I know some of you have thought, at some time or another, about renting out a room in your home. And although it may seem like a great way to generate extra income to help pay the bills, it can also become a point of conflict that could spiral out of control if not handled correctly.
It’s no secret that the pace of home sales has slowed during 2014. So what’s ahead for real estate and the housing market? If you really want to know, Irwin Kellner, Chief Economist for MarketWatch, has some advice. In his August 19th MarketWatch.com piece (Opinion: Don’t count on U.S. consumer to save economy) he eloquently and succinctly said, “If you are trying to discern where the economy is heading, look at the consumer.” And this applies directly to real estate too.
It used to be easy to figure out the strength of the real estate market, all you had to do was look at reported housing indices and it all made sense. Statistics were often verified and corresponded to other indices as well. However, since the financial crisis, there seems to be a disconnect between national and local housing indicators; gauging the market has become confusing – understanding what the indices measure and imply is often tricky.
Many analysts are trying to provide answers for this year’s disappointing home sales volume. One factor that has been maintained is the lack of participation from young home buyers, which may be supported by statistics compiled by the National Association of Realtors®. Highlights from the National Association of Realtors® 2013 Profile of Home Buyers and Sellers cites the median age of home buyers was 42 years old (increased from the median age of 39 reported in 2008, when three-fifths of all home buyers were under 45); and the median age of the first time home buyer was 31 (increased from the median age of 30 in 2008, when 54% of first time home buyers were reported to be between the ages of 25 and 34).
It might not be a revelation that the initial news about Zillow’s acquisition of Trulia reverberated among the analysts as a game changer for the real estate industry. But you might be surprised that some commentaries expressed that the transaction of buying and selling homes has not really changed since the inception of these internet giants.
The maxim “beauty is in the eye of the beholder” seems to be applied universally. But the meaning that different people are attracted to different characteristics may be also applied when viewing homes online. Recent research confirms how visual cues can either increase or put off a home buyer’s interest in your home.
Reality TV has been a part of our culture since the 1990’s, and chances are that you’ve watched Reality programming at some time. Reality TV has benefitted from the booming housing market of the early to mid 2000’s, when the number of real estate reality shows grew exponentially.
If you’re like many home buyers, your home search is focused on a home’s specific features that are limited to your price range. Your search may seem “product” directed, at least initially. And unless you plan to go it absolutely alone, you’re likely to be using a number of real estate related services as well.