Inventory of available homes on the market is the lowest it’s been in two decades, but the reasons may surprise you. Two of the likely culprits are baby boomers and homeowners who are simply satisfied with their home, according to realtor.com®’s Housing Shortage Study.
Baby boomers are showing a desire to age in place in their current homes, and their refusal to sell is creating a clog in the market, according to the study. Eighty-five percent of baby boomers surveyed say they are not planning to sell their home in the next year. That means 33 million properties—many of which are urban condos or suburban single-family homes—will stay off the market. Many of those properties would be popular choices for millennials, a generation still largely waiting in the wings to break into homeownership.
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You know the old saying: “Time is money.” That’s especially true when it comes to determining how to value your time as a real estate professional on a per-hour basis. At a “normal” job, you trade your time for a paycheck based on a set hourly rate. Though you’re now paid on commission, it is possible to determine your hourly rate by dividing your total income by the number of hours worked.
It’s no secret that you’ll make more money selling more expensive homes, but even some daily business tasks are worth more per hour than others. Getting a sense for which tasks can be tied directly to additional sales allows you to allocate your time better and focus on money-generating activities such as prospecting, following up, and meeting with clients. By knowing you’re worth on an hourly basis now, you can make goals for what you’d like your time to be worth in the future. Then you can make your current income (or more) while working less. Here are some worthwhile lessons to take to heart as you assess your per-hour value.
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With summer winding down, it’s time to prep your home for the changing season ahead. I know what you’re thinking: It’s still summer, and you’re being a buzzkill! Why worry now about what you can do next month? Well, as it turns out, some home maintenance tasks are best tackled in August, before temperatures start dipping.
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Homes are selling faster in July, and many markets are hotter today than they were a year ago, realtor.com® notes in its newly released housing report. California markets continue to see some of the most traction from home shoppers.
“We normally see the housing market begin to slow down in midsummer, but this year has been a different story,” says Javier Vivas, realtor.com®’s manager of economic research. “Mid- to lower-tier homes are flying off the shelves and … [are] being replaced by higher-priced, larger homes.”
The national median list price in July was $275,000, realtor.com® reports. Further, the National Association of REALTORS® reported this week that 54 percent of existing homes were on the market for less than a month in June.
Buying a home is exciting and terrifying. After all, this is the biggest financial move most people ever make. As such, there’s a lot of room for error, and even tiny mistakes can translate to tens of thousands of dollars.
The lesson here: Even the most intrepid home buyer should get some guidance not only on what to do, but also what not to do. Look no further than this list, which highlights the most common mistakes buyers make so you can avoid the same fate.