Gold Country CA Real Estate Blog and News

Make the Dream of Homeownership a Reality in 2020

Make the Dream of
Homeownership a Reality in 2020 | MyKCM

In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous I Have a Dream speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where our families can grow and flourish.

If you're dreaming of buying a home this year, the best way to start the process is to connect with a Real Estate professional to understand what goes into buying a home. Once you have that covered, then you can answer the questions below to make the best decision for you and your family.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you'll also need to apply for a mortgage. Lenders will evaluate several factors...

Buying a Home Early Can Significantly Increase Future Wealth

Buying a Home Early Can
Significantly Increase Future Wealth | MyKCM

According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.

The good news is, our younger generations are strong believers in homeownership.

According to a Freddie Mac survey,

The dream of homeownership is alive and well within Generation Z, the demographic cohort following Millennials.

Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).

Buying a Home Early Can Significantly Increase Future Wealth | MyKCM...

The New Spring Real Estate Market is Here. Are You Ready?

The New Spring Real Estate
Market is Here. Are You Ready? | MyKCM

Which month do you think most people who are considering buying a home actually start their search? If you're like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean? The busiest season in real estate has just begun.

The same research indicates,

Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

...

Big Demand for Small Homes

Big Demand for Small Homes |
MyKCM

Movies, tv shows, and celebrities often have us dreaming of owning large homes, but the reality for most people is quite different.

Since 2015, the square footage of newly built houses has been shrinking, according to Yahoo Finances. This is not projected to change as we continue into the beginning of the year.

We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.

Why are smaller homes trending now?

As noted in the article, there are a few main reasons for this demand:

  • Many of today’s younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.
  • Today’s older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less stairs) homes as they age and move into newer homes.

With these two demographic groups...