxury elite status has dimmed somewhat as firstly, many people are now able to afford luxury goods and secondly, many luxury clients remain cautious after the real estate and financial meltdown.
Today’s luxury homeowner may look wealthy (expensive diamonds, cars, art) but underneath their demeanor is a homeowner who is living month to month and wondering how to maintain appearances. It’s a fragile world and frankly, they are ill prepared.
Today’s TRUE luxury client often looks different and buys based on knowledge and experience. The smart ones are people who have not fallen prey to every excess on the market, purchased a bucket load of baubles and continue to drive the latest most expensive cars. I am finding many luxury clients asking me to assist them as they work through a financial downturn they never anticipated or saved for.
It’s a scary world. Our next election means a great deal for our economy. As I have said in the past, home sales equal a strong economy.
Today’s luxury client could mean dreadlocks and diamonds. In other words – today’s luxury is not the obvious…in fact, it’s the reverse.
Today’s luxury buyer has invested well and with discretion. They may may drive a Ford and not have a multi-million dollar medieval castle. They wear jeans and Nikes. The high-end buyer is unique and totally in tune with the market.
80% of today’s luxury buyers are tech savvy and researches every purchase. And most importantly, today’s luxury customer rarely buys on impulse. Long term investments are the rule with multiple properties instead of one show home. It’s actually an interesting turn of events.
I am reminded of my grandmother who came from great wealth but lived her later years in a charming bungalow of about 970 square feet. She mowed her own yard in knee highs and pearls. She drank her tea on fine china in a tiny kitchen. That’s somewhat representative of today’s luxury.
They luxury buyers are different, they act different and they have a certain rule for living that is going to redefine the future. They may not have a million dollar home but their home will be chic and charming. Gaudy is out and tasteful and charming is in. Small is the new big. This is going to be amazing to watch the old world appeal of outlandish display transformed by a new era of discrete buyers.
To quote F. Scott Fitzgerald, “The rich are different…”
he National Association of Realtors (NAR) just released the first edition of their Housing Opportunities and Market Experience Survey (H.O.M.E.). NAR explained that the report covers:
“…core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership is part of the American Dream…”
The current survey confirmed two long standing beliefs regarding homeownership:
Americans in all age groups and income levels believe in homeownership as a piece of their American Dream. If you are ready and willing to buy your dream home, CALL ME so I can help you determine if you are able to.
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage: “While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.” The latest Existing Home Sales Report shows that there is currently a 5.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below November 2014 numbers. The chart below details the year-over-year inventory shortages experienced in 2015.
CALL me so that I can show you the supply conditions in Central Florida and assist you in gaining access to the buyers who are ready, willing and able to buy now!
I love projecting future trends. This one isn’t too difficult to predict. People are going smaller. The Millennial generation is not enamored with great, big houses and desire a lifestyle that won’t leave them bankrupt.
I have downsized from a very large home to two smaller home, one as my permanent residence and one for vacation. If you put my two homes together you would have one big house. I love them both.
I find smaller homes are easier to tend and maintain. I also like the fact that you have to think of a purpose for every item of furniture, clothing and mementos. A place for everything and everything in its place.
Designer Gary McBournie says: “I prefer living in a small house. It just puts its arms around you and makes you feel at home.”
Go small and go home…