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June 1, 2020

Home Ownership

Some Highlights

  • June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home.
  • If you’re in a position to buy, homeownership might help you find the stability, community, and comfort you’ve been searching for this year.
  • Let’s connect today to determine if homeownership is the right next step for you and your family.

 

 

860-442-4663  |  billheenan@billheenan.net  |  www.billheenan.net

Posted in Tips & Advice
April 24, 2020

Are Fish Tanks Still a Thing..?

The Six-Figure Fish Tank Catches On

 

Karin Wilzig has a hard time choosing a favorite color from among the 64 that she and her husband can use to illuminate the 14 1/2- foot, 450-gallon aquarium in their TriBeCa town house. The default is fuchsia, which turns the dozen koi a deep pink.

 

“Not pink,” said Mrs. Wilzig, 40, an artist and a mother of two small children. “Alan, go to the turquoise.”

 

Her husband, Alan Wilzig, 45, a former banker who collects motorcycles and prides himself on the orange tanning bed in his basement, goes to the James Bond-like control panel in the kitchen, where a touch of a button turns the fish which are specially bred to be colorless a vivid blue.

 

“I think they like that,” he said, walking down the steps to the sunken living room to admire the fish from another angle. (Given that they do nothing but swim from one side of the tank to the other, it’s hard to tell.)

 

Most people who keep fish have a tank or two; perhaps they start with a five-gallon model and graduate to the 35- or 50-gallon version that doctors put in waiting rooms to keep patients calm. But for a certain segment of the population many of whom never considered keeping fish before they had a big space to decorate a showpiece aquarium has become a must-have piece of décor.

 

Custom aquariums are popular for two reasons, interior designers say. One is that upscale nightclubs, restaurants and boutique hotels have been installing them, which gives homeowners the me-too idea. Another is that, among people of means, a dazzling aquarium is one of the last surefire ways to impress their peers.

 

Christopher Stevens, a Manhattan interior designer, said he has worked several giant fish tanks into residential projects at the request of clients. “They have a collection of cars, of motorcycles, of art, they have three dogs,” Mr. Stevens said. “It’s like, ‘What else, what’s the next thing to wow my friends?’ It doesn’t seem like the kind of thing you’d see in high-end interior design, but that’s being reconsidered.”

He sees it as a way to add movement and fluidity to what might otherwise be an arid space. “One of my challenges in doing more modern residences these days is just sort of to soften things,” he said. “How do you humanize this space, how do you introduce natural elements? How do you make it feel like you’re not standing in a white, pristine, soul-less box?”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Karin and Alan Wilzig’s colorless fish pick up colors from lighting.Credit...Trevor Tondro for The New York Times

 

But all that movement and fluidity comes at a price. Universally, owners of fantasy fish tanks describe them usually in the same breath as very relaxing and very expensive. Aquariums like the Wilzigs tend to cost a minimum of $50,000, plus at least $1,000 a month for maintenance. And that’s before buying a single fish.

 

In the world of fantasy fish tanks, it is not uncommon to pay $600 for a black tang or $5,000 for a pet shark, or to have service people on call 24/7 in case a fish gets sick or dies, which could contaminate the entire tank.

 

“I get calls at quarter to 12 on New Year’s Eve,” said Ralph Ammirati, owner of Aquarium Network in Bellmore, N.Y. “We answer the phone.”

 

Joseph Caparatta, owner of Manhattan Aquariums, which sells tanks small and large from a showroom on West 37th Street, said that, increasingly, “Most of the jobs we get come from architects and designers who have to fill a 6,000- or 7,000-square-foot apartment.”

 

It was Mr. Caparatta who suspended a 700-gallon aquarium from the ceiling of a town house apartment in the West Village owned by Richard Wise and Andre Jones. The filled tank weighs at least 6,000 pounds and has cost the couple some $200,000 in equipment and service.

 

“At night, we sit in the living room and sort of get lost in it, instead of the television set,” said Mr. Jones, 40, who owns a construction company, Wise Builders LLC, with Mr. Wise. “It’s always the centerpiece of the party.”

 

The couple keeps bags of brine shrimp and sardinelike fish called silversides in their freezer drawer, next to the Häagen-Dazs and Lean Cuisines. “We feed the fish once a day,” Mr. Jones said. The equipment needed to support the huge aquarium pumps, pipes, chillers occupies a walk-in closet as well as part of a roof deck.

 

Their three-year-old tank has a salt-water coral reef filled with catfish, tangs, pink damsels and a two-foot eel that rarely shows itself. “Don’t ask me the names of the fish,” he said. “Joe gives them to me, and then I make up my own.”

 

Ryan Nickulas and Desmond P. Smith find it calming to watch their fish.Credit...Matthew Williams for The New York Times

 

He added: “At first, when we lost fish, we’d be all traumatized. Now we’re not quite as traumatized.”

 

Their apartment is on the market for $16.9 million, and some potential buyers have expressed interest in keeping the aquarium, while others have said they would want to remove it. Meanwhile, Mr. Wise and Mr. Jones have bought a new place nearby and are considering jellyfish for the dining room.

 

“We went on vacation to Fort Lauderdale and stayed at the W, and they had a tank with all jellyfish,” Mr. Jones said. “That’s like living art to me.”

 

Jellyfish tanks are even more expensive and difficult to build than fish tanks, said Justin Muir, owner of City Aquarium, a Brooklyn-based rival to Manhattan Aquariums. For one thing, jellyfish have to be fed live food every day.

 

But “some people are like, ‘O.K., $5,000 every month to take care of the tank, plus $100,000 cost of the tank Im cool with that, he said.

 

Mr. Muir, a marine biologist who has been building custom tanks for 10 years, considers himself an artist who works with water, light and high-end cabinetry. His starting price: $50,000.

 

Forget miniature mermaids and artificial plants; he uses handmade sculptures and antique statues, as well as exotic fish, sea horses and coral. He even shops at ABC Carpet & Home, he said, “for crystals and all kinds of things we can sink into aquariums. We do a gem tank with all these minerals and geodes that are a perfect habitat for fish.”

 

Mr. Muir’s clients include C. C. Sabathia and Jorge Posada of the New York Yankees, plus plenty of hedge-fund millionaires. He also did a six-foot-long tank for the bedroom of Anna Anisimova, the daughter of a Russian metals billionaire, who lives in the Time Warner building; according to Mr. Stevens, who designed the apartment, the heiress was inspired by aquariums in nightclubs and lounges that she frequents.

 

The most expensive tank Mr. Muir ever built, though, was a $750,000 one for a woman in Dallas who had visited the Maldives and wanted to recreate the experience of lying in tropical waters gazing up at the stars. She had a planetarium ceiling and crescent-shaped aquarium panels hoisted by forklift into her second-floor bathroom.

 

But the real expense of owning such a fantasy tank is the maintenance. Mr. Muir has a staff of seven technicians and biologists who make house calls. “Some clients want nothing to do with the fish tank they dont want to feed it, they dont want to clean algae off the glass,” he said. And most fish should be fed at least every other day. “That’s $150 per visit right there.”

 

Among Mr. Muir’s favorite tanks is the one he built in 2005 for the Wilzigs in TriBeCa, for which he charged $37,000. (“It should have been more,” he said. “But I was just starting out.”) His goal was to play up the home’s tricked-out lighting system by making the tank translucent and using nothing but colorless fish and tiny glass beads inside.

 

As Mr. Wilzig likes to tell visitors, his lighting system uses the same software as that of a professional rock concert or a Broadway show. “The whole essence of the house was to be push-button color-changing,” Mr. Wilzig said. “The apotheosis of that was to take the fish themselves and have them be swimming in whatever color you want.”                                          

One of the best colors is yellow, he said, because the fish really stand out, but he likes others too. “When you hit the button for red, all of a sudden it’s like the surface of Mars red fish swimming over a red planet. When you hit white, its like the fish are swimming over an arctic ice floe.

 

In 2007, Mr. Muir built a similarly sleek aquarium for a couple in Chelsea. At first, the 900-gallon tank held a lone shark her name was Ursula. When she died, she was replaced by multiple sharks that eventually outgrew the tank and were donated to the New York Aquarium in Coney Island. Today, the occupants are more than a dozen fish of different sizes and shapes.

 

“I enjoy the fish just so much more than the sharks,” said Ryan Nickulas, 30, an owner of a hair salon in the West Village, who lives there with his spouse, Desmond P. Smith, 38, a financial services executive. “They’re more interactive, they’re more fun to look at, they’re more vibrant, and there’s more movement in the tank.”

 

 

The couple had considered a pool table or a waterfall for the spot in the living room occupied by the aquarium, but are pleased with their choice.

 

The staircase in Jim Robinson’s home was designed to show off his aquarium.Credit...Matthew Williams for The New York Times

 

“Especially if you view the tank at night, it truly does look like fish swimming in the skyline,” Mr. Nickulas said. “There’s such a serene quality to a tank that it really just calms the entire space.”

 

A LARGE apartment is not a prerequisite for a breathtaking aquarium. Tod Michael Volpe, an art appraiser and consultant who lives in a small studio in Murray Hill, has a five-foot-long, 150-gallon coral reef tank built into the divider between his living room and dining area.

 

“The tank is like my life force,” said Mr. Volpe, 61, a master scuba diver who got the tank last year. “It’s endless pleasure and satisfaction. I’ll stare at the tank until 2 o’clock in the morning.”

 

While some aquarium owners don’t know the breeds of their fish, Mr. Volpe knows all the ones in his tank, as well as the individual habits of each. He has a poisonous rockfish he feeds by hand, a spotted purple grouper (“I brought him up since he was a baby, and now he’s nearly a foot long”), a “very wonderful” clown triggerfish and many others. He checks on the fish all the time to make sure they look healthy, and he leaves the air-conditioner on in his apartment to keep the water cool.

 

Mr. Volpe was once a high-flier in Hollywood who bought artwork for celebrities like Barbra Streisand and Jack Nicholson, but in the late 1990s he pleaded guilty to defrauding them and served time in jail. Today, he said, the aquarium is part of his healing journey.

 

“To me, this is not a fish tank,” he said. “It teaches me about life, respect, how creatures who literally have a world all unto themselves can interact with each other and how happy they are when they have what they need.”

 

On a practical level, Mr. Volpe does worry about the weight of the tank. Mr. Caparatta, who built his aquarium, assured him that the base was properly reinforced. “I have hundreds of gallons of water that could destroy the apartment underneath,” Mr. Volpe said. “Joe said, ‘Tod relax.

 

When Jim Robinson built his three-story house on a lake in Windermere, Fla., nearly four years ago, he had his contractors use a special high-compression cement in the base, knowing he wanted to install a 700-gallon aquarium. It is six feet tall, eight feet long and about two feet wide, and it divides his kitchen from his living room.

 

“I’m about five or six miles from Sea World and five or six miles in the other direction from Epcot,” said Mr. Robinson, 49, who owns an entertainment company called Electro-Magic Productions. “I’ve grown up with all those aquariums all around, so maybe subliminally, I wanted to have something like that as well.”

 

He and his architect designed the house around the aquarium and an outdoor infinity edge pool. An important feature was a spiral staircase made of glass and mahogany, so that “wherever you stand in any of the rooms, you actually can see through the staircase and see the aquarium,” he said.

 

The people who service tanks like this sometimes must go to extraordinary lengths. Mr. Robinson’s aquarium man, Bill Hamel of Looking Glass Aquariums in Orlando, brings 350 gallons of distilled salt water every four weeks to change the water something that costs Mr. Robinson about $500 each time.

 

Mark Collier, who owns Custom Marine Aquaria in Scottsdale, Ariz., once built a 30-foot-long aquarium into the floor of someone’s game room, which contained a pool table, big-screen TV and “water wall” that gave the illusion that water was cascading into the aquarium (it wasn’t). Total installation cost for the aquarium alone: $200,000. 

 

 

To clean the tank, he had to dive into it, wearing a cord around his ankle that his partner could use to pull him out if need be. “I would basically kind of crawl through the aquarium and back myself out again,” Mr. Collier said.

 

The aquarium is no longer in use, he added, as a bank has since foreclosed on the house.

 

Outside the realm of custom design, one of the more eye-catching ready-made aquariums is the Spacearium, a flat, elliptical tank that is suspended from the ceiling. The Spacearium comes in three sizes from five to eight feet long and the fish that live in it can be no more than 4 inches long, since the tanks maximum width is either 12 or 14 inches. The Spacearium can weigh up to 800 pounds, and all the filters and other hardware are hidden from view.

 

“Because of the very unusual shape, you get a 360-degree view of the aquarium content,” said Lionel Dimitri, vice president of Aquarium ASP, the company in Laval, Quebec, that brought the Spacearium to market four years ago.

 

“We typically reach people who like the unusual,” he added. “I would say 95 percent of our residential customers never had an aquarium before and weren’t even considering one in the first place until they bumped into our product in a magazine or shows.”

 

It was a picture in The Robb Report, a luxury goods magazine, that prompted Tom Gosling to buy the Spacearium and modify his building plans. He was building his 3,500-square-foot home in Kitchener, Ontario, and opted to scrap some cabinets between the kitchen and the living room in favor of the hanging aquarium.

 

“I fell in love with it,” said Mr. Gosling, 42, who owns a supply business called Gosco Valves. “Every person who comes into the house comments on how cool it is.”

 

He paid $8,000 for the Spacearium and said that the investment was more than worth it. “It’s kind of like a fire; you can sit there and watch it for hours,” he said. “You can be all wound up, and you sit down in front of the tank and suddenly everything is totally relaxed its so therapeutic.”

 

Source: NYTIMES

 

Posted in Cool Houses
March 11, 2020

Interest Rates Over Time

 

Some Highlights:

  • With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time.
  • According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.

 

Posted in Market Trends
March 9, 2020

Opportunity in the Luxury Market This Year

 

Homes priced in the top 25% of a price range for a particular area of the country are considered “premium homes.” At the start of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes. It looks like buyer activity, however, is starting to show a shift in this segment.

According to the January Luxury Report from the Institute for Luxury Home Marketing (ILHM):

“In a snapshot of 2019, despite pessimism at the start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets.”

Momentum is growing, and those looking to enter the luxury market are poised for success in 2020 as well. With more inventory available at the upper-end, historically low interest rates, and increasing average wages, the stage is set for buyers with an interest in this tier to embrace the perfect move-up opportunity.

The report highlights the increase in buyer activity in this segment, resulting in growing sales toward the end of 2019:

“According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern.

Many of early 2019’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019.”

With evidence of strong buyer confidence, this is great news, as more homeowners are building equity and growing their net worth throughout the country:

“Many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increase number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in…secondary cities throughout North America.”

With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market. Keep in mind, luxury can mean different things to different people, too. To one person, luxury is a secluded home with plenty of property and privacy. To another, it is a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent understand what you’re after as you define the scope and location for the home of your dreams.

Bottom Line

If you’re thinking about upgrading your current house to a luxury home, or adding an additional property to your portfolio, let’s get together to determine if you’re ready to make your move.

Posted in Market Trends
March 5, 2020

Thinking of Selling? Now May Be the Time.

 

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.

The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:

Demand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.

Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Posted in Market Trends
March 4, 2020

How Much “Housing Wealth” Can You Build in a Decade?

 

Earlier this month, the National Association of Realtors (NAR) released a special study titled Single-Family Home Price Gains by Years of Tenure. The study estimates median home price appreciation over the last 30 years based on the length of homeownership.

Below are three graphs depicting the most important data revealed in the study.

How much have home prices increased?

One of the first measures of the financial benefits of homeownership is the net worth (in the form of equity) an owner can build over time. The study showed the average increase in home values based on how long homeowners stayed in a home.

What was the percentage of appreciation?

Another way to look at this is by the percentage increase in value over time, called appreciation:How Much “Housing Wealth” Can You Build in a Decade? | MyKCM

Was this appreciation consistent throughout the country?

Today, when we think of markets that have done well over the last decade, we have a tendency to think about San Francisco, San Diego, Seattle, and other West Coast cities. Though it is true the West Region showed the highest price growth over the last three decades, we can see how every region of the country did quite well in ten-year increments:How Much “Housing Wealth” Can You Build in a Decade? | MyKCM

This data validates the claim that homeownership is great for building wealth. The importance of this information was highlighted in the study’s first sentence:

“Homeownership is an important source of wealth creation, enabling current homeowners and succeeding generations to move up the economic ladder.”

Bottom Line

 

Homeownership has many financial and non-financial benefits. The accumulation of “housing wealth” through increased equity is a major one. If you’re thinking of buying a home for the first time or moving up to your dream home, the sooner you make the move, the sooner your net worth will begin to grow.

Posted in Tips & Advice
Dec. 20, 2019

The Bill Heenan Show. Episode 10

 

 

 

Hello everybody this is Bill Heenan from the Heenan Group at William Ravis Real Estate in Niantic and if you’re thinking of listing or selling your home this winter, you’re gonna want to stick around for episode number 10 of the Bill Heenan Real Estate Show.  

 

Welcome back everybody to episode 10 of the Bill Heenan Real Estate Show. I’m excited to have you aboard on this snowy December morning here in Waterford Connecticut. I have a topic that is quite often talked about this time of year.  Sellers ask me, “should I list my home during the winter months”, “when is the best time to list my home” or “should I list my home during the Holidays”. 

 

Whether it’s a prospective seller client that I’ll be helping sometime throughout the year or whether it’s an existing seller client that has a home on the market and is thinking about pulling it off the market. I have a few bullet points.  There is a lot of positive that go along with keeping your house on the market during the winter months and the two primary ones at the top of the list for sure are;

 1.  There’s a lot less inventory for sellers and 2. This time of year there’s a lot of competition.  All the buyers that are out there are much more serious. There are very serious buyers that are out there during the winter months and during the holiday season. Think of it this way,  if you’re out looking at a home on December 20, at 5 o’clock at night, in the dark, and cold, you must be a pretty serious of a buyer! And your life must demand that you need to buy a house.   Then as far as inventory or competition is concerned. 30% of the listings don’t come on the market or come off the market in the winter, so we deal with 30% less.  

 

What that means is if a buyer is buying in a specific zip code,  say East Lyme or Waterford, maybe in a Spring market they have eight homes to look at,  but when we’re in the winter doldrums and the holiday season, they might only have five homes to look at. So couple that with very serious buyers and it really sets up a set of circumstances that work to the advantage of most sellers.  

 

A couple of the other things is the economy.  December leading into January 2020. It is a great economy right now and the national economy looks very good. We’re going into an election cycle, so that means the news feed is focusing on that.  Generally we find the economy stays static during an election cycle. Meaning we’re not going to see a lot of shifts up or down, and we won’t see a lot of movement in the interest rates because the powers they want to try to get elected will influence any of the adjustments and will try to keep the economy steady for the election. So we’re at a very good situation right now.

 

Our local real estate market conditions are very confident. In the last year (2019) we shifted further and further into a sellers favorable market. We have inventory time frames of less than 45 days in most cases, so that’s a very confident and building real estate market. We also have very low interest rates, I was checking the interest rates today, a piece of paper came across my desk this morning for the CHFA loans (which is a first time home buyer loan program), the rate was 3%. That’s incredible!  3% and 3 1/4% are incredible rates for first time homebuyers. And conventional rates are below 4% with good credit!  So it’s a great time as a buyer and a seller to get your house sold because the economy and the market conditions are really supporting that sale.  And last but not least the holiday theme. A lot of homes can show well during the holiday season, you just have to embrace the holiday theme and stage your home so that it shows off for the holidays.  Who doesn’t like going into the house and see it beautifully decorated or smell cookies in the oven or see tinsel in the mantel? That’s a great environment to get your home sold and to make it feel like they’re at home. 

 

Keep that in mind. On the ‘con’ side,  the number one I’d like to mention is PATIENCE.  Sellers in the winter and holiday market need to be a lot more patient. What I mean by that is what I expressed earlier. Less buyers = less showings.  But the confidence in the showings are a lot greater. You don’t have a lot of people ‘kicking tires’ around this time of year. They’re serious but there are less of them. So that means instead of showing your home two times a week in a typical market,  you’d be showing it once a week. Instead of five people at your open house, you have two people at your open house. But those buyers are serious. So you have to stay focused and patience and maintain the course. The other cons of being on the market in the winter/holiday market is everyone is busy. It’s cold, and messy, and  it gets dark early. These are the dynamics of the winter market but overall it’s a great time to get your home on and get it sold. It comes down to the approach. You have to take the proper approach in the winter market. We are very experienced and if you have any questions we would love to have a conversation and help you out.  We are always here to help.

 

Once again,  if you like what you’re hearing and you want to hear more,  subscribe to our YouTube Channel! You will be notified of any future real estate show episodes. 

 

You can always visit us on our website www.billheenan.net or you can call us directly at 860-442-4663. Have a great day and I look forward to hearing from you.

 

Youtube: https://www.youtube.com/watch?v=PtutbAlaS3I

 

 

Posted in Market Trends
Dec. 13, 2019

Is A Bigger House Within Your Budget?

At this time of year, many families come together to celebrate the season. It’s also the time when many realize their homes are just not quite big enough to host all of their guests and loved ones. Are you one of those homeowners dreaming for a larger space to call home?

You may have enough equity in your current home to move up.

According to the Q3 2019 U.S. Home Equity & Underwater Report by ATTOM Data Solutions,

“14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.”

This means that one in four of the 54 million mortgaged homes in the U.S. have at least 50% equity. If these homeowners decide to sell, they can use their equity to put toward the purchase of a new home. Maybe you’ll be one of them.

NAR recently released their 2019 Profile of Home Buyers and Sellers showing that,

“This year, home sellers cited that they sold their homes for a median of $60,000 more than they purchased it, up from $55,500 the year prior. This accounted for a 31 percent price gain, up from 29 percent the year before.”

Here’s the equity gain breakdown based on the number of years these sellers lived in their homes:Is A Bigger House Within Your Budget? | Simplifying The Market

Bottom Line

If you’re one of the many homeowners with big dreams of owning a larger home, let’s get together. Working with a trusted adviser to find out how much equity you have is a great first step in putting your move-up plan in motion.

Posted in Tips & Advice
Dec. 12, 2019

What is the Best Investment for Americans?

Some are reporting that there is trepidation regarding the real estate market in the United States. Apparently, the American people are quite comfortable.

Porch.com, a major network helping homeowners with their renovation projects, recently conducted a survey which asked Americans:

“What do you believe is the safest investment over the next 10 years?”

U.S. housing came in at number one, beating out other investments such as gold, stocks, bonds, and savings.

Here is a graph showing the top five investments Americans selected:What is the Best Investment for Americans? | Simplifying The MarketThe findings of the Porch.com survey also coincide with two previous surveys done earlier this year:

  1. The Federal Reserve Bank’s 2019 Consumer Expectations Housing Survey reported that 65% of Americans believe homeownership is a good financial investment, and that the percentage has increased in each of the last four years.
  2. The Gallup survey showed that Americans have picked real estate as the “best” investment for six straight years.

Bottom Line

Based on all three surveys done this year, we can see that Americans still believe in homeownership as a great investment, and that feeling continues to grow.

Posted in Tips & Advice
Dec. 11, 2019

Millennials Are on the Move as First-Time Homebuyers

Some Highlights:

  • According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time homebuyers is 32.
  • With more millennials entering a homebuying phase of life, they are driving a large portion of the buyer appetite in the market, keeping buyer activity strong.
  • More and more “old millennials” (ages 25-36) are realizing that homeownership is now within their grasp, and they’re actively dominating the first-time homebuyer market!
Posted in Market Trends