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April 2018 - JANET PORCARO

Why Home Prices Are Increasing

Why Home Prices Are Increasing

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart below).

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).

Bottom Line

If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

New Study Shows ‘Best States for Millennials’

New Study Shows ‘Best States for Millennials’

A new study by WalletHub used “30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate” to find out which states are the ‘Best States for Millennials.’

The Top 5 Best States for Millennials are:

  1. Washington, D.C. (also ranks highest in percentage of millennials already living there!)
  2. North Dakota (lowest unemployment rate)
  3. Minnesota (highest millennial homeownership rate)
  4. Massachusetts (highest percentage of millennials with health insurance coverage)
  5. Iowa (ranked #1 in lowest housing cost for millennials)

Below is a map with the rankings for each of the 50 states:

We recently reported on a study that set out to find out “How Much You Need to Make to Buy a Home in Your State,” which may have left you wondering what the average salaries are in each of the five states listed above.

According to WalletHub’s research, the top 5 states with the Highest Average Millennial Salaries are:

  1. Washington, D.C.
  2. New York
  3. Massachusetts
  4. Washington
  5. California

Every day, more and more millennials are aging into the ‘Responsibility Zone,’ the time in their lives when their responsibilities start to dictate their behaviors. For many, this includes buying a home. The top 5 states with the Highest Millennial Homeownership Rate are:

  1. Minnesota
  2. West Virginia
  3. Indiana
  4. Utah
  5. Delaware

Bottom Line

If owning a home is next on your list, let’s get together to answer any questions you may have and set you on the path to homeownership!

Smooth Move: The Best Advice for Dog Owners on Moving Day

Smooth Move: The Best Advice for Dog Owners on Moving Day

~from Guest Blogger – Cindy Aldridge, Author of OurDogs.org.

Crate.  If you plan to keep your dog in a crate or carrier for the move, it’s important for your pooch to be familiar with it ahead of time.  Don’t wait until moving day to introduce it.  Once Fido is comfortable with the crate, have him ride in it for short trips so he’s acquainted with the new traveling arrangement.

Tags.  Purchase new identification tags for your dog ahead of the move.  As some experts explain, with changing surroundings and people going in and out of the house, dogs can get confused and slip away.  Make sure your pooch is protected and wearing your new contact information on moving day.

Explore.  If possible, one suggestion is to go for leisurely walks in the new yard and neighborhood a few times before the move.  Remember, there will be a lot of interesting new sights and smells, so take your time and allow Fido to get acquainted with the surroundings.

Respite.  Sometimes, the most logical way to manage moving day is to hire someone to provide dog walking, dog boarding, or doggy day care services.  You’ll reduce stress and eliminate the worry of your dog slipping out during the chaos of the event, and give your dog a stable environment for the day.  Do your research and hire help through a reputable service such as Rover.

New home.  When you introduce your dog to the new home, unpack those familiar toys, beds and bowls for your pooch as soon as you can.  One recommendation is to set up items in as similar places as possible; if Fido expects his bowls next to the fridge, set them up next to the fridge.  Also be sure to adhere to his old routine, and praise him when he potties in appropriate places.  Even housebroken dogs sometimes make mistakes with the confusion of moving, so the affirmation from you will serve to lay a foundation for good choices.

Smooth as silk!  Moving with your dog is challenging, but with thoughtful preparation, it’ll go just fine.  Plan ahead, pack a little at a time, and remember to keep your cool.  Introduce new things gradually and maintain your dog’s routine.  With these simple strategies, the transition will be smooth and easy!

~by Guest Blogger – Cindy Aldridge, Author of OurDogs.org.

Photo by Andrew Pons

Moving Day Tips for Dog Lovers

Moving Day Tips for Dog Lovers

Smooth Move: The Best Advice for Dog Owners on Moving Day

~from Guest Blogger – Cindy Aldridge, Author of OurDogs.org.

Crate.  If you plan to keep your dog in a crate or carrier for the move, it’s important for your pooch to be familiar with it ahead of time.  Don’t wait until moving day to introduce it.  Once Fido is comfortable with the crate, have him ride in it for short trips so he’s acquainted with the new traveling arrangement.

Tags.  Purchase new identification tags for your dog ahead of the move.  As some experts explain, with changing surroundings and people going in and out of the house, dogs can get confused and slip away.  Make sure your pooch is protected and wearing your new contact information on moving day.

Explore.  If possible, one suggestion is to go for leisurely walks in the new yard and neighborhood a few times before the move.  Remember, there will be a lot of interesting new sights and smells, so take your time and allow Fido to get acquainted with the surroundings.

Respite.  Sometimes, the most logical way to manage moving day is to hire someone to provide dog walking, dog boarding, or doggy day care services.  You’ll reduce stress and eliminate the worry of your dog slipping out during the chaos of the event, and give your dog a stable environment for the day.  Do your research and hire help through a reputable service such as Rover.

New home.  When you introduce your dog to the new home, unpack those familiar toys, beds and bowls for your pooch as soon as you can.  One recommendation is to set up items in as similar places as possible; if Fido expects his bowls next to the fridge, set them up next to the fridge.  Also be sure to adhere to his old routine, and praise him when he potties in appropriate places.  Even housebroken dogs sometimes make mistakes with the confusion of moving, so the affirmation from you will serve to lay a foundation for good choices.

Smooth as silk!  Moving with your dog is challenging, but with thoughtful preparation, it’ll go just fine.  Plan ahead, pack a little at a time, and remember to keep your cool.  Introduce new things gradually and maintain your dog’s routine.  With these simple strategies, the transition will be smooth and easy!

~by Guest Blogger – Cindy Aldridge, Author of OurDogs.org.

Photo by Andrew Pons