Categories
Real Estate Market

Looking To Move? It Could Be Time To Build Your Dream Home.

Looking To Move? It Could Be Time To Build Your Dream Home.

While today’s supply of homes for sale is still low, the number of newly built homes is increasing. If you’re ready to sell but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve been waiting for.

The latest Census data shows the inventory of new homes is increasing this year (see graph below):

The Supply of Newly Built Homes is Growing

With more new homes coming to the market, this means you’ll have more options to choose from if you’re ready to buy. Of course, if you do consider a newly built home, you’ll want to keep timing in mind. The supply shown in the graph above includes homes at various stages of the construction process – some are near completion while others may be months away.

According to Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy for the National Association of Home Builders (NAHB):

28% of new home inventory consists of homes that have not started construction, compared to 21% a year ago.”

Buying a home near completion is great if you’re ready to move. Alternatively, a home that has yet to break ground might benefit you if you’re ready to sell and you aren’t on a strict timeline. You’ll have an even greater opportunity to design your future home to suit your needs. No matter what, your trusted real estate advisor can help you find a home that works for you.

Bottom Line

If you want to take advantage of today’s sellers’ market, but you’re not sure if you’ll be able to find a home to move into, consider a newly built home. Let’s connect today so you have a trusted real estate advisor to guide you through the sale of your house and discuss your homebuying options.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Categories
Real Estate Market

Is It Time To Move on to a New Home?

Is It Time To Move on to a New Home?

If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages (see graph below):

Average Length of Time in Home

As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.

To really explore tenure, it’s important to understand what drives people to make a move. An article from The Balance explores some of the primary reasons individuals choose to sell their houses. It says:

“People who move for home-related reasons might need a larger home or a house that better fits their needs, . . . Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity.”

If you’ve been in your home for longer than the norm, chances are you’re putting off addressing one, if not several, of the reasons other individuals choose to move. If this sounds like you, here are a few things to consider:

If your needs have changed, it may be time to re-evaluate your home.

As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved. The Balance notes several personal factors that could lead to your home no longer meeting your needs, including relationship and job changes.

For example, many workers recently found out they’ll be working remotely indefinitely. If that’s the case for you, you may need more space for a dedicated home office. Other homeowners choose to sell because the number of people living under their roof changes. Now more than ever, we’re spending more and more time at home. As you do, consider if your home really delivers on what you need moving forward.

It’s often financially beneficial to sell your house and move.

One of the biggest benefits of homeownership is the equity your home builds over time. If you’ve been in your house for several years, you may not realize how much equity you have. According to the latest Homeowner Equity Report from CoreLogic, homeowners gained an average of $33,400 in equity over the past year.

That equity, plus today’s low mortgage rates, can fuel a major upgrade when you sell your home and purchase a new one. Or, if you’re looking to downsize, your equity can help provide a larger down payment and lower your monthly payments over the life of your next loan. No matter what, there are significant financial benefits to selling in today’s market.

Bottom Line

If you’ve been in your home for 5-10 years or more, now might be the time to explore your options. Today’s low rates and your built-up equity could provide you with the opportunity to address your evolving needs. If you feel it’s time to sell, let’s connect.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
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Linkedin
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
Categories
Buying a House

What’s Motivating People To Move Right Now?

What’s Motivating People To Move Right Now?

This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to reconsider what homeownership means and what they find most valuable in their living spaces.

According to the 2020 Annual National Movers Study:

“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

With a new perspective on homeownership, here are some of the reasons people are reconsidering where they live and making moves right now.

1. Working from Home

Remote work became the new norm, and for some, it’s persisting longer than initially expected. Many in the workforce today are discovering they don’t need to live so close to the office anymore and they can get more for their money if they move a little further outside the city limits. Apartment List notes:

“The COVID pandemic has sparked a rebound in residential migration: survey data suggest that 16 percent of American workers moved between April 2020 and April 2021, up from 14 percent in 2019 and the first increase in migration in over a decade… One of the major drivers in this trend is remote work, which expanded greatly in response to COVID and will remain prevalent even after the pandemic wanes. No longer tethered to a physical job site, remote workers were 53 percent more likely to move this past year than on-site workers.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work very challenging.

2. Room for Fitness & Activities

Staying healthy and active is a top priority for many Americans, and dreams of having space for a home gym are growing stronger. A recent survey of 4,538 active adults from 122 countries noted the three fastest-growing fitness trends amongst active adults:

  • At-home fitness equipment (up 50%)
  • Personal trainers/nutritionists (up 48%)
  • Online fitness courses, classes, and subscriptions (up 17%)

Having room to maintain a healthy lifestyle at home – physically and mentally – may prompt you to consider a new place to live that includes space for at-home workouts, hobbies, and activities for your household.

3. Outdoor Space

Better Homes & Gardens recently released the outdoor living trends for this year, and three of them are:

  • Outdoor Kitchens: 60% of homeowners are looking to add outdoor kitchens.
  • Edible Garden: Millions of people began gardening during the pandemic . . . to supplement pantries with homegrown fruits, vegetables, and herbs.
  • Secluded Spaces: As outdoor activity increases, so does the need for privacy.

You may not, however, currently have the space you need for these designated areas – inside or out.

Bottom Line

If you’re clamoring for more room to accommodate your changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. It’s a great time to get more home for your money, just when you need it most.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE
Categories
Buying a House

Why Moving May Be Just the Boost You Need

Why Moving May Be Just the Boost You Need

As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.

There’s logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:

“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”

If you’re looking for a new experience, planning a move into a new home may be something you’ve started to consider more carefully. If so, you’re not alone. The 2020 Annual National Movers Study by United Van Lines shows:

For customers who cited COVID-19 as an influence on their move in 2020the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%)desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

So, if you’re thinking of moving this year to help boost your happiness factor, here are a few questions to ask yourself as you make your decision.

How’s the Weather?

Is the weather something that’s important to you? Does it have a tendency to impact your mood? The World Population Review shares:

“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. Although climate and weather preferences are personal and subjective, some criteria are considered to make up the best weather, according to Current Results:

  • Comfortable temperatures from 63°F to 86°F for more than half of the year.
  • Dry weather with no more than 60 inches of rain per year.
  • Mostly clear skies with an average of sunshine for at least 60% of the year.”

“Better weather” can mean different things to different people – some prefer the heat, others cooler temperatures, and some want to experience all four seasons. Think about what makes you feel happiest if you’re looking for a new location.

Should I Choose the City, Suburbs, or Country?

With the COVID-19 pandemic, some people are deciding to move to lower-density areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), mentions:

“The third quarter Home Building Geography Index (HBGI) reveals that a suburban shift for consumer home buying preferences in the wake of the COVID-19 pandemic is accelerating as telecommuting is providing consumers more flexibility to live further out within large metros or even to relocate to more affordable, smaller metro areas.”

Can you work from home? Are you open to a longer commute in the future? If so, a move to the suburbs or even a quieter rural area may be a win for you. Or, if you’ve always dreamed of life in the city, now may be your chance to move into town.

Bottom Line

As we look beyond the trials of the pandemic, many are hoping for a new beginning, and that may mean moving. Let’s connect today to talk about your new goals and options in today’s market.

 

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
Categories
Real Estate Market

Why Working from Home May Spark Your Next Move

Why Working from Home May Spark Your Next Move

If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.

While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.

A recent study from Upwork notes:

“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”

To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.

The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):

How Far Away Are You Considering Moving?

In some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:

“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”

Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.

Bottom Line

This has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
Categories
Buying a House Real Estate Market

Is Now a Good Time to Move?

Is Now a Good Time to Move?

How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”

Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):

Mortgage Payment Difference in 10 Years

As the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

 

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.