Does the thought of moving make you want to run for cover? Are you overwhelmed with “stuff”? Are you tired of carrying the expenses of a house full of empty rooms? Downsizing can improve the quality of your life! This is a great opportunity to meet a panel of 5-star professionals. Garner great tips breaking down the process into manageable bites.
Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.
Improved National Economy
Improved Local Economy
Low Home Inventory in My Area
As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!
2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogicforecasts that home prices will increase by 4.8% by the end of the year.
If you are a homeowner who would like to find out your current home value, let’s get together to discuss the hidden opportunities in your home!
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.
The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
There are many who see that statistic and point toward how broad the range of respondents are for the Federal Reserve survey. Their study includes all economic and social groups and also includes all age groups. The argument is that older respondents have a higher likelihood of being homeowners, while the homeownership rate among younger survey takers is much lower.
Recently, the Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater!
Homeowners over the age of 65 are much more financially prepared for retirement and often own their homes outright if they were fortunate enough to purchase their homes before the age of 36. Their 30 years of mortgage payments have paid off as they gained equity through their monthly payments and as home values appreciated.
It is no surprise that lifelong-renters have had a hard time accruing net worth as the latest Censusreportshows that the Median Asking Rent has been climbing consistently over the last 30 years.
As a homeowner you put your monthly mortgage payment to work for you, building your net worth with every payment.
The number of multigenerational households is growing according to 2015 American Community Survey data by the Joint Center for Housing Studies of Harvard University. With the aging of the Baby Boomer generation, the share of older adults living in multigenerational homes has been growing steadily since the 1980’s. Many elders want to age in place and living with adult children (25 or older) and this allows for a higher quality of life. This also takes into consideration the larger number of adult children who are choosing to remain at home.
The data reveals that fewer adults age 30-40’s live with other generations. The number increases again with ages 40-50’s with the “sandwich” generation, those adults living with both elders and younger adult children.
Because adult children move out and elderly parents pass away, the share of people living in multigenerational households declines for people who are in their 60s and early 70s. However, the share rises steadily for older adults in their mid-70s, who often are starting to face more daunting health and financial challenges. Among the oldest age groups (aged 85 and over), 27 percent – about 1.5 million people – lived in multigenerational households in 2015. ~Housing Perspectives Blogspot
There is incredible opportunities for home builders on 2 levels.
Solutions for consumers considering home improvements for their multigenerational family.
Growing need for new construction or renovations for adults who are looking to down-size.
Are you ready for an adventure to Maine? Do you love New England’s sea food?
Feast in Maine!
Newton Parks & Recreation is at it again! They are offering monthly day-trips for seniors over 55 years old all summer. June and July’s trips have already past, but don’t worry, August is still on its way. For the month of August there is a planned trip to have a feast in York, Maine. The day begins in Kittery, Maine at Pigs Fly Bakery. There, you will be able to enjoy a little snack. They’re famous for their artisan style breads which are baked fresh daily.
Then off for the main course at the well-known Foster’s. The entire meal will be cooked over a wood fire, while you get to enjoy the musical entertainment they will be providing. The menu includes New England clam chowder, clams, mussels, corn on the cob, roasted red potatoes. All the sea food one can handle, but they are also offering a barbecue chicken dinner. To top it all off there is also hot drawn butter and blueberry crumb cake. Yum! My mouth is watering already.You will get to appreciate the sea coast as you ride along it on the trip into York. There you be able to walk around and finally make a trip for some delicious ice cream at Goldenrod. Youwill be stuffed and back in Newton by 5:00pm.Registration is now open for this trip on Wednesday, August 19th. The entire trip will only cost you $52. Don’t miss out on this yummy tasting trip. Just fill out the form and for more information call recreation at 617-796-1506. We hope you take advantage of this opportunity and bring your stretch pants!