array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98302" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98302" ["subject"]=> string(54) "Across All Buyers, Millennials Have the Most Purchases" ["authors"]=> string(18) "By Suzanne De Vita" ["data"]=> string(3784) "In housing, generations intersect regularly. Who's downsizing? Who's driving the market? Who's trading up?
 
The generation impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent. 
 

 
"REALTORS® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy," says Lawrence Yun, chief economist at NAR, of the study. "Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused—and will continue to cause—many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly."
 
Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year's $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them—an attribute in common with other generations.
 
"The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages," Yun says. "Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family."
 
Additionally, 52 percent of the millennials in the study have at least one child—an indicator of the likelihood of a move—and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.
 
"While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials," says Yun.
 
All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR®, with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR®, as well, and at least 84 percent of every other generation partnered with a REALTOR®.
 
"Especially in today's fast-moving housing market, consumers of all ages want a REALTOR® to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home," says NAR President Elizabeth Mendenhall.
 
For more information, please visit www.nar.realtor
 
Suzanne De Vita is RISMedia's online news editor. Email her your real estate news ideas at sdevita@rismedia.com." ["preview"]=> string(510) "In housing, generations intersect regularly. Who's downsizing? Who's driving the market? Who's trading up? The generation impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR). " ["link"]=> string(65) "http://rismedia.com/cs/{ID}/{AffiliateID}/{SubscriberID}/{ItemID}" ["type"]=> string(4) "item" } } array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98249" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98249" ["subject"]=> string(49) "Changes to Fannie, Freddie Could Do Harm: Report " ["authors"]=> string(18) "By Suzanne De Vita" ["data"]=> string(2634) "Changes to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are on the table—and although they intend to mitigate risk to taxpayers, they could harm homeowners in the process, according to an analysis by Zillow. Borrowers, in fact, could be burdened by hundreds more on their monthly mortgage payment.
 
The GSEs' guarantee is associated with favorable rates (though not explicit, it is implied that the government will not allow the GSEs to fail); however, there could be higher rates and shorter terms if the guarantee is modified. The analysis found: If Congress follows through on the proposed reforms, affordability could suffer, says Aaron Terrazas, senior economist at Zillow.
 
"Some GSE reform proposals could lead to the end of the 30-year mortgage as we know it, which has long been the bedrock for financing homeownership in America," Terrazas says. "If monthly payments do rise and, more importantly, stay elevated, at some point we'd expect home prices to come down a bit in response to this decreased purchasing power, and some long-time owners could opt not to sell to preserve their smaller monthly payments. A shorter loan period would mean the lifetime cost of the home is lower, and some households may be able to absorb the extra monthly cost on their mortgage, but in the nearer term, first-time homebuyers or buyers on the margin could feel a real pinch as homeownership becomes significantly less affordable."
 
According to the analysis, the implications in the largest metros:

 
For more information, please visit www.zillow.com
 
Suzanne De Vita is RISMedia's online news editor. Email her your real estate news ideas at sdevita@rismedia.com." ["preview"]=> string(289) "
Changes to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are on the table—and although they intend to mitigate risk" ["link"]=> string(65) "http://rismedia.com/cs/{ID}/{AffiliateID}/{SubscriberID}/{ItemID}" ["type"]=> string(4) "item" } } array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98322" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98322" ["subject"]=> string(63) "Create a Lucrative Business With What's Right Beneath Your Feet" ["authors"]=> string(16) "By Brian Buffini" ["data"]=> string(4238) "One of my favorite books is "Acres of Diamonds," by Russell Conwell. Although it was first published in 1890, the lessons it covers prove just as true today as when Conwell first presented them more than a century ago.
 
At its heart is the parable of a wealthy man named Ali Hafed who lived near the Indus River in present-day Iraq. Hafed was "contented because he was wealthy, and wealthy because he was contented."
 
But all that changed one day when he was told about diamonds and their immense value. Determined to find the diamonds he'd heard about, he sold his farm and left his family to go in search of them. In the end, however, he was unable to find any, and he threw himself into the sea, penniless and exhausted.
 
Meanwhile, the man who bought his farm discovered a sparkling stone in a stream on the land. The stone turned out to be a diamond; Hafed's farm was on top of a diamond mine all along.
 
Here are five lessons from Conwell's story that will help us unearth the diamonds beneath our feet:
 
1. Opportunity is in your backyard. Many of us believe that in order to be successful, we have to do extraordinary things. In reality, you just have to know where to look. Start with where you are and what you have. Find the best in what's around you and believe in the great opportunities available on your doorstep. We often overlook the real value of something because we're familiar with it, so we must retrain ourselves to look and think about the familiar in new ways. 
 
2. Build relationships. A century ago, Americans believed the American Dream no longer existed. Business leaders complained to Conwell that they couldn't succeed and build wealth in their own town. Conwell asked them about the relationships they'd nurtured and whether they knew who their neighbors were and what they wanted or needed. Everything you need to succeed in business and life comes from who you already know. Relationships are at the heart of success; therefore, you must invest in the relationships closest to you.
 
3. Pay attention. Pay close attention to what your customer wants. Many businesses fail because we assume we know what our clients need instead of asking them or observing their needs. Conwell said, "We must know what the world needs first, then invest ourselves to supply that need, and success is almost certain."
 
4. Money is not the root of all evil. When you achieve success, people may make judgments about your character or criticize you, wondering, "Can you be rich and still be a good person?" Of course you can! In fact, according to Conwell, you can do more good with money than without it. When you achieve wealth and success, do some good in the world.
 
5. Greatness is found everywhere. According to Conwell, "Greatness consists not in the holding of some future office, but in doing great deeds with little means, and the accomplishment of vast purposes from the private ranks of life." If you want to achieve greatness, begin with who and where you are.
 
Brian Buffini was born and raised in Dublin, Ireland, and immigrated to San Diego in 1986, where he became the classic American rags to riches story. After becoming one of the nation's top REALTORS®, he founded Buffini & Company, an organization dedicated to sharing his powerful lead-generation systems with others. Based in Carlsbad, Calif., Buffini & Company has trained over 3 million business professionals in 37 countries and currently coaches more than 25,000 business people across North America. Today, Brian's a New York Times best-selling author and reaches over 1 million listeners a year through his popular "Brian Buffini Show" podcast. For more information, pick up a copy of his latest book "The Emigrant Edge," or visit www.buffiniandcompany.com" ["preview"]=> string(258) "
One of my favorite books is "Acres of Diamonds," by Russell Conwell. Although it was first published in 1890, the lesson" ["link"]=> string(65) "http://rismedia.com/cs/{ID}/{AffiliateID}/{SubscriberID}/{ItemID}" ["type"]=> string(4) "item" } } array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98301" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98301" ["subject"]=> string(30) "Buying Costs Mount This Spring" ["authors"]=> string(18) "By Suzanne De Vita" ["data"]=> string(2406) "Are you looking to purchase this spring? The combination of increasing prices and rates is making the price tag steeper.
 
The average monthly mortgage payment has risen by $168, or 12.7 percent, year-over-year, according to an analysis by realtor.com®. The average monthly mortgage is now $1,486, up from $1,318 in February of last year. 
 
Concurrently, 30-year interest rates have gone up meteorically, and list prices are up 10 percent (on realtor.com); however, climbing prices are the primary reason. Across the 20 largest markets, analysts attribute 64 percent of the escalating expense to prices rising. 
 
"Buyers can expect to see more of their paychecks go to their mortgage payments this year," says Danielle Hale, chief economist for realtor.com®. "Tight inventory has limited options for buyers and sent home prices soaring in many markets. Now, homebuyers will also have to factor in higher mortgage rates. This spring's homebuyers will have to decide: Do they give up some desired home features to get into that lower price range, or do they dig deeper into their wallets?"
 
Buyers are burdened most out west. According to the analysis, the average monthly mortgage payment is rising $449 in the Seattle metro, $378 in San Francisco and $363 in Los Angeles. Breaking down the 20 largest markets:
 

 
"Despite mortgage rates still being historically low, the combination of higher prices and rising rates will further challenge trade-up and first-time buyers, usually millennials or Gen Xers," Hale says. "They will have to borrow more money at a higher rate to close on a home in this market."
 
For more information, please visit www.realtor.com
 
Suzanne De Vita is RISMedia's online news editor. Email her your real estate news ideas at sdevita@rismedia.com." ["preview"]=> string(296) "
Are you looking to purchase this spring? The combination of increasing prices and rates is making the price tag steeper. The average monthly mortgage" ["link"]=> string(65) "http://rismedia.com/cs/{ID}/{AffiliateID}/{SubscriberID}/{ItemID}" ["type"]=> string(4) "item" } } array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98235" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98235" ["subject"]=> string(80) "Survey: Extended- and Short-Term Rentals—What Are Your Business Opportunities?" ["authors"]=> string(0) "" ["data"]=> string(1822) "Editor's Note: This was originally published on RISMedia's blog, Housecall. See what else is cookin' now at blog.rismedia.com: As a real estate agent, you likely work with any number of different types of clients. From first-time buyers, to renters to luxury homebuyers to empty-nesters looking to downsize, there is no shortage of client services you've likely had to provide. In our latest survey, we're interested in learning more about agents' experience working with short- and extended-term rentals, either directly or on behalf of your clients.
 
To that end, RISMedia has teamed up with HouseStay, an online marketplace for fully furnished monthly or quarterly rentals where landlords, real estate agents and property managers can source tenants (business and individual travelers) for their furnished inventory, to find out a little more about this topic. Please take a few minutes to complete this brief survey, and we’ll report back to you in the coming weeks on your responses. 
 
Click here to take the survey. " ["preview"]=> string(251) "
As a real estate agent, you likely work with any number of different types of clients. From first-time buyers, to renters" ["link"]=> string(65) "http://rismedia.com/cs/{ID}/{AffiliateID}/{SubscriberID}/{ItemID}" ["type"]=> string(4) "item" } } array(2) { ["ItemsNewsletters"]=> array(5) { ["item_id"]=> string(5) "98273" ["newsletter_id"]=> string(5) "26369" ["section_id"]=> string(10) "Section_01" ["item_type"]=> string(4) "item" ["zone"]=> string(7) "Stories" } ["Item"]=> array(7) { ["id"]=> string(5) "98273" ["subject"]=> string(35) "How to Negotiate Your Rent Increase" ["authors"]=> string(17) "By Caitlin McCabe" ["data"]=> string(5239) "
(TNS)—Spring and summer are traditionally the busiest times in real estate, for both homes and apartments. Home shopping is more pleasant in the balmier months, moving is typically easier, and longer, sunnier days tend to give people more time to search for new digs.
 
Yet whether someone is hunting for a new home or staying put, tough decisions could await many this spring. For apartment tenants who found a home during the busy months of last year, lease renewals are likely approaching—and that could mean rent hikes.
 
A landlord's asking price is never final, especially in today's market. Here are some tips for negotiating.
 
Know your rights.
In many states, before a landlord can increase rent, a tenant's lease must be expiring; rent cannot be changed during an active lease. In addition, your state or city may require landlords to provide advanced, written notice of any rental price change.
 
Often, individual leases dictate how far in advance landlords must notify tenants—typically requiring 30 or 60 days. Even if a lease does not specify, state law often does. Pennsylvania and New Jersey, for example, require landlords to give a 30-day warning of a price change before a residential, market-rate lease ends. If a landlord does not, "they cannot increase the rent," says George Gould, a senior attorney at Community Legal Services of Philadelphia.
 
Philadelphia is even more specific: Unless a lease stipulates a longer period, the Philadelphia Code requires landlords to notify tenants 60 days before they increase rent for year-to-year leases, and 30 days before for shorter leases.
 
When it comes to actually raising the rent, however, Pennsylvania offers fewer restrictions. Pennsylvania has no statewide laws governing rent increases for market-rate units, meaning, in theory, landlords can hike rent as much as they want. New Jersey, similarly, has no statewide law, though nearly 100 municipalities have enacted rent-control ordinances that set increase limits.
 
New Jersey does, however, stipulate that rent increases may not be "unconscionable." Though no formal definition of "unconscionable" exists, Legal Services of New Jersey interprets it as any increase that is "extremely harsh" or "unreasonable." In some cases, the nonprofit says, that could mean a 20 percent hike, or even a 5 percent increase if the building's conditions are very bad.
 
Understand the market.
Many cities have experienced an unprecedented housing boom in recent years, meaning there's more supply than ever for renters to choose from.
 
Much of that inventory, including in the suburbs, has been high-end apartments—the kind that demand prices greater than $3 per square foot. And while such inventory has forced prices to jump, many buildings are providing "concessions"—a month of free rent, for example—to lure tenants. Accordingly, the actual price of renting is often cheaper than advertised.
 
In many places, rent growth has dipped as vacancy rates have gone up.
 
As a result, you should study the market, including average prices in the neighborhood or in comparable buildings. And, simply, ask (nicely) to negotiate. Landlords may negotiate with reasonable, informed residents.
 
Remind your landlord of your record.
"In the business of renting apartments, it's very costly to turn over tenants," says Allan Domb, a Philadelphia councilman and real estate broker. Turning over a one-bedroom unit, including repainting, carpet shampooing and cleaning, can cost $500 to $600, Domb says, and searching for a new tenant takes time—and money.
 
Landlords who find tenants through real estate brokers often must pay the agent a commission of one month's rent. "Landlords really do not want to pay that one-month commission every year," says Alan Nochumson, a Philadelphia real estate attorney.
 
A tenant who pays on time, maintains the apartment and complains infrequently should remind their landlord of that. Landlords would rather keep well-behaved tenants than pay turnover costs to find an unknown tenant.
 
Make a deal.
Often, offering to a sign a longer lease can bring the monthly price down—or mom-and-pop landlords may reduce the price if a tenant offers to pay multiple months upfront, thereby reducing the risk of missed payments.
 
If that does not work, ask if a landlord will budge elsewhere, such as on waiving a parking fee or prioritizing maintenance. Your landlord may be willing to fix that hole in your wall if you agree to his or her rent terms.
 
©2018 The Philadelphia Inquirer
Distributed by Tribune Content Agency, LLC 
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" ["link"]=> string(0) "" ["type"]=> string(4) "item" } } Today's Real Estate News - Saturday, March 17, 2018
Today's Top Stories
Across All Buyers, Millennials Have the Most Purchases
Changes to Fannie, Freddie Could Do Harm: Report
Create a Lucrative Business With What's Right Beneath Your Feet
Buying Costs Mount This Spring
Survey: Extended- and Short-Term Rentals—What Are Your Business Opportunities?
How to Negotiate Your Rent Increase
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