Hot enough??? It certainly has given me a greater appreciation to those that don’t have Air Conditioning… With it being as hot as it has been for so many consecutive days with no let up you know that you’re A/C unit(s) is working full-time. If you haven't had your HVAC Systems serviced now would be a great time to get it done. July is always a hot month but August has always been the hottest month of the year... A cleaned and well maintained HVAC System work more efficiently, lasts longer and you can save big bucks on your utility bills if your system(s) are operating at their peak performance. If you need a good HVAC reference please give us a call or send us an email.
The homeownership rate for the second quarter of the year was “not statistically different” from the rate recorded the previous quarter or a year earlier, according to the Census Bureau, which released its quarterly homeownership and vacancy report on Thursday. The notable change in homeownership over the quarter occurred among millennials.
“For the second quarter in a row, homeownership rates slipped for households 55 and up and gained for younger households, especially those under 35 who saw their rate reach 36.5 percent, its highest level in five years,” said Danielle Hale, Chief Economist at realtor.com in response to Thursday’s homeownership numbers.
The jump in millennial homeownership was also noted by Aaron Terrazas, Senior Economist at Zillow, who said that the millennial “home shopping spree” lead to a “bump in the overall homeownership rate in Q2.”
He considered that the current millennial homeownership remains “well below pre-crisis and pre-bubble norms, but those same groups are currently experiencing some of the biggest gains.”
This quarter’s 36.5 percent millennial homeownership rate compares to a rate of 34.1 percent a year ago.
Those ages 35 to 44 are also more likely to own a home now than a year ago. The homeownership rate for this age cohort rose from 58.3 percent a year ago to 60 percent in the second quarter of this year.
The overall homeownership rate for the second quarter was 64.3 percent, compared to 63.7 percent in the first quarter and 64.2 percent in the same quarter last year, according to the Census Bureau.
The rate was highest among older households—78 percent for those 65 years and older.
Homeownership was more common among non-Hispanic white households than among other races. The homeownership rate for non-Hispanic white households was 72.9 percent. For Asian, Native Hawaiian and Pacific Islander households, the rate was 58 percent, and for black households, the rate was 41.6 percent.
The homeowner vacancy rate was 1.5 percent in the second quarter, matching the rate of the previous quarter and the same quarter last year.
The rental vacancy rate was 6.8 percent, down from 7.3 percent a year ago but not statistically different from last quarter’s 7 percent, according to the Census Bureau.
Terrazas characterized rental household formation as “anemic for a fifth consecutive quarter,” which he said, “has contributed to softer rent growth nationwide.
After a decade of “renters accounting for almost all new households nationwide,” Terrazas said “that decade-long dynamic began to shift” in mid-2016.
However, “as interest rates rise and purchase affordability becomes more stretched over the next year, the pendulum could swing back toward more renter household formation,” he said.
Overall, 87.7 percent of housing units in the United States were occupied as of the second quarter, while 12.3 percent were vacant, according to the Census Bureau. About 56.3 percent of housing units were occupied by owners, while 31.3 percent were occupied by renters.
At 68.3 percent, the homeownership rate was highest in the Midwest. The South ranked second with a rate of 65.9 percent, and the Northeast and West followed with rates of 61.3 percent and 59.7 percent, respectively.
On August 23, 2018, MReport will host a webinar on the latest trends that are driving millennial homebuyers and how lenders can address their mortgage needs. An expert panel of speakers will give insights into the latest trends in housing and mortgage, and explore the role of digital lending channels to rethink business strategies for millennials. Click here to register today.
Packing up all your belongings and moving them to a whole new place can be challenging. So if you need a little (or a lot of) guidance, I have moving tips for you.
Get Organized - Write the room your box will go in on the top so the mover will know where to take the box and write what’s in the box on the side so when the boxes are stacked, you can see what’s inside. This will make it easier to find important items and will speed up the unpacking process later on.
Start Packing Early - Depending on how much stuff you have and how many people are helping, it can take weeks or even months to pack your whole house.
Start with decorations and other items you don’t need on a day-to-day basis such as your Panini press, photo albums, out of season clothes, and spare linens.
Fill boxes based on what room the contents will go in.
Mark boxes “Fragile” if the contents are easy to break!
Handle Valuables Yourself - Pack and transport valuables such as weapons, documents, jewelry, or heirlooms yourself so you don’t have to worry about them being lost, stolen, or damaged.
Keep Weight In Mind - A lot of light items can create a heavy box faster than you would expect.
Be mindful of how heavy your boxes are.
Use smaller boxes for books, DVDs, and other compact, stackable items.
Use a dolly to move heavy boxes and ask a friend for help if you need it.
Set Aside Items You’ll Need Right Away - Sometimes the toilet paper you need will be right at the top of the first random box you open, but a little planning ahead will increase your odds.
Pack items you’ll need right away in a well-marked, easy-to-access box. These items could include:
Plastic cups or bottled water
Scissors or a knife to open boxes
Create a box for first-night items too, such as:
Tools to install curtains/blinds
Sheets, pillows, blankets for each bed
Bathroom supplies like shampoo, conditioner, soap, toothpaste, toothbrushes, etc.
Extra light bulbs
Pet/child food and supplies
Switch Utilities - Don’t lose service! Let the services you subscribe to know where you’re going and when you need your service to switch. Some common services include electricity, cable, internet, and home security.
Protect Your Furniture - Moving furniture can be frustrating. These tips may make it a little easier.
Wrap furniture in blankets to prevent scratches.
Take the feet off your couch or the legs off your table to get them through doorways more easily.
Make sure the hardware and tools you use to disassemble furniture are handy when you get everything to your new house so you can put it all back together.
Moving is never fun, but the destination makes it worth it. If you or someone you know is looking for their dream home, let me know. I can help you find the perfect place for you and your family.
Dallas is Top Housing Market in New Consumer Poll by Chase
Dallas' housing market gets top marks in a new consumer study by JPMorgan Chase. The banking giant teamed up with Pulsenomics to ask homeowners about current market conditions, their aspirations for homeownership and outlooks for home values and affordability. Dallas headed the housing confidence ranking ahead of Denver, Las Vegas and San Francisco, according to Chase. "These record results were driven by healthy assessments of local real estate market conditions among existing homeowners, but even more so by surging expectations among renters," Terry Loebs, founder of Pulsenomics, said in the report. "Seven in ten renters now express confidence in their ability to afford a home someday, and nearly three-quarters of those with an opinion say that buying a home is the best long-term investment a person can make." Dallas-area residents polled by Chase in the survey had the strongest homeownership aspirations. Eighty percent of Dallas renters Chase surveyed said they are confident they will eventually own a home. And 70 percent said they plan to purchase in the next five years.
Dallas-Fort Worth was one of the top destinations for domestic migrants from California in 2017, according to a recent study. There were 1,051 moves from coastal California, the home of some of the country's toughest housing markets, to Dallas in the first quarter of 2017, according to Alexandra Lee, a housing analyst with the real estate listing and research site Trulia, which did the study. Out of 19,132 moves out of the region during that time period, 5.5 percent went to D-FW. Houston is also a popular destination for people fleeing the California coast — 3 percent of the migrants in the study came to Texas' most populous city, meaning that 8.5 percent of those in the study came to either Dallas-Fort Worth or Houston. The Trulia report looked at census data for transplants from four coastal California hubs: San Francisco, San Jose, Los Angeles and San Diego. Homes in those markets listed for an average of $720,000 in March 2017, Trulia says, compared to $313,000 in Dallas and $250,000 nationally. The home prices in these cities is clearly a major determinant in whether people leave California and to where they move, Lee said over email, but it's not the be-all and end-all. Texas is a big destination for job-to-job flows, a U.S. Census Bureau-designed statistic that measures flows of employees from one company to another when they've been at each company longer than three quarters. The biggest source of these flows is California, which contributed 6,884 in the first quarter of 2016.
Frisco, for the first time in at least five years, topped the U.S. Census bureau’s list of fastest-growing big cities in the nation, adding an average of 37 new residents every day for a population jump of 8.2 percent, data released Thursday showed. The booming Dallas suburb also landed in the ninth spot in terms of the raw number of residents it added over the year that ended in July -- an impressive feat for a city that, at 177,286 people, is still relatively small. The 14 largest cities in the country didn’t change from the prior year. Which means that Texas surpassed California’s share of the top 15 list, with five cities making the cut. California -- which has about 11 million more residents than the Lone Star State overall -- had four.