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The eyes of the housing industry will be trained to Capitol Hill today, as Ben Carson, the former Republican presidential candidate, retired neurosurgeon, and President-elect Donald Trump’s choice to the lead the Department of Housing and Urban Development, appears for his confirmation hearing. In a letter sent to Carson in advance of his hearing, Sen. Elizabeth Warren revealed the questions she wants Carson to have an answer for when he appears before the committee – 35 of them, in all. …read more

From:: Real Estate Wire

By Susanne Dwyer

Though millennials perceive homeownership as a vital component to the American Dream, they are also accepting of the realities of owning a first home, according to a new survey by Better Homes & Gardens magazine. Eighty-five percent of the first-time millennial homeowners surveyed view homeownership as a sound investment, and many are practical when it comes to home-buying and -renovating.

“These first-time millennial homeowners are focused on building equity, not debt,” says Jill Waage, editorial director of Digital Content and Products at Better Homes & Gardens. “They are strong believers in being able to afford their dreams as they achieve them and not over-stretch themselves.”

Only 50 percent of those surveyed are willing to spend top dollar to get exactly the features and quality they want in a home; just 36 percent are willing to take out a loan in order to do so. First-time millennial homeowners prefer, instead, to complete do-it-yourself projects around the house, or wait until they can afford to make improvements—in fact, 90 percent of those surveyed are “very” or “extremely” interested in learning about home improvement. Fifty percent of those surveyed report that at move-in, their current home’s conditions required some degree or repair or remodel.

The do-it-yourself projects at the top of their list, according to the survey, are installing light fixtures and tile and painting walls.

First-time millennial homeowners maintain a realistic outlook for their future homes, as well: their wish list includes a mid-sized home (approximately 2,000 square feet) with a renovated kitchen and bathroom(s) and deck or patio space.

“Millennials and millennial ‘firsts’ [first-time homeowners] are paving their own paths in homeownership based on their own budgets, timeline and needs,” says Waage. “These ‘firsts’ are replacing big-budget homes and expensive renovations with patience, frugalness and practicality.”

Source: Better Homes & Gardens

The post Millennials Patient, Thrifty when It Comes to Homeownership appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

Though millennials perceive homeownership as a vital component to the American Dream, they are also accepting of the realities of owning a first home, according to a new survey by Better Homes & Gardens magazine. Eighty-five percent of the first-time millennial homeowners surveyed view homeownership as a sound investment, and many are practical when it comes to home-buying and -renovating.

“These first-time millennial homeowners are focused on building equity, not debt,” says Jill Waage, editorial director of Digital Content and Products at Better Homes & Gardens. “They are strong believers in being able to afford their dreams as they achieve them and not over-stretch themselves.”

Only 50 percent of those surveyed are willing to spend top dollar to get exactly the features and quality they want in a home; just 36 percent are willing to take out a loan in order to do so. First-time millennial homeowners prefer, instead, to complete do-it-yourself projects around the house, or wait until they can afford to make improvements—in fact, 90 percent of those surveyed are “very” or “extremely” interested in learning about home improvement. Fifty percent of those surveyed report that at move-in, their current home’s conditions required some degree or repair or remodel.

The do-it-yourself projects at the top of their list, according to the survey, are installing light fixtures and tile and painting walls.

First-time millennial homeowners maintain a realistic outlook for their future homes, as well: their wish list includes a mid-sized home (approximately 2,000 square feet) with a renovated kitchen and bathroom(s) and deck or patio space.

“Millennials and millennial ‘firsts’ [first-time homeowners] are paving their own paths in homeownership based on their own budgets, timeline and needs,” says Waage. “These ‘firsts’ are replacing big-budget homes and expensive renovations with patience, frugalness and practicality.”

Source: Better Homes & Gardens

The post Millennials Patient, Thrifty when It Comes to Homeownership appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

More single-family homes will be constructed in 2017, but at a gradual rate, reported economists at the recent National Association of Home Builders (NAHB) International Builders’ Show. The NAHB expects single-family construction to rise 10 percent to 855,000 units, and to 12 percent to 961,000 in 2018.

Sixty-four percent of home builders, according to NAHB Chief Economist Robert Dietz, are seeing “low” or “very low” lot supplies.

“While positive developments on the demand side will support solid growth in the single-family housing sector in 2017, builders in many markets continue to face supply-side constraints led by the three Ls—lots, labor and lending,” said Dietz at the show. “The industry needs to recruit more workers and get more land in the pipeline, but it will take time.”

Confidence and growth in the economy could give home-building a boost, with home builders optimistic that the new administration will lower construction costs. Said Dietz, “Regulatory requirements make up nearly 25 percent of the cost of a new home. Given those constraints, it is hard to build a $200,000 entry-level house.”

Townhouse construction, Dietz said, is growing and viable, especially for first-time homebuyers, comprising 12 percent of starts.

On the topic of homeownership, economists at the show expected mortgage rates to average 4.5 percent in the year ahead, and 5.3 percent in 2018.

“We anticipate a stronger economy will translate into higher mortgage rates,” said CoreLogic Chief Economist Dr. Frank Nothaft. “Meanwhile, we expect moderation in 2017 for rent and home price growth, but it will still be higher than inflation, reflecting the tight inventory in the housing market.

“Mortgage rates are up three-quarters of a point since last summer and house prices are up,” Nothaft said. “That starts to pinch a household budget.”

Source: National Association of Home Builders (NAHB)

The post Supply Watch: Gradual Single-Family Construction Expected in 2017 appeared first on RISMedia.

…read more

From:: Finance and Economy

Authorities believe they discovered the remains of an Arizona Realtor who suddenly went missing nearly eighteen months ago while showing a property. Though officials said positive identification is not 100% determined, authorities ruled his death a homicide. Click the headline for the newest update on the case. …read more

From:: Real Estate Wire