Real Estate Roundup
October 25, 2018
Millennials Prefer Homes Over Marriage
First comes the house and then maybe marriage or children, according to surveyed millennials detailed in Bank of America’s 2018 Homebuyer Insights Report, which was culled from 2,000 consumer responses.
The new survey finds that 23- to 40-year-olds value homeownership above nearly everything else: 72 percent call it a “top priority” compared to 50 percent who say getting married or 44 percent who say having children are their top priorities.
“Being able to retire,” at 80 percent, was the only goal to top homeownership.
Also, some myths to homeownership may be preventing renters from taking the plunge into homeownership. For example, the survey found, 49 percent said they believe they need a 20 percent down payment to buy a home.
In reality, the Federal Housing Administrations insures loans for qualified borrowers who make a down payment of five percent or even less, while the Veterans Administration guarantees mortgages for qualified military vets who make no down payment at all.
Most Historic Cities ‘May Hold Value Better’
Some home buyers may be drawn to the cachet of owning a property with a rich historical past, but there may be other benefits than status in their local social circles.
“Historic districts tend to hold their value better during economic downturns, and they appreciate more during upswings,” said Tom Mayes, vice president for the National Trust for Historic Preservation in Washington, D.C.
“These areas come with ‘built-in character.’ They have a uniqueness and distinctiveness.”
But buyers need to do some research before they purchase a historic property. Older homes can require more burdensome maintenance and updating, and there may be some restrictions on remodeling.
According to a variety of factors that include the per-capita number of properties listed on the National Register of Historic Places, America’s most “historic city” is Cambridge, Mass. It’s followed by Charleston, S.C .; Davenport, Iowa; St. Louis and Santa Fe, N.M.
No CA Cities Make ‘Top 10’ Retiree List
U.S. News & World Report has just published its 2019 list of “Best Places to Retire,” and not a single California city is among it.
Retirees may want to head to Lancaster, Pa. The town earned the top spot in the report.
Lancaster’s housing affordability and its residents' high rank for their happiness helped it to bump Sarasota, Fla., from last year’s No. 1 spot.
No. 1 Lancaster was followed by Fort Myers, Fla .; Sarasota; Austin, Texas and then Pittsburgh.
Next were Grand Rapids, Mich .; Nashville, Tenn .; San Antonio; Dallas-Fort Worth and then Lakeland, Fla.
Culver, SaMo Listings Drop
There were 96 single-family houses, condominiums and townhouses in the Culver City area for sale this week, according to realty web site Zillow.com. That was down from 100 properties the previous week.
Listings in Santa Monica also dropped, from 233 properties to 228.