Seniors Are on the Move in the Real Estate Market

Seniors Are on the Move in the Real Estate Market | Simplifying The Market

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.Seniors Are on the Move in the Real Estate Market | Simplifying The MarketThis, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:Seniors Are on the Move in the Real Estate Market | Simplifying The Market

Here are some highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years. If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible.

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Multigenerational Homes Are on the Rise

Multigenerational Homes Are on the Rise | Simplifying The Market

As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78 years old!  As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family.

The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together.Multigenerational Homes Are on the Rise | Simplifying The MarketOf those buyers, 26% indicated they will be taking care of an aging parent, and 14% said they want to spend time with an aging parent. These numbers do not come as a surprise. According to Pew Research Center, 64 million Americans (20% of the population) lived in a multigenerational household in 2016 (Last numbers available).Multigenerational Homes Are on the Rise | Simplifying The MarketAn increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources:

The University of Oxford

“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school”.

Boston College

“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups”.

This research gives helpful insight into why 41% of Americans are in the market to buy a multigenerational home.

Bottom Line

If you have a home that could accommodate a multigenerational family and are thinking about selling, now is the perfect time to put it on the market! The number of buyers looking for this type of home will only continue to increase.

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Are Older Generations Really Not Selling Their Homes?

Are Older Generations Really Not Selling their Homes? | Simplifying The Market

Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.

The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point!

NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!

The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:

Are Older Generations Really Not Selling their Homes? | Simplifying The Market

As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?Are Older Generations Really Not Selling their Homes? | Simplifying The Market

Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!

Bottom Line

If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will!

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What Would Make You Sell Your House?

What Would Make You Sell Your House? | Simplifying The Market

There are many reasons why a homeowner decides to sell their house and move. The latest Generational Trends Report from the National Association of Realtors asked recent home sellers to share their reason for moving.

The younger the respondents, the more likely their top response centered around needing a larger home (ages 29 to 53). Relocating for a job was the top reason for those ages 54 to 63 and the second most popular response for those under 53. The chart below shows the breakdown for these two reasons.

What Would Make You Sell Your House? | Simplifying The Market

For homeowners over the age of 64, wanting to be closer to friends and family served as the top motivator to move. Downsizing to a smaller home or moving due to retirement came in as a close second and third.

What Would Make You Sell Your House? | Simplifying The Market

Have you outgrown your current house? Are you a homeowner who can relate to wanting to be closer to family and friends? Is your house becoming a burden to clean now that the kids have moved out?

Bottom Line

Let’s get together to set you on the path to selling your current house and finding the home that fits your needs, today!

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New Study Reveals One Surprising Reason for the Inventory Shortage

New Study Reveals One Surprising Reason for the Inventory Shortage | Simplifying The Market

There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate.

While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends.

Freddie Mac’s Insight Report explored the impact of the Silent and Baby Boomer Generations on the housing market.

If millennials are unable to find a home to buy at a young age like their predecessors, then who is living in those homes?

The answer: Seniors born after 1931 are staying in their homes longer than previous generations, instead choosing to “age in place.”

Freddie Mac found that,

“this trend accounts for about 1.6 million houses held back from the market through 2018, representing about one year’s typical supply of new construction, or more than half of the current shortfall of 2.5 million housing units estimated in December’s Insight.

Older Americans prefer to age in place because they are satisfied with their communities, their homes, and their quality of life.”

According to the National Association of Realtors, inventory of homes for sale is currently at a 3.5-month supply, which means that nationally we are in a seller’s market. A ‘normal’ housing market requires 6-7 months inventory, a level we have not achieved since August 2012.

“The most important fundamental in today’s housing market is the lack of houses for sale. This shortage has been identified as an important barrier to young adults buying their first homes.”

Bottom Line

If you are one of the many seniors who desires to retire in the same area you’ve always lived, you’re not alone. Will your current house fit your needs throughout retirement? If you have any questions about demand for your house, let’s get together to discuss the opportunities available today!

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Discount Brokers in Nutley, 5 Things You Need To Know When Selling in Nutley NJ

If you have come here looking for a Discount Brokerage to sell your home in Nutley STOP! and Go here!

We are not a discount Brokerage in Nutley New Jersey, We Are a FULL SERVICE REAL ESTATE MARKETING COMPANY in Nutley NJ and we do have a 99% Success Rate When Selling Your Home in Nutley New Jersey

Nutley is located 12 miles from NYC and is a great town for first time home buyers moving from NYC to NJ, Close to all Major roads as well as the New Medical School in Nutley New Jersey, and the new future home of Quest Diagnostics, The average home price is $35ok – $450k you can get a nice 3 bedroom 2 bath home in one of Nutley’s gorgeous sections. Nutley has several sections, The Washington Section, The Yantcaw Section, The Radcliffe Section, The Spring Garden Section and the Lincoln section of Nutley New Jersey. Here are some of the latest homes I have sold in Nutley recently.

5 Enclosure in Nutley New Jersey Was Sold for $539,000.00

This  home is a 4 Bedroom 2 Full Bath & 2 Half Bath Located in the Yanticaw Section of Town, This home was built in 1886 and totally renovated in 2018

SOLD BY MATTHEW DE FEDE of REALTY EXECUTIVES ELITE HOMES

To see More of This Home Click Here

5 Enclosure St Nutley NJ 07110

What Discount Brokers Won’t  Do For You

1. Photograph Your Home, You will have to pay extra for real good photos

2.Will Not Supply You With A Virtual Tour, You would also have to play for that

3. Market The Property Daily, They just put the home on the MLS

4. Will not negotiate your deal and handle home inspection issues etc.

5. Will Not Pick Up The Phone On A Sunday Night at 8pm When You Have a Question.

 

23 Taft St. in Nutley New Jersey

This home was a 3 Bedroom 1.5 Bath Home in The Lincoln Section of Nutley New Jersey

SOLD BY MATTHEW DE FEDE of REALTY EXECUTIVES ELITE HOMES

To see More of This Home Click Here

23 Taft in Nutley New Jersey

Living In Nutley New Jersey

 

Franklin Avenue & High Street

Franklin Avenue & High Street

Established in the late 17th century by Dutch and English settlers on the west bank of the Passaic River, Nutley has retained its small town atmosphere through the centuries. Competently governed by a board of commissioners and home to one of the nation’s premier pharmaceutical companies, Hoffmann-La Roche, it is a stable and progressive community, whose residents voluntarily staff the emergency and rescue squad and most of the fire department.

Through the years, the town has had its share of notable residents, including Annie Oakley, Martha Stewart, well-known artists, a countess, a Swiss baron, a baroness and members of Jackie Kennedy’s family. It is basically a residential community and boasts a park in every neighborhood. The New York skyline is visible from any hill in town and Manhattan is just a short bus ride away. An excellent school system is maintained at a cost far lower than surrounding communities and major colleges and universities are within easy commuting distance.

The Nutley Oval

The Nutley Oval

Perhaps Nutley’s charm and appeal is most evident by the fact that families stay in town from generation to generation and grandchildren and great grandchildren walk the same streets their ancestors trod. Nutley is conveniently located just eleven miles straight out from NYC. The township is comfortably saddled between the Passaic River, Route 3, the GSP and the township of Belleville to the south.

NUTLEY TOWNSHIP WEBSITES
NutleyNJ (Official Township Web Site.)
NJ Hometown
www.Nutleynet.com
www.oldnutley.org
www.nutleyschools.org/
www.nutleytown.com/
www.nj.com/nutley/
www.northjersey.com/towns/Nutley.html
List of Civic Members
Check out these websites for statistics about Nutley: www.zip-codes.com and www.yahoo/neighborhoods.com

IMPORTANT TELEPHONE NUMBERS AND ADDRESSES
• Town Hall: 1 Kennedy Drive, Nutley, NJ 07110 – Phone: 973-284-4951 / Fax: 973-284-4901 – Website
• Emergency and Rescue Squad: 119 Chestnut Street, Nutley, NJ 07110 – Phone: 973-667-7487*
• Police and Fire Departments: 228 Chestnut Street, Nutley, NJ 07110 – Phone: 973-284-4940*
• Board of Education: 375 Bloomfield Avenue, Nutley, NJ 07110 – Phone: 973-661-3500 – Website
• Nutley Free Public Library: 93 Booth Drive, Nutley, NJ 07110 – Phone: 973-667-0405 – Website
*In the event of an emergency, dial 911.

Yantacaw Park

Yantacaw Park

Kingsland Manor

Kingsland Manor

The Black Prince Distilleries

The Black Prince Distilleries

Why Homeownership Matters Now More Than Ever

Why Homeownership Matters Now More Than Ever | Simplifying The Market

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.)

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!

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, with nearly half their net worth coming from home equity!

Why Homeownership Matters Now More Than Ever | Simplifying The Market

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 Census report shows that the Median Asking Rent has been climbing consistently over the last 30 years.

Why Homeownership Matters Now More Than Ever | Simplifying The Market

Bottom Line

Your monthly mortgage payment is a form of ‘forced savings’ building your net worth with every payment!

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Home For Sale in Nutley New Jersey – 4 Bedroom Tudor

Totally Renovated Home in the Yanticaw Section of Nutley, Old World Charm With All Of Today’s Amenities Any Home Buyer Would Want, Granite, Stainless, Finished Basement & Finished Attic A Must See!

What I Love About The Home

This home has the old world charm with the solid build, better than homes that are built today! Close to Parks, Schools & Major Roads, Easy Commute to NYC

Buying A Vacation Property? Now Is A Good Time!

Buying A Vacation Property? Now Is A Good Time! | Simplifying The Market

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.

For those homeowners staying at their first residence, AccuWeather warns:

“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”

Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!

According to the Investment & Vacation Home Buyers 2018 Report by NAR:

72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”

It’s time to take advantage of the equity in your home. As the latest Equity Report from ATTOM Data Solutions stated:

“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.

The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:

“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”

Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!

Bottom Line

If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, let’s get together to discuss your options!

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Homeowners Aged 65+ Have 48x More Net Worth Than Renters

Homeowners Aged 65+ Have 48x More Net Worth Than Renters | Simplifying The Market

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 Aged 65+ Have 48x More Net Worth Than Renters | Simplifying The Market

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 Census report shows that the Median Asking Rent has been climbing consistently over the last 30 years.

Homeowners Aged 65+ Have 48x More Net Worth Than Renters | Simplifying The Market

Bottom Line

As a homeowner you put your monthly mortgage payment to work for you, building your net worth with every payment.

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