It’s been two months, and the casino is settling in. The anticipation, and now reality, of having a full scale gambling and extended entertainment venue in Sullivan County, NY is beginning to take shape along many fronts. Read the extended article and listen to the podcast for a fuller understanding of the what Resorts World Catskills is doing and how it is effecting the local economy and infrastructure.
Across All Buyers, Millennials Have the Most Purchases
The generation impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.
“REALTORS® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy,” says Lawrence Yun, chief economist at NAR, of the study. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused—and will continue to cause—many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly.”
Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them—an attribute in common with other generations.
“The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages,” Yun says. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family.”
Additionally, 52 percent of the millennials in the study have at least one child—an indicator of the likelihood of a move—and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.
“While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials,” says Yun.
All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR®, with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR®, as well, and at least 84 percent of every other generation partnered with a REALTOR®.
“Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR® to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home,” says NAR President Elizabeth Mendenhall.
For more information, please visit www.nar.realtor.
The Chapin Estate and Bethel Town officials are considering plans for the development of a 50-100 million dollar resort destination. Proposed details.
January’s pending home sales caved, dropping 4.7 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). All four of the major regions in the U.S. experienced fewer sales, with the Northeast 9 percent lower, the Midwest 6.6 percent lower, the South 3.9 percent lower, and the West 1.2 percent lower.
According to Lawrence Yun, chief economist at NAR, January’s activity is attributable to mortgage rates and supply, which have created conditions that are stifling transactions.
“The economy is in great shape, most local job markets are very strong and incomes are slowly rising, but there’s little doubt last month’s retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates,” says Yun. “The lower end of the market continues to feel the brunt of these supply and affordability impediments. With the cost of buying a home getting more expensive and not enough inventory, some prospective buyers are either waiting until listings increase come spring or now having to delay their search entirely to save up for a larger down payment.”
Inventory in January was 9.5 percent lower than what it was in January 2017; mortgage rates have shot up simultaneously. As of February 22, the average, 30-year, fixed mortgage was 4.40 percent—and it could increase to 4.75 percent over the next year, forecasters speculate.
NAR’s REALTORS® Confidence Index, however, indicates there is traction, even with January’s figures sliding.
“Even though contract signings were down, REALTORS® indicated that buyer traffic in most areas was up January compared to a year ago,” Yun says. “The exception was likely in the Northeast, where the frigid cold snap the first two weeks of the month may have contributed some to the region’s large decline.”
There are other positives, says Yun.
“As new multi-family supply catches up with demand and slows rents, some large investors may begin putting their holdings of affordable single-family homes up for sale, which would be great news, particularly for first-time buyers,” Yun says. “Furthermore, sellers last year typically stayed in their home for 10 years before selling (an all-time high); although higher mortgage rates will likely discourage some homeowners from wanting a new home with a higher rate, there are possibly many pent-up sellers who may look to finally trade-up or move down this year.”
For more information, please visit www.nar.realtor.
For 2017, home sales in Sullivan County NY increased by 2.2 percent with end of year total accounting for 590 home purchases. Median prices rose from $128,000 to $135,000 accounting for a 5.5 % increase from 2016 levels. Medium pricing is defined by 50 percent of homes sold fall above $135,000 with the remaining 50% falling below that number. (See Local Realtors: Pace of home sales largely returning to prerecession levels)
Local Sullivan County brokers anticipate stronger sales for 2018 with many more showings occurring in the usually slower winter months. The “Casino Effect” has shaped the Monticello, NY market to some extent by creating excitement and new motivation for home buyers to consider buying while commercial investors continue to eye the area to determine long term investment potential.
Overall, realtors® are optimistic 2018 will continue the upward trend with m.)ore buyers and somewhat higher pricing due to stronger demand. The rental market is being driven by the new casino housing demands while other businesses continue to expand job opportunity creating a better return on investment for rental property.
OPENING DATE: FEBRUARY 8, 2018
Click on above link for full information on this brand new Destination Resort. Graphic contained in this post is the property of Resorts World Catskills.
Buying a house is one of the best decisions you may ever make, and it’s always a thrill to go through the process. But there are ups and downs on the road to homeownership and sometimes things can get a bit overwhelming. The house you want to buy might seem like the perfect home, but upon further inspection, hiding underneath that dream home could be potentially serious defects that can make your future investment a costly one.
That’s why you should hire a home inspector for every sale. You probably know the general idea behind an inspector’s job—taking a thorough look at the house and finding out if anything is wrong with it—but it’s much more detailed than you think.
A home inspector will do a complete physical inspection of the entire structure and systems of your prospective home. While you may love how beautiful the living room’s wood floors are, your inspector can tell if the flooring itself will stand for another 20 years.
A typical inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and structural components.
Best of all, an inspector is an objective voice that will determine not only the condition of the home, but will also provide details of any immediate or future risks based on what’s in the report. Those are future costs you will need to consider.
A complete inspection will list the positive and negative aspects of the house, as well as the maintenance that will be necessary to keep it in good shape. Once an inspection is over, both parties in the transaction will have a much clearer understanding of the property value and what it needs in terms of repairs and maintenance.
Before jumping into any contract signing, you should hire an inspector to look over the good, the bad and the ugly of what your new home really offers.
For those with children, the neighborhood’s school district may be at the top of your priority list. Check out the public-school ratings, or if you plan on sending your kids to private school, look at the pricing and make sure it’s something you can afford.
It’s also a good idea to look at nearby parks and community centers to check out what type of recreational activities are available for children. Most kids are going to want to play a sport or be involved in an extracurricular activity, so make sure that your potential community offers them.
Are you someone who can’t survive without their daily Starbucks coffee or are you an organic shopper who has a certain store they must shop at? Check your GPS to see how far your favorite locations are from the potential home. While you’re at it, look at local restaurants and read the reviews on Yelp to see where you might be getting that Friday night pizza or where to go for a romantic night out.
Don’t forget to look at how far your new home will be from work and where the nearest public transportation is located if you need that option. And as for train stations, make sure they offer parking spaces—many places are so crowded there is a waiting list. If you do drive, you’ll want to understand the traffic patterns to and from your job. You won’t want to waste half your day in traffic.
Take a gander at the living conditions of the neighborhood. Do you see a lot of fences and “Keep Out” signs? Are there many kids on the block? Do people walk their dogs on the street? Are there posted neighborhood events? Visit on a weekend day to say hello to some of the residents and ask about the neighborhood before putting in an offer.
You’ll also need to learn if your potential new home is part of a neighborhood association and if your community has lawn or construction restrictions. If so, what fees are involved? The last thing you want is to find out you can’t put those holiday decorations up because of a strict town ordinance.
Some people may want to live in a historic neighborhood with a lot of character, while others may want a newer development with more modern features. Everyone is different and you need to make sure that your perfect house is in a neighborhood that meets your needs.
No, we didn’t lose her. She didn’t just wander off down a side road and never come back home. Our short haired, always cold, snuggling min-pin was reaching the end of her breed life expectancy. At almost 13, she was just about 91 in human age terms and not doing well.
Millie, our sleek black with brown markings little lady had contracted Lyme, displayed a rather large benign tumor attached to her throat, was struggling with lameness, and probably had Cushings which we self diagnosed as a plausible reason for her excessive water intake and waking me up at 5 am every morning for her breakfast.
Sleeping almost constantly, I mean more than the normal 18 hours a day, and sometimes wandering around in a daze made it apparent the time was nearing for a serious conversation about putting her down. We were pretty sure Millie was having mini-strokes in her sleep and life just wasn’t going well for her.
I think we love our pets unconditionally as they seem to love us. Having your dog reach out with a paw, rolling over for a belly rub, playing or going on those crazy blitzes – running around in those wild circles and getting out of breath—well it’s just hard to have to face Millie not being here anymore.
With very heavy hearts, we drove out to the vet’s office. Our fee paid, our goodbyes tearfully whispered, off Millie went. We buried her in the back yard and decided we just can’t bury one more close family friend with 4 legs.
Sellers “hope” their house will sell. They want a quick purchase, at the highest price. Delayed maintenance shouldn’t impede negotiations and a comparative market analysis doesn’t mean pricing at current market value. As in” “I want to net out at this number, can’t or will not lose money, will not cut the grass, paint, or complete any fixes that will help sell my home.”
Buyers “hope” they can buy a home of their dreams, that it’s truly affordable, the school system is perfect, the local park is a few blocks away, and the taxes are “reasonable”. “I need a seller’s concession to help with closing costs, a fire place, and finished basement. “If you can’t find that for me Mr. Broker or Agent, I’ll find someone who can.”
Broker’s “hope” their seller understands proper pricing is the number one reason why one home sells more quickly than another similar one down the block. The CMA, Comparative Market Analysis, pinpoints recently sold properties within a short distance of the one to be sold, adjusts some for positive features like an in ground pool, special or extraordinary interior or exterior features (water front-100 acres included-rentable chalet, and so on) or a negative adjustment for substantial delayed maintenance, mold, no landscaping, buried oil tank, etc..
Broker’s “hope” their buyer clients understand you can really only accomplish two primary goals regarding home ownership within a budget-LOCATION AND PRICE or PRICE AND LOCATION. Any additional factor like more acreage, great school district, pool, deck, finished basement, wine cellar, high end appliances are a true bonus.
No one should ever lose hope. But-Sellers and Buyers need to realistically evaluate a broker’s guidance on how best to sell or buy real estate. This advice isn’t about inflating your broker or agent’s ego. It’s about your money and how best to use your real estate professional’s years of experience to get what you want.
These buyer/seller/broker hopes are somewhat stereotypical snap shots. Individual sellers, buyers, and broker/agents vary in great degree. Putting people in boxes does little to forward the real estate process.
If you, the seller or buyer develop the trust and confidence in your real estate professional, stick with that person and listen critically. Then, ask the needed questions, get the answers, and get on with moving in a positive direction toward closing.