Tuesday Tip: June 27, 2017 – Team Realtors are best

Lately, people are asking me why they should pick a team (as in Lydia Gable Realty Group) over an individual agent. Both “types” have their advantages but I believe a team approach to real estate will always be the winning side:

  • Your lead agent will always be you single point of contact for questions, concerns, to vent, stress or rejoice
  • Your lead agent works extremely hard to find you a home or buyers and negotiate the contract
  • Once the terms of the contract are finalized, we have a specialist to actually handle the execution of the contract to ensure a seamless and effortless close for you. Our specialist deals with nothing but real estate contracts. That’s her point of focus each and every day for you. She’s seen it all and been through it all so she has the knowledge, skills and contacts to make sure nothing slips through the cracks.
  • We have a marketing expert on our team. She is constantly tweaking our marketing to ensure it is leading edge, connecting with target audiences to find you your buyer. So, while I am out showing you homes or pitching your home for sale with other agents and community leaders, she is working at the same time on marketing your home to get it sold and reach new eyes all the time.
  • We have multiple agents on our team. We meet weekly as a team and then also individually. We are all very versed and familiar with you and your wants/needs. We brainstorm and work off of each other’s strengths. So if your lead agent gets sick or takes a much needed vacation, your needs are still being met and we are constantly working for you. It’s a huge win for you.

Hope this is helpful information. Please let me know if you have any questions or need additional information. I am here for you and your home always!

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What Does El Niño Mean for SoCal Homeowners in 2016?

MALIBUEl Niño – Intense 2015-2016

By now unless you live under a rock, you have all heard of the meteorological label known as, El Niño, but are you aware of how it may impact homeowners and real estate investors, especially in Southern California in the not so distant future? Experts are now predicting that the weather pattern — a term that has become all too familiar in our everyday vernacular — is due to pack a serious punch to real estate owners in the near future especially on the West Coast. If you have heard the term, but aren’t exactly sure what it is, here is CNN’s tiny, encapsulated version of a not so tiny weather pattern. CNN refers to El Niño as:

 …a weather event which “heats up the atmosphere and changes circulation patterns around the globe, especially the jet stream over the Pacific, which becomes stronger and dumps more frequent and intense storms over the western U.S., especially California.

The National Weather Service issued an El Niño advisory on October 8th, 2015, indicating …an approximately 95% chance that El Niño will continue through Northern Hemisphere winter 2015-16, gradually weakening through spring 2016.” What does this mean for you? Rain. Rain and lots of it. And after four years four years of being lulled by drought conditions, of course Californians will welcome the wet weather, but is your home prepared to withstand torrential down-pours? If not, and even if you aren’t sure, don’t wait for the rains to start.

Ventura County Roofing BOOMING as Homeowners Prepare

Make sure that your roof is inspected and repaired if necessary. It’s a good thing to do annually anyway. Check your sewers and drain pipes. I’m afraid Californians have become all too comfortable but now is not the time to sit back and do nothing. And it’s important to note that weather experts are only “predicting” heavy downpours but even they will admit they aren’t exactly sure. However, if you are buying, selling or currently own a home – chance isn’t on your side, not this season. Do the due diligence to protect your home, your investment and most of all your safety. A recent article in the Ventura County Star and reporting by ABC are saying that Ventura County roofing companies are booming due to El Niño. Homeowners are being cautious – hype or safety first? You be the judge? Says Steve Radenbaugh of Bilt-Well Roofing, while it’s probably not a great time to be removing your roof as that’s a 3-5 day job, he does point out in a recent ABC video report on El Nino:

You want to make sure your roof is free of debris, your valleys, your gutters, so the water is flowing off it like it’s supposed to … some trouble spots that could lead to an El Nino leak include the seals around vents and sunlights. Waiting until the rainy months to address roof issues could lead to other problems.

El Niño: Ventura County Prepares

So as we steel ourselves for the El Niño storms ahead, are we proceeding in fear? Of course not. Does this mean don’t buy or sell a home here? Absolutely not! What it means is that the best defense is a good offense. And we Californians are very aware of uncontrollable natural events in SoCal as it’s earthquake country. Does a little or a lot of ground shaking scare us enough to pack up and leave? No. We would miss out on the almostwell except when El Niño hangs outperfect year-round climate and all the wonderful things that come with living on the Pacific Coast. So what do we do? We get prepared. El Niño is no different. Of course, as always when purchasing or selling, have your eyes open. If you are buying a home, pay extra special attention to gutters, seals and roofs when you are inspecting. If you own or you want to sell, do your best to repair these cracks or leaks now. But if in the event you do find yourself at the mercy of an El Niño downpour – here are some tips from the Ventura County Emergency Preparedness site – ReadyVenturaCounty and they are good ones. You will want to pay attention:

Download the checklist: Emergency Supply Kit Assemble an emergency supply kit.

  • Register your phone number(s) at vcalert.org.
  • Purchase flood insurance. Many homeowner’s policies do not cover flood damage.
  • Create a list of items to take with you if you are asked to evacuate. Items such as: keys, cash and credit cards; photos; insurance papers; computers; prescriptions; and pet supplies.
  • Clear debris from roof gutters, downspouts and drains so water can flow and drain properly.
  • Have a supply of sandbags and other flood prevention materials such as plastic sheeting, plywood and tarps.

For even more on emergency preparedness, visit the full Ventura County website for more information. It is really informative.

Hiking, Beaches, Fun … oh and a Little El Niño

Now that that you are sufficiently informed, you can relax and enjoy all that Westlake Village and surrounding communities have to offer – it really can’t be beat! So for now at least, enjoy the amazing weather that we are blessed to enjoy. Take a drive to Malibu beach for a sunset stroll or get out on the many hiking trails near Westlake Village or even better catch up on your holiday shopping at The Shoppes. El Niño can’t break our spirits in SoCal – we’re having way too much fun!

If you like this article on El Nino feel free to comment. For more information on any topics covered in this blog or if you are interested in buying, selling or viewing properties in Westlake Village, contact Lydia Gable Realty Group today.

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The Shoppes at Westlake Village – 7 New Restaurants…

THESHOPPESDiningThe Shoppes at Westlake Village is just an added perk of living in the greatest community in Southern California. While everyone who lives here probably takes for granted the great shops and restaurants at this outdoor mall, many SoCal residents may not know that six (and there’s more – see the website) new restaurants have just opened or will open soon at the venue. Westlake Village – could it get any better? Well “yes” apparently is the answer to that question. So if you are thinking about relocating to a resort-style, luxury community or if perhaps you simply want to experience a new culinary outing with friends, read more about the newest additions to the already scrumptious cuisine at The Shoppes at Westlake Village.

The Gallery

The Gallery describes its American cuisine as “casual yet elegant” and I ‘d say that just about sums up Westlake Village. So it looks like this seafood and chops restaurant should fit right in among the locals. And speaking of the locals, the owners pride themselves on “locally sourcing herbs and fish” which is an added plus. If you are feeling like enjoying a night out of seafood and drinks with friends, The Gallery might be the perfect choice.

Many of the Santa Barbara faves have now found a home in Westlake Village including Jeanine’s, Olio e Limone and Olio Pizzeria. Read all about these three stand-outs below.

Jeannine’s Gourmet Food Hall

Jeannine’s says they pride themselves on providing a place where “people can enjoy one-of-a-kind pastries and nutritious food…a reflection of what we as a family like to eat every day.” Wholesome and nutritious food that rivals any chain. This place is great stop after a day of shopping with the entire family and your kids will thank you for the pastry treats although I dare you not to indulge! http://jeannineswestlakevillage.com/

Olio e Limone Ristorante

Meaning “oil and lemon” in Italian. Alberto and Elaine Morello’s philosophy: rely on the integrity of the ingredients and quality of the preparation. Diners will enjoy “simply sophisticated” Italian cuisine. With a menu that includes burrata salad and house-made duck ravioli with porcini mushroom sauce, leave the diet at home. This smells and tastes of luxurious Italian cuisine at its best. You can also purchase a bottle of their home made olio, an “organic extra-virgin olive oil made from Sicilian olive varieties.”  1 (818)706-Olio (6546) Option 1  | Hours: Sun-Thurs 11AM-10PM, Fri-Sat 11AM-10:30PM |  WEBSITE

Olio Pizzeria

The sister establishment to Olio e Limone, Olio Pizzeria was Inspired by the enoteche (wine bars) and pizzeria found at the many piazzas in Italy, Alberto and Elaine Morello’s deliver “artisanal Italian food” at this Westlake Village, gourmet pizzeria. On the menu are salami and formaggi (cheese), authentic pizza, as well as a myriad of regional wine choices and artisanal Italian beers.   1 (800)706-Olio (6546) Option 2 | Hours: Sun-Thurs 11AM-10PM, Fri-Sat 11AM-10:30PM  |  WEBSITE

Opening Soon…

Figueroa Mountain Brewing Company

Figueroa Mountain Brewing Co.’s Westlake Village “taproom features indoor and outdoor table seating with all of their core beers on tap and ready “to go” in bottles.” If you a are a beer aficionado or better yer, you just enjoy dining out at new places, this is a perfect weekend respite for the working folk. “The Westlake Village taproom offers a full artisanal menu featuring fresh gastropub fare such as burgers, tri-tip sandwiches, salads and sliders or beer ‘to go’.”  Hours: Sun-Thurs 11AM-10PM, Fri-Sat 11AM-10:30PM  |  WEBSITE 

In-N-Out

And of course if you come to Southern California, you crave In-N-Out. Now The Shoppes can boast the famed SoCal burger establishment. For those of you not from the area, In-N-Out is to SoCal what Dunkin Donuts is to Massachusetts. If you are from the East Coast, nothing else needs to be said. Friendly service, no pre-packaged fast food. Just fresh burgers done the old fashioned way.

1 (800) 786-1000 | Hours:Sun-Thurs 10:30AM-12AM, Fri-Sat 10:30AM-12:30AM |

Los Agaves Restaurant

Newly opened, Los Agaves is family-owned. A traditional family style Mexican restaurant, it is the same owners as the Santa Barbara location. Says the site, “Customers order at the counter and visit the salsa bar while their food is being prepared. We have been told we have the best fish tacos in town!” Who can pass up the best fish tacos in town?

1 (818)874-0769  | Hours: Mon-Fri 11AM-9PM, Sat-Sun 9AM-9PM  |  WEBSITE

Westlake Village – The Best Kept Secret in The Conejo Valley

I hope you enjoyed this guide to some of the newest restaurants here at The Shoppes at Westlake Village. If you don’t live here, you may have an inkling now as to why I consider myself privileged to work and play in the best community in Southern California. Of course I enjoy it – who wouldn’t?  I get to find the most gorgeous homes for couples and families just starting out so they too can enjoy living in Westlake Village and all that it has to offer.

While the dining, entertainment, outdoor activities and perfect climate in Westlake Village are what I mostly boast about in my blogs, you can’t have a terrific environment without the people. It’s the residents that make this community a great place to live. So if you are relocating soon to this part of the world, walk don’t run. If you are thinking of buying a new home, make an appointment with me to view the newest listings in the area. You could be in a new home by the fall. At the very least, you will view some of the premiere luxury properties in all of Ventura and Los Angeles Counties and as an added bonus, you’ll enjoy a burger and a pastry at The Shoppes at Westlake Village – it’s a win-win!

 

 

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The Conejo Valley: A Perfect Place to Call Home

WestlakeCommunityEventsOften I sell homes to clients who are relocating from out of state or to young couples looking to move up. The common sentiment expressed is, “Wow I didn’t know about all the great things this community had to offer.” In light of the best kept secret in real estate, the Conejo Valley, I thought I would share some juicy info that you may not know about this community – things to do, clubs to join, and more. If you have ever thought about moving to Westlake Village, Agoura Hills or Thousand Oaks, read more for facts and fun that you never knew. Read more to find out about the community I love and in which I have the privilege to work and play.

Let the Music Play On…

Did you know that during the summer and early fall there are free concerts all over the community? Here is an upcoming event in Westlake Village – part of the Concerts in the Park Series:

City of Westlake Village Concerts in the Park Series – Boogie Nights (Disco)

Sat, August 22, 7pm – 9pm

31800 Village Center Rd, Westlake Village, CA 91361

Says the Conejo Valley Guide:

The 12th Annual TGIF Westlake Village series offers families a series of free performances at the Westlake Village Civic Center, 31200 Oak Crest Drive. Events start at 7pm. The lineup includes: Saturday Concerts in the Park planned this summer at Berniece Bennett Park, 31800 Village Center Road: Sat, August 22 at 7pm: Boogie Nights (disco). Food is available for sale from local restaurant vendors each week. Concerts start at 7pm. More information and updates at www.wlv.org.

Organic Harvest…

Farmer’s Markets abound in the Conejo Valley – I am going to go out on a limb and say there are probably a larger variety of Farmers Markets here in then in most Southern California communities. Take a look at all of these choices and it’s only a small selection:

  • Westlake Village Farmers Market – Sundays 10a-2pm   2797 Agoura Rd, Westlake Village
  • Agoura Hills Farmers Market – Sundays  9a-2pm   5835 Kanan Rd, Agoura Hills
  • Thousand Oaks Farmers Market – Thursdays  1:30p-6pm     The Oaks Mall, east parking lot, Thousand Oaks.

Clubs, Volunteer and Networking Orgs…

Did you know that Ventura County, part of the Conejo Valley, is home to a slew of professional, service and networking clubs and organizations? If you are a corporate professional, a community volunteer enthusiast or just looking to get involved, this is the place to be. Have you heard of the Optimists Club? There is a chapter in Ventura County – the name is quite appropriate. We are an optimistic set for sure. Take a look at Optimist International – this is just one of many clubs you can join as soon as you move here. According to Optimist International:

Optimist International is a worldwide volunteer organization made up of more than 2,500 local Clubs whose Members work each day to make the future brighter by bringing out the best in children, in their communities, and in themselves.

They have events and groups for both adults and youth and there is a chapter right in Ventura County. What better way to settle into a new community.

Here are some more professional organizations..,

You can find a myriad of organizations and charitable groups at The Conejo Valley Guide Service Clubs page.

Taste of Conejo…

If you only just relocated to the Conejo Valley or you are planning on it by summer’s end, well you will be right in time for a fantastic annual event, Taste of Conejo, held every October. According to the event sponsored website, Taste of Conejo gives you the opportunity to:

Join over 1,000 local food and wine enthusiasts at the 7th Annual Taste of Conejo on Thursday, October 1th from 5-8 p.m.! Enjoy an evening of exceptional food, wine and spirit tasting, and live entertainment, all under one roof! This inclusive event invites you to sip and taste the creations of over 50 local, premier food and beverage participants.

Sherwood Country Club…

And finally you may not know that if you buy a home and relocate to the gated community of Lake Sherwood, you will have the opportunity to join the prestigious Sherwood Country Club. Says the site:

Sherwood is a private golf, tennis and country club set at the base of the majestic Santa Monica Mountains in Thousand Oaks, California. The Club is home to a championship 18-hole Jack Nicklaus signature golf course, driving range and golf clubhouse. Adjacent to the golf club is the tennis clubhouse, complete with 14 courts, a sparkling pool, fitness facility and full-service spa.

The Conejo Valley: Your are Home

This is only a sliver of the many goodies offered to the residents of the Conejo Valley. Beyond the great people, the year round perfect climate, and luxury resort living, it’s a community that you can live, work and play in but most of all, it’s a place to call home.

If you are ready to buy a home, you can learn more about the community and view listings in Westlake Village or anywhere in the Conejo Valley by contacting Lydia Gable today.

 

 

 

 

 

 

 

 

 

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Home Buyers: It’s Time to Buy Now!

Home Buyers - Buy NowThe Time to Buy: Today!

David Seaburg, head of sales trading recently said as reported by CNBC, “I think housing stocks are names you should continue to own here, especially in the face of wages improving and jobs growth.”  The consensus by a myriad of experts is that housing is on the verge of breakout. In May, the housing market saw the biggest numbers in years and real estate stock continues to grow. With real estate stock booming, this kicks the economy into high gear and then you guessed it, buyers go out and spend more.

Home Buyers: California is a Hot Market

Are you ready or are you still in a recession mindset? Maybe you are saying, “Well I don’t know if that applies to my corner of the world.” Certainly some markets are still struggling, but there are areas of the country that are very hot right now. Says chief economist at Realtor.com, Jonathan Smoke:

Our early read of real estate trends in June suggests good news ahead for the U.S. residential real estate market, especially in the hottest markets with healthy growth in supply. California again dominated the hottest markets list.

So if you are ready to buy or even poised to sell, now is the time.

Why Buy Now  in Ventura County?

Terry Savage, expert on personal finance, the economy and markets wrote recently on a Huff Post Money Blog,

The time to get into the market is when there is little competition pushing prices higher.

But if you look at the numbers, you have an exceptionally advantageous window of opportunity right now. It does not mean you cannot buy later, but in terms of investment, every economist is saying “get in now.”

As I wrote in my recent blog Housing Market Hits Record Highs, May and June numbers are leading housing experts to sit up and pay attention. According to a recent Metro Study Report, Ventura County closings are up.

Ventura County closings increased from 95 to 183 (+93%), and annual closings increased from 502 to 566 (+12.7%).

We can all focus on the the past mistakes of the 2008 housing crisis but it makes much more sense to embrace that we are in a strong recovery and it’s a time of growth and opportunity. The numbers, while they off to a slow start in January, have been steadily climbing. It is likely now that we are going to continue to prosper. If you are ready to sell, make sure your home’s curb appeal is shinier and more appealing than any others, so you sell at your listed asking price. The competition is tough. Make sure to get the right agent and professionally stage your home so buyers are begging to get in. If you are looking to buy, many of you who are new to Southern California might not know about a community, just a short jaunt from Los Angeles, Westlake Village. If you are looking for a home that includes Southern California resort style living, top schools and a close proximity to Los Angeles, this is the place to view luxury home listings.

For more on Westlake Village and surrounding areas like Thousand Oaks and Agoura Hills, contact Lydia Gable today.

 

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Housing Market Hits Record Highs

HomeBuyersFirst Time Home Sales Surge

In May, home sales surged to a 5 ½-year high. This is good news for the market indeed, as more first-time home buyers including the millennials, finally took the plunge going from rental homes to marriage and first homes. Additionally real estate stocks hit a huge multiyear new level high leaving traders to say invest, invest, invest.

As reported by The Business Journals, The National Association of Realtors chief economist Lawrence Yun, said that the increase in new home buyers flooding the market, could signal more recovery on the horizon. He added that:

The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs.

Existing Home Sales Also Hit New Highs

Then just after NARS reported the flood of first time home buyers into the housing market, Reuters reported that ‘sales of existing homes hit their highest level since 2009’. Yun said this was promising although the supply is still short of the demand keeping prices on the higher end.

With all this talk of recovery, if you were one of the cautious hold-outs, now may be the time to buy. If you are considering a new home purchase or perhaps considering buying your first home, think about starting the search now. You could be in a new home just in time for the leaves to change and children to return to school.  If you still aren’t sure but you are at least thinking of buying a home, take a cue from the market numbers. Look at the stock – if you have doubts. The economy is in recovery—it is. It’s not a fluke. A majority of economists agree even while cautious that it’s no longer speculation, we are in the midst of economic recovery. Investors know it, existing home owners know it as they begin to list their homes now increasingly. But where is the best place to hang your hat and call home?

Buy Well, Luxury Living in Ventura County

One of the best recovering areas, not to mention one of most luxurious places to live in the country, is Ventura County. Home sales have been steadily climbing and existing home values have continued to appreciate. In fact the Ventura County Star reported this month that the median home price and value in Ventura County:

…climbed to $500,000 last month, the highest value in eight years, according to data reported Wednesday by the real estate information service CoreLogic.

So if you are young and plan on moving onward and upward, Ventura County is not only a wonderful place to live but also a sound investment for home buyers. More than the investment though, you will be living in an area with a year round perfect climate, beaches and canyon trails nearby, lakes and country clubs only a stone’s throw from your front door, and the best schools, shopping and restaurants in Southern California. What more could you ask for? Westlake Village, Thousand Oaks and Calabasas – it’s the privilege that comes with working hard and coming home to luxury.

For more information on viewing homes in Ventura County, contact Lydia Gable today. Stay tuned for the next blog which will be posted soon. Feel free to weigh in with your comments here if you live in Westlake Village or surrounding areas and you want to share more about the best area to live work and play.

 

 

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First Quarter Housing Market Update – 2015

 

R.E. Market Update – March 2015

Late 2014 and early 2015 saw some slowdown in the housing market, but it looks like hope springs eternal. April and May could bring much needed relief. Spring is typically a busy time anyway for home buying but we aren’t quite there yet, numbers-wise. In any event, as I have reported for the past few years, here is my housing market update for the first quarter of 2015.

The first quarter report, according to DataQuick saw a marginal improvement month to month –  “an estimated 25,585 new and existing houses and condos sold in California in February 2015, a one percent increase from January 2015.”  Although this percentage is not up or even close to the numbers from 2014, California Association of Realtors (C.A.R) President Chris Kutzkey, says there are encouraging signs. Krutzkey seems to be of the motto, improvement is improvement regardless if it’s year to year or a simple incline from a dip the previous month. He says:

While February’s statewide improvement in the housing market was moderate, it’s an encouraging sign, nevertheless, as we head into the spring home-buying season. On the supply side, housing inventory improved overall with active listings growing at a faster pace of 5.3 percent when compared to last February.  Regionally, both active listings in Southern California and Central Valley increased moderately from last year.

Home Sales in Ventura County

Regionally, in Ventura County the median sold price of existing single-family homes is up for the most part. While the number is not up from February in a month to month comparison, it’s up since last year and compares favorably to most of the counties in Southern California. See the numbers chart from C.A.R.

Los Angeles

$419,260

$441,610

$389,080

-5.1%

7.8%

-0.3%

-3.2%

Orange County

$680,290

$674,340

$677,700

0.9%

0.4%

10.9%

6.3%

Riverside County

$323,220

$306,060

$302,370

5.6%

6.9%

4.3%

-7.7%

San Bernardino

$213,930

$206,660

$186,440

r

3.5%

14.7%

-7.8%

-0.6%

San Diego

$499,000

$496,380

$476,780

0.5%

4.7%

14.8%

5.7%

Ventura

$568,840

$582,630

$558,490

-2.4%

1.9%

-1.7%

6.4%

CoreLogic analyst Andrew LePage told the Los Angeles Times last week in an article titled, Southern California home prices rise, sales fall in February, that Spring has not quite sprung yet for the housing market – the true tale will be in the inventory numbers. Said LePage:

This feels a lot like early 2014, with home sales off to a slow start. And just like a year ago, one of the big questions hanging over the market is whether we’ll see a sizable jump in inventory this spring and summer.

Says the Times, however, not to fret, C.A.R. reports that there is some good signs on the inventory front. On Monday, C.A.R. reported 5.8 months worth of homes unsold on the market in Southern California, just shy of the six months that economists consider “normal” supply.

The Times also reports the strongest growth is in Riverside County, not surprising since the Millennials have a great impact there and have started buying as I reported in an earlier article from my blog. Also, San Bernardino County hit yearly highs, as did Ventura County where sales grew by 9.8%. Yay us…

Spring Home Buying…

In Westlake Village, Agoura Hills and Thousand Oaks, there has definitely been a surge of activity in the housing market especially as spring approached. As early as March, we started experiencing multiple offers on well-priced updated homes.  Inventory is still low, but it is starting to increase slowly.  The interest rates are low – good homes are definitely moving quickly!

Spring has sprung! Typically a busy season, if you’re ready to buy or sell, there is no time like the present. Don’t wait for an analyst to say it’s time, jump in now. You could be in your dream house by summer! And no matter what the “numbers” say, there is no better feeling than coming home.

Lydia Gable is a 2015 Quality Service Certified® Platinum Realtor in Westlake Village. Her proven track record and satisfied clients make her Ventura County’s top ranked real estate agent. If you are interested in viewing properties or listing your home, contact Lydia Gable today for an appointment.

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Millennial Home Buyers, ‘Y’ the Trend Matters

Millennial Home BuyerThe Millennial Home Buyer

After a bit of delay, a new generation, the Millennial home buyers, have finally entered the housing market. Generation X—those ages 33 to 47—made up the majority of home buyers, (31 %) in 2012 reported by the National Association of REALTORS®. However as of March 2014, the generational trend has shifted says the newest numbers published in the NAR Home Buyer and Seller Generational Trends.  The trend now, Gen Y—those 32 and younger—now makes up the majority of home buyers (36 %) followed closely by Generation X. So what does this generational group of buyers forecast for the market? Says CNN Money, Realtor.com Chief Economist, Jonathan Smoke, “predicts that new home sales will climb by 25% next year. And in some markets, the influx of young first-time buyers will be especially significant.” And yes, Los Angeles is included in the 10 hottest housing markets for 2015 due in part to the influx of first-home Millennial buyers. According to the article, the Los Angeles housing market will experience a growth spurt this year due to these new buyers:

Los Angeles 2015 home sales forecast: +6%

By virtue of Los Angeles’ immense size — the metro area population has surpassed 13 million — even moderate household percentage growth translates into a lot of people, which helped put LA on the top 10.

Y Home Buyers: ‘Mobile’ and Timid?

What does the Gen Y home buyer trend signify for the home market overall? A few things – considering Gen X was leading the way for the past few years in what was a depressed economy, this changing of the generational guards could be quite significant for the market. According to NAR, “97 % of these Gen Y buyers are financing their home purchase as opposed to 55 % of the Silent Generation and 88 percent of the overall buyers.” This is quite significant not only for the economy but what it potentially means over the next 5-10 years for Y’s — or Millennials as they are more commonly known—and for the generation behind them, watching their moves carefully. While Gen Y was late to the home buying game and have not lead the race in terms of first-time home buyers percentages tracking, it is likely in part due to the fact that they watched Gen X-ers and Boomers experience a market housing bubble, subsequent market crash, and a depressed economy. And it should also be noted that banks were no longer lending. But, more likely, as they seem to be trend setters, marching to the beat of their own drums, is that some of this waiting may be more attributed to the fact that they watched the generation before and have decided to make their own rules. Keep in mind this is the first truly mobile only generation. NAR says:

Gen Y is most likely among generations to also look online for information about the home buying process. More than half of Gen Y used a mobile device during their home search. Among those who did, 26 percent of Gen Y found the home they ultimately purchased via a mobile device.

‘Move Over Boomers…’

It could be a powerful few years now that Millennials have jumped into the housing market. Millennials are “estimated at between 70 and 80 million people, the biggest population bulge since baby boomers,” according to an article on The Real Deal. Also they are not the city slickers that Gen X was or that speculators portended. These independent spirits crave space and the suburbs over their predecessors who ambitiously headed for the city.

And…quite significantly, while Gen Y surpassed X in the third quarter of 2014 by a few percentage points, says The Real Deal, they were late bloomers waiting longer to buy… Says the feature:

… the home ownership rate for heads of households under 35 was only 36 percent in the third quarter of 2014 was the lowest rate since the U.S. Department of Commerce started tracking the statistic in 1994.

A recent article in the Wall Street Journal, reported that according to a recent survey of Millennials, they’re not following what speculators and forecasters assumed would be a “city-dweller” trend for this group. The survey released by the National Association of Home Builders, suggested that “based on responses from 1,506 people born since 1977, found that most want to live in single-family homes outside of the urban center, even if they now reside in the city.”

Fewer young people are buying homes because women are waiting until later in life to have their first child. The average age of a mother at her first childbirth was 25.4 years in 2010, up from 22.7 in 1980, federal statistics show.

So it looks as though Millennials will be a huge force to watch over the next 10-20 years. Essentially, now that they are having babies and starting families and moving out to the suburbs, Y buyers are driving the housing market.

Finally, watch Jonathan Smoke, Chief Economist of Realtor.com, talk about the significant of this new influx of buyers. Says Smoke, “The economic opportunity favors the young. Collectively, they will drive housing trends for at least the next 20 years. Move over, baby boomers—there’s a new economic force in town.”

As the market home market continues to grow and change, I’ll continue to keep you posted on the exciting news especially the updates coming from these unconventional home buyers over the next year…

If you are ready to purchase your first home or interested in viewing homes in Ventura County, contact Lydia Gable today for an appointment.

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