Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.
Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
1. Equity Build-UpHome prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:
“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.
The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”
2. Projected Home Price IncreasesIf you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.
3. Projected Interest Rate IncreasesThe Mortgage Bankers’ Association, Freddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.
Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.Bottom LineIf you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams!
It’s almost time. Sigh. Summer is drawing to a close, like it or not.
Before the leaves fall and the wind turns chilly, it’s a good idea to do some seasonal maintenance on your home. Here are some things to add to your fall “honey-do” list.
Have your furnace inspected. It’s smart to have your heating system serviced before you actually need to use it. Experts say that as much as 75 percent of the calls they receive about homeowners without heat are a result of not having the furnace serviced and cleaned. It will also keep your heating costs down and help keep the air in your home healthy.
Apply a fresh coat of paint. Interior painting requires good ventilation, so the best time to tackle a paint spruce-up is the time of year when you can open up your windows.
Inspect your roof. You’ll want to check for shingles that are cracked, buckling, or missing. Check for caulking that needs to be replaced, or moss or lichen, which could indicate deterioration underneath. If you don’t trust your own assessment, work with a certified inspector.
Check for mold. The humidity of summer can cause mold to flourish. Check locations such as around leaky pipes, basements, or areas that don’t get good ventilation. You will want to remove the mold as soon as possible. It’s wise to have this done by a professional.
Replace weatherstripping on doors. There could be gaps that you can’t see and that can jack up your energy costs. It’s a simple fix that can be done with items found at your local hardware store.
Check the airflow. Focus on areas like vents, the hood over your stove, dryer vents, baseboard heaters and room fans. Not only is a buildup of dust a fire hazard, but you also want to keep the air flowing and the allergens at bay.
Get control of gutters and downspouts. Clogs in gutters and downspouts can cause the roof to leak, which can lead to a host of other problems. It’s a slippery slope from clogged gutters to water damage in your home!
Look over your siding. You’ll want to look for any areas on vinyl siding that are buckled or warped. If you have wood siding, look for curling, splitting or cracking. Should you find an issue, you’ll definitely want it taken care of before the weather gets cold!
Inspect your insulation. The most important area to check is your attic. You should have the highest concentration of insulation here. See if there are any gaps that need to be filled. You don’t need to check the insulation in your walls unless you notice heating issues.
Make sure your detectors are working. Ensure both smoke and carbon monoxide detectors have fresh batteries. It’s smart to test them, also. Both are especially important once your furnace is in use.
Each season brings its own challenges and wear-and-tear on your home. With summer ending and autumn on the way, you can go into the new season secure that your home is in tip-top shape!
Ameritex Apt. Movers, Inc.
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3209 W. Hunter Ferrell Rd.
Irving, TX 75060
817-577-4100 Fort Worth
TXDMV No. 006271846C | USDOT No. 1074979
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