Sabrina Wendt – Page 20 – The Real Estate Beat

Millennials Seek Out Communal Living Spaces

Millennials Seek Out Communal Living Spaces

DAILY REAL ESTATE NEWS

Co-living spaces with dorm-style apartments are becoming a rising trend among millennials, and the businesses that offer these living arrangements have one goal in common: to create and foster community.

Though the idea of cohousing is not new, many businesses are trying to market to younger generations by advertising not only a unique community but a chance to network, share resources, and make friends.

Pure House is one such business that tries to attract people who want to be a part of a certain type of community—although the apartment rentals often come with expensive, unconventional lease agreements.

The community rental company requires that anyone seeking to live in any of its nine fully-furnished residential apartments located in Williamsburg, Brooklyn fill out an application that asks questions such as, “What are your passions?” and “Why do you think you’ll thrive in a communal living space?”

The application process is meant to select individuals who are socially similar and have like-minded worldviews. Residents pay $1,600-$4,000 per month after signing a 30-day membership agreement, which includes communal activities and amenities such as work out classes, maid services, and bicycles.

Businesses with co-living arrangements like Pure House often act as property managers rather than owners of the building.

However, these businesses could run into trouble with city and state laws that prohibit individual room rentals, and they may not be economically feasible, especially for millennials. Campus, which had co-living arrangements in California and New York, will shut down at the end of this month due to economic reasons.

Still, some businesses with a mission of bringing together young, like-minded people are thriving, and others have even announced timelines to open more communal living spaces.

Here is a list of current and up-and-coming co-living businesses:

Common: Opening renovated apartments for rent this fall in Crown Heights and Bedford-Stuyvesant, Brooklyn, N.Y., Common offers community-minded living spaces in major cities with traditional leases. Residents must first apply for a living space to receive a cleaning service and participate in community events.

Krash: The co-living spaces, or “Krash” houses, require an application process and membership with 3-12 month leases. The company has houses in Boston, New York, and Washington, D.C. and is catered toward entrepreneurs, innovators, and founders.

Open Door: With six housing projects, the company acquires and renovates properties and partners with other property owners to create more affordable housing for unique and visionary individuals.

the co.space: Focusing on creating “positive change in the world,” the co.space puts undergraduate students and young professionals under one roof to encourage shared ideas and networking through community events such as house retreats and mentor dinners.

Stage 3 Properties: The real estate company’s mission is to “disrupting the housing industry by reimagining its process, product and price points” while creating housing for the creative class. It has begun construction on 180 co-living units, which will house 400 people by 2017. The leases will be 12 months long.

Source: “The Millennial Commune,”The New York Times (July 31, 2015)

I read this article at: http://realtormag.realtor.org/daily-news/2015/08/04/millennials-seek-out-communal-living-spaces?om_rid=AACmlZ&om_mid=_BVwQu3B9EOtOGt&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

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Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

How to buy a house without a 20% down payment

How to buy a house without a 20% down payment

If you’re thinking about buying a home, you may need less money than you think.

Here’s how to figure out the amount of cash you need to buy a home, and what you can do to buy a home using as little money down as possible.

Contrary to popular belief, you don’t need 20% down. The minimum down payment you need to buy a home is 3.5% down with an FHA loan on a 30-year fixed-rate mortgage. This 3.5% down payment is a factor of the home price on a loan size up to the high-balance FHA county loan limit — which in most places is $417,000.

However, it can be higher depending on the area. For example, in Sonoma County, Calif., it’s up to $520,950, and in some higher-cost areas, such as Marin County or San Francisco County, that number goes up to $625,500 for a single-family residence.

Alternatively, on a conventional loan you need only a 5% down payment on up to a $417,000 loan size. Should your loan size exceed $417,000, another 5% down payment kicks in, for a total of 10% down needed all the way to the maximum conforming loan limit in your county.

What to expect when buying with little money down

First, if you’re buying a home with less money down, know that your mortgage payment will be higher than if you put more down. The three drivers that inflate a mortgage payment are: interest rate, larger loan size, and private mortgage insurance.

You should have manageable monthly debts — including credit cards, car loans, and any form of payment obligations — in relation to your income. Your income will need to be high enough to include the proposed mortgage payment for the purchase price you are seeking, as well as being able to cover your other debt payments.

The down payment percentages are important to know, though it is significantly easier to work with the monies you have or have access to, than to get wrapped around the axle about down payment percentages. Make no mistake, the mortgage company can work this calculation out for you very easily, or you can do it yourself. You can take the amount of money you have and divide that number by the purchase prices in your area to determine the exact dollar percentage.

Let’s say you have $30,000 to spend on buying a home and you know that housing prices in your area are $450,000. That means you have a 6.7% down payment, enough for an FHA Loan. If your loan professional asks you how much money you have to spend on buying a home in terms of your own funds and possible gift funds, the answer should be some sort of dollar amount, not “How much do I need?”

The reason is this: How much you’ll need to buy a home is going to be predicated on the purchase price of the property and is a continual variable until you get into contract. Start with the monies you have. Assuming you have $30,000 to spend on a $450,000 home example, closing costs on a $450,000 home will easily equate to $10,000, so of the $30,000, $10,000 would come right off the top for closing costs leaving you with $20,000 as a down payment, still meeting the cash to close requirements on an FHA loan.

No-money-down options

The VA loan program allows for no-money-down, 100% financing, for U.S. military veterans only.
The USDA loan program also allows for no-money-down, 100% financing, as long as you are purchasing a home in a rural area and you meet the USDA’s annual low-income thresholds.

Other sources of money

Alternatively, gift monies can be used to purchase a home. Typically, lenders like gift monies to come from a blood relative, but check with your lender for specifics. Here are additional funds that can be used for the acquisition of a home, though they each come with their own individual downsides and may not be a good fit for you. Consider all of your options:

Stocks, bonds, IRA and 401(k) monies can be pulled from these accounts to purchase a home, usually with special provisions.
Gift money, as long as it can be documented in some form of a bank account can also be used, along with an executed gift letter.
Selling of personal property — a boat or a motorcycle, for example, can be used for a down payment and/or closing costs — documented with a bill of sale and paper trailing of the funds.
A security deposit refund on you current rental obligation can also be used, but needs to be planned for on the front end so as to properly communicate timeframe expectations with your landlord.
Tax return refund.
Cash can be used as long as the funds have been seasonedin some form of a bank account for the past 60 days.

If want to buy a home or want to get on the path of doing so in the future, here are some steps to consider to help meet this goal:

Identify what monies you have in the bank now, and from what sources.
Next, get “read” on what housing prices are like in your area, through online research or connecting with a good local real estate agent
Take the amount of cash you have and divide that figure by an estimated sales price range in your area so you can get a feel for how much cash you will need to purchase XYZ home. Closing costs become another crucial factor, but the main goal is determining if you have enough cash to play with. Based upon these action steps, talking with a mortgage lender about getting qualified or how much money you’ll need to save in the longer-term picture can be a prudent step in making your future home purchase a success.

Another factor that can affect how much home you can afford is your credit score, because that is a major factor in determining your interest rate. Checking your credit at least several months in advance of starting the home buying process can show you where you stand and help you consider whether you should take steps to improve your credit in the coming months. You can get your credit reports for free once a year from AnnualCreditReport.com, and there are many ways to get your credit scores for free, including through Credit.com.

Equity Share – How to Make Home Ownership Happen

As I mentioned in last weeks blog – I’d have an idea how to work around this “rent is too high & I can’t save money for a down payment” mess. Below is an article that when I saw it posted on Facebook – I knew the fella was hurting, frustrated and upset that he wasn’t born on the “rich” side of town. And upon first read – I too was upset! Then I recalled – it’s just how life is – so stop beating yourself up for your lack of royal blood, stop being angry you don’t have more money – and start thinking outside the box.

The biggest hurdle I see theses days, myself included, is saving money for the down payment. Around here, the San Francisco Bay Area – the median home price is $791,000 if it is priced under 1 million and $4,234,000 for homes priced over 1 million. So, let’s focus on those first time buyers homes – priced at around $800,000 – that would take $160,000 for 20% down, which is conventional financing and as low as $40,000 for 5% down loans – which usually require more than one loan to purchase the home. So needless to say – that’s a lot of dough!

And just so you know – you need another 3% (about $24,000) of the purchase price for closing costs – so really a buyer needs to save about 25% to get into the market. Yikes, all that saving while trying to rent a closet in the bay area is liable to frustrate anyone.

So let’s think outside the box. Real Estate is one of the best investments because in general – it has always appreciated. Forget the financial crises of 2007 – real estate is a cycle, and what goes up can go down – but in the long run – which is how you need to look at all real estate investments – real estate appreciates.

So now is the time to pool your resources. How you ask? Find family, friends or investors who are willing and able to help you with the down payment. The idea is called – Equity Sharing – the easy explanation is – you find an investor – who is willing to give you – for example 15% of the down payment while you contribute 5% – to obtain the 20% down requirement. Now, in order to do this right – you need to hire a real estate attorney to draft an agreement between both parties outlining everyone’s responsibilities in said partnership and how the gains will be disbursed.

So the easy explanation goes like this: Investor contributes 15% of the purchase price to buyer. Buyer contributes 5% and all closing costs. Buyer becomes the owner of the home. Investor carries a note or lien on the property. Buyer will then move into home, pay mortgage, taxes and insurance. Buyer will maintain home. Buyer can improve upon home. Per the partnership agreement – in 10 years buyer will need to sell home or pay back the down payment loan.

Here is where the equity comes into play. Let’s say – year 1 the home was worth $800,000 and the investor contributed 15% ($120,000). In year 10 the home is now worth $1,500,000. The home appreciated a total of $700,000. That 15% initial investment will now give the Investor – $225,000 in their pocket (15% of the new value of $1,500,000. Nearly doubling the initial investment!

Now this is a very simple example. There are many variables to this as each equity share partnership is different. The idea of Equity Share is to get buyers into home ownership when otherwise it could take them 30 years just to save up for the down payment.

Now, this could work in more ways than one. A group could purchase a duplex or apartment building. Perhaps they all live there; perhaps part is owner-occupied and part is rented out. The idea here is to pool resources to obtain at minimum a 20% down payment and own real estate and watch it appreciate. I could go on and on with different scenarios – so if you are interested, curious, or have more questions please feel free to email me or call me – info@TheCatonTeam.com – 650-568-5522

Thank you for reading. Now enjoy this article that made me start thinking outside the box!

Millennials who are financially thriving have one characteristic in common

Millions of America’s young people are really struggling financially. Around 30 percent are living with their parents, and many others are coping with stagnant wages, underemployment, and sky-high rent.

And then there are those who are doing just great—owning a house, buying a car, and consistently putting money away for retirement.

These, however, are not your run-of-the-mill Millennials. Nope. These Millennials have something very special: rich parents.

These Millennials have help paying their tuition, meaning they graduate in much better financial shape than their peers who have to self-finance college through a mix of jobs, scholarships, and loans.

And then, for the very luckiest, they’ll also get some help with a down payment, making homeownership possible, while it remains mostly unattainable for the vast majority of young adults.

To start with, most of those who continue their education after high school have families that are able to help financially. A recent report from the real-estate research company Zillow looked at Federal Reserve Board data on young adults aged 23-34 and found that of the 46 percent of Millennials who pursued post-secondary education (that’s everything from associates degrees to doctorates), about 61 percent received some financial help with their educational expenses from their parents.

And yet, even with this help, the average student with loans at a four-year college graduates with about $26,000 in student-loan debt. Millennials who are lucky enough to have some, or all, of a college tuition’s burden reduced by their parents have a leg up on peers who are saddled with student debt, and they’ll be able to more quickly move out on their own, and maybe even buy their own house.

And that matters a lot in the long run: While many remain skeptical about the real-estate market, homeownership is still the primary way that Americans build wealth. But first-time buyers—a group generally made up of younger adults—have been scarce since the recession.

And research indicates it’s not because many of them want to remain renters, but because they just simply can’t save up enough for a down payment, especially not the down payments needed in the expensive urban markets where so many Millennials prefer to live. According to Svenja Gudell, the senior director of economic research at Zillow, “There’s a ton of people out there who want to buy. In our most recent survey in the beginning of the year, we had 5.3 million renters interested in buying over the next year.”

But, because of their student-debt loads, they cannot. “When it comes to taking out a mortgage, they aren’t able to carry that mortgage payment because they have very chunky payments to make to the lenders of their student loans. So that’s certainly holding Millennials back along the way,” Gudell says.

A recent study by the real-estate company Trulia laid it out this way: Imagine an individual who earns $50,000 and is shopping for a $200,000 home (the median U.S. income and house price). This person would like to put 20 percent down.

If he or she follows the popular financial advice to save 10 percent of his or her annual pay, it’ll take him or her about eight years to have that down payment ready to go. If that same person has $26,000 of student debt, which means monthly payments of $280 based on a 10-year repayment plan, it’ll take this person closer to nine years.

But even these numbers are optimistic, with many Millennials owing monthly payments much more than $280 per month, and making much less than $50,000 a year. And in many markets, a $200,000 house is hard to come by. In some of the priciest areas, such as San Francisco, it would take those with a college degree and student loans nearly 30 years to save up enough for a 20 percent down payment. For those without the wage boost that a degree brings, it probably won’t be possible at all.

According to Zillow, 43 percent of Millennials who got help from their parents in paying for school were also able to become homeowners. According to Census data the homeownership rate for all young adults was about 36 percent in 2014.

Then there is the group that the Zillow study dubs “double lucky.” These are the select few whose families had enough money to not only help them with college, but to then also assist them with a down payment on a home. This group accounts for more than half of the Millennial homeowners in the Zillow’s data, though they account for only 3 percent of the total Millennial population.

Only about 9 percent of Millennials whose parents were able to contribute to their post-high school education were also able to help them purchase a home—and the group that had such significant help is an incredibly low percentage of the total Millennial population.

The study calls this a “funnel of privilege”: Young adults with rich parents soon become rich themselves.

“Haves are turning their riches or their wealth into bigger wealth because they are investing in the housing market by simply living in a house,” says Gudell. This advantage is one that these Millennials will carry forward as they earn more than their degree-less peers, and save more than those who were forced to throw away tens of thousands of dollars on rent due to their inability to buy. In the future, they’ll have wealth to pass down to their own kids, continuing the cycle.

By: GILLIAN B. WHITE, THE ATLANTIC

I wrote a portin of this blog – the article I read this article at: http://www.businessinsider.com/millennials-who-are-financially-thriving-have-one-characteristic-in-common-2015-7

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

This Isn’t a Housing Bubble: Here’s Why

There has been a lot of talk whether or not the San Francisco Bay Area Real Estate is in a bubble. One by one I have spoken with clients, friends and colleagues about this concern. Below is a great, quick article about the market. And here is my 2 cents. Not long ago we were in the gloom of a crashed market. Back in 2009 – 2011 no one wanted to buy real estate for fear it would never recover. Boy has it! In the Bay Area we have far exceeded anyones expectation of recovery. We are booming right now. What fuels our growth is a strong job economy in the tech world, ample cash, low supply and over demand. Much of the home sales are going cash – no worry of crashing lenders here. These homes are selling with multiple offers and for cold hard cash. There is a huge influx of foreign money too. And I know there is talk that the foreign markets are wavering – but we all need a place to live and well – why not here! The most gorgeous place on the planet! (In my humble opinion as a California native). Enjoy the article below – call or email me if you have questions. And if you are thinking of buying or selling your home – The Caton Team is but a call or click away.

Info@TheCatonTeam.com / 650-568-5522

Happy Reading,

Sabrina

This Isn’t a Housing Bubble: Here’s Why

DAILY REAL ESTATE NEWS

Home prices are rising rapidly, but economists are deflating concerns that another “housing bubble” is brewing.

A recent report from CoreLogic shows that twice as many metro markets are considered “overvalued” – prices are inflated relative to incomes — in the second quarter of this year compared to the first three months of the year. But economists say it’s not a housing bubble because bubbles eventually burst and home prices this time around aren’t likely to fall.

“Just because you’re overvalued doesn’t mean that you’re in a bubble or there is an impending crash,” says Sam Khater, CoreLogic’s deputy chief economist. “Some markets are overvalued because of strong fundamentals.”

The National Association of REALTORS® reported that the national median sales price is now above its 2006 peak. The median existing-home price for all housing types reached $236,400 in June – 6.5 percent above year ago levels and surpassing the peak median sales price set in July 2016 at $230,400, according to NAR.

CoreLogic’s recent report shows that home prices in 14 of the largest 100 markets have now risen above its long-term fundamental values – with six of these markets in Texas alone. Housing demand is strong and supply has been near record lows, which has paved the way for price increases among the state’s strong economy.

About 10 years ago, a housing bubble was being fueled by free and easy mortgage credit – not the case today, CNBC reports. Today, strong demand and weak supply is driving the rise in prices.

“Agents continue to highlight buyers’ growing frustration with rising prices, but see current levels largely supported by tight inventory conditions,” according to a monthly survey of real estate professionals by Credit Suisse.

Source: “Frothy, Yes, But Don’t Call it a Housing Bubble,” CNBC (Sept. 15, 2015)

I read this article at: http://realtormag.realtor.org/daily-news/2015/09/17/isn-t-housing-bubble-here-s-why?om_rid=AACmlZ&om_mid=_BV$vieB9FsN65L&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

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Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Changes in Water Heater Efficiency Standards & Size…

There are changes in the size of your standard water heater that could pose a problem for condos and mobile homes owners where the location of the water heater cannot be changed or modified due to the new size of a standard efficient water heater. Please read….

Water Heaters

Product Information

Residential water heaters use oil, gas, or electricity to heat potable water to be used for such activities as bathing or washing dishes or clothes. Residential water heaters include storage type units that store heated water in an insulated tank and instantaneous type units that heat water on demand.

Water heating is typically the second largest energy use in a home, after heating and cooling, and can account for 14%-25% of household energy consumption. In the United States energy consumed by residential water heaters accounts for 11% of the electricity and 24% of the natural gas consumed in the residential sector. However, residential hot water use is variable and depends on the number of people in the household, the type of appliances, and the climate in which the house is located.

Current Standards

Gas-fired ( 75 kBtu/h input capacity), oil-fired ( 105 kBtu/h input capacity), electric ( 12 kW input capacity), and tabletop ( 12 kW input capacity) storage water heaters, as well as instantaneous gas-fired (<200 kBtu/h input capacity) and electric ( 12 kW input capacity) water heaters, manufactured and distributed in commerce must meet the energy conservation standards specified in Table 1 as of January 20, 2004.

Amended Standards

On March 31, 2010, the U.S. Department of Energy (DOE) completed the second rulemaking to amend energy conservation standards for residential water heaters, issuing a final rule. Residential water heaters must comply with the amended standards in Table 2 by April 16, 2015.

Table 1. Energy Conservation Standards for Residential Water Heaters

Product Class	Rated Storage Volume	Energy Factor
Gas-fired Water Heater	20 gal and 100 gal	0.67 – (0.0019*V_s)
Oil-fired Water Heater	50 gal	0.59 – (0.0019*V_s)
Electric Water Heater	20 gal and 120 gal	0.97 – (0.00132*V_s)
Tabletop Water Heater	20 gal and 100 gal	0.93 – (0.00132*V_s)
Instantaneous Gas-fired Water Heater	< 2 gal	0.62 – (0.0019*V_s)
Instantaneous Electric Water Heater	< 2 gal	0.93 – (0.00132*V_s)

V_s: Rated Storage Volume – the water storage capacity of a water heater (in gallons).

Table 2. Amended Energy Conservation Standards for Residential Water Heaters

Product Class	Rated Storage Volume	Energy Factor
Gas-fired Water Heater	20 gal and 55 gal	0.675 – (0.0015*V_s)
Gas-fired Water Heater	> 55 gal and 100 gal	0.8012 – (0.00078* V_s)
Oil-fired Water Heater	50 gal	0.68 – (0.0019*V_s)
Electric Water Heater	20 gal and 55 gal	0.960 – (0.0003*V_s)
Electric Water Heater	> 55 gal and 120 gal	2.057 – (0.00113*V_s)
Tabletop Water Heater	20 gal and 100 gal	0.93 – (0.00132*V_s)
Instantaneous Gas-fired Water Heater	< 2 gal	0.82 – (0.0019*V_s)
Instantaneous Electric Water Heater	< 2 gal	0.93 – (0.00132*V_s)

V_s: Rated Storage Volume – the water storage capacity of a water heater (in gallons).

The efficiency metric for residential water heaters is the energy factor (EF), which indicates a water heater’s overall energy efficiency based on the amount of hot water produced per unit of fuel consumed over a typical day. The EF accounts for the following:

Recovery efficiency – how efficiently the heat from the energy source is transferred to the water
Standby losses – the percentage of heat loss per hour from the stored water compared to the heat content of the water (for water heaters with storage tanks)

Cycling losses – the loss of heat as the water circulates through a water heater tank, and/or inlet and outlet pipes.

Energy Efficiency Standards Information

For more information, see the DOE’s Appliance and Equipment Standards for this product.

To see all federal notices, public comments, public meeting transcripts, and supporting documents, see the Regulations.gov Docket for this product.

Contact: Alex Lekov (510) 486-6849

Test Procedure Information

Docket Number:

EERE-2011-BT-TP-0042

To see all federal notices, public comments, public meeting transcripts, and supporting documents, see the Regulations.gov Docket for this test procedure.

On November 4, 2013 DOE published a notice of proposed rulemaking regarding test procedures for residential water heaters and certain commercial water heaters. The proposed test method would apply the same efficiency descriptor to all residential and certain commercial water heaters, and it would extend coverage to eliminate certain gaps in the current residential test procedure, update the simulated-use-test draw pattern, and update the water delivery temperature requirement.

I read this article at: http://efficiency.lbl.gov/product/water-heaters

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

5 Popular Trends in New-Home Construction

5 Popular Trends in New-Home Construction

DAILY REAL ESTATE NEWS

What building materials are trending in new-home construction? The latest Annual Builder Practices Survey, conducted by Home Innovation, reveals what buyers can expect to see in the new-home market.

Garages: The garage door is getting more enhancements, including windows, insulated doors, and doors made of composite or plastic materials. In 2014, 32 percent of all new single-family homes had bays for three or more cars—the most ever recorded in this study’s history.

Flooring: Carpeting continues to be the most popular flooring option for new construction, with about 83 percent of all new-home bedroom installations having carpeting. However, only about 40 percent of living rooms now have carpet. Hardwood flooring – both solid and engineered types – is the second most popular type of flooring, and is included in 27 percent of all new-home installations. Ceramic tile (which appears in 72 percent of all bathroom floor installation) follows in third place, making up 20 percent of all new-home floor installations, according to the survey.

Countertops: For kitchen countertops, granite continues to reign at 64 percent of new-home installations. Quartz/engineered stone is gaining popularity while laminate, solid surfacing, and ceramic tile are losing appeal.

Appliances: Cooktops and wall oven combinations are gaining in popularity and make up about 24 percent of the market, compared to freestanding ovens (at 45 percent). Freezer-on-bottom refrigerators are gaining in popularity at 19 percent, while side-by-side has fallen to 28 percent of the share.

Kitchen sinks: More buyers are paying attention to their kitchen sink, with the single basin kitchen sink making a comeback, growing from 5 percent to 20 percent of all new single-family homes in the past decade. Also growing in popularity are granite/stone kitchen sinks (at 8 percent). One-piece cultured marble lavatories are continuing to decline in demand, according to the survey.

Source: “Material World: The Hottest Trends From the 2015 Builder Practices Survey,” BUILDER Online (July 29, 2015)

I read this article at: http://realtormag.realtor.org/daily-news/2015/08/04/5-popular-trends-in-new-home-construction?om_rid=AACmlZ&om_mid=_BVwQu3B9EOtOGt&om_ntype=RMODaily

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The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

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New Rental Units Too Pricey for Most Renters

New Rental Units Too Pricey for Most Renters

Much of the recent multifamily construction has focused on the luxury segment, which is pricing renters out of the market, according to Harvard University Joint Center’s 2015 State of the Nation’s Housing Report.

The rising costs in multifamily development pushed the median asking rent for newly constructed rental units up to about $1,290 per month as of 2013. That marks an increase of $180 compared to 2012, according to U.S. Census Bureau data.

Meanwhile, the typical renters’ incomes rose by just $60 a month, going from $32,000 in 2012 to $32,700 in 2013, according to the American Community Survey.

In order to afford a standard new multifamily unit, a household would need to earn at least $51,440, according to JCHS. Less than a third of renters, however, earn this much.

In some areas, rental costs are even higher. JCHS’ report notes that 84 percent of new multifamily units in the Northeast and 67 percent of those in the West went for a monthly rate of $1,350 or higher in 2013. In fact, many units built in 2012 to 2013 rented for at least $2,000 per month – which would require an annual salary of at least $80,000.

In the South and Midwest, new units rented in the $1,350 range were only about a third of growth, which indicates a more even regional supply of new units by price.

“While new multifamily construction is easing some of the demand for new units, it is currently not sufficient to ease the broader affordability problems facing renters,” notes Elizabeth La Jeunesse, a research analyst, at the JCHS’ Housing Perspectives blog. “Closing the gap between what it costs to produce this housing, and what economically disadvantaged households can afford to pay, requires the persistent efforts of both the public and private sectors.”

Source: “New Multifamily Construction Is Out of Reach for Most Renters,” Harvard University Joint Center for Housing Studies’ Housing Perspectives Blog (July 30, 2015) DAILY REAL ESTATE NEWS

I read this article at: http://realtormag.realtor.org/daily-news/2015/08/04/new-rental-units-too-pricey-for-most-renters?om_rid=AACmlZ&om_mid=_BVwQu3B9EOtOGt&om_ntype=RMODaily

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The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

10 Housing Markets Fueled by Job Growth

10 Housing Markets Fueled by Job Growth

Job growth is propelling home appreciation in several housing markets across the country. Nearly 3 million jobs have been created in the past 12 months, notably among the 25 to 34 age group too.

“With more jobs, more people in the labor force, and higher wages materializing, this spring’s strong pace for home sales will continue,” writes Jonathan Smoke, chief economist of realtor.com, in recent commentary.

Realtor.com® singles out the following 10 markets as seeing some of the highest job creation in the past three years as well as above-average price appreciation.

Atlanta–Sandy Springs–Roswell, Ga.

Employment growth, 2011–2014: 1.7%

Median home price growth, 2011–2014: 20.3%

Austin–Round Rock, Texas

Employment growth, 2011–2014: 3.7%

Median home price growth, 2011–2014: 8.5%

Charlotte–Concord–Gastonia, N.C.–S.C.

Employment growth, 2011–2014: 2.7%

Median home price growth, 2011–2014: 8.4%

Dallas–Fort Worth–Arlington, Texas

Employment growth, 2011–2014: 2.9%

Median home price growth, 2011–2014: 8.2%

Denver–Aurora–Lakewood, Colo.

Employment growth, 2011–2014: 2.9%

Median home price growth, 2011–2014: 10.8%

Grand Rapids–Wyoming, Mich.

Employment growth, 2011–2014: 4%

Median home price growth, 2011–2014: 9.8%

Orlando–Kissimmee–Sanford, Fla.

Employment growth, 2011–2014: 3.6%

Median home price growth, 2011–2014: 12.5%

Salt Lake City, Utah

Employment growth, 2011–2014: 2.8%

Median home price growth, 2011–2014: 10.3%

San Francisco–Oakland–Hayward, Calif.

Employment growth, 2011–2014: 3.2%

Median home price growth, 2011–2014: 16.8%

San Jose–Sunnyvale–Santa Clara, Calif.

Employment growth, 2011–2014: 4.1%

Median home price growth, 2011–2014: 15.6%

Source: “The Top 10 Markets Powered by Serious Job-Creation Mojo,” realtor.com® (June 5, 2015)

I read this article at: http://realtormag.realtor.org/daily-news/2015/06/08/10-housing-markets-fueled-job-growth?om_rid=AACmlZ&om_mid=_BVdcaTB9CahVMK&om_ntype=RMODaily

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

The Most Common Delays Toward Closing

The Most Common Delays Toward Closing

The majority of contracts – 64 percent — are settled on time with no delays to closing, but some REALTORS® acknowledge facing delays or even having contracts terminated for numerous reasons, according to the latest REALTORS® Confidence Index Survey, a survey of more than 1,500 REALTORS®. Twenty-six percent of REALTORS® surveyed identified a delay to settlement, while 10 percent said they have even had a contract terminated prior to closing.

About 60 percent of REALTORS® reported some type of issue on their contract in April. For example, 12 percent of REALTORS® identified a financing issue; 8 percent had home inspection problems surface; and 7 percent had an appraisal issue. Three percent of REALTORS® also identified issues buying/selling distressed property; titling and deed issues; or with contingencies stated in the contract.

“It is surprising that in a ‘tight’ and ‘difficult’ credit environment, only 12 percent of contracts that were reported to have settled or terminated had financing issues,” economists at the National Association of REALTORS® report. “One explanation may be that potential home buyers are deciding to sit on the sidelines for now, so these buyers were not captured in the data.”

Source:”64 Percent of Contracts Are Settled on Time,” National Association of REALTORS® Economists’ Outlook Blog (June 8, 2015)

I read this article at: http://realtormag.realtor.org/daily-news/2015/06/09/most-common-delays-toward-closing?om_rid=AACmlZ&om_mid=_BVdzQwB9ChnCwi&om_ntype=RMODaily

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Who Can Make Housing Affordable?

This is a hot topic around the water cooler these days.

Who Can Make Housing Affordable?

Though the majority of Americans believe local, state, and federal governments are taking the issue of housing affordability seriously, they still remain pessimistic about the future, according to a survey conducted by the MacArthur Foundation.

The annual How Housing Matters survey, conducted in April and May and reflecting the opinions of 1,401 adults nationwide, found that while there have been some improvements on perceptions of housing, 61 percent think the housing crisis isn’t over. One in five believes the worst is still ahead.

The MacArthur Foundation also looked at economic mobility, elements of the middle-class lifestyle, Millennials in the housing market, and how governments provide policies related to affordable housing. Here are some of the survey’s overall findings:

Americans’ perception of the value of home ownership has slightly improved from last year, and they continue to show a strong desire to own a home.

Fifty-six percent of Americans believe buying a home is an excellent long-term investment and one of the best ways to build wealth and assets, up from 50 percent last year. Seventy percent say buying a home is somewhere between a low and high priority, with 43 percent reporting high priority. Among those who reported a high priority, 53 percent are Millennials.

Americans are pessimistic about economic mobility, especially Millennials desiring a middle-class lifestyle.

Seventy-nine percent of respondents believe middle-class households fall into a lower economic class more often than low-income households rise to the middle class. Respondents say the top three most important factors of the middle-class lifestyle are a stable, decent-paying job (56 percent), affordable housing and owning a home (31 percent), and education beyond high school (30 percent).

Among Millennials, the biggest roadblocks to achieving the middle-class lifestyle are saving for retirement, owning a home, decent wages, and finding affordable housing.

Affordable housing is a serious problem, especially among Millennials and minorities.

Thirty-six percent of Americans believe housing affordability is a very serious problem, and 24 percent believe it is a fairly serious problem, according to the survey. People ages 50 to 64 are the most pessimistic, with 69 percent believing it is a very or fairly serious problem.

Seventy-two percent think Millennials who are left behind in terms of home ownership is a very, fairly, or moderately large problem. Sixty-one percent think the same about African-Americans and Hispanics.

Fifty-five percent of respondents have made at least one trade-off to afford housing compared to 45 percent who have made none.

Twenty-one percent have taken a second job and worked more hours.
Seventeen percent stopped saving for retirement.
Fourteen percent accumulated credit card debt.

Americans want government officials to make housing a priority but see them as falling short on creating change.

Seventy-five percent believe the federal government should make housing affordability at least a moderately high priority, but only 43 percent think it does. Seventy-nine percent believe local and state governments should make housing affordability at least a moderately high priority, yet 54 percent think they actually do.

On the other hand, 53 percent of respondents say solutions to housing affordability problems aren’t really the responsibility of the government. Forty-six percent of Millennials, though, say the federal government should be involved.

Many Americans have conflicting views of how the federal government should act due to three issues:

They don’t have a clear idea of what exactly the government could do to improve housing.
They have a lack of confidence that the government could make housing affordability policies that positively affect people.
They prefer private or local government over the federal government when it comes to addressing affordable housing problems.

Source: MacArthur Foundation

I read this article at: http://realtormag.realtor.org/daily-news/2015/06/10/who-can-make-housing-affordable?om_rid=AACmlZ&om_mid=_BVeHspB9Ck$$wC&om_ntype=RMODaily

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

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