Source: Realtormagazine.com
Homeowners are increasingly turning to real estate agents for help in selling their home, as the share of for-sale-by-owner sales remains at the lowest share on record, according to National Association of REALTORS®' 2017 Profile of Home Buyers and Sellers.
Sellers' use of a real estate agent remained at an all-time high this year at 89 percent, according to the survey. Meanwhile, for the third consecutive year, for-sale-by-owner sales continued to be at the lowest share in the history of NAR's survey at 8 percent.
"Homeowners understand the value, and seek the expertise and guidance REALTORS® bring to the table when it's time to sell their home," says William E. Brown, NAR's president. "Despite incredibly favorable market conditions for sellers, where finding interested buyers was not a problem, nearly all turned to a REALTOR® to help assist them through the intricacies of listing their home on the market, accepting offers, negotiating the sales price, and closing the deal."
Sellers reported mostly being satisfied with the performance of their agents, too. Eighty-eight percent of sellers surveyed indicated they were satisfied with the selling process, and 85 percent said they are likely to use their agent again or recommend him or her to others.
Buyers say they need agents too, even though a rising share are turning to the Internet for real estate information. Eighty-seven percent of buyers said they ended up purchasing their home through a real estate agent. They said help finding the right property to buy and assistance in negotiating the terms of the sale were the two main things they most wanted from their agent.
"It's no surprise a majority of first-time buyers indicated that the top benefits received from their agent were help understanding the buying process (83 percent), pointing out unnoticed property features or faults (60 percent), and negotiating better sales terms (51 percent), Brown said. "REALTORS® over the past year have helped buyers, and especially first-timers, navigate extremely competitive market conditions where the need to be prepared and act quickly has been paramount to the success of purchasing a home."
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Know the Competition: Who's Buying Homes, Who's Selling—and Who's Not?
Source: Realtor.com
With soaring rental prices, extremely low mortgage rates, and a stronger economy, it seems that just about everyone wants to buy a home these days. But high home prices are keeping many aspiring homeowners, as well as would-be sellers (who need a new home to move into) out of the market.
So who is buying and selling these days?
It turns out the typical buyer and seller both are getting older—and buyers need to make more money to be able to afford a home of their own, according to the 2017 Profile of Home Buyers and Sellers by the National Association of Realtors®. The report is based on a 131-question survey filled out by nearly 8,000 recent home buyers.
"Prices are going up," says Chief Economist Danielle Hale of realtor.com®. "So in order to get into the housing market, buyers need to have more income to afford the same type of properties."
Who is the typical home buyer these days?Home buyers come in all shapes and sizes, but the typical one is about 45 years old. That's up considerably since 1981, the inaugural year of the report, when the median age was just 31.
Buyers these days are also making good money, at about $88,800 a year, according to the report. It was $88,500 in the previous year.
Most buyers preferred the suburbs and more rural areas, at 85%, compared with urban areas, which is where just 13% of folks bought homes. And the vast majority, 83%, also preferred a stand-alone, single-family house, the kind that typically has a lawn out back.
The suburbs reigned supreme because that's where many of the available homes with the desired features are, says Hale.
"Properties tend to be a bit more affordable than in urban areas," Hale says. "You'll get much more space in the suburbs for your money than you will in an urban area, and the schools do tend to be better as well."
Calling all the single ladies
In another indication of just how much things can change in 36 years, about 18% of home sales were made by single women. That's up from 17% last year and just 11% in 1981. And while it's still well below the 65% of sales that married couples scooped up, it's ahead of the 7% of sales that unmarried men made. An additional 8% of closings were made by unmarried couples.
There are more single women today than there have been historically, says Jessica Lautz, NAR's managing director of survey research and communications. She points to how folks are marrying later in life, or not at all. Or, some may have been married before and become widowed or divorced.
Being able to have a 30-year fixed mortgage provides financial security, compared with facing rising rental prices, Lautz says.
In addition, single women buy homes that cost just a little bit more than single men: a median $185,000 versus $175,000 for the men. And that's despite often making less than their male counterparts.
Fewer first-time buyers are getting in on the actionHigh student debt, coupled with rising home prices, kept many first-time buyers out of the market. These real estate virgins made up only about 34% of home sales, according to the report. That's slightly down from 35% last year and the long-term average of 39%.
Those who were able to buy a home were a median age of 32.
"Right around turning 30 is still a significant milestone in many people's lives," says Hale. "That's why we tend to see a lot of first-time buyers."
These buyers typically had a household income of about $75,000, up from $72,000 last year. They were likely to buy a 1,650-square-foot abode for about $190,000 in a suburban area.
"The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages," NAR's Chief Economist Lawrence Yun said in a statement.
"Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers."
Big student loan bills due every month also make it harder for many of these younger folks to save up for a down payment. And it could affect their debt-to-income ratios, which lenders look at before issuing mortgages.
About 41% of first-time buyers have debt, according to NAR's report, up from 40% last year. And they now owe about $29,000—compared with $26,000 in 2016. Ouch.
"An overwhelming majority of millennials with student debt believe it's delaying their ability to buy a home, and typically for seven years," Yun said in a statement. "Even in markets with a plethora of job opportunities and higher pay, steep rents and home prices make it extremely difficult to put savings aside for a down payment."
What kinds of homes are buyers snagging?
Buyers overwhelmingly opted for existing homes (ones that had previously been lived in), at about 85%, compared with just 15% who closed on brand-new abodes, according to the report. That's likely because there are fewer newly built homes on the market as well as the newer homes tending to cost significantly more.
They shelled out a median $235,000 on their homes, which were a median 1,870 square feet. The typical home was built in 1991 and had three bedrooms and two bathrooms.
And they're not moving far away. Usually buyers moved only about 15 miles from their previous home.
Who's selling their homes?
They typical home seller in 2017 was much older than the typical buyer, at about 55 years old. Their household incomes were also higher, at about $103,300 a year.
"The age of sellers and repeat buyers continues to increase," says NAR's Lautz. That's because many baby boomers are purchasing retirement homes later in life.
The top reasons for selling were a residence that was too small, the desire to be close to family and friends, and the need to relocate for work.
Sellers usually stayed about 10 years in their homes before putting them on the market. Their properties stayed on the market for a median of three weeks, compared with four weeks last year.
And, in a boon for sellers, they sold their homes for a median $47,500 more than what they originally paid for them, and got about 99% of their final listing price.
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Home Decor Ideas for People Who Love Their Dogs a Little Too Much
Source: Realtor.com
Believe the cliché! Dogs are indeed man's best friend. So why not express this bond with doggy doorknobs? Or pillows made from your dog's hair (no joke) and festooned with clever statements calling all that doggie fur in your house "tiny strands of love"?
You can have all this and more, thanks to a bumper crop of home decor items that pay homage to your beloved pet. Whether your love of dogs is approaching critical levels or you just want to enjoy a hearty laugh at such (well-meaning) folks, get a gander of these dog-themed home decor ideas below. We won't judge!
Dog paintings
If you don't have a custom painting of your dog hanging somewhere in your home, do you even really have a dog? It's one of the best ways to show visitors that you care about life's finer things: art, dogs, and art featuring dogs.
Andog Warhol, indeed!
Andog Warhol, indeed! MarionDeLauzun/etsy.com
If you're more of a traditionalist, then perhaps you would prefer to have a portrait of your dog as Alexander Hamilton ($180, Etsy.com). What a handsome fellow! What a completely normal thing to have in your home!
Dog wallpaper
Wallpaper's back in fashion, and if you think there's not going to be colorful wallpaper featuring every breed of dog imaginable, then you do not know dog people. This whimsical pug wallpaper ($60, Spoonflower.com) is available as fabric or wrapping paper. Will you get tired of looking at a wall of pugs cavorting with pink donuts? Of course not! Pugs and pastries are timeless.
Wallpaper for people who love pugs who love donuts.
Wallpaper for people who love pugs who love donuts.Petfriendly/Spoonflower.comDog decals
If dog wallpaper is just too many dogs for your tastes, there are scores of dog-themed decals for something more subtle. Here's a doggy decal that classes up those unsightly wall sockets ($14, Etsy.com).
A bit on the nose?
A bit on the nose?Stickdecor/Etsy.com
And here's a decal for people who think it's just adorable to have a dog panting down your neck while peeking out from behind the furniture ($20 to $50, Etsy.com). Cute? Creepy? Cute and creepy?
We're not sure how easy it would be to relax on this couch.
We're not sure how easy it would be to relax on this couch.WallumsWallDecals/Etsy.com
Dog pillows
Throw pillows are one of the lowest-commitment kinds of dog-based decor, so they're a great starting place for dog people just dipping a toe in these slobbery kiss-filled waters. And, there are so many ways to celebrate your animal companion in pillow form! This one's a printed canvas ($68.48+, Etsy.com ).
Dog pillow with pictures
Or instead of throw pillows with pictures of dogs, you want throw pillows with clever statements about dogs? You're in luck: There are so very many options, a disturbing number of which are focused on informing visitors to your home that you are chill about having dog hair all over the place—or warning people who enter your home that they are about to eat and/or be covered in said hair ($10.79, Etsy.com). As a person who does not have dogs, I appreciate the heads-up.
Yum!Others go so far as to call dog hair "tiny strands of love" ($30, Etsy.com). If that's true, dogs must love their owners a lot.
Dog bedding
I'm just going to go out on a limb here and guess that anybody shopping for dog decor shares a bed with their dog. Depending on the size of the dog, that could mean snuggly spooning on cold winter nights, or a hundred-plus-pound dead weight shoving you to the very edge of your mattress. Why not celebrate that special discomfort with dog-themed bedding like this one below ($130, Cafepress.com)?
It's the truth.
Doggy doorknobs
OK, now visualize your home. There are images of dogs gracing every available surface. Right? Wrong! Think of something you and everyone in your house use every single day, that does not yet have a dog theme. Doorknobs! Everybody needs 'em. Why not have a ceramic poodle instead of some boring brushed-nickel knob? You're welcome ($33.70, And Mary).
Pet a poodle every time you open a door.
Dog statues
If your tastes run a bit grander, dog statues are an excellent choice. This handsome bronze homage below, for instance, is suitable for indoor or outdoor use, just like your real dog ($5,000+, Lenatoritch.com).
A standard poodle, custom cast in bronze
If you don't have space for a large statue (or if you already have a large statue and need some dog tchotchkes to fill your curio cabinet), this Etsy seller will make custom polymer dog figurines based on photos of your dog ($44+, Etsy.com).
A wee version of your best bud
Dog taxidermy
Not to be indelicate, but when the time comes for your dog to journey to the Rainbow Bridge, you can preserve your pet's furry shell forever with the help of a skilled taxidermist. Thunder Bay Taxidermy offers pet preservation for dogs, cats, and even birds and reptiles ($950+, Thunderbaytaxidermy.com).
He'll sit and stay for good.And there you have it: Dog-themed decor ideas for every corner of your home. With even a few of these purchases, nobody will ever question your commitment to your four-legged friend again. (So why is it that even one cat throw pillow makes you a cat lady but dog people can get away with this sort of thing? That's a question for another day.)
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