Relocation

The One Chart That Explains Why You Can’t Find a Home to Purchase

  • View post

Summer is not only the time every school age child looks forward to, it is also the traditional time of year that many families eagerly look forward to buying a new home. In fact, historical home sales data shows that the month of June is typically the busiest month for buying and selling real estate. As the school year ends, families execute plans they made in the spring to move to a new school district or buy a larger home. This year the challenge that many will face is the shortage of affordable homes available to buy.

This shortage of available housing is not a short term problem. With an ever growing population and housing construction that lags way behind the country’s population growth, the lack of available housing will continue into the foreseeable future. While news headlines have covered the annual increase in housing over the past five years, the actual data shows that the number of homes for sale is still at record lows. When you look at the actual amount of new homes being built and take into consideration the continued population growth, a clear picture comes into view of what challenges still lie ahead for potential homebuyers (refer to graph below).

Keep in mind that the “increase” in new home construction in 2016, compares to the same actual levels of new construction in 1982, when the country was in the midst of a deep recession. However, after the 1982 recession, home construction immediately and significantly rose again in 1983. There is no such increase in new homes being constructed in 2017 and the population of the country has increased by over 100 million people since 1982.

Want to know why home prices keep going up and you can’t find a home to buy? It’s a simple matter of supply and demand. There is an ever increasing demand driven by a growing population and a lack of inventory of homes for those buyers in the market to make offers on.

With the current rate and foreseeable future of new home construction remaining stagnant, this won’t be a short-term problem but rather a systematic long-term challenge for many trying to buy their first home or next home. You can expect home prices will continue to rise and affordable housing options will be in high demand driving up prices to even higher levels. The supply of new and existing homes available for sale across the country will remain very tight.

Homeownership is not just part of the American dream of freedom and independence, but also the number one way for most people to improve their long-term financial security. While it may be costly this year to buy a home, more than most likely it will be even more expensive next year. The law of supply and demand won’t change. Your best bet is to sit down and build a personal plan to achieve your family’s home ownership goals and financial needs and begin to take action to achieve those goals. On this topic, time is of the essence.

Best wishes for a fantastic, fun-filled summer and a successful home buying season!

Peter

United Real Estate Spotlight: Five Major Perks of Living in DC

  • brownstone

    brownstone

    View post

You don’t have to be a member of Congress or the White House administration to benefit from living in Washington DC. Our country’s capital has plenty to offer all of its residents.

Here are five perks of living in DC:

  • Different cultures: From Korea to England to Uruguay, you can enjoy international events, food, clothing and art. Try some Iranian baklava, catch a West African dance performance and buy French-inspired clothes.
  • Rewarding job opportunities for women: Women who live in DC will find a lot of job opportunities that allow them to work toward ideals that they believe in, especially if they’re willing to delve into the political arena.
  • A good mix of things to do: Living in DC feels like being in suburbia, but you also have access to big city attractions and events.
  • Major companies: Big name employers are moving to DC thanks to its lower cost of living, three major airports and abundance of educated workers. These include Hilton Hotels and Volkswagen.
  • Convenient Location: Washington DC is conveniently located near major cities such as New York City, Philadelphia, and Baltimore. With two major airports inside the perimeter, and one in the northwest suburbs, business and leisure travel can be very efficient.

Ready to start your search for a home in DC? Contact United Real Estate, and visit our Facebook page for buying tips.

Relocating 101: Three Common Moving Company Traps to Avoid

  • packing materials

    packing materials

    View post

Hiring a moving company can make things much easier for you since you won’t have to deal with moving all your belongings from one home to the next. Unfortunately, some moving companies are known for being a bit shady.

Here are a few moving company tricks to watch out for:

  • Giving phone estimates: Reputable moving companies will come to your house, take a look at your belongings and give you an estimate afterwards. Estimates given over the phone might be lower, but the moving company will most likely increase it when they get to your house.
  • Having lengthy delays: A reliable moving company will include a two to three-day delivery window in your contract. Shady ones won’t include this, which could lead to delays that stretch for weeks or even months.
  • Damaging your furniture: Although movers are responsible for damage that occurs during transportation, not everything is covered. Good moving companies will explain the different liability levels to you, while bad ones will claim that their insurance covers everything.

Need tips on hiring good movers and help searching for a new homeVisit United Real Estate to find a local agent, and stop by our Facebook page for more advice.